Industries Rapidly Changing Thanks To AI & ML

Source: Pexels

Artificial Intelligence (AI) is starting to get scarily good. Should we start cowering in fear of our AI overlords?—Not quite just yet!

Still, AI has managed to do amazing things over the past years—revolutionizing entire industries. But how exactly does AI and Machine Learning Work?

How do AI and Machine Learning Work (ML)?

To fully appreciate what AI can do, we need to understand what’s under the hood. Right now, people are using the term AI and ML almost synonymously. They’re two entirely different things. 

AI is a program’s ability to mimic human action. ML, a subset of AI, is used to make AI learn independently using data from different sources. Together, they have impacted the following industries:

5 Industries Rapidly Evolving Because of AI

AI can be seen everywhere from the ads we see on social media, to the product recommendations we get during checkout. But it’s more prevalent in fashion, eCommerce, marketing, finance, and health care.

Fashion

AI is taking the fashion industry by storm. And, I’m not just talking about how it can give personalized product recommendations. I’m talking about actual product renderings using AI.

Take this Nike X JACQUEMUS collaboration concept from designer Marco Simonetti as an example:

Source: Instagram/marcosimonetti____

Even though they’re not physical products, the amount of detail in the rendering is astonishing. It’s also quite trendy. That may be due to AI taking inspiration from popular trends in the space. 

eCommerce

Going from product rendering to actual products, we have eCommerce. The way AI progressed had changed the way eCommerce is done forever.

In some scenarios, using AI has become the standard. Think of automated chatbots, product recommendations, and automating front and back-end workflows.

AI can also be used for product photos. With the help of an AI-powered background remover tool like Pixelcut, you can easily remove the backgrounds of stock product photos and add your own. 

Studies have suggested that businesses using AI have increased by 270% in the past four years. In 2023, AI is sure to continue impacting eCommerce.

Here’s where you can see AI in eCommerce:

• Voice Commerce: Siri, Alexa, OK Google.
• Smart Search: Autocompletes, recommended product listings, and recent searches.
• Personalization: Product recommendations, email newsletters, discounts, and coupons.

Marketing

ML allows marketers to reach their target audience based on demographic, interests, and internet activity.

For example, you’re scrolling through Facebook and find an ad for a product you were just talking about. Does Facebook listen to your conversations? Well—no. But, they do track activity. 

Eventually, ML can pinpoint what products to recommend to you. And, since they’re tailored personally to you, there’s a higher chance that you buy that product. 

Finance

Source: Pexels

With the way ML works, the Finance industry will definitely be a massive industry that AI can affect. Investors have long used algorithms to help forecast the ebbs and flows of the market. 

ML helps predict when a stock goes up or down and AI can automate and execute trades. This makes AI extremely valuable for top traders.

Aside from this, financial institutions can also use AI to promote better customer support. There are already chatbots that are specifically built for financial service firms. They can mimic human conversations through ML and assist customers with their needs. 

Healthcare

AI can streamline how healthcare is delivered to patients. Thanks to AI, doctors can deliver better medical care to more patients faster than ever. 

Of course, AI won’t replace doctors and nurses. But they can be great for the first point of contact. Patients can use apps that can provide information about their symptoms, give medical advice, and more.

But if more attention is required, an app can easily be used to book a consultation with a physician—removing the need for in-person or call-based appointments.

The other benefits of AI in healthcare include:

• Pre-authorizing insurance.
• Automating bills and payments.
• Easing workloads of healthcare professionals.
• Consolidating patient insights to predict potential health issues.

Key Takeaways

AI has incredible potential to shake the foundations of any industry, especially those using big data. As a recap here are important details to consider:

• AI can be used to predict, personalize, and automate.
• AI can improve customer support by providing immediate assistance using chatbots.
• Product recommendations are tailored to your interests thanks to AI and ML.
• AI can help predict potential health issues by assessing patient data.
• AI can automate repetitive tasks but it can’t replace humans in most areas.

Tags: AI