Impact of AI and ML on the Top 8 Industries

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Reshaping Industries: The Impact of AI & ML in Intelligent Automation

Technology | Growth

By Aresh Mishra

Understand the impact of artificial intelligence automation on industries. Use this learning to make your business efficient

A Women sitting on her work station coding in python

Before, businesses relied on manual processes and human expertise to conduct regular operations. This involved excessive resource utilisation and was prone to errors.

But, the scenario transformed with artificial intelligence (AI) and machine learning (ML)-induced intelligent automation. Over 77% or a staggering 250 million companies worldwide use or explore AI in their business.

Tasks like

quality assessment
maintaining customer relations
tracking product deliveries
and inventory management

are automated. This helps businesses ensure timely product/service delivery.

Read on to learn about the impact of artificial intelligence automation on industries.

Impact of AI and ML-Induced Automation Across Industries

AI is a computer system that understands human thinking and behaviour. It uses that information to perform complex tasks like analysing data.

ML uses algorithms trained on computer data to perform the same set of complex tasks.

Here’s how both technologies have evolved to automate manual tasks across industries.

Manufacturing Industry

In the manufacturing industry, operators had to control the production lines. They also had to conduct product quality inspections. They also had to perform regular manual inspections of the machinery.

This distracted employees from other productive activities like marketing and ensuring client satisfaction.

But, AI automation has helped make the system more efficient. Here’s how-

AI-induced predictive analysis algorithm collects and understands equipment data to forecast anomalies. This reduces the occurrence of unplanned disruptions.
AI and ML can automate the process of product quality control. These technologies analyse the product images to identify defects before shipment or delivery.

Real Estate Industry

The real estate industry involves:

regular listing of properties
managing paperwork
ensuring legal compliance, etc.

These tasks are time and resource-consuming. They are also prone to human errors that can cost a client.

AI and ML technology can address these challenges and simplify real estate processes. Here’s how-

ML can analyse customer data to provide personalised property recommendations.
AI automation can perform routine tasks. It can list properties and develop property papers. It can also ensure and process lease agreements without error.
AI and ML-based chatbots can address customers' basic queries. This can enhance the customer experience for the clients.

Education Industry

Education was limited to physical spaces like libraries and classrooms. This created a geographical restriction and limited the practical explanations of concepts.

Additionally, the traditional educational set-up also required manual grading of assessments. This made the system prone to unintentional human errors and overworking teachers.

AI and ML have reduced the chances of human errors. The system also considers the professors' requirements. Here’s how-

AI software prepares assessments and analyses them without any biases. They also provide constructive feedback to improve the student’s knowledge.
AI technology understands the specific requirements and areas of improvement of students. It leverages this data to create personalised learning experiences. These improve the engagement and learning outcomes of the students.

Healthcare Industry

The healthcare industry deals with sensitive customer data on a regular basis. They must maintain the records for further treatment. Moreover, they conduct manual pathological examinations that can be susceptible to errors.

With AI, several tasks of healthcare professionals have become automated. This provides them with free time that they can dedicate to self-improvement.

AI and ML also improve the industry operations in the following manner-

AI technology stores all patient data in a systematic and accessible manner. This reduces manual labour and improves the efficiency of the system.
Predictive AI analysis helps the system recognise patterns. These lead to the diagnosis and treatment of medical conditions with precision.

Finance Industry

The finance industry requires impeccable risk management. It must ensure customer awareness and safeguard people from fraud.

These challenges, combined with recording transaction data and assisting customers with routine financial inquiries, are time-consuming.

With AI, banks and financial institutions can automate some tasks. This can reduce errors and ensure security. Here’s how-

AI banking software can record and store all transaction data. This makes it accessible for future use.
Automated systems can analyse financial data and patterns for potential fraud detection. Additionally, data analysis can also assist in risk management.
AI and ML can also understand consumer financial goals and risk tolerance. Then, they can provide them with personalised investment recommendations.

Retail Industry

The retail industry is currently dealing with changing customer demands. For example, customers are seeking customised products and same-day delivery. With fierce competition, providing exceptional customer service is a must.

Also, minimising waste and ensuring optimal resource optimisation is a budding challenge. AI automation can address these in the following manner-

AI-induced inventory management software analyses sales data and recommends reducing wastage.
It also analyses market trends and patterns to predict consumer demands. This helps ensure that the most preferred products are in the inventory.
Additionally, AI and ML-induced chatbots assist in resolving customer queries. They also provide better customer service.

Transportation Industry

Ensuring drivers' safety, predicting traffic, and optimal fuel consumption are among the most important aspects of the transportation industry.

Earlier, the industry relied on word-of-mouth to predict traffic. They also used it to foresee probable route disturbances.

But with AI, analysing these operations has become easier and more accurate. Here’s how-

AI software can analyse data from surrounding vehicles to identify potential risks. They also predict vehicle maintenance requirements and provide recommendations to avoid accidents.
AI and ML software also understand traffic congestion and provide better route recommendations. These enable faster movement of vehicles and lower fuel consumption.

Marketing Industry

Traditional forms of marketing, like TV ads and posters, were effective. Yet, they lacked personalisation. Sometimes, these marketing initiatives also failed to analyse consumer requirements. This made them less impactful.

But, with AI, the marketing industry has transformed for the better. Here’s how-

AI software can analyse the target audience's data. This helps it suggest the most impactful platform for marketing to marketers.
AI and ML software also automate the process of real-time campaign optimisation. It analyses the audience's reaction and suggests changes to improve the campaign's impact.
AI can also help automate important marketing tasks. These include content creation, lead generation, and social media management. It can go a step ahead to make the process more personalised for the audience.

Wrapping Up

AI and ML can transform business operations across industries. But, they have a few implementation challenges:

Lack of reliable and quality data to enhance ML algorithms.
Lack of technical know-how for seamless AI integration into the system.
Navigating AI and ML-related ethical implications like decreased privacy and impact on jobs.
Upskilling employees and updating tools and machines.

An easy way to address these challenges is by contacting GrowthJockey. We use cutting-edge technology to deliver AI and ML services to businesses. We tailor our services to their specific requirements.

This technology helps businesses gain deeper customer insights. They can forecast market trends, create personalised marketing strategies, and more!

Furthermore, businesses can also automate routine tasks. This paves the way for sustainable growth opportunities.