The Grand Potential of AI
by JoAnn Stadtmueller, SR Director, Marketing
Technology advancements allow industries and businesses, products and services to enter new markets and remain competitive. Artificial Intelligence is no exception…in fact AI may enable many other benefits such as discovering quick, flexible and extensive solutions to both complex and simple problems. Yet, despite this potential, not all industries are leveraging this technology to it’s full potential.
Marketing firms and retail businesses appear to be grabbing the brass ring early in realizing the benefits that AI can provide. These industries are using both public and industry data to better understand consumer habits and trends. Retailers are also leveraging AI to assist with warehousing and to deliver a better customer experience. Marketing firms, doing their part, can make better decisions and forecast the movements of potential customers in almost real time, helping to facilitate faster acquisition of customers and sales.
Healthcare is another industry that understands the value proposition of AI and is using it to make faster decisions and more accurate medical treatments. For example computer assisted diagnosis of breast cancer have been used with scans and have helped with diagnosing up to “97% of these scans as malignant and have reduced the number of surgeries by more than 30%” stated MIT News.
Manufacturing adoption of AI was early but at times uneven. Now, AI has been viewed as a means to reduce manufacturing cost, labor costs, reduce product defects and increase production speeds, in the near future the use of AI in manufacturing will include revenue growth by 39%.
Traditional players in the finance industry are a bit slower to adopt AI. Security is always an issue as is compliance and the rules governing these industries but financial companies are taking deeper dives to learning more and their views are changing. This trend to learn more is the advent of finance organizations using algorithms to manage portfolios, make trading decisions, detect fraud and even make loans. Even our knowledge for the day’s stock market index via AP, Yahoo and Fox comes from the use of AI bots to write short articles and financial summaries.
As we take time to explore and move closer to understanding AI applications in different industries, embracing AI technology can cause positive disruptions. The challenge is to increase awareness, transparency and education so that all industries can leverage the grand potential Enterprise AI has.