At Microsoft Services, Artificial Intelligence (AI) is already having a transformational impact across every industry. It helps scientists learn how to treat cancer more effectively and farmers to figure out how to grow more food using fewer natural resources. It helps employees at transportation companies predict arrival times or issues that may arise and helps nutritionists predict toxins in grains of food. To dig deeper into the business impact AI can bring to specific industries like manufacturing, retail, healthcare, financial services and the public sector, Microsoft partnered with The Economist Intelligence Unit on Intelligent economies: AI’s transformation of industries and societies.
AI’s Impact on Industry:
A common misnomer is that it takes a long time for AI to create an impact, but the reality is that it can take a matter of weeks for an organization to see benefits. There is tremendous opportunity for AI to augment human abilities across industries while capitalizing on unique human capacities for creativity and agility that are difficult for computers to mimics.
Top use cases are research and development (29.6 percent), predictive analytics (28.4 percent); and real time operations management (25.9 percent). A report last year from the research company ARK suggests that by 2025 the price will drop by 65 percent. For instance, ABB’s industrial robots, many that are on Microsoft Azure have created more than 200 solutions for manufacturers.
Health Care and Life Science:
Top use cases are risk management and analytics (22.5 percent); social engagement (21.3 percent); and knowledge creation (21.3 percent). Eventually, advances in AI will leave the clinical workforce free to focus on and solve were challenging problems like high-complexity diagnostics. For example, Adaptive Technology is using AI to decode the immune system and prevent disease.
The public sector has particularly high levels of machine learning adaption (34 percent), perhaps because of its commitment to make smart cities cleaner and safer and to help municipalities predict levels of traffic, pollution and crime. Most respondents expect AI-driven innovation in their country and industry over the five years.
Top use cases are predictive analytics (32.9 percent); and customer service (30.6 percent). Home improvement chain worked with Fellow Robots to deploy Love Bots, five-foot-tall autonomous robots powered by Microsoft Azure that scan shelf inventory and assist store personnel with inventory data, metrics and shelf intelligence.
The CEO of is the Center of any AI Strategy:
Judson Althoff, EVF of Worldwide Commercial Business outlined an effectiveness of an AI strategy comes with risks unless CEOs approach AI as a strategic imperative. A strong partnership between the c-suite and the IT teams developing the technology is essential for increasing the use of AI from smaller projects to broad usage. The leaders that leapfrog their competition will be those who embrace AI, transform operations, their markets, their industries, and their work forces.