Maximize AI and minimize risk: how is AI used in business?
In the next decade, AI will become a major market trend and the best business tool, according to analysts at the international consulting agency PwC.
Thus, according to the latest report, the contribution of intelligent technologies to global world GDP is estimated at 15.7 trillion. dollars And, according to experts, thanks to artificial intelligence, this figure will grow by another 14% by 2030. More than half of the increase will go to consumption growth. [1]
Possibilities of artificial intelligence:
1. Increasing business productivity through universal automation of basic business processes (including the use of robots and autonomous transport systems).
2. Strengthening the existing labor resources on the market (the so-called “universal artificial intelligence”, “sharpened” to help and empower people).
3. Increasing demand for products and services of companies through their personalization and individual approach to each client. This will help the use of AI-assistants and analytical programs.
According to PwC, in the next 5–10 years, China will be the leader in the use of artificial intelligence in business. [2] North America also has significant potential. Western Europe is still crawling in the tail. The growing interest in innovative developments by global investors in recent years gives good prospects for the growth of the trend of mass use of AI in basic industries. Therefore, for the IT industry of Ukraine, this gives a huge chance. The greatest benefits from AI technologies, according to analysts, will be in the areas of financial services, retail, medicine, pharmacy, automotive. [3]
Examples of smarter business operations
- Predictive maintenance is helping companies repair, replace or service parts and machinery at the optimum time — before it breaks down. Siemens AG, one of the biggest railway infrastructure providers in the world, is one example of this in action. [4] .
- KenSci’s risk prediction platform uses AI techniques to help identify fraudulent healthcare claims, which make healthcare more expensive for everyone. The system was able to identify more than $1 million in fraudulent claims from just one dataset.
- Dominos is trialling Starship Technology’s automated delivery robots to deliver pizzas in Germany. These little delivery vehicles, which have a top speed of 10 mph, are proving more cost-effective and efficient for short-distance deliveries around town compared to delivery trucks and cars.
- IBM’s Chef Watson tool uses AI to help chefs and restaurants develop recipes and suggest innovative combinations.
- Burberry is using AI to combat counterfeit products and improve the customer experience. For the latter, the company’s reward and loyalty programmes capture customer data which is then analysed to provide a more personalised shopping experience for each customer.
It is known that artificial intelligence technologies are evolving every day. Business owners should keep an eye on how artificial intelligence will shape the future of various industries, such as the Internet of Things (IoT), transportation and logistics, digital medicine, some areas of fintechnology, including insurtech (insurance technology) and life insurance.
In Ukraine, the development and use of artificial intelligence is also not standing still. Thus, according to research, our country is among the top three in the market of artificial intelligence in Eastern Europe.
Ukrainian AI professionals have already established themselves in international competitions, received many grants and investments. At the same time, the biggest problem of the industry in the country is the lack of qualified personnel. To bridge this gap, some Ukrainian higher education institutions have already begun to open new specialties related to AI technology.
