{{announcement.body}}
{{announcement.title}}

3 Industries Where AI Is Supercharging the Customer Experience

DZone 's Guide to

3 Industries Where AI Is Supercharging the Customer Experience

See three industries where AI is supercharging customer experience.

· AI Zone ·
Free Resource

Artificial Intelligence (AI) has the potential to revolutionize almost every industry, and it’s already seeping its way into most. The technology allows people to work differently and more effectively, providing a better result for the consumer. Another result of AI implementation is an overall better customer experience.

AI is already dramatically changing industries such as manufacturing, retail, and finance. The customer experience, which most have probably realized, is improving. Other sectors are slower to change, but the AI implications are still there. Here’s a look at how artificial intelligence is already improving the customer experience across different verticals and which industry will be next.

Manufacturing

AI-enabled predictive maintenance creates smart factories that deliver high-quality results. Smart factories have reduced downtime from equipment failures, which Boeing found to be rampant (up to 85% of equipment fails despite regularly scheduled maintenance). While this seems like a bonus for managers and owners, it truly benefits the consumer as well.

AI mitigates risk in the supply chain. Thinking about food production, a halted supply chain can lead to contamination, which means recalls and potential illness for consumers. Predictive maintenance, or tracking when machines need replacement before they break, reduces this risk. AI also helps track and manage inventory, which means products don’t spoil before they reach their final destination. For the consumer, AI ensures quality food and unharmed products reach them in a timely manner.

Retail

Across the country, customers are experiencing a new way to shop thanks to artificial intelligence. Lowe’s, for example, is testing and rolling out LoweBot, a robot that helps customers navigate the store.

But it’s not just in-store experiences, AI chatbots are also making it easier for customers to get the information they need and fast — in the retail industry and beyond. These AI-enabled chatbots are continually learning and improving, with each iteration making navigating the retail experience even easier.

Of course, retailers have some of the earliest use cases of AI to engage consumers online. By using what products consumers have viewed, what is in the shopping cart, and past purchases, AI predicts other products that the consumer might be interested in. These are recommendation engines.

Finance

Banks can’t seem to get enough data scientists, as big data mitigates risk and automates processes internally. For consumers, AI is already helping them make better financial decisions. Data scientists can create models that use customer financial information to predict the best investing decision. More people can access this information that was once a one-on-one meeting with an individual representative going through financial history. Now, people can view banking information and future trends easily.

AI also keeps the consumer’s information safe. Data scientists are continually creating and upgrading models that detect malicious behavior. This technology means fewer attacks and better security for customers.

The AI Potential for Customer Experience: Healthcare

The potential for AI-powered technology is endless. But one industry on the brink of an AI revolution that would make life much easier for consumers is healthcare.

The biggest problem for most consumers when it comes to healthcare is cost. It’s incredibly expensive to access quality healthcare in the US. AI might just be able to reduce costs and improve care simultaneously.

PWC study found that 54 percent of Americans would feel comfortable interacting with an AI or AI-powered robot to “answer health questions, diagnose your condition, and recommend treatment.” It’s not just a “robot” doctor that will make accessing health information easier; AI has the potential to reduce readmissions by virtually tracking patients after treatment.

Some suggest that AI can detect cancer better and faster than a human doctor, which means early detection and treatment. Furthermore, this technology can safely speed up clinical trials, getting better drugs and healthcare options on the market.

Lastly, but certainly just as important, the AI wearable market in healthcare is astounding in its capabilities. This life-saving technology could detect irregular heartbeats simply by wearing a watch and help doctors view holistic data about each patient. While these devices will be incredibly expensive, as more adopt the technology, it will hopefully become an affordable way for consumers to track and improve their health. Plus, it should reduce costs for the consumer. AI applications could potentially save healthcare organizations $150 billion annually by 2026.

Healthcare has many possibilities, but it’s expensive and takes a lot of resources to implement AI in doctor’s offices and hospitals. The “smart hospital” could revolutionize surgeries and patient stays, but this industry is more traditional, perhaps slower to change, and does not have as many resources as others. As more technology companies partner with healthcare providers, however, this will likely change in the coming years.

Consumers Benefiting From AI

Most attention is given to the customer experience as it relates to marketing and advertising; how AI will allow for better service and a more personalized approach. This is true and already happening as AI makes more accurate predictions and can better forecast trends. Whether realized or not, consumers are benefitting from AI implementations across manufacturing, retail, and finance. These industries will continue to invest in this technology, making further improvements.

Topics:
big data ,machine learning ,ai in finance ,ai in healthcare ,artificial intelligence ,ai

Opinions expressed by DZone contributors are their own.

{{ parent.title || parent.header.title}}

{{ parent.tldr }}

{{ parent.urlSource.name }}