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You Won’t Believe How AI is Changing These 5 Industries

Shrey Sharma

December 11, 2023 | visibility 1699
TABLE OF CONTENT

Table of Contents

Hey Siri! Make a call to mom.

Remember the first time you commanded your smartphone to connect you with your loved ones effortlessly?

It was a sneak peek into the transformative power of AI in mimicking human intelligence to perform tasks with better accuracy.

Fast forward to today, the evolution is nothing short of miraculous.

What once seemed like a futuristic innovation, today is not only limited to personal uses but also transforming various industries and sectors.

90% of the brands worldwide are investing in AI, and 83% of them strongly believe that AI will help them maintain or gain a competitive edge. (Source: BusinessDIT)

How could AI help you gain a competitive edge in your industry? Here in this blog, I’ll talk about 5 industries and their transformation under AI.

So, let’s get started.

Finance

The finance industry is a mixed bag of challenges and opportunities. From offering personalized recommendations, and fraud prevention, to making the right lending decisions, AI is revolutionizing the industry in many ways.

Here are some of the potential use cases of AI in the finance industry;

1. Chatbots and virtual assistants

how AI is taking over customer support services

The most obvious application of AI in the finance industry is chatbots and virtual assistants.

Two out of three financial institutions have implemented chatbots and virtual assistants to facilitate customer service, (Source: AIMultiple).

These days, chatbots are going beyond just serving customers 24*7 with their common queries. Initially, chatbots worked on rule-based systems and were limited to responding to specific customer requests only. For example, if a customer asks about the bank’s operating hours, the bank balance, how to open a bank account, and other common questions.

The generative AI enabled the chatbots to become more dynamic and have full-fledged conversations with customers. For example, chatbots can understand individual customer’s needs and provide them with personalized advice tailored to them without human intervention.

2. Fraud detection and prevention

Fraud detection and prevention is the bold point in the checklist of almost all financial institutions. AI can help to detect fraud and prevent it, easing the worry of fraudulent activities sweeping away the revenue of institutions.

  • AI can monitor the transaction history and other structured and unstructured data to identify patterns that suggest the likelihood of fraud. For example, HSBC bank relies on AI to analyze the vast number of transactions and detect suspicious activities like money laundering.
  • AI also has predictive analytics capabilities enabling it to predict future fraudulent activities.
  • It can also create granular customer profiles based on their behavior, so whenever an unusual behavior is identified, an alert can be generated to prevent fraud.
  • Real-time alerts about potential fraudulent activities can be generated to promote immediate actions.

3. Informed lending decisions

learn how zest filtered customers to build a clean loan book

Bad debt each year severely hits the revenue of financial institutions. The utilization of AI can help to make informed lending decisions significantly reducing the likelihood of bad debt.

AI can create a detailed profile of the borrower by evaluating several data sources like social media, online behavior, credit score, and more. For example, Zest Finance uses AI to swap out the profile of the riskiest borrowers to build a healthy portfolio of lenders evaluating information from multiple sources.

4. Wealth management and robo-advisors

AI can also be utilized by financial institutions to automate and personalize financial advice, portfolio management, and asset allocation.

AI can explore a vast quantity of data, market trends, client priorities, and more to offer personalized advice to customers such as retirement plans, setting their investment goals, and more.

how Wealth front collects user information

For example, Wealthfront, a popular financial advisor and portfolio management company collects customer information like income, assets, expenses, liabilities, financial goals, and more. Evaluating this information can create personalized financial plans for each customer tailored to their financial goals.

2. Retail

The retail industry is finding new ways of growth with AI. AI is helping retailers improve customer experience, optimize inventory management, and automate tasks.

Here is a sneak peek into how retailers are using the AI;

  • Optimizing store layouts: AI is helping retailers generate multiple store layouts that improve product visibility and customer flow. AI considers factors such as product categories, customer preferences, and more to design these layouts. For example; Lowe’s, a home improvement retailer, uses AI-driven simulation to compare what the store shelf should look like, and how it looks.
  • Personalized recommendations: AI is most useful for retailers to offer a personalized experience. Artificial intelligence helps retailers know what their customers want. For example, Sephora’s uses an AI chatbot called Sephora Virtual Artist that recommends beauty products based on skin type, preferences, and other factors.
  • Inventory optimization: Retailers are using AI to forecast the demand for the products at the retail store. AI collects and evaluates the customer’s information like sales data, trends, seasonality, and other features. Walmart is doing the same to make sure it remains up-to-date with customer’s needs.

