Aisling McCarthy takes a look at three industries that AI will change throughout the course of the year.
1. AI in medicine: robot companions and truly personalised treatment
AI is already deeply rooted in the medical field, with hundreds of healthcare professionals relying on the latest technologies. This is unsurprising, considering it is one of the biggest and most crucial industries worldwide.
According to Asena Saunders, in an article in Digital Doughnut
, 2018 will see a rise in precision and personalised medicine. Most medicines and treatments are tailored to suit large populations, based on statistical data.
Using AI and Big Data, healthcare professionals will be able to analyse patients’ history and records. This will allow them to begin to understand the mechanics of diseases, and eventually wipe them out completely. This new approach will also allow patients to receive treatment completely personalised to their medical history.
In 2018, businesses will also see the advancement of more “intelligent” robotic assistants. By the end of the year, it is expected that more hospitals and homes will have robotic healthcare assistants working in them, like the Japanese companion, “Pepper
2. AI in finance: more data, better service
AI and machine learning are the perfect combination for dealing with Big Data, analysis, and routine tasks. The use of AI minimises the risk or errors, and is able to build predictions based on historical data.
“These predictive models are used in predictive analytics when one wants to prevent fraud or anything similar. Besides, predictive analytics may help companies minimise their risks in the future, estimate development, and much more,” says Dmitry Budko in a Hackernoon article
Budko says that through leveraging data, financial institutes will be better equipped to service their clients. Further, he suggests that more businesses should invest in AI technology because it is money-saving, more efficient, and able to build complex reports out of Big Data.
This does not mean that AI will replace everyone in the industry, but that the application of AI will make the financial industry more efficient and more stable.
3. AI and customer experience: hyper-personalised service
While AI-powered chatbots are not a new thing, the abilities of these bots will become more complex, and more ‘intelligent’, in 2018.
Thanks to the pairing of data analysis and machine learning, chatbot systems will be able to learn almost everything about customer behaviour, patterns, and personal preferences. Based on this data, the virtual assistants will be able to offer better, more personalised services.
In 2018, it is likely that more businesses will implement this technology. In an article for Marketing Profs
, Rob Murphy says that chatbots “will allow building stronger connections between the product and the user. [This] will provide valuable information that can be used to build more effective marketing campaigns.”
Developments in AI will be beneficial for customers, as their experiences will become more and more personalised. Budko predicts that AI algorithms will track, analyse, and visualise customer behavioural data, demographics, and location. This information will be utilised in organisations to determine the customer identity and, in addition, recommend the best possible service.
“In addition to better identifying consumer preferences, AI tools will react with human insight and emotional intelligence soon. Another application that we will not only hear about, but start to experience in 2018, is virtual assistants, chatbots, and ‘roboadvisors’ [that] not only understand emotions, but will act proactively and suppress language barriers.”
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Artificial intelligence is creeping into every aspect of our day to day lives. Find out how it relates to the newest revolution in our article, Why AI is key in the Fourth Industrial Revolution.