The Effect of Modern AI on Business

We’ve seen big jumps in the progression of Artificial Intelligence in the last few years. From applications embedded with our smartphones, organization of our calendars, to making the day-to-day consumer experience a lot easier.

In a business world driven by data analytics, AI is going to be a key variable in making smarter business decisions, namely in automation and efficiencies with tasks otherwise performed manually:

1. Early detection and treatment for illness

Even today, we’re seeing AI being used for the early detection of diseases like early stage cancer. Specifically, according to the American Cancer Society, mammograms are notorious for yielding false results. Using AI, it enables quicker tests with 99% accuracy. Independent of this, the speed of diagnosis will be faster overall with the ability to scan for pathologies that may have been otherwise missed by medical professionals.

2. Making shopping customized to individual consumers

I’m sure you’ve noticed the nuisance of being bombarded by advertisements on various websites after the beginning phases of researching a product you’re interested in purchasing. Retailers are now also beginning to analyze customer behaviors in-store with AI by tracking average movement and viewing patterns to predict where items should be placed without the variable of human observation. It won’t be a coincidence that an item is placed in the spot you’re looking at!

3. Elimination of downtime for machines

The regular maintenance of machines is a necessity in keeping businesses competitive. Farming, trains/busses, or commercial HVAC systems need their tools to be running efficiently or there’s huge opportunity cost missed. It’s tough however to decide if or when to repair and replace parts, which leads to big inefficiencies. According to Deloitte, unplanned downtime costs industrial manufacturers approximately USD $50 billion annually. Predictive maintenance will be a heavy investment in the coming years as repairs taking place only when are necessary will lead to huge savings.