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AI: Revolutionizing Industries💡

AI Revolutionizing Industries: 

A Comparative Analysis


Artificial intelligence has been developing and growing at a rapid rate since its debut in the 1950s [1]. Even though it has been almost a century, just a few years ago, “artificial intelligence” was just a catchword in science fiction to justify the danger of technology. Lately, discussions and applications around it have become more prominent and tangible, progressing from hypothetical scenarios to real-world implementations.

 

According to Business Tech, almost half (46%) of South African companies state that they are actively looking into piloting artificial intelligence within their organizations. Machine learning was identified by two-thirds or 67% of South African organizations as the most valuable AI technology for their needs [1.5].


While much of the conversations lately have been focused on the future implications of AI on our society, this article takes a different approach, highlighting concrete applications of AI across various sectors by exploring real-world examples. This will serve as a reminder that the future with AI is not some distant concept but rather a present reality growing steadily.


Insurance and finance:


In sectors such as finance and insurance, Artificial Intelligence (AI) is employed to enhance fraud detection and improve the accuracy of financial forecasting. Machine learning algorithms analyse vast amounts of financial and policy data to detect trends and anomalies indicative of fraudulent activities. 


In insurance, AI combined with weather models, asses the risk of weather-related events on client assets, aiding in estimating insurance costs and potential damages. Mastercard, for example, utilizes AI to monitor over 1.4 billion cards and 210 billion transactions annually, resulting in a 25% reduction in false declines and a 40% increase in fraud detection [2]. 


Banks like Absa and Capitec utilize virtual assistants to efficiently manage customer inquiries 24/7, providing a superior alternative to traditional call centre interactions [3]. 


We can also mention Discovery Bank's efforts in investing in AI-driven Start-ups such as Isazi Consulting, which focuses on converting unstructured data (such as handwritten data) into structured digital format [3.5].


Healthcare:


The healthcare sector is increasingly turning to machine learning and big data to enhance medical diagnosis and clinical decision-making. This facilitates the identification and prediction of patterns and irregularities, enabling early detection of diseases like cancer or heart disease, which are often challenging to diagnose. 


There is an option to reference the Group, HearX, which utilizes an app AI assistant to speed things up screening of hearing and mental health conditions, especially in rural areas in the country [3].


In 2021, the US recorded that 90% of hospitals had implemented an AI strategy, a significant increase from 2019 when 47% of hospitals had none [4]. AI offers numerous benefits for the healthcare industry. For instance, a team from the University of Cambridge and the Alan Turing Institute has developed machine learning tools capable of identifying dementia in patients at its earliest stages. This technology analyses brain scans from patients who later developed dementia, leveraging machine learning to detect structural brain changes [5].


Energy and mining:


The mining industry is increasingly embracing AI to streamline operations, enhance safety measures, and improve decision-making processes. AI helps with mapping and predicting terrain, thereby minimizing potential errors. 


Moreover, AI is utilized to identify untapped mining areas using computer vision systems, pattern recognition, and predictive analytics, providing industry professionals with more reliable information. For instance, BP's investment in Belmont Technology in 2019 demonstrates the oil and gas sector's adoption of AI. [6]  By collaborating with a startup, BP developed a cloud-based platform named "Sandy" to enhance its AI capabilities. This platform facilitated the extraction of actionable insights from various data sources. 


Manufacturing and Security:


The manufacturing industry consistently uses artificial intelligence to increase productivity by increasing efficiency, minimizing unplanned manufacturing downtime, enhancing product quality, and automating processes. 

  

AI plays such an important role that 60% of manufacturing companies have adopted AI and machine learning models [7]. For instance, RCL Foods employs computer vision technology empowered by machine learning algorithms in its factories to automatically detect packaging defects on chicken items, ensuring that top-quality products are put on grocery stores’ shelves [3].


AI has demonstrated its potential in combating crime too, a fact that both governments and companies are increasingly recognizing. According to IDC data, investment in AI solutions for this purpose is expected to exceed €500 billion by 2023 [8]. 


Machine learning and deep learning play a crucial role in the security and surveillance sector, particularly in surveillance devices like security cameras. These devices can accurately analyse and identify patterns and unusual behaviours.

 

Conclusion


Embracing AI for a Brighter Future:


The integration of AI across various industries reveals a shift towards innovation, efficiency, and sustainability. As businesses continue to harness the power of AI, they unlock new opportunities for growth, productivity, and societal advancement.

 

At the intersection of technological innovation and business transformation, AI is reshaping industries and driving progress toward a more intelligent future.


Conducted by: 

Ndong Obame Jeremie 

 

Mentor: 

Abdullah Hassan


References:



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