3. Healthcare

as per researches healthcare industries use AI in business operations

The healthcare industry has witnessed a rise in the usage of artificial intelligence. According to Statista, over 90% of large healthcare organizations are using AI.

Artificial intelligence can be used in multiple ways in the healthcare industry to give it a complete makeover;

  • Creating synthetic medical images: Generative AI is being used in the healthcare industry to create synthetic images that are closed to read.
  • Automating documentation: AI can automate the documentation, billing, and other mundane tasks in the healthcare industry. For example, AI converts the patient’s interactions into clinical records within seconds.
  • Predictive maintenance of medical devices: AI can also help to stay on top of medical device maintenance needs to prevent failure.
  • Understanding unstructured data: AI can also interpret unstructured data to know about patients and deliver personalized treatment.
  • Personalized medicines: AI could also be used to evaluate the medical conditions of the patients, and then recommend personalized care.

4. Manufacturing

how AI robots can increase efficiency

Automation and Robotics: AI-driven robots have become integral in performing repetitive tasks, leading to increased efficiency and productivity. They can work 24/7 without fatigue, reducing human error and improving safety.

  • Predictive maintenance: AI algorithms analyze data from machinery to predict when maintenance is needed, preventing unexpected breakdowns and saving costs associated with downtime.
  • Quality control: AI systems can inspect products with high precision, identifying defects that might be missed by the human eye. This guarantees consistent product quality and reduces waste. For example, Suntory PepsiCo uses AI to streamline quality control in its production process.
  • Supply chain optimization: AI helps in forecasting demand, optimizing inventory levels, and enhancing logistics, which leads to a more efficient supply chain.
  • Customization and design: AI enables manufacturers to deliver personalized products by quickly adapting production processes to customer preferences. It also accelerates the design process through rapid prototyping and simulation.
  • Energy efficiency: AI systems can optimize energy consumption by controlling machinery operations and environmental conditions, leading to cost savings and a reduced carbon footprint.

5. Marketing

AI has made its significant place in the marketing industry and is used by marketers for a variety of reasons such as;

how Netflix and Amazon use AI for Personalized solutions

  • Personalization: AI analyzes customer data to deliver personalized marketing messages. For example, Amazon uses AI to show personalized product recommendations based on past purchases, browsing history, and search queries. Similarly, Netflix is using AI to recommend personalized content to its subscribers based on their viewing history, ratings, and preferences.
  • Chatbots: AI-powered chatbots provide instant customer service and support. Sephora’s chatbot offers beauty advice and product recommendations, enhancing the customer experience.
  • Predictive analytics: AI predicts future consumer behavior, allowing companies to target potential customers more effectively. Salesforce uses AI to predict which leads are most likely to convert, helping sales teams prioritize their efforts.
  • Content creation: AI can generate creative content for marketing campaigns. Persado uses AI to craft personalized messaging that resonates with the target audience.
  • Programmatic advertising: AI automates the buying of ads and optimizes targeting. The Trade Desk leverages AI to help advertisers reach their most valuable audiences in real time.
  • Customer insights: AI tools analyze large datasets to uncover insights about customer preferences and behaviors. IBM Watson provides AI-powered analytics that helps marketers understand their audience better.
  • Email marketing: AI personalized email campaigns based on user behavior. Mailchimp uses AI to optimize send times and content, increasing engagement rates.

Final take

In this era of rapid technological advancement, AI’s role in shaping industries is undeniable. Its capabilities to analyze data, identify patterns, and make informed decisions help organizations in driving innovation and efficiency.

As the CEO of Cyntexa, I have experienced firsthand the transformative power of AI. It is no longer a technology responsible for automating tasks, or crunching numbers, it’s about leveraging it to create human-focused solutions. Whether it’s enhancing customer experiences, streamlining operations, or unlocking new growth opportunities, AI is the catalyst for a smarter, more responsive business landscape.

The future is not about AI replacing humans; it’s about AI empowering us to achieve more. It’s about using AI to strengthen our inventiveness, our creativity, and our ability for problem-solving. As we continue to dig into the vast opportunities of AI, let us adopt this technology with an open mind and a thoughtful approach, guaranteeing that it does the greater good and drives us toward a more successful, unbiased, and sustainable future.

About Author

Shrey Sharma

The youngest Salesforce MVP in the world in 2019, is a successful serial entrepreneur and CEO of Cyntexa - a prominent global Salesforce Consulting and Implementation Partner. He's also the driving force behind Salesforce Hulk, a popular YouTube channel providing valuable insights to Salesforce enthusiasts. As a thought leader in the Salesforce ecosystem, Shrey is committed to driving business growth through technology.

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