Areas with Big AI Potential Across Key Industries


Artificial Intelligence (AI) is estimated to contribute up to $15.7 trillion to the global economy in 2030, according to a PWC report. The biggest chunk of this economic gain will come from increased consumer demand for AI driven and enabled products and services, while the remaining will come from increased productivity of the workforce with businesses using AI to assist their existing workforce.

 

From a CIO’s perspective its important to understand how this economic impact will really play out across the different industries. So, here is a quick download from a PWC report on the areas with the biggest potential and associated timelines across key industries to help CIOs prepare themselves technologically for the various use cases as well as target their investments and strategy for the short-term, medium-term and long-term.

 

 

Healthcare:

 

Areas with big AI potential:

 

·      Supporting diagnosis in areas such as detecting small variations from the baseline in patients’ health data or comparison with similar patients.

·      Early identification of potential pandemics.

·      Tracking incidence of the disease to help prevent and contain its spread and imaging diagnostics (radiology, pathology).

 

Timing:

 

Short-term Potential: Medical insurance and smarter scheduling (e.g. appointments and operations).

Medium-term Potential: Data-driven diagnostics and virtual drug development application.

Long-term Potential: Robot doctors carrying out diagnosis and treatment.

 

 

Automotive:

 

Areas with big AI potential:

 

·      Autonomous fleets for ride sharing.

·      Semi-autonomous features such as driver assist.

·      Engine monitoring and predictive, autonomous maintenance.

 

 

Timing:

 

Short-term Potential: Automated driver assistance systems (e.g. parking assist, lane centring, adaptive cruise control etc.).

Medium-term Potential: On-demand parts manufacturing and maintenance.

Long-term Potential: Engine monitoring and predictive, autonomous maintenance.


Financial Services:

 

Areas with big AI potential:

 

·      Personalized financial planning.

·      Fraud detection and anti-money laundering.

·      Process automation – not just back office functions, but customer facing operations as well.

 

Timing:

 

Short-term Potential: Robo-advice, automated insurance underwriting and robotic process automation in areas such as finance and compliance.

Medium-term Potential: Optimized product design based on consumer sentiment and preferences.

Long-term Potential: Moving from anticipating what will happen and when in areas such as an insurable loss (predictive analytics) to proactively shaping the outcome (prescriptive analytics) in areas such as reduced accident.

 

 

Manufacturing:

 

Areas with big AI potential:

 

·      Enhanced monitoring and auto-correction of manufacturing processes.

·      Supply chain and production optimization.

·      On-demand production.

 

Timing:

 

Short-term Potential: Greater automation of a large number of production processes.

Medium-term Potential: Intelligent automation in areas ranging from supply chain optimization to more predictive scheduling.

Long-term Potential: Using prescriptive analytics in product design – solving problems and shaping outcomes, rather than simply predicting and responding to demand in product design.

 

 

Energy:

 

Areas with big AI potential:

 

·      Smart metering – real-time information on energy usage, helping to reduce bills.

·      More efficient grid operation and storage.

·      Predictive infrastructure maintenance.

 

Timing:

 

Short-term Potential: Ready to go: Smart metering.

Medium-term Potential: Optimized power management.

Long-term Potential: More efficient and consistent renewable energy supply in areas such as improved prediction and optimization of wind power.

 

 

Transport and Logistics:

 

Areas with big AI potential:

 

·      Autonomous trucking and delivery.

·      Traffic control and reduced congestion.

·      Enhanced security.

 

Timing:

 

Short-term Potential: Automated picking in warehouses.

Medium-term Potential: Traffic control.

Long-term Potential: Autonomous trucking and delivery.

 

 

Retail:

 

Areas with big AI potential:

 

·      Personalized design and production.

·      Anticipating customer demand – for example, retailers are beginning to use deep learning to predict customers’ orders in advance.

·      Inventory and delivery management.

 

Timing:

 

Short-term Potential: Product recommendation base on preferences.

Medium-term Potential: Fully customized products.

Long-term Potential: Products that anticipate demand from market signals.

 

(Image Courtesy: Pixabay.com)

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