Innovative Ways That Different Industries Are Using AI

Artificial IntelligenceArtificial intelligence (AI) is a relatively new technology that is already showing its value, and will only grow more and more useful over time. It has the potential to save time, reduce costs and even free up employees to focus on more detailed tasks. Not only does it work quickly and rarely need human intervention, but it can also drastically reduce potentially costly errors.

AI is now being used in some of the biggest industries on the planet. Here are some of the innovative ways it is changing those industries. 

Traffic Safety

Traffic safety is a major concern for cities, states and police forces all across the country. With millions of cars on the road, it is crucial to keep everyone safe and make sure they are abiding by the rules. More and more frequently we are seeing this industry make use of AI to simplify and improve best practices and policies.

A good example of this is the use of a high-tech ANPR camera (automatic number plate recognition camera). These are the cameras used to capture license plates, either for catching people running red lights or electronic toll collection, for example. While many need to be manually set up and monitored, some can work well without much need for human intervention.

ANPR cameras can instantly analyze an environment, feature built-in license plate reading and make/model detection and can even perform self-diagnostics. In addition to this use case, AI can also help provide insight on changing road conditions, predict traffic and even help to prevent accidents. AI can certainly help the world’s goal of safer roads for everyone.

Healthcare

With the global industry worth almost $9 trillion, few industries are as large as healthcare is. Healthcare is one of the biggest users of AI, as it has several practical applications already working effectively in the space. Healthcare was once bogged down by inefficiencies and high costs across the board. While healthcare can still be expensive at times, AI has done a lot to lower those costs and make processes more efficient.

AI has helped healthcare records remain safe and private, allowed for robot-assisted surgeries, and helped people diagnose their symptoms and proactively manage their own health. AI can also help with drug discovery, assist with disease mapping and help people virtually, without a need for an expensive doctor’s visit every single time.

Finance

The financial industry is another great fit for AI. One of the best and brightest examples of the use of AI in finance are robo-advisors. These are online platforms that help with automated financial planning. They will learn your preferences and goals and craft a personalized financial plan, without the need for any (or very limited) human involvement.

AI can also be useful in helping you learn more about finance and investing in general, as well as assisting banks and institutions to make credit decisions, manage risk and make better investments. There are even AI-powered hedge funds that are crowdsourced by thousands of experts all over the world.

AI can also be very helpful when it comes to offering a personalized banking experience, which nearly everyone wants and prefers over traditional banking. This can be anything from a tool to help you manage your budget and give real-time updates, or even something to speed up and streamline advice and assistance.

The Many Uses of AI

As you can see, there are several different industries that make use of AI in a variety of ways. Of course, in addition to these three, there are dozens of others also taking advantage of this exciting and innovative technology.

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