The usefulness of Artificial Intelligence (AI) has grown in leaps and bounds since it was developed.
Automation is now being used to solve complex and critical problems in a fraction of the time it would have taken human beings.
Although it has replaced many human positions and caused displacement in industries, AI has helped increase growth and development exponentially.
Not only has automation taken over repetitive and mundane tasks, but it has also brought about ingenious solutions that have greatly improved the way industries work all over the world.
Here are six ways through which AI is helping enterprises.
Table of Contents
Artificial Intelligence has made banking services more streamlined and more straightforward. It is being used in risk assessment during the processing of loans and calculation of credit scores.
It is also an essential tool in detecting fraud and discrepancies and has allowed the finance industry to create safety nets that actively prevent and report these incidences.
Safe and secured payment options like mobile payment and credit and debit card payments are made possible through AI. It is used to calculate trade patterns in the stock market and forecast future patterns.
The use of robots and automated engines in the classroom is an innovation that has been embraced in most developed and developing countries.
Artificial Intelligence is being used to carry out autonomous tasks like grading papers, assigning tasks, and homework, keeping track of students’ grades and providing learning opportunities tailored to each learner.
An example is the G Suite for Education created by Google that allows teachers to teach, assign tasks, give tests, and schedule meetings with their students both in and out of the classroom.
Automation has made the construction and maintenance of roads, rails, energy plants, and buildings more manageable and faster.
During the construction of essential infrastructures, inspection plays a vital role in ensuring that safety standards are upheld.
There are automated resources that do an in-depth examination of the projects and generate real-time solutions to problems.
An example is rail infrastructure management, automated software and hardware with advanced Artificial Intelligence inspection solutions. It provides critical insights, transforms corridor insights, and predicts failures.
In the consumer industry, the use of AI in inventory, stocking, customer service, and sales tracking has led to a remarkable increase in retail stores’ profitability.
Machines are used to keep stock of available products and how fast they are leaving the shelves.
Goods are tracked for their sales rate to develop a consumer preference scale, which would guide the retail store in determining the best-selling products.
The advent of self-checkout counters, smart shopping carts, robot directories, and helpers have considerably reduced the amount of time spent in stores and increased consumer satisfaction.
The ability of Artificial Intelligence to process a great deal of information within a short time has made it a great resource in the healthcare industry.
The process of diagnosing ailments, assigning treatment to individual patients, and outlining the etiology of diseases is much faster and more accurate.
Sensors that monitor vital physiological signs like pulse rate, blood pressure, and temperature allow for adequate observation of patients by medical personnel.
Machines are being used to ensure precision during surgery and early detection of diseases. They also keep client records, track treatment plans and payment methods.
The world of sports has gone through significant upgrades through the introduction of highly intelligent software and machines.
Player statistics, including their health status, fitness level, and transfer records, are tracked, and recorded with the use of AI.
Video software such as the Video Assistant Referee (VAR) allows game officials to rewind gameplay in real-time and help them make the right decisions.
Training software keeps track of a player’s strengths and faults and will enable coaches to create personalized training plans and goals.
Fans and viewers’ experience have also been greatly improved using chatbots and virtual assistants.