Industries Already Using AI and Potential Applications
Sometimes new technology comes along that changes everything. The likes of Gutenberg and Tim Berners-Lee can vouch for that! Some technologies are so big that the ripple effect can impact every single industry and there is a chance that AI can be exactly that.
The “AI” that we have today involves learning models and is not necessarily a true artificial intelligence in the sci-fi sense of the word. But that doesn’t mean it isn’t making waves and changing the world. Some industries have a better reputation for using this kind of technology than others.
The Gambling Industry
There is evidence that the gambling industry may be one of the first. It has proven to be an industry that takes new technology and runs with it. We’ve seen casino brands and betting brands embrace new technologies, including AI and cryptocurrency. Bitcoin is one of the huge developments that we’ve seen. Some casinos have started to utilize this, offering the same games that people are used to playing with flat currencies but providing the benefits of cryptocurrency.
Some players have switched from using flat currencies to using Bitcoin and crypto slots which make use of blockchain technology. Slot games are among the most popular ways to play at casinos, and casino brands may have hundreds of different games in different niches. In the near future, it is possible that these gambling companies may also use AI to analyze customers’ preferences and help recommend other slots and games.
Blockchain and AI are two technologies that work closely together and have been described as “the new power couple” because AI can help to ensure full security and even help with things like intellectual property management. This is relevant for the gaming and esports industries as well as finance and other industries.
Retail
People value personalized customer experiences. E-commerce platforms and even in-store programs using loyalty schemes can use AI to recommend products based on a customer’s browsing history or previous behaviors. This kind of personalization was once a novelty but has now become an expectation among consumers.
Amazon has an algorithm that provides people with relevant recommendations and this is considered useful by most consumers. AI is also being used to optimize pricing strategies, adjusting prices in real-time based on demand and to try and maximize sales.
Artificial intelligence can change inventory management as well. Retailers use AI to predict demand and check that popular items are always in stock while minimizing overstock of less popular products.
Predictive analytics help retailers reduce costs and improve customer satisfaction by having the right products available at the right time, and some inventory management software has already implemented this. Supply chains have become even more important to businesses, and many use “just-in-time” supply chains that need to be intensively managed.
Manufacturing
When people hear of factories with robots creating items for humans to use, they might think of science fiction films. It isn’t farfetched; robots powered by AI are now capable of performing complex tasks on the assembly line, welding and painting, and even assembling intricate components.
These robots can work around the clock (unlike us humans). Robotics is pretty expensive right now, so there aren’t a huge number of companies implementing this fully, but like all tech, it is likely to get more affordable as time goes on.
AI is also being used for quality control. Traditional methods of inspecting products for defects can be time-consuming, and of course, there is the issue of human error.
AI can track and analyze products with incredible speed and accuracy and show even the smallest defects using video footage and clever machine-learning algorithms. This not only improves product quality but also reduces waste by catching defects earlier in the production process.
Traffic and Driving
Loads of companies recognize the need for modernization with our forms of transport and this includes driving. AI will almost definitely play a big part in the way we all get around in the future. Most notable is the development of autonomous vehicles.
Companies around the world are racing to create self-driving cars or even other vehicles like drones that can navigate roads and skies without humans. Drone delivery is already being used in some locations.
Beyond autonomous vehicles, AI is also improving traffic management in cities and helping to plan things so that there are fewer hiccups and issues or that maintenance and road closures take part at the least damaging times.
Conclusion
Two things are going to change the use of AI: it will be embraced by more industries, and a general AI will be developed that has even more features than the models we currently have. Some industries need to lead the way on this, and the gaming and gambling industries have already led the way in embracing some modern tech.
Want stories like this delivered straight to your inbox? Stay informed. Stay ahead. Subscribe to InqMORNING
