Top 5 industries impacted by artificial intelligence and data Posted on : Oct 25 - 2019

Artificial intelligence is revolutionising various industries across different domains such as Healthcare, Banking, Retail, Consumer & Package goods, and Technology

Artificial intelligence (AI) is transforming businesses and is dominating the entire technology landscape; especially the consumer-focused companies. With the growing proliferation of AI, we are seeing an impact across industries. As per a 2017 study by PWC, AI adoption will result in the global economy growing 14 percent by 2030. It will add a massive $15.7 trillion to the global economy. As per a Microsoft commissioned Economist Intelligence Unit report titled “Intelligent economies: AI’s transformation of industries and societies,” 90 percent of global businesses expect AI to have a positive impact on growth. 86 percent expect AI to boost productivity. The writing on the wall is clear: AI is here to stay!

Given the myriad capabilities of artificial intelligence, it has several wide-ranging applications that are relevant across industries. While the impact of AI is expected to be felt across all industries some sectors such as Healthcare, Banking, Retail, Consumer & Package goods, and Technology are the most likely domains to be disrupted. Here’s a summary on the impact across these sectors:

Healthcare

Artificial intelligence has the potential to revolutionize every aspect of the healthcare industry, right from hospital care to clinical research to drug development to insurance. While there is some amount of paranoia about AI replacing doctors completely, the idea is still quite far-fetched. However, with its ability to process and analyze massive amounts of data, AI can help doctors make more sound decisions about the course of treatment.

AI can also help provide 24/7 monitoring support and act as a virtual private assistant for patients. In turn, this will help cut costs while improving patient outcomes. In addition, virtual bots can answer patients’ most commonly asked questions. Virtual Recommendation systems can recommend the right doctors based on patient history. In other words, AI will take on all the simpler actions at scale and allow the doctors and nurses to really focus on the patient’s diagnosis and treatment.

Banking

The banking sector is likely to see the impact of artificial intelligence right from core banking all the way through to customer experience. AI can help streamline business processes, through robotic process automation or natural language processing, eliminating the need for tedious manual interventions especially in areas such as document reviewing. At the same time, virtual assistants such as chatbots can help elevate customer experience with highly personalized interactions and tailored offerings, delivered at scale. This allows employees to focus on higher-value tasks instead of being tied down by mundane activities such as routine customer calls.

Credit risk management systems and fraud detection frameworks can help anticipate the probability of default, calculate exposure at default and loss due to default models. This allows faster approval times and more accurate predictions of risk. View More