Round The Globe, Round The Clock – Artificial Intelligence Is Transforming Industrial Workflows For The Better

Technology September 15, 2021
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The global AI market size in 2021 is 93.53 billion. It’s considered one of the biggest tech booms in the last decade, and the pandemic has only accelerated its growth.

The IVA (intelligent virtual assistants) market itself is expected to be 17.72 billion by 2023. But that’s just a speck in the pool of opportunities that AI has created. Today, it is everywhere, from healthcare to manufacturing, from entertainment to agriculture, more and more industries are finding ways to leverage the benefits of artificial intelligence by the day.

The main reason why it is so booming at such a steep rate is how easy it is making for industrial experts to manage multiple things. AI in business is being adopted to increase efficiency and decrease the turnaround time of industrial workflows.

Let’s have a look at the different ways artificial intelligence and machine learning are being deployed in various industries:


Healthcare


AI-enabled workflow assistants are being deployed by hospitals to save 17% of doctors’ time and 20% that of nurses. They’re also reducing redundant hospital visits thereby saving a lot of inconvenience for the patients.


The benefits of artificial intelligence are also being explored in early diagnoses of cancer and other life-threatening diseases. Pharmaceutical companies are using the technology to accelerate their research on revolutionary medicines with a smaller investment.

With robot assistants for surgeries, remote care, virtual nursing, and other such advanced possibilities, artificial intelligence is proving to be one of the most promising technologies that could change the way the world looks at healthcare forever.


BFSI


Fintech or finance technology market value is expected to grow up to $324 billion by 2026. It’s being widely adopted by the global industry as it’s bringing more reliability, more transparency, and more efficiency in different processes.


The banking industry is using artificial intelligence and machine learning to enhance the consumer experience, while stock market professionals are deploying them to enhance their portfolios in terms of risk management and prediction.


Artificial intelligence is extremely beneficial to the BFSI industry because of the accuracy with which it can manage and analyze humongous volumes of real-time data.


Manufacturing


The future of the manufacturing industry lies in real-time monitoring which would help troubleshoot, predicting production bottlenecks, track scrap rates, track deliveries and much more. And that’s exactly why artificial intelligence is so crucial to the industry today.

Research by Capgemini says that predicting when equipment is likely to fail and recommending the best times to conduct maintenance procedures is the most widely adopted (20%) usage of AI in manufacturing.

The manufacturing industry also uses AI to enhance operational efficiency to predict successes and failures at different stages of the process. It is also being used to automate a number of tasks, quality checks, and optimization in inventory management.


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Sales and Business Development


Artificial intelligence in business development is helping businesses boost lead volumes at an unprecedented scale. Salesforce found that high-performing teams are 4.9x more likely to be using AI than low-performing ones.


It can augment and automate many parts of the sales funnel, allowing salespeople to focus on what matters the most, personally nurturing client relationships. It can be seen as a supercharger for salespeople, and not a substitute for them.

One of the ways AI is helping sales teams is with its predictive power. It can forecast future outcomes based on historical data and probability scales. For instance, some AI-enabled software can tell you which prospects you’re like to close, prospects you should target and new demographics that might be interested in your product.


Travel and Transportation


AI has a huge scope in travel and transportation as it has proven to have applications to increase passenger safety and reduce traffic, accidents, carbon emissions, and even the overall cost of travel.

It has multiple practical use cases – from self-driving vehicles and smart vehicles, all the way to traffic management and predictions. For the travel industry, it is being used to enhance the user experience to an entirely new scale, for instance, giving the users a virtual 3D tour of a place before asking for bookings.


Final Word


These were just a handful of examples of how artificial intelligence is revolutionizing industrial workflows. It has seeped into almost everything we do in our daily lives and the processes that go behind bringing those things to us.

It has been one of the most astounding innovations of this century and from what we’ve already explored, we know that it has applications across every sector. But we’re only just scratching the surface of its capabilities. It would sure be a thrilling experience to see what all we could possibly do with AI in business in the coming years.


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