Artificial Intelligence: Which business sectors have the most to gain from AI?
Artificial Intelligence (AI) technology has evolved rapidly over recent years, and it offers huge potential for streamlining business operations and supporting business growth. Many companies already use some form of AI, and plenty more are exploring ways to use AI in their future strategies.
AI is a versatile tool that could be useful in a huge range of industries, but some sectors may have more to gain from it than others. Here are five business sectors that are likely to benefit most from AI technology.
1. Financial services
Many routine and repetitive tasks within the financial sector can be performed by AI technology, meaning that workers will be relieved of much of their administrative workload. AI could also be incredibly helpful in fighting fraud, by recognising patterns in large quantities of data to detect warning signs as early as possible.
It’s also very likely that AI will help financial institutions to assess risk more accurately, allowing them to make smarter investments while providing customers with tailored products and interest rates that better suit their unique financial situations.
2. Manufacturing
It is estimated that economic growth in the manufacturing sector will rise by 45% with the help of AI. Internet of Things technology has already boosted manufacturing thanks to its ability to connect physical assembly lines with digital systems to optimise production. AI is likely to advance this process by further increasing rates of automation, boosting productivity and making the entire manufacturing process more efficient.
3. Logistics
The logistics sector relies on expert knowledge to transport products as efficiently as possible, but AI and machine learning is likely to take this knowledge and heighten it for even better streamlining. Autonomous truck fleets are already hitting the road in some states in the US, and they’re expected to be rolled out in the UK from 2030. It’s likely that we’ll see AI-powered systems planning the routes and schedules of AI-powered vehicles in the future.
4. Cybersecurity
Information security is one of the biggest risks that businesses face because it’s so costly to recover from data breaches. AI can assess large volumes of data to make continuous assessments of cybersecurity threats, and take automatic action when threats are identified. It will help businesses to take a more proactive approach to cyberattack prevention so that their data is better protected.
5. E-Commerce
AI will allow e-commerce businesses to customise the shopping experience for individual customers. It will be capable of tracking individual customer behaviour and using this data to tailor listings and product descriptions to satisfy the customer’s unique preferences. Businesses will be able to optimise sales funnels, while customers will have an easier time finding the right information and products.
AI is set to transform a range of business sectors
Although these five sectors are likely to see some of the biggest benefits from AI in upcoming years, there are many more industries that could optimise their operations with AI. We can expect to see significant disruption across many sectors in the near future as this impressive technology continues to advance.
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