AI continues to evolve and produce diverse possibilities for numerous industries, including healthcare, education, manufacturing, and more.
The digital age is witnessing new technological breakthroughs at a rapid pace, and this has prompted radical disruptions across industries. Without waiting to be steamrolled by the wave of change that this has brought in its wake, various business sectors are responding by driving these changes on their own and taking control of this new world order.
Artificial intelligence (AI), in particular, is shaking up various industries and with its integration, old business models are fast becoming antiquated. According to research published by McKinsey, companies invested as much as $39 billion in AI in 2016. AI continues to evolve and produce diverse possibilities for numerous industries, including healthcare, education, manufacturing, and more. Here’s a deep dive into three such industries which is likely to be disrupted in 2020:-
AI In Fashion
One of the largest industries in the world at a whopping 3 trillion dollars (as of 2018), the fashion industry is fundamentally being transformed by AI and ML in every element of its value chain. From designing to manufacturing to the marketing of finished goods, it’s embedded through each and every process. What is more, it has also begun to be used technology to create greater awareness, augment users’ shopping experiences and enhance sales using intelligent automation and predictive analytics.
Given the high stakes in keeping up with trends, designers are increasingly turning to AI-based approaches for demand projection, without heavily relying on sales data from previous years to arrive at an estimate. Furthermore, AI technologies like computer vision improve efficiency during manufacturing by spotting fabric defects and identifying counterfeit products, thereby allowing quality assurance processes to be more streamlined.
Some brands are also making headway in leveraging conversational assistants through devices such as Google Home and Amazon Alexa. Using these interfaces, they are collating data around trends and purchase patterns to suggest related items to customers. What is more, it not only provides valuable information to the brand but also gives greater customer satisfaction. Moreover, the use of machine learning algorithms to assess sales trends and make supply chains more efficient is gradually becoming mainstream.
Additionally, AI is also finding use in mobile apps through e-commerce channels. One of the ways by which this is being accomplished is through the use of image recognition systems whereby customers can take pictures of the apparel they like and get matched to similar items available for sale.
Although late in coming, real estate is beginning to adopt AI tools in its quest to offer better services to customers. Whether it is to buy, rent or sell properties, agents are constantly looking for ways to determine their customers’ interests to create a more comprehensive experience for them.
One way this is being done is through AI-powered chatbots. Available to offer 24/7 human-like assistance, these help answer queries of customers, making the experience less stressful for them. What is more, AI helps customers streamline their options by inputting their interests and coming up with the most relevant recommendations based on those.
It also helps realty agents improve their lead follow-ups. CRM tools can shed light on when a potential customer visits an online listing and can thereafter be used to collect data based on their activity on the page. Another practical use case is virtual tours. A customer, regardless of wherever they are, will be able to get a look and feel of the property using AI.
Lastly, technological intervention helps narrow down the cumbersome paperwork and documentation that comes with real estate transactions. From meeting legal requirements to getting all the filings verified, AI eases the whole process. What is more, it can even detect fake documents, making this process more safe and secure.
Technology has introduced a new dimension to how we farm and grow crops. Today, the industry is turning to AI to improve yield, monitor soil conditions and control pests. It is also helping farmers organise data and optimise planning, by giving them easier access to information around weather patterns, temperature, precipitation, wind speed, water usage and best hybrid seed choices.
This takes us to the concept of precision agriculture. Earlier managed through traditional means, harvest quality has greatly improved with the use of AI systems. AI sensors embedded in fields can detect weeds and also decides which herbicides to apply where.
AI-enabled cameras mounted on drones can also capture images in real time. Using computer vision and deep learning algorithms, these can be analysed to identify problem areas and potential areas of improvement.