The Top Industries Getting Disrupted by AI Companies   

AI Companies and their products have already begun redefining industries. All the facilities that today’s consumer wants, such as personalization, faster processing, and advanced features are now possible due to big data, automation, and machine learning. Different industries, such as healthcare and the government, have already embraced AI.

Take note of these industries where AI is causing a disruption:

Agriculture

AI has many applications in agriculture that range from robotics to monitoring the crops and soil conditions and predictive analytics. For instance, routine tasks like crop harvesting can be sped up with the use of programmed autonomous robots. They will harvest crops at a much higher rate than human farmers and laborers would. Check out these AI companies already innovating the field of agriculture.

Another source of disruption comes to us courtesy of the soil and crop health data that drones capture and store all the time. Those huge amounts of data can be processed using computer vision and deep learning algorithms. Finally, machine learning models that drive predictive analytics can forecast the effect certain weather changes will have on crop growth is under development.

Energy

The IoT and may play a big role in transforming the power sector. Like in the healthcare sector, here, too, optimization of operations, managing asset performance, and customer engagement will be the end goals of disruption. 

While consumer-oriented IoT applications, such as smart thermostats and meters, have already made a difference, stronger new entrants will soon show up. For example, with smart glass, a maintenance engineer could potentially call up the schematics of a boiler in case of a massive fault. If the fault requires other expertise, they can use a collaboration software to reach out to an expert from a remote location. Thus, the fault correction won’t require additional personnel or cost extra money.

Similarly, with a smart grid and Geographic Information System, power plants will be able to improve their operational efficiency. Consumers may enjoy higher grid reliability due to effective load balancing, quick identification of faulty transformers, and faster response from a maintenance team nearby.

Healthcare

It feels like the healthcare industry was always waiting for disruption to come along and make it better. AI could be exactly what it needs to make that happen. For instance, through automation of menial and time-consuming tasks, such as data entry, health institutions can free up physicians’ time. By analyzing the data already available to them, research institutes can create new drugs and design treatments.

Moreover, the shift towards personalized medication is already starting. With software like DeltaV and Syncade, research centers can connect their labs directly to the supply chain. Facilities, like Moderna, are now taking half the time to manufacture and supply vaccines than they used to. Personalized medicine will prevent thousands of deaths that occur annually due to adverse reactions to generic medication.

Additionally, Health Management Technology reports that no-shows for appointments cost the US healthcare system $150 billion annually. The expenses, in terms of, staff forced to wait for patients, mismanagement of other patients’ time slots, and lost time for healthcare providers, are just some of the repercussions. 

Automated self-service solutions, such as those alerting the patient about upcoming appointments, tools that can schedule on-demand appointments, cancel, or reschedule them, are a great example of much-needed disruption.

Finally, by automating administrative tasks, such as entering patient notes into EHRs that account for more than a quarter of total spending in US hospitals and one-third of the doctors’ time, improvement is possible. Healthcare facilities can limit physician-EHR interactions through AI and basic digital software. The latter can import test results, do corresponding paperwork, provide prescription advice, etc.

Transport

Stanford University’s report on AI shows that many industries will lean on the production of safer hardware over the next decade. Therefore, by 2030, we won’t just be seeing self-driving cars out in droves on the roads. There will also be automated trucks, trains, buses, and even airplanes! Soon, transportation companies would have to reconsider and recall their current fleets and improve them. With an AI behind the wheel, these companies can provide extended security to their save millions on the cost of salaries.

We are seeing evidence of this transformation at present in the guise of the Swedish startup, Einride. Their prototype of a self-driving truck is under the complete control of a remote operator. It also has the capacity of autonomous driving that removes even the need for an operator. Similarly, in 2016, Uber had its self-driving truck deliver 50,000 beers as it covered 120 miles on its own.

Finally, different kinds of vehicles may become sources that yield huge amounts of data. By analyzing it using the creations of AI Companies, transport moguls can improve inefficiencies in future fleets. Optimized routes for delivery and traffic tracking are just two of the insights they will glean from such data.

Finance

In finance, many stockbrokers and advisors have just begun surrendering their positions to Robo-advisors like Betterment. An online brokerage, Robinhood, now provides free service. Therefore, it is stealing market share from conventionally functioning online brokers.

Robotic process automation (RPA) is now helping banks and credit unions across financial services. The institutions execute pre-programmed rules across structured and unstructured data using RPA. Consequently, this intelligent automation allows processes to learn from data patterns and prior decisions. The result is processes capable of making decisions by themselves. This cuts the administrative and regulatory processes costs by half.

Moreover, many financial institutions are now using AI in the form of chatbots. Such automated service assistants can easily resolve any kind of query the customer might have, making a physical visit to a branch unnecessary in most cases.

Retail

The retail apocalypse is here, and there’s no denying that. Or is it? Business Insider predicts that the survival of most retailers in 2021 will depend on whether they invest in AI and IoT technologies or not.

What can AI Companies do for them, you ask? For one:

  1.     It can automate their supply chain
  2.     Open new avenues of location-based marketing
  3.     Put customer traffic sensors to work to mark the hottest selling products
  4.     Retailers can simultaneously gain business visibility by using pricing optimization engines and make inventory less hellish

It may begin to seem like these fascinating technological breakthroughs are akin to the events from Hollywood sci-fi blockbusters just before an AI takes over the world. But that isn’t happening just yet. AI is not set to take over human jobs — or the world. AI company products exist to work alongside humans to increase efficiency. They remove situations that can overwhelm employees so that the latter can apply their skillsets towards more meaningful tasks.  

The one thing that we can bank on is that AI will continue to impact industries in the future. Investors are always looking for startups that cause disruption and change the game. Your company’s continued survival, regardless of the type of industry it functions in, could depend on navigating the disruption ebbs and lows. It’d be better if you began using what the AI Companies have to offer sooner than later. Call us to find what we can do for you in that regard! 

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