A smart world powered by artificial intelligence

New York Times columnist and winner of multiple Pulitzer Prizes, Thomas L. Freidman has called the emergence of Artificial Intelligence (AI) as a promethean moment. Akin to the time of invention of the printing press, the Industrial Revolution, the discovery of electricity, the birth of the internet, a Promethean moment refers to a flash of great innovation and progress that forever changes the way we live, work, and interact with each other.

In the times of ChatGPT, only a discerning reader will be able to make out whether these words were written by generative artificial intelligence or a human. AI has the potential to transform economies and societies by increasing efficiency, improving productivity and creating new opportunities for growth and innovation. Here are some ways AI is making an impact in key sectors:

Manufacturing: The manufacturing industry is innovating with AI to improve quality, reduce costs and waste, improve time-to-market and overall profitability. AI is being used to automate repetitive and time-consuming tasks, freeing up valuable time to focus on more complex and strategic work. Manufacturers are proactively scheduling maintenance to avoid unexpected downtime, with AI algorithms analyzing machine data and predicting when equipment is likely to fail.

AI-powered supply chain management and logistics help streamline operations by optimizing inventory management, scheduling and delivery routes. Furthermore, AI-powered quality control can improve the accuracy and consistency of inspections and testing, reducing the risk of defects and recalls.

BFSI: AI is transforming the banking and financial industry, making their processes more efficient, secure and improving customer experience. As an example, switching to an AI based KYC process eliminates lengthy manual verification while ensuring compliance with regulatory requirements. Intelligent document processing capabilities using AI-powered tools analyze customer data and identify potential risks or inconsistencies in identity documents, streamlining the onboarding process and reducing errors.

Another area where AI use has significant impact is in fraud detection and risk management. AI-powered algorithms can analyze vast amounts of financial data in real-time, detecting suspicious activity and preventing fraudulent transactions far earlier than ever before. This makes financial institutions more secure and reliable while protecting customer’s assets and maintaining trust in the banking system.

AI is also utilized in providing personalized and efficient customer service. Chatbots powered by AI respond to customer queries in real-time, providing assistance with transactions, account management, and other services. This improves customer satisfaction, reduces wait times, and frees up customer service representatives to focus on more complex issues.

Healthcare: Using analytics on vast amounts of patient data and medical records, healthcare providers are assisted by AI algorithms to accurately and efficiently diagnose diseases and make better informed decisions about treatment plans. This is particularly beneficial in remote areas where access to medical care is limited. AI enabled Telemedicine consultations with NLP for language translations have made virtual triage and emergency identification a reality.

Furthermore, AI today is becoming an integral part of discovery of new drugs and vaccines, streamlining the development process and accelerating the pace of innovation in healthcare.

Agriculture: AI is becoming a valuable tool in improving crop yields as well as sustainability. It enables precision agriculture, recommending optimal time to plant and harvest crops based on weather patterns, soil quality and other variables and reduces use of resources like water, fertilizers and pesticides. This helps in maximizing yields, reducing waste and avoiding crop failures.

AI can also play a significant role can analyze data from drones, satellites and other sources to detect crop stress, disease or other issues. It can also suggest real-time solutions to improve soil quality and control insects, enabling preventive action to prevent crop loss.

Social sector: AI is making an impact by democratizing resource access and providing tailored services to citizens. In online education, AI algorithms analyze student performance and provide personalized learning paths to enhance learning. Another use case for AI is analysis of demographics data to make better decisions on resource allocation, leading to increased inclusivity and effective governance.

In a blog published on March 21, 2023 Bill Gates notes that “The Age of AI Has Begun.” He predicts, ”Entire industries will reorient around it. Businesses will distinguish themselves by how well they use it.” From healthcare to climate change, productivity gains to sustainability, AI is already making a significant impact and it will continue to revolutionize our lives in the future.

The article has been written by Anurag Sanghai, Principal Solutions Architect, Intellicus Technologies