Artificial intelligence (AI) is a transformative technology that's changing industries and helping people do things they wouldn't have dreamed of before.
And AI has a bright future—with progress in machine learning, natural language processing and robotics. It has the potential to revolutionize industries and improve our daily lives.
But, in the end, we're all asking the same questions:
AI adoption and investment are increasing globally. Ninety-four percent of business leaders agreed that AI is critical to business success over the next five years.
AI is being used across industries, including manufacturing, healthcare, finance, and business.
AI can improve efficiency, reduce costs and facilitate better decision-making.
AI may replace some jobs, but it also creates new job opportunities.
AI adoption differs across geographies, industries and companies.
The IBM Global AI adoption report shows that Chinese and Indian companies are leading the way in AI adoption, with around 60 percent of IT professionals saying their companies are using AI. This adoption rate is much higher than South Korea (22 percent), Australia (24 percent), the US (25 percent), and the UK (26 percent).
While large companies are twice as likely to adopt AI, 37 percent of smaller companies are developing an AI strategy. Twenty-eight percent already have a holistic strategy in place. Larger companies are more likely to add AI to their existing apps and procedures, but smaller companies will likely spend resources on research and development in the next year.
We've seen a surge in the adoption of smart systems across industries in the last decade. Businesses of all sizes are turning to AI to improve their operations and better serve their customers.
Almost all companies prioritize artificial intelligence in their digital transformation.
Although the rate of adoption varies across businesses and industries, companies use automation to get similar benefits.
There are no major industries untouched by modern AI, especially "narrow AI" which does specific tasks like deep learning and machine learning.
Companies like Google, Microsoft, Apple, and Amazon are spending tons of money to create products and services using AI.
Former Google Brain leader and Baidu chief scientist Andrew Ng told ZDNet:
"Lots of industries go through this pattern of winter, winter, and an eternal spring. We may be in the eternal spring of AI."
Some industries are still figuring out how to use AI, while others are veterans. Both have a long way to go. Let's see how different industries are leveraging the use of AI.
Manufacturers mostly face problems with production and operations, including high costs, difficulty changing production lines and an unreliable yield.
And AI can help solve all these. Here are some types of AI being used in manufacturing:
RPA (Robotic Process Automation) helps handle high-volume repetitive tasks like transferring data across systems, calculations, queries, and record maintenance.
Digital twins monitor an object throughout its life cycle and provide critical alerts.
Machine learning algorithms forecast future trends, enabling on-demand manufacturing with the lowest inventory.
Automated AI inspection tools like machine vision cameras detect defects on production lines.
That's why manufacturers have high hopes for deploying AI. According to a Deloitte survey on AI adoption in manufacturing, 93% of companies think AI is important for driving growth and technology. The AI market in manufacturing is predicted to reach $60 billion by 2022.
According to the latest McKinsey survey, 56% of businesses use AI in at least one business function.
To integrate AI effectively, you must first identify areas where artificial intelligence can help. There are tons of use cases businesses can deploy AI, including:
Enterprise knowledge management software for storing and managing crucial information.
Lead automation to automatically get leads into your CRM.
The AI healthcare market is projected to hit over $95 billion in 2028. Labor shortage and an increasing strain on healthcare professionals have created a demand for automation.
Here are some top use cases of AI in automation:
Personalized medications based on patient data.
Big data and AI for drug discovery.
AI-powered fraud detection tools to identify bad actors.
Virtual nursing assistants to realize the pressure on healthcare professionals.
Technological advances in robotic solutions even allow AI-assisted robotic surgery to physically help doctors in real time. The field of robot-assisted surgeries has the potential to be worth around $40 billion by 2028.
Smart systems are also revolutionizing finance and the banking industry. US banks are applying AI in both their middle- and back-office applications. Machine learning helps finance companies improve customer experiences and identify new risk management opportunities.
Finance companies use AI for:
Real-time transaction monitoring for risk management.
Beyond the industries mentioned above, artificial intelligence is used heavily in IT, education, accounting, sales, transportation, retail, and many more.
People around the world are debating the effect of artificial intelligence on jobs. Some think that workers will mostly lose their positions to robots and automation. Others think that AI will create more possibilities and cause new occupations and a different way of working.
And they're both true.
1. The dark side: millions of jobs at risk due to AI
Previously, automation technologies mainly affected low- and middle-skilled workers whose jobs were repetitive. But AI is a game changer.
Between 2010 and 2015, AI made big strides in memory, sorting information, deductive thinking, and processing speed.
As a result, white-collar jobs that require high levels of formal education now have the highest exposure to AI. These jobs include managers, business, legal, and social workers.
2. The bright side: AI is a catalyst for job growth
Looking on the bright side--history shows that technology has created larger employment, sector shifts and new jobs.
Deloitte researchers propose reimagining work where humans define problems and machines help provide solutions.
"Simply put, jobs that robots can replace are not good jobs in the first place. As humans, we climb up the rungs of drudgery—physically tasking or mind-numbing jobs—to jobs that use what got us to the top of the food chain, our brains." –The Wall Street Journal, The Robots Are Coming. Welcome Them.
AI and automation can free us from tedious work and allow us to pursue careers that give us a greater sense of purpose. In the past few years, AI has created more jobs than destroyed.
The current workforce can upgrade their skills to compete with this quickly changing environment and qualify for higher-skilled work.
The business value of AI
Artificial intelligence is one of the most promising technologies in 2023. AI is here to stay. Many businesses have already started getting a return on their AI investment through revenue.
If you are still on the fence about whether you should deploy AI or not, let's explore some of its key benefits.
1. Cutting expenses with AI solutions
According to IBM, over 85 percent of AI adopters have seen reduced operating costs, 47 percent in process efficiency, 41 percent in supply chain and production and 39 percent in headcount efficiency improvements.
By applying AI in specific parts of your business, you can see a significant reduction in costs, like:
AI chatbots reduce the burden on the customer support team, enabling enterprises to get 24/7 customer care.
AI can automate hiring processes by scanning resumes for keywords.
Combining cybersecurity with AI avoids any possible threats.
Minimizing errors in tasks through AI.
Automate overcomplicated processes.
With AI, you can automate almost 80 percent of all physical work, 64 percent of data collection tasks and 70 percent of data processing if you use them properly.
2. Making better decisions with AI solutions
According to Deloitte, the main benefit of AI is helping better decision-making. Artificial intelligence can quickly process large amounts of data and give accurate results without human involvement.
The insights are then handled by people using tools like dashboards, spreadsheets and analytics applications. This organized and easy-to-use data is used to make decisions. Humans are still needed, but the decision-making process is now faster and more accurate.
For example, AI can determine the right inventory level to maximize profits or project the ROI of all your marketing channels. The availability of additional information, like strategy, values and market conditions, can help humans make better decisions.
3. Improving efficiency with AI solutions
Efficiency and productivity are two big benefits of AI. The technology handles tasks at a pace that humans can't match.
According to a 2018 World Economic Forum report, companies expect work tasks to be performed by machines. In 2018, workers carried out 71 percent of task hours; in 2022, this number dropped to 58 percent, with machines handling the remaining 42 percent of work.
AI makes business workflows more efficient by automating mundane operations—allowing the workforce to focus on important strategic tasks.
According to Smartsheet, employees spend 25 percent of their workweek on repetitive tasks. The most difficult of these activities is processing documentation. Documenting takes hours, including editing screenshots, writing text and proofreading processes.
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