Artificial Intelligence In Business: Its Impact and Future Prospects

Artificial Intelligence In Business: Its Impact and Future Prospects
Artificial Intelligence In Business: Its Impact and Future Prospects
Like most successful small-business owners, you may be ambitious when it comes to new ideas and technologies to keep your business ahead of the curve. Emerging technologies really make difference especially when you jump on the bandwagon before it becomes a mainstream. So after exploring a couple of cases for artificial intelligence, you'll be ready to give-it-a-go.
Artificial Intelligence (AI) has an ever-growing impact on companies of all sizes. And today we're going to take a look at the influence of AI on three industries we've randomly chosen - healthcare, automotive industry, and financial sector. AI tech isn't just for enterprises with billion-dollar budgets. In fact, SMB community is cutting its costs and delivering awesome customer experience with AI-powered apps.
Today's Role of Artificial Intelligence in Business
Lots of companies either service or customer-based have already implemented AI to bring innovations to their services. AI is used in software development so any company can employ a custom AI-powered system to level up their business.

You may also be interested in Role of Artificial Intelligence in Mobile App Development.
The complex AI algorithm can be broken down into a simple structure - human + AI processed data = business value and innovations. AI is capable of analyzing huge amounts of data to anticipate particular outcomes, so it isn't surprising that AI has found its usage in healthcare, car industry, and finance sector where immense amounts of data need to be processed. Let's get closer to the examples of how AI is changing the game.
Artificial Intelligence in Healthcare
Artificial Intelligence in Healthcare
AI is a major force for the future advancements. Nowadays it's used not only in pilot projects. AI is widely used to store patient data or manage apps in the cloud as well as to answer patient queries on any health topics via chatbots or via other communication channels.

AI is the clear winner when it comes to data analysis. It helps to analyze the myriads of health-related issues as well as diagnose patients by scanning their faces, etc. Google Deepmind, an AI-based research company, and IBM (Watson Oncology) have been long working at AI-powered software solutions in this area. AI is only on its way to the peak, and within the next decade, AI-powered algorithms will take care of the tasks that used to require human intelligence.

You may also be interested in Healthcare Mobile App Development Is a Future For Your Hospital.
Artificial Intelligence in Automotive Industry
Artificial Intelligence in Automotive Industry
Lots of car manufacturers, as well as taxi services (for example, Uber), have already invested billions into assisted driving and prototyping of fully-autonomous cars. Actually, autonomous cars are the brightest examples of Artificial Intelligence in the automotive industry.

Uber is making a $1 billion bet on owning a fleet of driverless cars by 2021. The company has entered an agreement with Volvo to buy 24,000 Volvo XC90 SUVs between 2019 and 2021. These cars will be powered by Uber's own self-driving technology.

Furthermore, Tesla is backing up its vehicles with AI-powered software solutions. All Tesla cars have all the hardware required for the full self-driving capability that is safer than that of a human driver. A powerful onboard computer runs a neural net for vision, sonar, and radar processing software powered by cameras and ultrasonic sensors.

With this state-of-the-art system, Tesla gets a full view of the world that a driver cannot access. Tesla vehicles can match the speed to traffic conditions, keep within a lane, change lanes without driver input, exit the freeway when approaching the destination, and self-park when there is a parking lot nearby. Powered by AI-based software, cars are getting smarter and smarter. Driverless vehicles are no longer the sort of stuff only found in sci-fi.
Artificial Intelligence in Financial Sector
Artificial Intelligence in Financial Sector
Along with car manufacturers, AI is widely used in the financial industry to detect suspicious activities or fraud. AI-powered systems are trained to differentiate fraudulent and non-fraudulent activities in any transaction.

Aside from fraud detection, AI is also used to predict any changes as well as improve the decisions made with them. Today chatbots and other conversational interfaces can perform simple financial operations and keep track of the transaction history.

You may also be interested in Mobile Banking App: to Build or Not to Build.
Summing Up
The day isn't far away in the future when an AI-backed computer would be able to tackle any task that now requires human intervention. The role of AI is growing and it's already found its place in healthcare, financial, and automotive industries.

SMBs, service-based companies, as well as their industrial counterparts, will go for AI to power up their mechanisms. The future for the companies that first integrate AI into their processes will be a bright one. Hurry up to jump onto the bandwagon before everyone has an AI-powered app. Drop us a line to request a free estimate or just to find out more about AI.

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