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The impact of Artificial Intelligence and Machine Learning on major industries

The impact of AI on banking, healthcare, medicine and manufacturing

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Artificial Intelligence is no longer the technology of the future, but is the here and now as it underpins the digital transformation of various industries and businesses. No longer simply an intriguing concept encountered in science fiction films and books, AI is everywhere, especially where there are digital technologies involved. Some of its applications are quite close to our own daily lives and interactions with AI interfaces are far more common than we often seem to realise. But it’s the application of AI on an industrial scale that are dominating conversations across various sectors, as the world seems to be hurtling towards a trend of large-scale automation.

The implications of Artificial Intelligence on major industries

Identifying sources of data and optimising data to enhance productivity is at the heart of driving a true digital transformation and intensifying the scale of automation across various industries.

  • Healthcare and Medicine

AI has the power to turn doctors and healthcare professionals into something superhuman-like, by arming them with data-driven insights to go above and beyond the usual practices of patient care. Software solutions and technologies like electronic medical records (EMR) and Concept Processing are powered by artificial neural networks (ANNs) that can be deployed to serve as a data-driven support system to take clinical decisions on medical diagnoses supported by AI and Machine Learning.

In addition to this, some of the major areas within healthcare where AI can play a critical role are:

  • Heart Sound Analysis

  • Computer-aided Interpretation of medical images

  • Designing treatment plans

  • Designing and programming companion robots for elderly care

  • Developing advanced drugs for both easily curable as well as serious illnesses

  • Predicting progression of HIV’s effects on affected persons

  • Providing online consultations

  • Providing specific e By Mining Medical Records

  • Performing Clinical Training By Using Avatars Instead Of Patients

  • Assisting in recurring administrative functions and medical management processes

  • Banking and Finance

The banking and financial services domain has felt the greatest impact of AI and automation so far, along with technologies like machine learning and data analytics, among all the key industrial sectors. Be it capital markets trading and analysis, algorithmic trading, underwriting, portfolio management, or personal finance; AI and analytics have become an integral component of what has come to be known as financial technology or fintech.

For example, in algorithmic trading, financial traders and analysts leverage complex AI systems which are capable of undertaking millions of transactions in a highly seamless manner over the course of a single day, and more importantly without any human intervention. Such AI-driven trading systems are increasingly being deployed by fintech-based trading and investment companies and platforms, as well as large institutional investors to boost their daily or weekly trading volumes. In addition, functions like investment portfolio management are being taken up by robo-advisors in the investment management sector, working alongside human financial analysts to perform deep analytics and undertake recurring processes minus any human intervention.

  • Manufacturing

In the manufacturing sector, robots could play an important role by taking over some of the more hazardous jobs that are not safe for human workers to perform. The advent of tools like Machine Learning, Artificial Intelligence and Cognitive Computing are allowing businesses to automate repetitive tasks, both mental and physical tasks, while giving a boost to employee productivity by engaging them with creative and analytical tasks requiring specific human capabilities. Using data mining techniques, it is easy for systems to acquire voluminous data and derive patterns with the help of algorithms, and deploy robots to perform jobs that are highly repetitive, or are likely to cause accidents or errors due to a slip in concentration. Automating the sales and supply chain management processes, for instance, and speeding them up is possible today, thanks to intuitive technologies like AI and machine learning which lend themselves perfectly to build customised solutions that meet the precise requirements of various industries and enterprises.

Globally, Asia boasts the strongest individual markets when it come to the sales volume of industrial robots, with China installing around 138,000 industrial robots in 2017, followed by Japan with around 46,000 units and South Korea with nearly 40,000 units. In the rest of the world, the USA is the largest independent market with around 33,000 industrial robots sold, followed by Germany with around 22,000 units sold. India, as compared to these countries is still at a nascent stage in its adoption of industrial robotics and automation. However, making the transition to an automation-driven industrial ecosystem requires a major overhaul in the way most industries in the country operate. A major incentive to undertake this seemingly gargantuan task is the level of efficiency, productivity, and revenue streams it will unlock for various industries as well as India’s overall economy.

A gradual systemic transformation, aided by adequate support of the government, will be integral to taking the first steps towards a future that is powered by artificial intelligence and automation. India is on the cusp of such a transformation, and the time is now to take the necessary steps to make the move as smooth as possible.

Authored by Rama Krishna Kuppa, Founder & CEO, ONGO Framework

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