Why AI is important!
AI technology is important because it enables human capabilities – understanding, reasoning, planning, communication, and perception – to be undertaken by software increasingly effectively, efficiently and at low cost.
General analytical tasks, including finding patterns in data, that have been performed by software for many years can also be performed more effectively using AI.
The automation of these abilities creates new opportunities in most business sectors and consumer applications.
Significant new products, services, and capabilities enabled by AI include autonomous vehicles, automated medical diagnosis, voice input for human-computer interaction, intelligent agents, automated data synthesis, and enhanced decision-making.
AI has numerous, tangible use cases today that are enabling corporate revenue growth and cost savings in existing sectors.
Applications will be most numerous in sectors in which a large proportion of time is spent collecting and synthesizing data: financial services, retail, trade, professional services, manufacturing, and healthcare. Applications of AI-powered computer vision will be particularly significant in the transport sector.
Use cases are proliferating as AI’s potential is understood. We describe 31 core use cases across eight sectors: asset management, healthcare, insurance, law & compliance, manufacturing, retail, transport, and utilities.
We illustrate how AI can be applied to multiple processes within a business function (human resources).