The healthcare industry is regularly cited for its creative use of AI – and for good reason. This multi-billion-dollar industry is a public good, therefore any application that improves patient outcome and reduces resource utilization garners great interest and publicity. One of the best domains for AI use within healthcare is in Computer Aided Diagnoses applications. Being able to detect the early onset of disease in order to intervene is of critical importance to overall patient health outcomes. Indeed, machine learning has continually demonstrated its value in accurately detecting patterns within the data that enable it to make accurate diagnoses, often times more accurate than seasoned medical professionals. This industry is ripe of opportunities to improve early diagnosis and overall patient outcome and satisfaction. For example, AI has been used to accurately identify diabetic retinopathy and more recently, to detect asymptomatic COVID-19 infections through forced coughing into your phone.
Retail: The retail landscape has never been as competitive as it is today. With so many alternative product options available to customers today, brands have to compete for consumer attention to remain top-of-mind awareness in order to remain on top of shopping lists. Using the latest AI technologies, master brands can continually assess consumer sentiment towards their latest marketing campaigns, package re-designs and overall brand sentiment over time. Moreover, the retail is especially well-positioned to reap the benefits of many AI applications ranging from ad targeting, inventory optimization based on demand, and supply chain logistic improvements.
Insurance: The insurance industry is a natural data aggregator where accurate predictive capabilities are of top priority. Given how well AI resonates with the industry as a whole it is not surprising to witness the adoption of a wide variety of AI applications within the industry. Insurers today have trained AI models to assist in accelerating manual underwriting workflows, streamline claims processes and have even been used to forecast large-scale loss events which are accelerating with climate change. Indeed, the need for accurate predictions has never been as valuable as it is today, and the correct application of AI can make all the difference.
Diversified Financials: In many ways, asset management seems perfectly suited for the widespread adoption of AI. Many transformative capabilities of AI rely on its ability to predict and better understand the most likely outcome of specific circumstances. Higher predictive quality is of tremendous interest to asset managers, which is why we are experiencing portfolio management teams increasingly augment their quantitative and qualitative analytical capabilities with AI. With the right domain knowledge, relevant dataset and AI model the financial sector has never been better positioned to manage risk, assess uncertainty and identify real-time patterns in financial markets in order to make smarter investment decisions.
Mining firms possess a natural drive to increase efficiency and reduce capital costs. Today, AI is frequently being used in conjunction with the latest IoT technologies to identify processes that reduce waste & enable smarter business decisions. As more easy-to-use cloud-based AI platforms are adopted, more and more enterprise grade solutions will be developed and maintained in the economic sector, streamlining workflows, and reducing overall costs. For example, Freeport-McMoran, the world’s largest copper producer has implemented a comprehensive AI platform combined with agile methodologies to increase production output by 5% in 2019.
As with other economic sectors, real estate too is experiencing seismic shifts in how buyers, sellers and agents operate. Regional demographics, a warming climate and general lifestyles are in a constant state of flux. These shifts result in the constant need for digital real estate products and services to tailor themselves to the ever-growing and ever-changing demand. AI-powered tools can assist the real estate sector in several ways, ranging from predicting a property’s value, identifying likely buyers, and providing nuanced digital services that are smart enough to know exactly the sort of property attributes that are important to you.