The verdict is out that Artificial Intelligence (AI) is the next big thing to change the face of the planet. However, few are skeptical about how AI will actually shape the future. Will it cause more change than we bargained for or will it change our lives positively and irrevocably?
Irrespective, AI has moved from concept to reality. So, all our favourite sci-fi films such as Minority Report, A.I. Artificial Intelligence and I, Robot that are the reference points for Artificial Intelligence can be seen in reality in the near future.
Let’s explore how AI can affect certain industries and create potential jobs.
Pharma majors are using AI to skim through piles of medical data to foster the drug discovery process. They are using this technology to venture into new terrains of clinical trials, preventive medicine, and regulatory frameworks.
Pharma companies with the help of software products such as IBM Watson are adding a thinking muscle to their business. This harnesses the power of AI to handle medical data in a new way and in turn generate more revenue for these companies. A large amount of patient data is fed to the machines to identify treatment options using a cloud-based system.
An AI program can stop the spread of cancer by taking in biological data of cells that transform from healthy to cancerous. Then it can map the data to the Human Genome Project and other data points in a single cell tissue to check the growth of cancerous cells. Johnson & Johnson’s With a goal to increase the longevity of people, ‘The Patient Athlete’ program uses AI to bring them to normalcy. That makes AI a cutting-edge technology that helps pharma companies to reduce the long-term process of drug discovery.
The pharma industry needs more machine learning experts who can understand medical feasibility in certain areas. As medical professionals and scientists pour in their inputs, these experts will enhance AI to speed up diagnosis and help doctors to understand diseases in a better and faster way.
AI’s growth has been drastic in the area of customer service. Retailers have started harnessing the potential of AI to make informed business decisions. Gartner predicts that AI will be on the top five priority list of more than 30 percent of CIOs in the Retail space.
One of the robust trends of the future is camera technology that uses sensors to observe customer behaviour in the store. Cameras are mounted to the ceiling to record buying patterns and are later converted into data points to map them to other sources – online surveys, shopper intercepts, loyalty points, etc. Companies can also use AI to test in-store layouts and visual merchandising.
Remember the scene from Minority Report where Tom Cruise walks into a store. The iris scan gives information about the last purchase and directs him to the next possible one. The stores may encourage visits to certain areas based on previous purchases and buying patterns. They can also do this to take the customers to high-margin items.
So, can a salesperson be replaced with a predictive AI tool?
Maybe or maybe not, as salespeople are still needed as technology can’t replace human interaction. Or, can it? In either case, jobs in retail will be more for those who understand the predictive technology and can work in line with it.
Education has seen many innovations in the last few years, ranging from virtual classrooms to automatic graders to virtual career planning assistance. AI can impact this industry by speeding up the processes and turnaround times for institutions and educators. The entire gamut of evaluations, student responses, teaching aids can be assimilated in a unified platform and can be made accessible by everyone at all times. This helps educators to plan upcoming sessions effectively, measure the performances, and conduct one-on-one sessions to overcome the pain points. Yes, AI could add an extra pair of hands in the classroom.
With AI, the support system will be enhanced with chatbots answering the most common queries and offering guidance accordingly. Few cases that need a bit of handholding will be transferred to a human counsellor. This can be processed to the next level where AI can offer adaptive learning solutions based on the student’s current performance.
When a student asks advice to take up Law as a career, the automated AI system will put him to some tests and interviews to know his legal aptitude & awareness and suggests suitable options to pursue. This is akin to using technology to provide an individual support system which is quite cumbersome when done by humans.