Everyone knows the massive development in AI we’re currently experiencing in 2023. However, this doesn’t happen in a vacuum or on a deserted island. This AI is merely a new technology, a protocol, just like the internet. Its existence, on its own, is almost meaningless.
What matters is how it changes the existing industries. Not all industries will be affected equally, but some will change more than others. With that in mind, here are the top ten industries affected by AI development.
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Finance
Decision-making has long been the staple of finance. Today, an AI fed with enough data and operating on logical principles can make far better data-based decisions. Therefore, it can assess creditworthiness, approve/reject loans, and analyze historical data more easily and accurately.
Another great advantage lies in risk management. An AI tool uses far more factors when assessing potential risks. While the decision will ultimately come down to humans, they’ll have much better data.
The biggest difference, however, comes from fraud detection and prevention tools. AI-based tools can identify threats much more reliably. They also better examine user behavior patterns and may use metrics like keystroke, scrolling, and mouse use patterns to recognize an account takeover.
2. Manufacturing
Most people see AI as strictly related to the digital world; however, nothing could be further from the truth. First, involving AI technology in manufacturing allows for much more accurate automation (and even robotization).
Second, machines are far more reliable regarding quality control and defect detection. They don’t make compromises or change their principles, and the likelihood of human error is nonexistent. On its own, this increases manufacturing standards and reduces the waste of materials (making the entire process more sustainable).
Third, AI can make a big difference in terms of predictive maintenance. This way, a manufacturer can offer a better warranty, plan service, and replacement far more reliably. This will reduce downtime, offer a higher quality of service, and improve the product quality for everyone.
3. Cryptocurrencies
At the very start, it’s important to point out that the crypto industry might be riding on this AI trend the hardest. The creation of a lot of AI coins recently is just an example of this. Still, AI coins are just the tip of the iceberg.
With AI-driven trading bots, automated trading, and highly-accurate analytics are no longer as difficult to achieve. Moreover, fraud detection and security are at an all-time high. Since this was always a huge problem in the crypto world, this alone is a massive improvement in transparency and credibility.
One of the biggest changes (from the financial standpoint) is that evaluation and risk rating of various ICO projects may be far more accurate. Without an interest in ICO projects, the industry has no natural growth.
4. Logistics
AI can spot the optimal route far more accurately than human operators. While connected to the GPS, it can process data regarding traffic fluctuation, roadwork projects, and even weather conditions to assess which route saves the most time and fuel.
There’s also a belief that, in the nearest future, more and more logistics may depend on self-driving vehicles. Drones are already a huge point in the industry in some of the largest companies. Soon, this trend might expand to road vehicles, as well. This trend heavily relies on AI.
Predictive maintenance will ensure you can cover the same ground with fewer vehicles in the fleet. It also reduces downtime quite significantly.
Supply chain visibility and customer service are already heavily in the hands of AI (through chatbots), and the growth of AI might just facilitate this trend further.
5. Automotive
Previously, we’ve mentioned self-driving cars, which also envelop the driver assistance systems, making them more autonomous and reliable than ever. In general, autonomous vehicles heavily rely on improved cameras, sensors, and radars, but the real problem was always the interpretation of signals picked up by these. Now, this is no longer impossible to improve.
Most people already use voice to browse the internet, command their smartphones, or even command their smart homes. The problem with using this technology in the automotive industry is that more is at stake. With Natural Language Processing (NLP), voice assistants are becoming far safer.
Since they’ll get more info on their users, AI algorithms in the automotive industry sales and customer service will be able to provide users with a more personalized user experience.
6. Marketing
In marketing, especially digital marketing, AI is making a proper resolution. First, AI language tools like ChatGPT are making a massive uproar in copywriting and content writing. Sure, Google still doesn’t look too favorably on AI-generated content, but writers can use AI to improve either work in so many ways. For instance, they could use these tools to:
- Generate drafts and outlines
- Conduct research
- Generate examples to use in their work
AI tools can also make email marketing automation much more efficient. Personalization will now look more “human” than before, increasing its effectiveness significantly.
AI can also improve link building, especially tasks like outreach and scheduling.
Everyone knows that chatbots are quite advanced as it is. With further AI development, they can be far more accurate in social media interactions. This could usher in a new age in social media marketing.
7. Retail and e-commerce
The personalized shopping experience, as a trend, has been the flagship of retail and e-commerce for years. People want their shopping sites to remember their previous purchases, categories they’ve browsed, and pages they visited (even if they abandoned the shopping cart without buying anything). AI-powered tools can analyze these visits and adjust the offer to incredible details.
Another big factor in e-commerce and retail is the question of inventory management and demand forecasting. With the help of AI algorithms, you can analyze your historical data and scour the internet for examples of other enterprises.
However, the most important stride forward comes in the form of new fraud detection methods. When fed enough data, AI tools can easily analyze customer behavior and make such accurate user profiles that they’ll make instances of account takeover almost impossible.
8. Media and entertainment
Content creation has always been a bottleneck in the entertainment industry. This is where AI could help out quite a bit, but many don’t see this as a necessarily positive change. This is one of the main reasons behind the recent writer’s strike.
In the gaming industry, this may open up some new amazing opportunities. Since AI tools can automate so much of the process, indie developers will have much more power in the creative process. Now, even an individual with a great concept can produce a high-end video game.
Finally, probably the biggest expense of the entertainment industry is the one regarding market analysis and marketing spending. With AI-powered analytical tools, this will be more dependable than ever.
9. Real estate
You would be surprised how much time realtors and their assistants spend searching for property. With the help of AI, you can do this far more accurately. Even sorting these properties, profiling buyers, and recommending properties based on this can be made far easier.
Then, there’s the matter of property management and maintenance. You see, the real estate industry doesn’t stop with the sale or start with the acquisition. There’s far more nuance to it, and the right AI tool (or AI system) can be with you every step of the way.
One more thing, keep in mind that the number of smart homes will drastically grow. Integrating AI into your real estate business will be mandatory at that point.
10. Education
Everything from adaptive learning and intelligent tutoring system to higher administrative efficiency for educational institutions can come through AI. Remember that this doesn’t mean that human teachers will ever be replaced, only that they’ll have far more potent tools to help them.
AI is a massive change for the better; it will just take some time to get used to it
There’s probably nothing negative that you’re currently hearing about the AI that, at one point, wasn’t said about the internet, the car, or even a steam engine. The change is here, and there’s no going back. Now, it’s just up to us to adapt and embrace this new technology.
