The Role of Artificial Intelligence in Different Business Sectors

Artificial intelligence has changed various business sectors from finance to healthcare. This blog discusses how it has improved in each sector.

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Artificial intelligence has come a long way. Many companies are investing in artificial intelligence with the hope that it will help them transform digitally. This technology has made the automatic learning and decision-making faster. All business sectors from marketing to health are getting numerous benefits with this technology. With the help of artificial intelligence, companies in several sectors can automate their functionality to improve profitability.

You can see the major impact of artificial intelligence on service providers. With this technology, clients have begun to expect faster services. New companies are looking forward to investing in this technology because it helps solve difficult issues in various industries. It is a mixture of reasoning, security, planning, communication and perception. With combination of all these features, inventory management, financial management, fraud detection, voice control, autonomous vehicles and medical diagnosis have become possible. Here are the trends of artificial intelligence in several business sectors.

Finance companies

Artificial intelligence has shown a drastic change in the finance sector, especially loan companies. Gone are the days when financial institutions were reliant on paperwork making tedious and length disbursal process, but artificial intelligence has introduced online lending. Now whenever you need a loan, you just need to fill out an application form online, which means you do not need to appear in person and wait in long queues to submit the application form. Nowadays complex algorithms use machine intelligence to quickly shortlist millions of applications on basis of standards set by each financial company. It has reduced the role of human intelligence. Robots compare the input very smartly with set standards to make a decision.

In addition to this, managing data of millions of people has become possible with artificial intelligence. Whether it is a loan company or a credit reference agency, data categorisation can help solve your query in a second. You can sort the data as per your query. Whether you want to deal with identity theft or you want to know about total number of defaults, you can get all information without further ado. Search engines also use the artificial intelligence to give personalised users. For instance, if you type very bad credit loans, it will automatically give you various options such as ‘very bad credit loans with no guarantor,’ ‘very bad credit loans with no broker,’ etc.

  • Financial services companies use this technology to analyse brand sentiment and provide actionable advice.
  • FinTech firms use this technology to track account activity that help financial advisors customize their advice.
  • Chatbots provide round the clock services to customers. Without involvement of a human, people can get answers to their common queries briskly.
  • Fraud detection is an important application in financial services. For example, Decision intelligence technology helps companies detect fraudulent transactions and improve real-time approval accuracy.

Healthcare industry

Artificial intelligence is a game changer in the healthcare industry too, but its adoption is in infancy stage. It supports physicians and surgeons in performing various tasks from diagnosing a disease to operation. Even though medical experts are still hesitating to embrace the technology because it is expensive, studies have revealed that the healthcare sector is likely to experience an annual growth by 40% in a couple of years. The demand of smooth treatments is encouraging medical practitioners to adopt this technology. Research has revealed that the services can be improved by 40%. Various patients fail to approach good medical care facility because of high cost, but artificial intelligence can cut treatment cost in half. It is expected that artificial intelligence can lead to savings by 150 billion dollars in operations and surgeries by 2026.

  • Artificial intelligence has made electronic health records possible. Clinical documentation area has been notorious for consuming time, but now doctors can save their time and effort with the help of voice recognition and dictation. Now information retrieval is very easier and faster through this technology.
  • The output that doctors get through scanning machines like X-rays, CT Scanners and MRI machines depend on artificial intelligence. This technology has completely taken over the negatives of these scanning machines by providing highly accurate inputs, which has made easier for doctors to reach a unanimous decision.
  • Medecision is making efforts to transform healthcare. It has developed an algorithm that detects eight variables among diabetics to determine the need of hospitalisation.
  • The development of BiliScreen can help medical practitioners to detect the symptoms of jaundice and pancreatic disorder at an early stage. Jaundice is recognisable by a naked eye only when it is at severe stage, but machine learning can detect even a milder form. BiliScreen will itself estimate the level of bilirubin and notify you about your medical condition.
  • NuMedi, a biopharma company, has been using big data, artificial intelligence and system biology to provide precision therapies. This new technology of the company is known as AIDD (Artificial Intelligence Drug Discovery)

Manufacturing industry

The manufacturing industry is also embracing artificial intelligence. Some renowned companies have decided to introduce artificial intelligence to the faster growth of the manufacturing sector. According to experts, the purpose of this technology is to help with data acquisition, organizational structure design etc. These algorithms can help with quality control. They can detect anomalies more accurately than human beings. While visual inspection is not possible throughout the day, a machine can give consistent results round the clock. Self-learning machines can automate most of the part of manufacturing and they can also help tackle the challenges of retaining employees.

Investment in industrial robots is likely to grow by 10% every year. The manufacturing industry now uses the advanced robotic technology that can be integrated with workforce to increase efficiency and productivity. However, companies are still facing some challenges like coordination, planning and scheduling.

Artificial intelligence algorithms can also influence the supply chain by detecting the patterns of demand that helps companies decide inventory, raw material, staffing, energy consumption, financing decisions and equipment maintenance.

Automotive industry

Artificial intelligence has drastically changed the automotive industry. It has empowered advanced safety features. Dozens of sensors can identify various dangerous situations and protect the life of drivers. This technology has invented autonomous cars. Some car manufacturing companies are working on new methods using the artificial intelligence to ensure safe driving with the help of safety warnings and gesture control. In addition to empowering advanced safety features, artificial intelligence applications uses cloud services to ensure that data is available when needed. It is easy to file the claim when an accident occurs, and it also detects the behaviour of driver in four key areas: identification, monitoring, recognition and infotainment control.

The bottom line

Artificial intelligence has drastically changed various business sectors. However, the role of this technology is still in infancy stage in some sectors. There is no doubt that it requires greater investment and many companies are struggling to adopt machine intelligence. Even though this seems to be very promising to reduce the cost and overcome challenges, the role of human beings will never be vanished outright. If you want to give personalised experience to your users and streak ahead, you need to embrace this technology. If you do not have enough funds to invest in artificial intelligence, you can take out loans for bad credit with no guarantor with direct lenders who lend money at affordable interest rates.

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