Slowly, but surely, AI use is rising across industries

Slowly, but surely, AI use is rising across industries

Context:

• Artificial Intelligence (AI) has been subjected to debates including concerns around machines overtaking, or even replacing, the human workforce.

Expanding boundaries through Artificial Intelligence(AI):

• According to the IDC Cognitive User Adoption Survey (2017), an overwhelming majority of Indian organisations (nearly 70%) — have either adopted or have plans to leverage cognitive capabilities in the next 18 months.
• Currently, one in five organisations has already deployed cognitive systems.
  The telecom, technology and banking industries are frontrunners in adoption.
• State Bank of India recently announced plans to leverage AI for its integrated platform, YONO (You Only Need One).
• The healthcare industry relies on AI to fine tune the accuracy of medical predictions, and accordingly choose a fitting line of treatment.
• Retail is another, and more obvious industry, where AI has found a strong foothold.
• E-commerce firms depend on AI tools to detect malpractices, improve conversion ratios and foresee consumer buying patterns.

Challenges faced by Artificial Intelligence(AI):

• One of the biggest roadblocks in the active adoption of AI is the sheer scarcity of skilled professionals.
• Further, since the skillset of a data scientist needs to constantly evolve along with technology, the demand-supply gap is only growing further.

Conclusion:

• Overall, industries are expected to experience more AI use cases in the near future — from digital shopping assistants in retail to carefully curated teams in sports, and factory automation systems in manufacturing.