Unless you’re tracking the Artificial Intelligence revolution at the macro level, you may not realise just how deep and far-reaching it has become. Not everyone knows how AI tools are reshaping the world. Many still think they’re just interesting chatbots that can answer most questions put to them. But there’s more going on, from streamlining content to automating code, and even aiding medical diagnoses and manufacturing processes.
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In fact, it’s been suggested that AI will determine economic outcomes for individuals and entire countries in the coming years. Entities that are better at utilising it than others will gain an advantage over their competitors and enjoy the benefits that this provides them.
Here, we’ll talk about the many ways that businesses are trying to gain such an advantage with AI. We will explore the transformation of entire industries by this technology and refer to specific applications in a number of sectors.
Healthcare
Healthcare centres are utilising AI in diagnostics, personalising treatment, and organising general operations. Radiologists use tools like Google’s DeepMind, Arterys, and PathAI to analyse CT Scans, X-rays, and MRIs quickly and accurately. There are also Point-of-Care tests supported by AI systems, which enable healthcare professionals to rapidly test patients on the spot.
Finance
Fraud has been a problem for financial institutions for as long as they have existed. Theft and illegal money transfers are a worry for such businesses as these incidents dent the trust that their customers have in them. These days, banks, insurance providers and FinTechs are increasingly adopting AI-powered systems to detect and track fraudulent activity within their systems. An example of a Nigerian solution in this category is Curacel.
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Retail
Retailers are using AI to provide personalised shopping experiences, predict inventory needs, and optimise logistics. For example, Salesforce Einstein is an AI layer within Salesforce that delivers personalised product recommendations and automates customer interactions through intelligent chatbots. AI also powers image recognition tools like Vue.ai, which allows online retailers to provide visual search and style-based product recommendations.
Manufacturing
AI is playing a major role in the shift toward smart factories—environments where machines learn from data and improve efficiency autonomously. One example of this type of technology is Siemens MindSphere. It’s an industrial IoT platform that collects and analyses data from manufacturing machines to predict maintenance needs and prevent downtime. There’s also Landing AI, which helps manufacturers identify defects on production lines using computer vision and deep learning.
These tools enable companies to reduce maintenance and replacement costs and extend the life of their equipment.
Education
While there are valid concerns about the misuse of AI in education, the sector has benefited from the technology in many ways. Grading software, documentation platforms, learning systems, and test-preparatory apps are often supported by AI, and they’ve gotten better as a result. Popular examples are Gradescope, Course Hero, and DreamBox.
Transportation
We are also starting to see the deployment of AI in transportation all over the world. In Lagos, the BRT system has integrated AI into its operations to optimise its schedules, routes, and fleet management. The Optibus software is a leader in this sphere. Elsewhere, vehicles are also being fitted with (or plugged into) AI platforms that automate some functions and support drivers. This second set of uses may not become a fixture in Nigeria for a while, but they are certainly in the offing for the near future.
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Conclusion
In this article, we have run through how AI tools are reshaping the world. In doing so, we examined 6 industries in which the technology is being rolled out. This list isn’t exhaustive, but it does highlight the speed and breadth of adoption we’ve referred to.
There are many ways that you could use AI to your advantage, regardless of the industry you’re in. The upcoming articles in this series will explain how.
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