Imagine a world where robots perform surgeries with precision and accuracy that surpasses that of human doctors. Where self-driving cars eliminate the need for human drivers, reducing accidents and increasing efficiency. Where financial institutions can analyze vast amounts of data in seconds, detecting fraud and identifying profitable investments. These are just a few examples of the ways in which artificial intelligence (AI) is expected to disrupt a number of key industries in the next few years.
But which industries will be most impacted by AI in 2023? Let’s explore a few examples.
Healthcare: The healthcare industry is embracing AI as a means to achieve better patient outcomes and curb costs. One manifestation of this trend is the use of AI-powered diagnostic tools that can scour medical images, such as X-rays and MRIs, for signs of illness that may have evaded human detection. Additionally, AI is being employed to craft bespoke treatment plans for patients, tailored to their medical history and genetic makeup. Healthcare-related AI is driving innovation and improving patient outcomes through data-driven insights and personalized treatment options.
One example of a company using AI in healthcare is Enlitic, which develops AI-powered diagnostic tools that analyze medical images to identify potential issues that may have been missed by human doctors. Another example is PathAI, a company that uses AI to improve the accuracy of pathology diagnoses. Closer to home, there’s Eyris, which detects the early onset of eye diseases with AI.
Transportation: Self-driving cars are expected to revolutionize the transportation industry in the coming years. By eliminating the need for human drivers, these vehicles can reduce accidents and increase efficiency on the roads. Additionally, AI-powered traffic management systems can optimize traffic flow, reducing congestion and improving overall mobility.
Waymo—formerly the Google self-driving car project—is a company that is using AI to develop self-driving cars. They have been testing their cars on public roads for several years and are considered one of the leaders in this field. Another example is Tesla, which uses AI to power its Autopilot feature for its electric cars. Huawei is another strong competitor.
Finance: AI is also being used to improve the efficiency and accuracy of financial institutions. For example, AI-powered systems can analyze vast amounts of data in seconds, detecting fraudulent activities and identifying profitable investments. This technology can also be used to automate repetitive tasks, such as data entry and record keeping, freeing up human employees to focus on more complex tasks.
A company that is using AI in finance is Numerai, which crowdsources AI models from a community of data scientists to predict stock market movements. Another example is Symphony AyasdiAI, a machine learning company that is used by big banks to analyze the market and operational risks, as well as to detect patterns of potential money laundering.
Retail: The retail industry is also expected to be impacted by AI in 2023. For example, AI-powered chatbots can provide personalized customer service and recommendations, improving the shopping experience for consumers. Additionally, AI-powered systems can analyze data on customer behavior, providing retailers with valuable insights into consumer preferences and trends.
In the realm of retail, a few companies have begun to harness the power of AI to enhance their customer experience. For example, both Amazon and H&M have integrated AI-powered chatbots into their customer service operations, providing personalized support and recommendations. One company developing these AI chatbots is Freshworks, making it easy for companies in any industry to engage in more meaningful conversations while saving time and costs.
In a similar vein, Singapore-based Wiz.AI is focused on AI-power talkbots that mimic realistic human-to-human interactions. Wiz.AI has developed talkbots that are able to communicate with customers in several languages, including English, Mandarin, and Indonesian. They also cover informal forms such as Singlish — a blend of Singaporean slang and English.
Marketing: As we enter 2023, AI is poised to greatly impact the marketing industry, including copywriting. AI systems can already analyze large amounts of data, predict consumer behavior, and generate highly targeted, personalized copy at lightning speed thanks to new tech like ChatGPT, Writesonic, and Rytr. While this may seem daunting, it actually presents an opportunity for copywriters to elevate their craft. By learning to work with AI and combining its strengths with their own creativity and storytelling skills, the best copywriters will be able to create truly memorable and effective campaigns.
In an era where technology is advancing at an unprecedented pace, the integration of AI into various industries is poised to be one of the defining forces of our time. As AI continues to make inroads into healthcare, finance, and other critical sectors, it presents both challenges and opportunities. While some may view AI with trepidation, the reality is that, done right, it has the potential to revolutionize our lives for the better.
From improving patient outcomes to reducing costs and increasing efficiency, the benefits of AI are clear. But, as with any major shift, the key to unlocking these benefits lies in how we choose to embrace the technology. By being informed and proactive, we can position ourselves to take advantage of its transformative potential, rather than getting left behind.
All opinions expressed in this piece are the writer’s own and do not represent the views of KrASIA. Questions, concerns, or fun facts can be sent to [email protected].