Publication – The Economic Times
Artificial intelligence (AI) has grown to be a significant force in every sector as the world changes quickly. All types of companies are utilizing AI to improve productivity and simplify processes. Artificial intelligence (AI) is the modeling of AI functions by computers, particularly computer systems. Expert systems, NLP, voice recognition, and machine vision are some specific uses of AI. AI is expected to experience rapid development in the coming years.
The size of the worldwide AI industry is predicted to hit a staggering $1,811.8 billion in the fiscal year 2030, according to reports.
Due to the immense potential that this technology has for businesses, there has been a recent explosion in AI-led initiatives. These initiatives range from developing proactive customer service solutions like chatbots or predictive analytics for better decision-making, to the most recent revolution—the ChatGPT.
AI can now be used to accomplish this, leading to a much higher number and diversity of goods. 2023 will be another year of significant growth for AI, despite the fact that we have been predicting this for ten years. Significant use cases for the business and beyond will be made possible by the commercialization of new goods and features, advancements in accessibility and affordability, and an emphasis on ethical behavior. AI will fundamentally alter the process of producing accurate digital twin goods. For instance, artists would spend hours creating and adding complex repeating textures to items and settings.
“AI is revolutionizing the everyday processes in several industries and changing the very core of how business is done. We are seeing this upheaval in every manpower-oriented industry like education, retail, healthcare, and manufacturing. Decisions which used to take months because of manual processing and data inputs are now being carried out in a few minutes as the machines can measure, identify patterns, create data models, categorize the requirements, and indicate the risks with phenomenal accuracy and precision," Kamal Kant Paliwal, Principal- App Dev, Advaiya Solutions said.
Here is how AI is unknowingly changing your life across different sectors:
- In the retail industry: AI-based technologies are being leveraged to transform stock keeping, providing personalized recommendations to enhance the customer experience, and improving supply chain management. AI-powered robots are also being used in warehouses to optimize inventory management and improve order fulfillment. The recommendations you get on ecommerce sites are all suggested by AI. AI helps to personalise shopping experiences, recommend products, and predict consumer behaviour. Recommendation engines study consumer behaviour and predict shopping patterns to improve ROI. It optimises supply chain management and inventory levels, automating pricing and replenishment tasks. Ultimately, with the continued development and adaptation of AI technology, the future of online shopping looks bright indeed!
- In healthcare: AI algorithms can analyze large amounts of patient data and medical research to identify patterns and potential risk factors.
In education: AI is enabling personalized learning experiences and improving student outcomes. AI-powered chatbots can answer students' questions and provide feedback in real-time. AI algorithms can analyze student data to identify areas where they need additional guidance and recommend personalized study plans.
Environment Friendly operations: We can say that AI assisted operations optimize utilization of resources and generate less waste which makes it more environment friendly and sustainable.
Procurement: Procurement software powered by AI are revolutionizing the way organizations operate by automating tasks like purchase order creation, invoice processing, and contract management, freeing up procurement professionals to focus on more strategic activities.
Healthcare: AI is helping develop new drugs and therapies, diagnose diseases more accurately, and personalise treatments for patients based on their individual genetic and clinical data. It also improves medical imaging and analysis, predicts patient outcomes, and automates administrative tasks like billing and appointment scheduling. With machine learning algorithms, computers can learn patterns in a patient's data and use those patterns to help diagnose certain illnesses and conditions.