Changes That Ai Creates Depending on Different Sectors

Due to its infinite possibilities and effect on business side, AI can affect almost every business sectors. Aside from generalizing its benefits and negative effects on some sectors, according to MMC Venture (2017), which is a venture capital based on UK, AI directly affects lots of different sectors from insurance to transport.

2.3.1. Healthcare

As we mentioned before, AI uses its machine learning skills to develop a better analysis logic to give us better results. In this case, it uses variety of applications to helps experts such as pattern discovery or image recognition.

Deep learning technology helps AI to recognize diseases even in the early era of the disease. With the algorithm that is written in it, AI can analyze maybe thousands of visuals and data to differentiate a healthy person and an unhealthy person. For example, when a person is connected to ECG machine, with analyzing the individual’s heart rhythm, AI can give us information about possible negative situation. Or, with analyzing thousands of different visuals of skeletal structure of people’s hands from different ages, AI can deduce the average age of a person with examining and learning certain part of a body, in this case the hand.

AI also helps a lot in radiology area. Because its efficiency in collecting data and analyzing images, AI helps experts to diseases that can be seen through medical imagining. Diseases such as ALS, epilepsy; common cancer types such as breast cancer and colorectal cancer; heart diseases such as cardiomegaly can be diagnosed way easier via AI programmed machines.

In addition, AI is used for discovering drugs. Due to its side and fatal effects, it might take a lot of time for companies to invent and test new medicines for people.

Thanks to deep learning process of AI, in medical area, experts can analyze thousands different ingredients and articles related to the specific medicine to get fast and better results.

2.3.2. Insurance

In insurance sector, AI can be beneficial for several different reasons. First of all, AI can give customers basic information about the cost for their basic needs. If the customer is looking for a specific coverage, he or she can select multiple options and get better price depending on their needs. These types of actions can be done through websites of insurance companies. Also, AI can predict policy pricing depending on, for example, a driver’s age. Safer drivers can pay less and risky ones can pay more, AI may take the control to determine which is good or bad.

When we look at the insurance company’s side, there are also a lot of benefits that can help the company. For example, AI might take to control to detect fraud claims.

It is a well-known fact that insurers may try to take advantage of insurance companies to earn money and they may try to trick the companies for that. AI can trace interactions

and collect data to come up with a feedback related to the issue, which helps companies to cope with complex issues with maybe thousands of different clients.

2.3.3. Law

When it comes to law and compliance related issue, AI has to deal with a large amount of data. One of the most well-known AI usage in law is case prediction. With machine learning capability, AI can analyze previous cases and come up with possible outcomes of certain types of legal cases. With the given information such as type of the crime and former judge decisions, AI can create several different possibilities to predict the end of the case.

If we need to give another example for AI’s help in law; as we all know, constituents and rules in law can differ in each country and also, they are very tiring and time consuming to read. So, for a lawyer, it is a great service to use an AI software to do research about any cases on any written source to find what he or she is looking for.

2.3.4. Manufacturing

Industries and their manufacturing capabilities have been increasing constantly, and thanks to AI, automation in manufacturing process has been easier. It helps companies to plan, analyze, and predict possible problem with less effort.

For example, AI can predict the maintenance time for machines in work place with high accuracy, which makes companies save a lot of time and prevent possible downtimes. Analyzing dozens of different machines in a workplace can give AI a perception to predict the maintenance need. Also, via censors that can be placed on equipments, the chances of downtime can be decreased.

If we give a more specific example for manufacturing, we can also say robotics has a major role in manufacturing products. Fully automated system with robotics can help companies to reduce human mistake and increase efficiency in a workplace. Even in agriculture, it can be seen that picking up fruits and vegetable, and separating bad one from the good one is way easier and faster thanks to AI’s image recognition skills.

2.3.5. Transport

In today’s world, it is a well-known fact that companies can produce cars which are programmed with AI. With AI’s deep and machine learning capabilities, cars are able to track roads, differ pedestrians and car, keep safe distance from other vehicles and carry the passenger from point A to B.

It is inevitable that we will see this private experience in transportation sector too. With the help of AI, it can be easier for companies to arrange their transportation needs with autonomous vehicles. Different types of vehicles such as trucks and busses can be used while delivering goods or carrying employees from various locations to work. Making schedules and predicting delivery time may be easier for the company to manage.

Companies such as Google, Uber and Tesla have been working on improving autonomous vehicle concept and it is believed that they will be one of the key aspects of the future for both individuals and companies.

2.3.6. Retail

When it comes to retail, AI takes a major role to manage how things work.

Although we are going to mention in detail later in this chapter, there are several different concepts that AI mainly focuses on.

As it was mentioned before, retail and e-commerce has been increasing for years and it is inevitable for companies to try to find an alternative method to manage such data for better customer and employee experience. Most of retail companies use AI applications such as price optimization, customer segmentation and content personalization for the customers. With price optimization, AI can trace the price customer, which leads us to content personalization part. With content personalization,

after AI collects available data about the customer, it tries to give the customer a unique experience. For example, when an individual creates an account on Netflix, he/she select multiple shows that they like and AI suggests others shows with the same content.

Although this seems like a basic computer algorithm, the AI of Netflix can even create same kind of thumbnail with the same kind of graphic design automatically by analyzing customer’s interests.