Artificial intelligence has been a promising field in recent years, and despite the disruption 2020 has delivered, the opportunities around AI show no sign of losing their momentum. Though this technology can benefit a wide range of business sectors, developers should give three AI use cases, in particular, a closer look.
“I see promising opportunities for AI across a wide variety of sectors, but especially in higher education, healthcare, and financial services,” says Capacity CEO David Karandish.
AI in education
Classrooms are evolving, thanks to AI. Teachers will always have a place alongside pupils, but AI offers a collaborative solution, freeing instructors to adapt lessons and learnings to a student’s specific needs. This stands to improve success outcomes while leveraging the unique strengths of man and machine. AI can also step in to automate much of the admin-level minutiae that clogs up a teacher’s day. Just as machines already grade multiple-choice exams, AI will soon have the capability of evaluating open-ended questions, making teachers more available to spend time addressing students’ challenges and concerns.
Another AI use case for education is translating course materials into additional languages for non-native speakers or those with different hearing and visual abilities, offering equitable access to educational resources. Tutors might also find some competition from AI systems. Parents and tutors alike just might find artificial intelligence shouldering much of the burden from pupils seeking advice on tough homework problems.
AI in healthcare
The business of managing health and wellness is ripe for AI applications, too. Harvard Business Review says AI’s top 10 healthcare use cases could recoup $150 billion in savings by 2026, with robot-assisted surgery presenting significant promise. AI can also minimize medication dosage mishaps, reduce payment fraud, encourage participation in life-saving clinical trials and even aid in making a preliminary diagnosis. A virtualized version of nursing assistants could address the medical system’s burgeoning labor shortage and improve the quality of care.
AI in finance
Banks and financial institutions could benefit from an AI facelift of their own. Artificial intelligence can help make smarter credit decisions on marginalized or underserved populations, while machine learning is at the heart of increasingly sophisticated models that can uncover key trends with laser-like precision, home in on and mitigate risks, and de-risk the future. Because quantitative trading involves analyzing massive data sets at lightning-fast speeds, computers using artificial intelligence software can manage this job much more efficiently than mere mortals, helping banks make savvier trades and outmaneuver the competition.
Commonalities in AI use cases across the board
Despite AI’s wide appeal and applicability, Karandish says investors are demonstrating particular interest in certain subsets that are especially relevant for a year marked by coronavirus and social distancing. “As far as AI that’s catching the eye of investors lately, I’m seeing anything that enables virtual experiences to be a use case that consistently garners attention,” he says, pointing to remote learning, remote work and virtual travel as a potential goldmine for developers.
The CEO has some words of advice for developers considering where to start with artificial intelligence. “I’d offer that any startup developing an AI solution today needs a product that is resilient to our new economic reality,” Karandish says. “This is a non-negotiable as resilience and adaptability are key to thriving. Any company that refuses to adapt and is too rigid in its product is sure to fail.”
Developers might want to keep an open mind when searching for new talent to address AI use cases, however. “While it’s nice to have someone join your team with deep industry experience, it is not necessary,” Karandish says. “A great developer is adaptable to any industry, and they can bring along experiences from other industries to make the product even better.”