Top 5 industries to experience dynamic change through AI in 2021

# AI, #2021, #industries, #artificialintelligence

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Jay Anthony

07 August 20218 min read

Insight 1

Artificial Intelligence has long changed the course of various industries throughout the world. Despite the common fear that it attracts, we can’t deny the way it has transformed businesses. Fei-Fei Li, the renowned Computer Science professor at Stanford University, once claimed, “If our era is the next Industrial Revolution, as many claims, AI is surely one of its driving forces.”

And we couldn’t agree any further, from the time of its inception, the gains it has brought to the human race have been manifold.

In past years, it has transformed major industries, from education and healthcare to fashion and tourism. This article lists five such industries that are expected to witness a dynamic change through Artificial Intelligence in 2021.

1. Education

The shift from conventional education methods to a personalized one can be considered an AI enabler in education. Even though some educational institutions had embraced AR already to provide an immersive learning experience for their students, it was widely adopted during the pandemic.

Most students showed signs of boredom with virtual classes when they had to glue onto their laptops all day. So, many schools, universities, colleges, and institutions started thinking of taking a new approach to the learning process. Here AR came into the picture. It was introduced to online learning classes to the extent we see today. Adopting AR for sure made learning an engaging and fun process. While the value of a human teacher cannot be denied, it is a fact that some cannot afford to attend an educational institution on a daily basis.

 “AI is neither good nor evil. It's a tool. It's a technology for us to use.”

It can thus be safely predicted that AI will greatly increase literacy rates of the world in the following years, by allowing students to earn college and university degrees online. Likewise, educational systems are expected to become more personalized, allowing for greater customization of lessons and courses to take place.

2. Fashion

AI thrives on data. Where data are abundant, AI is super-efficient with prediction. Fashion is one such industry that bustles with data of all sorts. Fashion retailers throughout the globe are beginning to understand the paramount significance of adopting and utilizing AI applications to forge a name for themselves. 

Machine Learning algorithms are now being used by various retailers to predict demand based on historical data, thereby reducing human forecasting errors by up to 50%. The technology also allows retailers to connect directly with customers through apps like virtual stylists or smart assistants. This helps the shoppers in finding the perfect fit for themselves. Not only does this make shopping experiences more interactive and personalized, but it also leaves no room for errors or unhappy customers returning products they bought online.

Research is currently ongoing in the field to improve customers’ online shopping experiences through AI.

3. Remote Work 

AR improves knowledge transfer and helps close the workforce skills gap in many industries. Allowing over-the-shoulder mentoring for team members, this technology will impact remote workers and help workplaces scale their access to information anytime, anywhere.

While employees' information density and cognitive workload increase, AR alleviates the perception and enables new mediums for information exchange. Compared to conventional collaboration methods, augmented reality ensures better workflow by reducing communication efforts across teams and organizations.

4. Supply Chain

The ubiquity of AR usage can help transport and logistic companies operate efficiently, regardless of restrictions pandemics or other external factors might impose. Equipped with AR functionality, warehouse employees scan the orders and see digital prompts that offer the best route to the precise storage location.

Digital instruction overlay comes as a bonus to the classic navigation feature, making the technology invaluable in increasing productivity and quality control. The incredible impact that AI will soon have on the manufacturing industry is not hard to predict. The industry has already witnessed major changes that have proved highly beneficial in its various domains.

From robots that are more than capable of replacing the human labour force through their efficiency and productivity to machines that can build better parts and perfectly join them together without even programming, the advantages of AI cannot be doubted for this industry.

According to Andrew Ng, a computer science professor at Stanford University and the creator of the deep-learning Google Brain project, AI will soon “shorten design time, and reduce materials waste, improve production reuse, perform predictive maintenance, and more.”

As it evolves, AI will further continue to prove its indispensability by producing higher quality materials in less time while being cost and energy-efficient. For example, a Chicago-based company Uptake designs AI software that suggests how to perform and enhance product reliability by combining material and equipment data.

5. Healthcare

AI has been and can further continue to be of tremendous importance to the healthcare industry. 

It can provide a life-changing experience for patients, both physically and metaphorically. The use of AI has been limited to categorizing patients’ data, thereby aiding and improving diagnostic outcomes.

However, John Forwnfelter, a Chief Medical Information Officer at Jvion remarks that AI in healthcare has “evolved to much more sophisticated use of deep machine learning, and leveraging the power of big data.”

Today, not only is AI increasing the system of healthcare in America by leaps and bounds through virtual nursing and administrative workflow assistance, but it has also introduced the method of robot-assisted surgery. This has not only allowed surgeons to make more precise incisions, but also saves time during surgery.

The use of augmented reality in healthcare has been in the headlines for quite some time especially since its usage during COVID-19. AR has helped the healthcare industry strive during the pandemic especially when there was a shortage of skilled workers. And doctors were able to deliver remote care to patients irrespective of the location. Apart from these, AR helps in training new medical and nursing students, in surgery, better understanding diseases, and in many more areas.

Conclusion

AI has been taking over the business landscape, in one way or another, and although it isn’t quite perfect just yet, continuous research and improvements have been going on to maximize its potential and application.

Although some fear the loss of their jobs as AI takes over the world; the fact is, AI will require a lot of human supervision and is likely to create a greater number of new jobs in the future. To be specific, according to Gartner, AI will create 2.3 million jobs in 2020, while eliminating only 1.8 million.

All said and done, the advantages of AI cannot be emphasized enough in the evolution of global businesses and quality of life. As advanced tech like this continues to thrive and transform industries, we can’t help but be excited about the difference it will make in the lives of future generations.

 

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Concluding message

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WRITTEN BY

Jay Anthony

Marketing Head | TECHVED Consulting India Pvt. Ltd.

He led efforts to develop a fully integrated marketing communications plan and growing team. He is responsible for successful corporate re-brand and update of all branded assets.

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