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5 Industries AI Will Change Drastically In 2024

A DTC robot reaching out to a human hand in a marketing campaign.

The emergence of Artificial Intelligence (AI) has significantly altered the world around us. The influence of AI is evident in our daily lives, social media, and even in small businesses. It has streamlined operations, automated repetitive tasks, and reduced operating costs. Consequently, some industries have reaped several benefits, while others might experience significant changes.

With the rapid growth of AI, 2024 is poised to be a year of transformation for many industries. However, this brings about the question of whether AI should be viewed as a beneficial tool or something that requires caution.

Advantages of AI and Machine Learning (ML)

AI’s presence in our modern world provides industries with many advantages. Among the most notable coming in the form of:

Streamlined Business Processes

When AI is applied to business processes, it helps automate repetitive tasks. A program can use ML to study a manual task and intelligently mimic the process. 

This applies to customer service, product development, data entry, content marketing, and more. AI can also be paired with RPA technology  and other technologies like Identity and Access Management (IAM).

Accounts payable, back-office processes, and data management will use RPA. Automating these repetitive tasks frees up time for more dollar-productive endeavors.

Reduced Costs

According to studies, AI solutions are cheaper and more efficient than manual labor. Companies exploring AI as a solution benefit from the prospective financial returns, which outweigh initial investments.

Cloud computing and its many providers are also adopting AI. Cloud-deployed AI is inexpensive and has plug-and-play tools and flexible pricing options. Some even have free account plans. 

Companies like width.ai have developed applications and dashboards that provide unique insight and have allowed companies to cut costs and optimize their finances.

Forecasting and Prediction

Artificial Intelligence (AI) powered predictive analytics has become a valuable tool across various sectors. By utilizing machine learning (ML) and prediction models, AI software can learn the relationships between variables. This, in turn, enables businesses to streamline their operations and reduce costs. Among the major industries that benefit significantly from this technology are retail, supply chain, and logistics.

One of the examples of predictive analytics in complex AI applications is pattern recognition. This involves recognizing patterns in picture and video data, as well as collected data patterns. By analyzing these patterns, businesses can gain valuable insights that help them make more informed decisions.

Top AI Trends in 2024

AI and ML paved the way for innovations such as chatbots, virtual assistants, and even self-driving cars. In the year 2023, AI trends are forecasted to focus on the following:

  • Generative AI – The goal of generative artificial intelligence is to leverage preexisting data (such as a video, a picture, an audio file, or even computer code) to produce completely new material. Popular examples of this are deepfakes and AI-generated art. 
  • Ethical AI – Personal data helps AI learn. Many of the most promising AI use cases include sensitive data like health or financial information. If the public doesn't trust AI or understand how it makes judgments, we won't feel secure.
  • Augmented Working More people will work with robots and smart machines in 2023. In the workplace, AI-powered virtual assistants can offer more effective ways to do tasks. Instead of getting a virtual assistant in the Philippines or a similar region, you can use AI 24/7 to do a lot of your repetitive tasks.

Industries AI Will Change in 2024

Given the trajectory of the trend AI is heading toward in 2023, we may see drastic changes in the following industries:

Marketing

Personalization in marketing campaigns should be the standard. It helps increase conversions and improves the overall customer experience. 

AI can help marketing departments reach their target customers during ad campaigns. In fact, both Google and Facebook use AI to improve ad targeting.

Businesses that want to utilize this can use AI tools such as SwiftAds. The app is simple and provides users with templates for different types of ad campaigns. 

Finance

Artificial intelligence (AI) has proven to be a valuable addition to the finance industry due to its ability to accurately detect fraud and other irregularities. Additionally, AI can automate paperwork and documentation tasks, which can save significant time and improve customer service for banking clients. With its ability to analyze credit history data, AI can also help banks predict the likelihood of loan defaults, simplifying the onboarding process and reducing non-payment scenarios. These benefits make AI a powerful tool for financial institutions to improve efficiency and reduce risk.

Logistics

The shipping industry is one of the key players in global trade, but it is not without its challenges. One of the most significant challenges is managing inventory and optimizing shipping routes to minimize overhead costs. Fortunately, the application of predictive analytics can help shipping companies estimate vendor inventory and optimize their shipping routes, resulting in significant cost savings.

Another area where AI can help the shipping industry is in streamlining customs inspections. Customs paperwork inspections can cause significant delays in shipments, and ships often have to wait for several days to unload all their contents. By digitizing paperwork and using image recognition algorithms and automation, customs agents can streamline inspections, reduce port time, and improve cargo tracing.

To improve supply chain economics, the shipping industry has increasingly turned to AI, particularly predictive analytics. With the power of AI, shipping companies can make data-driven decisions to optimize their supply chains and reduce costs while improving efficiency and customer satisfaction.

Healthcare

The healthcare industry has been putting a lot of effort into gathering accurate and meaningful patient data. With its ability to rapidly analyze vast amounts of data, AI has become increasingly relevant in healthcare, offering several applications like predictive healthcare. Predictive analytics powered by AI can help doctors identify potential illnesses in patients before they even occur.

AI also offers image recognition capabilities that can simplify scan analysis and speed up the diagnosis process. With its ability to quickly analyze numerous scans, AI has enabled physicians to detect ailments much faster than before.

Recent advancements in AI technologies have also led to the development of health chatbots. These bots can help clinicians gather preliminary patient symptom data, allowing them to better understand a patient's condition and provide timely treatment.

Retail

Retailers are embracing retail analytics. AI helps retailers estimate store stocking levels and optimize the supply chain.

Gathering data on how customers enter the store can help merchants arrange their merchandise based on their preferences, which in turn can lead to increased sales. With the use of smart automation, machine intelligence, and deep learning, customers can easily select the items they want, walk into the store, and walk out with them.

AI will also drastically transform packaging, in-store graphics and digital advertising for products. We’re starting to see changes in the form of AI product photos, but it’s likely that we will see analytics-driven image creation and choices in the future.

Amazon dominates online marketplaces using retail analytics. The company presents related goods based on user behaviors online and purchases which boosts revenue.

Key Takeaways

AI will continue to change how we do business. Each year, more and more industries are adopting AI in their daily operations. If you don’t want to get left behind, consider the following:

  • AI is being adopted in more mainstream industries such as marketing, health, finance, and retail. 
  • AI can streamline and automate repetitive tasks such as back-office and administrative-level data entry. 
  • The top trends of AI going into 2023 are generative AI, ethical AI, and augmented working setups.
  • Marketers can use AI to streamline and automate personalization efforts in their marketing and advertising campaigns.
  • AI and ML are powerful prediction and forecasting tools that use data analytics and trends. 
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