Artificial intelligence has moved from the realm of science fiction to our daily lives. Automation, powered in part by AI and machine learning, is poised to transform employment. But the impact of AI will be significant across the enterprise, with huge potential for cost savings and efficiencies in industries as varied as shipping, fast food and financial trading.
The impact of AI will extend to almost every economic sector, but there are two particular areas where the impact is greatest: potentially the biggestaccording to a McKinsey report: For marketing and sales, the potential value unlocked by AI applications is $2.6 trillion, and for supply chain management and manufacturing, the potential value is 2 trillion dollars.
According to a NASDAQ March ReportThe main industries targeted by AI companies are:
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Internet and IT services
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Specialized consumer services
According to McKinsey research, there is a wide disparity between industries in terms of investment and adoption of artificial intelligence. Perhaps unsurprisingly, high tech and communications are the leaders in adoption, as are energy and resources, and automotive and assembly. Sectors like professional services, travel and tourism are lagging behind.
Some industries are considering spending more to maintain their position at the front of the pack or to try to catch up. For example, the financial services, high-tech and communications sectors plan to spend at least 10% more on AI over the next three years, while professional services and healthcare plan to increase their spending on AI. ‘around 7% over the coming period.
But closing this gap takes more than just spending money. This requires knowing how AI can help your industry and what the potential pros and cons of the investment could be. Here are some of the ways artificial intelligence and related technologies can impact a wide variety of industries.
