Applications of AI Across Different Verticals

The term ‘artificial intelligence’ was formed in 1956 at a conference in New Hampshire, and since then, the world has seen a number of milestones with different adoptions of AI. From virtual assistants such as Alexa to self-driving cars, AI technology is helping consumers improve their lives and make everyday operations easier. But what about businesses? How will they be using AI to attract customers, manage their business, and save time? It turns out, different verticals have their own applications of AI to scale their business and overall growth. 

Artificial Intelligence Software Market Growth

As the world continues to adopt AI practices, the software market is growing, as expected. According to Statista, the market is expected to reach $126 billion by 2025. Applications will include natural language processing, robotic process automation, and machine learning. 

COVID-19 Propelling the AI Movement

A major question to address is: Has COVID-19 propelled the AI movement? The answer is yes. 

In a survey by RELX, more than a thousand senior executives were surveyed on the topic of AI adoption during the pandemic. The majority of respondents (68%) increased their investment in AI technologies during the COVID-19 pandemic, 48% invested in new AI technologies while 46% invested further in AI technologies already in use at their companies. Similarly, 63% of business leaders polled reported having a positive experience with applications of AI technologies, as it helped their business stay resilient during rough times.  

However, it is crucial to note that the companies are using AI to increase worker productivity, not necessarily replace labor. That is not to say that AI is not being used to replace labor at all, it just means that those were not the results that were yielded from this survey. 

How AI is Being Used in Different Industries

Healthcare: As healthcare is rapidly transforming, especially during the pandemic, AI is increasing its presence in the vertical through various ways. Check out 5 Ways AI is Transforming the Healthcare Industry. Some other advanced healthcare methods that involve AI and ML are applying it to reduce diagnose errors, improving patient convenience, and assisting in delivering telehealth services.

Agriculture: The terms ‘smart farm’ and ‘farming 4.0’ are spreading fast within the agriculture sector. Both terms are synonyms for automation in farms which involve the application of AI. Robots are ready to take over farms and carry out various processes involved in the food chain including detecting weeds and packing. This will likely take over human jobs as mundane tasks will be handled by advanced technology. 

Manufacturing: Another sector which requires mundane processes to be handled, manufacturers are constantly looking for several tasks to be automated. Luckily, AI is here to save the day again. Common applications of AI include product development, price forecasting for raw materials, and customizing the look and feel of the products as well. 

Retail: Artificial intelligence is changing the way stores operate, both in-store and online. The main goal here is to improve customer service. Whether that is through helping customers find a product in a store, reduce long lines during checkout, or even robots that recognize customers by face and determine their likes and dislikes. The possibilities are endless.

Real Estate: You may have heard of various technology disrupting the real estate scene before, such as augmented reality (AR) and virtual reality (VR) online tours. Well, AI is also transforming the way realtors do business in various ways. Realtors can take advantage of this technological shift by incorporating a chatbot to their site, examining Big Data to have more targeting marketing campaigns, and better manage their properties. 

I want to Incorporate AI Technology to My Business, Where Do I Start?

Artificial intelligence can get complex, so you need to partner with a reputable software development company that has decades of experience to examine your business properly and craft the perfect AI solution to scale your business. From AI strategy consulting to development, we got you covered every step of the way. 

Sunvera is one of the top AI companies in Orange County, and can help you implement the right software solution for your business while helping you reduce costs and improve operational efficiency. Contact us for a FREE 2-hour consultation.  

US falling behind in AI, ML

According to Forbes magazine 80% of enterprises already have some form of AI (artificial intelligence, machine learning, data analytics) initiatives with Asia Pac leading the field. Product Innovation and Research & Development, Data engineering, Intelligent workflow and decisioning automation, and analytic operations at scale being main areas for AI.

In many of the areas, US is behind both AsiaPac and Europe which is concerning given that traditionally US has lead the way in emerging technologies.

 

State of Affairs

The three main points from Forbes article https://www.forbes.com/sites/louiscolumbus/2017/10/16/80-of-enterprises-are-investing-in-ai-today/ are:

• 80% of enterprises already have some form of AI (machine learning, deep learning) in production today.
• 30% of enterprises are planning on expanding their AI investments over the next 36 months.
• 62% expect to hire a Chief AI Officer in the future.

An interesting insight from the article is that enterprises are starting to benefit from AI like never before. More enterprises benefiting would mean more and widespread application of AI techniques.

What can we do?

However, the fundamental question (like always) – is it vaporware? And when is the right time to jump in? And what can we do to establish US dominance in such emerging fields.

We at Sunvera started working on AI (machine learning/data-analytics) three years ago when we developed a product for a client in the financial sector. The AI web portal was designed to accurately forecast macro-economic metrics for application in financial investments to maximize returns and minimize losses. The system uses historic macro economic indicators to derive near future and long-term forecasts.

The mean error between actual and forecast values was less than 0.25% indicating a high confidence factor in results.

Our experience developing the product has helped us understand the nuances not only from a software development point of view but also from client’s application of AI to their businesses.

For example: in any application involving Artificial Intelligence, Machine learning or data analytics, it is important to start with good and sufficient data. It is also important to have wider datasets – factors not directly affecting outcome – to ensure good results. Finally, determining how to present results – web portal, mobile apps – is important ensure clients are able to benefit from the application.

At Sunvera Software we we can help you navigate and benefit from AI, ML and data-analytics. We know to separate vaporware from real when it comes to your specific solutions and help increase revenues and reduce losses.