Artificial intelligence forces the industry to develop at an incredible pace. By helping companies save time and money, AI is already revolutionizing productivity and customer service around the world.
A Microsoft survey of more than 400 senior executives in eight global markets has shown that executives expect AI to have a positive effect on their company's growth, productivity, innovation and employment. A staggering 94% of them see AI as an important tool for solving strategic challenges.
But while the future is already there, as the American fictionist William Gibson points out, it is not evenly distributed. These five industries pave the way for AI:
1. Finance
Nowhere has AI made a bigger splash than in the financial sector. Machine learning models distil insights from large amounts of quantitative data, making them an attractive tool for banks and day traders. Automated trading now accounts for around 75% of the volume of the financial market, not least thanks to companies such as Algoriz. Algoriz was founded by Goldman Sachs and Millennium Partners alumni and makes it possible for non-technical users to construct trading algorithms.
Financial professionals who work behind the scenes have also embraced AI. Payment gateway FlexPay uses AI to predict and prevent falls in credit cards. By adjusting various characteristics of a trader's transactions to better meet the risk standards of financial institutions, it lowers their risk score and significantly increases the ratio of approved payments. As AI becomes mature, we expect rules-based systems to be phased out for everything from fraud detection to equity management.
2. Healthcare
Earlier this year, Google's Deep Mind shocked the medical world by detecting lung cancer in CT scans better than six trained radiologists. The model reduced false positives by 11% and discovered cancer 5% more often.
Startups also introduce the detection options of AI to other forms of cancer. The model of the health technology company CureMetrix improves the evaluation of dense breast tissue and helps radiologists to reduce the number of recall actions and to detect cancer earlier.
Autonomous surgical robots are unlikely to perform procedures quickly, but do expect AI to appear in the back office. Medical billing and coding involves matching procedural data with specific patient accounts, the type of rote task AI excels.
3. Entertainment and sports
Although not exactly life and death, entertainment and sports touch on life in a meaningful way. Tools such as Bertie provide media sites, including Forbes, with initial designs and templates for common news events.
Not to be missed, stream sites such as Spotify use machine learning to act as a personal DJ for millions of listeners. By looking at data points such as vocals, tempo and instrumentation, the audio services come up with mysterious matches.
Professional sports are also overhauled by AI. Basketball coaches use algorithms to act as an opponent during training. By showing players how their opponents might react, coaches can explain how a certain movement could fit into the larger picture of the game.
4. Travel and transportation
AI is about optimization. In the big cities this means that traffic must go as smoothly as possible and with as few accidents as possible. Startups such as Waycare help cities develop more efficient roads by analyzing municipal traffic data. In the future, this data will be mixed with information sent by vehicles that also use the roads.
AI also makes self-driving cars a reality. Although Tesla has not yet pushed the self-driving software to the vehicles on the road, the technology itself is almost ready. AI will be the “brain” of the autonomous vehicles and help them to distinguish between road markings and obstacles such as pedestrians. The result will be fewer deaths, more efficient journeys and ultimately fewer emissions.
5. Marketing
More than half of the American CMOs already use AI to give their marketing campaigns a personal touch. But AI can do so much more for marketers than exchanging names and sending “happy birthday ” messages.
Take ad placements. GumGum helps brand marketers to use computer vision technology to scan videos and images, intelligently displaying them to consumers who are likely to respond by the algorithm. The adtech startup claims that 70% of the Fortune 100 companies use its technology.
Artificial intelligence has already had a major impact on the way many industries do business every day. As technology evolves, innovators will discover new applications. And soon other industries will see their successes and want a piece of the action.
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