AI technology is already running the show behind the scenes in multiple industries in ways most people cannot comprehend. It’s behind the chatbots that deal with your problems, the ads that have been tailored with laser-like accuracy to follow you around the web and the services that we all use daily to get us through the grind.
However, while plenty of us are panicking about the tech’s impact and a possible AI-led dystopia, many companies are already harnessing the power of AI to rake in obscene profits. Here are five industries that are currently getting the biggest bang for their algorithmic buck.
Retail: the personal shopping revolution
People continue to consume at a rapid rate, and shopping has never been a simpler – or creepier – pursuit. Today, you can amble into an Amazon Go store, grab a six-pack of your favourite beer, some snacks and whatever else tickles your fancy before striding straight back out the door.
No need for small talk with cashiers or lengthy waits at checkout lines, just a frictionless AI-powered process that tracks your every move while you fill your basket.
Online, companies’ selling power has never been more potent. Tools like ChatGPT can craft eerily persuasive product descriptions, while other tools can zero in on an individual’s desires through browsing history analysis to push conversion and clickthrough rates to new highs.
Healthcare: the doctor algorithm will see you now
AI-driven diagnostic tools are already starting to outpace their human counterparts when it comes to identifying diseases, flagging anomalies in medical scans and even personalizing treatment plans.
The rapid development of AI tools in the medical field is completely revolutionizing the way medicine is practiced. Waiting times are being reduced, lab analysis is speeding up and patients are being treated more accurately and quickly than ever before.
On a smaller scale, chatbots like Ada Health can provide excellent symptom analysis for everyday use, while at the other end of the spectrum, AI-powered robotic surgery procedures have learned to cut with precision.
There have also been incredible breakthroughs in the pharmaceutical industry, where artificial intelligence has already been used to formulate and develop new drugs, while improving others.
Online casino & gaming: the house always wins—with AI’s help
AI has helped to turn gambling into an uber-personalised experience, with the tech using player behaviours analysis and betting pattern insights to keep customers gaming for longer.
If there is one industry that knows how to milk AI technology for all its worth, it’s the online casino and gaming. Alongside customer service chatbots and AI anti-fraud systems, igaming companies have been harnessing the power of artificial intelligence to create more dynamic casino and sportsbook experiences, with each individual on or offline visit becoming more personalized.
With AI-led tools helping to tip the balance of probability in the casino and bookmakers’ favour, the old adage of “the house always wins” has never been more accurate.
Hospitality & travel: the AI concierge knows what you need
The hospitality industry has been utilizing the innovative power of AI to streamline their operations and to make every guest feel like a VIP.
With chatbots ready to handle bookings, cancellations and enquiries, companies have been able to jettison many of their frontline human workers in a move that treads the line between cost-cutting and ethical dilemma.
The deployment of AI in hotel rooms meanwhile, means that guests can tailor their experience to their exact needs in terms of lighting, temperature, ideal room-cleaning times and much more. The goal? Maximum efficiency with minimum human involvement.
Banking & Finance: the algorithmic masterminds
Perhaps the most critical application of AI continues to be in the banking and finance industries, where the power of artificial intervention continues to have tradition-shattering consequences.
For the longest time, the industry’s brightest financial minds could exploit the system, however, now the system is in command, analyzing data, making decisions and executing transactions at a speed that no human could ever possibly match.
With AI-trading bots and algorithms doing the legwork, and AI anti-fraud systems providing the most efficient safety net the financial industry has ever had, the markets have been shifting from an instinctive human playground to the realm of machine-led efficiency and accuracy—resulting in more profit than ever before.
