4 Industries Artificial Intelligence Is Transforming in 2020

Updated: Jan 20

#ArtificialIntelligence is shifting our expectation to whole another level. The characteristics of an #AI solution is it changes itself based on experience, it develops their own formula to accommodate external changes and it can come up with unanticipated results. Welcome to the era of uncertainty.




State of AI by Gartner

There are lot of conversations that I have with influencers and they all agree to an extend that AI era has not begun yet. There is lot of conversation and even active projects going on within enterprise organizations and startups. However, we still have several years left to become a fully connected intelligent world. There is no doubt that startups are now leading the innovation in AI space, but there is still a lot of untapped potential left on the table for other players to catch up with the trend.

Gartner indicated that the inquires of their customers around AI are overwhelming and the demand for AI solutions increased by 200%. Everything is becoming "smart". We now having smart autonomous cars driving us around and soon enough we will see ride sharing services included when you buy a smart car. Things are becoming smart as well as we are connecting the unconnected. Machines connecting machines and there is no point in doing it without AI engine to figure out how to deal with data.

Cloud providers and other technology companies are moving towards building intelligent platforms so can make things easy for their clients. Natural language and processing human communication is another area that AI is been used heavily to develop chat bots and other marketing tools so marketers and business leaders can separate signal from the noise and deliver high quality services to their customers.

Based on a survey that Gartner has done, 36% of organizations have AI under radar, but performed no action. This is particularly dangerous as people and market place demand is becoming more and more complicated and the expectations from these organizations is going higher and higher. So, organizations should be able to respond to this ever growing expectation by offering stronger product and services by investing on AI applications.

When AI will replace my job?

This is an important and fundamental question that people normally ask me. The answer is it already has! The truth is there is not much time left. I already talked about Intent Based Networking which will replace traditional network engineer role and also how AI will transform sales jobs as well. If you want to wait for the exact time that AI will replace you, it is already too late. People need to understand that change is incremental and AI is no exception. The advancement of technology and the maturity of the applications will give you some time to up skill and main sure you are still delivering value to the market place. If you continuously delivering value to the market place beyond routine work, AI will never replace you. In fact you will stay on top of innovation and you always stay in demand.

On another note, if you are having a job which involves lot of routine and repetitive tasks, there is a high chance your job will be replaced by AI in few months.

Banking

Banking made a huge shift using AI and it is getting more mature as well. The main theme is customer acquisition and customer retention. Banks are massively investing on AI solutions that can increase customer satisfaction and bring more agility to the organization.

Operational efficiency and cost saving is another area that banking industry is using AI. Plus, automation is one of the main AI applications and use cases and will make a lot of repetitive tasks and routine jobs redundant.

Banks and financial services must be on top of compliance and security regulations and can make fast changes to their back end systems very quickly so they can react to the external changes. Also, responding to competition is another key element for banks to get competitive advantage over each other.

Retail

Retialers are leading the AI transformation by changing e-commerce to conversation-commerce. The legacy e-commerce was a one directional communication pipe which the retailers deliver goods via digital channels. Now it is all about having bi direction communication, aka conversation between retailers and their customers. This will increase brand value and user engagement which will drive more revenue.

Drones are on their way to deliver the purchased items to customers houses as soon as purchase has been completed which again will increase brand loyalty within customer based. Inventory and warehousing will be done by robots and machines instead of relying on human which can be done 24x7 without workplace hazards and these machines can relocate super heavy goods very fast.

Virtual assistance will provide superior experience for customers that are still relying on offline and physical purchases.

Technology and Service Providers

Ironically some of these technology and service providers are building these AI solutions. Planning and engineering teams are using AI to build better products and deliver better services. AI been used for anti fraud management and network assurance. Supply Chain and sales are using AI applications to improve the way sales people are engaging with the potential buyers. Marketers are using AI to be able to track more accurately on how the leads are behaving and what other options they are looking at. Workforce and campaign management is another way that these companies are benefiting from AI.

Healthcare

Personalized healthcare services in hospitals and clinics is the top priority for healthcare leaders. Sharing knowledge across all the parties that are involved in taking care of our health is crucial as there is a lot of disconnect between different systems when it comes to healthcare. Research and discovery is another area that is embracing AI.

Now the question is do you have a strategy for AI transformation? Do you have a set of coherent and clear activities that are focused around delivery digital intelligence services to your customers?

#DigitalTransformation #Digital #Change #AI #ArtificialIntelligence #Healthcare #Banking #Retail #ServiceProvider #Keynote #Speaker

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