AI technology isn’t science fiction anymore. The internet is collecting more data than we've ever seen before. Any information that was ever written, spoken in public, filmed or photographed throughout history is most likely in the cloud. With so much unprocessed data, how can we handle it?
Artificial Intelligence, or AI, is our bridge between digital data and human translation. These machines can not only translate data for us, but they can store, learn, and draw conclusions from what they take in.
1 – FinTech
Insights-Driven Businesses are growing at the speed of light; they are projected to increase revenue from $333 billion in 2015 to $1.2 trillion by 2020. This number couldn’t be possible without the implementation of AI solutions. Data analysis is essential since they are “customer obsessed.” Having a close relationship with their public allows them to cut time, therefore money, between insight and action towards it.
Knowing more about the customer experience is not the only thing AI can provide to FinTech businesses; there are many implementations from security to managing functions. Some companies are even hiring and firing staff based on unbiased robot decisions.
2 – Education
It is known that educational systems around the world need a quick shift before they become too inefficient. The Internet changed access to information and schools should be focusing more on experience-based education. Kids are growing up around technology and are much more familiar with diversity and alternative methods of learning. The best thing AI can provide to students is a personalized program. While teachers are having a hard time counseling student necessities and pace, AI could be easily providing activities after analyzing a person’s aptitudes, which in turn would create a better learning environment. What we are learning from AI is that we can now use robots to enhance our human experience.
3 – Medical Tech
The analysis of organic tissue is necessary to the diagnosis of diseases like cancer. Today, this work is mainly done by pathologists in intense lab sessions. Because the cells are so similar to each other, it is quite easy to be betrayed by the human vision, which is precise only until a certain point. Studies around AI capability of analyzing gigapixels are giving extraordinary results. AI machines don’t suffer from fatigue or inattention, so they have a better accuracy on their results.
Also, they are capable of finding patterns and correlating them with Big Data. AI can bring so much clarity to medicinal uses, as well as effects when medicines are combined with each other. Different types of treatments would have an unbiased overlook; not focusing on the doctor's morals but prioritizing health and life.
4 – Retail
What is the best strategy to sell? Know what exactly they want from your product and let them know how they can find you. AI technologies are beneficial in all this process. If you have a product and want to search for your target, many tools based on data analysis and deep learning are capable of pointing your public.
Today, more than 60% of research comes from mobile devices. Voice, visual and hyper local search are facilities consumers are craving. Businesses who already have applied AI solutions to their SEO strategies are seeing quick results and receive fast ROI. Hyperlocal search encourages buying local; it is less competition and quicker market reaction. A search made by a consumer can bring him/her to that establishment on the same day, if not within minutes. Voice and visual searches can bring people straight to what they want.
Amazon Go, for example, is launching the first to-go marketing experience. AI devices will be able to recognize clients by their face and credit the products straight into their accounts, with no lines or check outs. The retail sector has endless possibilities with customer interaction.
5 – Law
Even though the legal responsibilities of artificial intelligence machines are still being discussed, AI technologies are not waiting to disrupt the business of law as we know today. AI machines are capable of storing big data and searching for specific information within seconds. They can also provide in depth analysis and save time and money in legal processes and contracts. The best thing AI may do to the legal world is, when combined with blockchain solutions, provide clarity to judges on how to deal with criminal matters based mainly on the law and facts; avoiding personal opinions and corruption.
6 – Agriculture
The UN expects the world population to reach 9.7 billion by 2050. If now we are 7.5 billion on this planet and we still face hunger, how can we solve this before the other 2 billion people come? The agriculture business is running to make it possible by adapting to new technologies.
Drones can take detailed and periodic pictures of the crops and use infrared to diagnose sickness and also make possible to test the amount of water given to plants and how they are affected. New machines are finally being able to pick fruits and hands are becoming not as needed for this work anymore. AI can bring a new sustainable approach to big farming lands, with less waste, more focused actions and greater understanding of consumer demands using AI analysis tools.
7 – Art
According to Cade Metz from the New York Times, “A.I. isn’t just creating new kinds of art; it’s creating new kinds of artists.”
Based on neural networks technology, art is arriving at the AI era. Neural networks work based on the recognition of something by the amount of data they process about that subject. That’s how many face recognition tools work. Just as we learn by mimicry and then develop our unique version of it, computers do the same. So what would happen if computers could learn music and art in general? Is AI capable of expression? Google has now the Magenta Project, an open source platform designated to the investigation of AI music production.
Self-driving cars are conquering their rights to the streets. Google’s Waymo advert: 94% of crashes involve human choice or error in the US. AI technology can consistently drop these numbers. The technology being developed can detect and perform according to all kinds of traffic situations. Although many believe they are more vulnerable to hacking and robbery, self-driving cars are the safest option so far. They will start from voice or digital commands and have eye detectors to take control when the driver is tired.
9 – Real Estate
Real estate has always been a profitable industry, but the relations between owners, tenants and real estate management business have a lot of room for improvements. Thankfully, AI technology is spreading, and communication is becoming more reliable. Companies such as Zenplace are providing a heads up about maintenance to the owners so that they can be prepared for future repairs. And when a repair is needed, Zenplace will find the best option in the area. They are also open to hearing the tenants concerns through chat bots 24/7. It is probable that our future generations won’t be buying houses and the renting industry will keep growing, beyond the 60% rent rate in the US today.
10 – Construction
The construction business is a disconnected giant. Usually, every part of the production requires specific experts; making it difficult for new technologies to take over. Because so much money is invested, it is quite a big risk to invest in new technologies. Even with many obstacles, time compression speaks louder and much progress is being done.
AI technology can make a construction environment safer, with smart sensors to track people.AI will also make it cheaper by analyzing material usage with the help of robotics and remote monitoring on sites. Construction is a field where much can be explored, and we may also be in an aesthetic turning point with so many new possibilities.