Are you Future Ready with the power of AI?
Artificial Intelligence and Data Analytics is an emerging industry that harnesses the power of large amounts of data from multiple disparate sources and detects patterns to make real-time predictions for future trends. Artificial Intelligence has revamped the way a business works and is impacting all sorts of industries ranging from Healthcare, Insurance, Finance, management, and marketing to the IT sector from the ground up.
Artificial Intelligence is blazing fast in the Data Analytics sector and is considered to be the future of Data Analytics.
Facts and Statistics surrounding AI and Data Analytics for the Future
The annual growth rate of Artificial Intelligence is pegged at 33.2% for the period between 2020 and 2027. On average, 7% of businesses are spending big time on AI and big data technologies. The number of companies adopting AI will significantly increase by about 240% over four years.
Let’s see one by one how AI is impacting different sectors of industries and is thereby considered the future of Data Analytics:
- Banking and Finance sector:
The adoption of Big Data technology in the banking sector helps investors in making the right investment decisions. AI-based software provides investment-related recommendations and providing business process solutions for investment management.
AI helps in analysing scores of data to detect suspicious transactions and thereby helping banks and financial firms in coming up with a robust regulatory compliance and fraud detection mechanism. AI-based fraud detection systems help to prevent money laundering acts, foul plays, or other fraudulent illegal activities. A third-party audit is replaced with AI-based software to report accurate information by highlighting errors in audit documentation in the decision management system.
AI enables the automation of front, middle-office, and back-office tasks to optimize costs and to wean away from manual repetitive tasks. In the Insurance sector, AI-based mechanisms detect all insurance claim-related issues. These all reasons are enough to prove that we are becoming future-ready with AI.
- Marketing Automation with AI:
AI has helped in shaping consumer behavior and their buying habits.AI based chatbots provide automated customer assistance and act as a proxy for the human brain. Many brands leverage AI-based tools to create their campaigns, find prospective leads and enable sales. For example, Gong is a one-of-a-kind sales marketing automation tool used to boost project-wide communication and ramp up team productivity by guiding them with strategic suggestions and automated activity-related recommendations. This makes a clear-cut proposition that AI is the future of data analytics.
- Entertainment Industry:
One of the upsides of using AI in the entertainment industry is to have a personalized experience based on user preference. Users get the audio and video content they wish to see in an online mode that is readily accessible. By parsing through the user’s browsing history, selective online ads promulgate their products.AI based technologies are generating automatic subtitles to movies and videos sloughing off the need for manual scripts. The application of AR (Augmented Reality) and VR (Virtual Reality) apps have made the user experience more edge-of-the-seat. This guarantees the fact that by unleashing the power of AI, we are becoming future-ready.
- Healthcare Industry
AI has revolutionized every walk of life and the healthcare sector is no such exception. All administrative tasks such as the upkeep of records and tracking unpaid customer bills are automated with AI. This has helped healthcare professionals who were saddled with manual follow-ups through calls and emails.AI has helped to devise treatments for chronic ailments like cancer and tumors.
Wearable technology and electronic data help to identify infection patterns and alert the patients at risk before they show the real symptoms of the disease. In pathological labs, AI helps us in the right diagnosis of the disease where one can analyze the digital images in a precise and subtle manner. Clinical Decision Support tools help physicians to make informed clinical decisions regarding patients’ health.
AI in the healthcare industry has proven time and again, that AI is an indispensable technology for making us future-ready.
Undoubtedly, AI is enabling different industries to achieve breakthrough results by automating their manual processes. It helps in making pre-emptive decisions about managing risk in several industries. Hence, the time is ripe for adopting AI in unexplored areas of businesses. A plethora of job opportunities are created based on AI and it is in rage these days. By all means, knowledge of AI, ML, and Data Science will help you to advance with a bang in your career. To boot, AI is here to stay and it is the bedrock of our future.