AI: How Different Industries Use It

From predictive analytics to intelligent insights, AI automates planning, optimises forecasting, and simplifies decision making processes. In this blog we dive into how different industries use AI to their advantage.

The role of AI in Business Operations

AI, or artificial intelligence, is the capability of a computer or robot to perform tasks typically requiring human intelligence. This includes reasoning, understanding context, and learning from past experiences. By simulating these human-like abilities, AI can solve problems, uncover insights, and adapt to new situations with remarkable efficiency.

Artificial intelligence transforms business operations by automating tasks, analysing data, and enhancing decision-making. AI drives operational efficiency by automating repetitive tasks, optimising supply chains, predicting maintenance needs, and delivering personalised customer experiences. It enhances decision-making with data-driven insights, strengthens cybersecurity measures, and streamlines talent acquisition. AI has become a transformative force across industries.

Microsoft Copilot is available to all for personal and business users alike, acting as a personal assistant supporting everything from handling mundane admin tasks to sparking creative ideas.

But let’s investigate how different industries exploit all that AI has to offer.

AI in Manufacturing

The global AI in manufacturing market was valued at $3.2 billion in 2023 and is poised to grow to $20.8 billion by 2028. This is greatly owed to the role of AI to help create highly efficient and streamlined manufacturing operations.

  • Manufacturers have begun to use cobots on the factory floors. Cobots work alongside humans performing a wide range of operations and even conducting quality checks.
  • Using machine learning and computer vision AI is capable of detecting flaws. AI not only automates inspection but also learns from production patterns to improve accuracy. Early detection of defects means reduced wastage, improved quality and more efficient processes.
  • AI algorithms analyse equipment and failures in real-time and collect data which is then used for predictive purposes. By doing so, downtime can be minimised, costs reduced, enhancing overall operational efficiency.
  • AI creates multiple product design for a single product. Engineers can input parameters such as raw materials, dimensions, weight, manufacturing techniques, and cost limits to generate and evaluate multiple design options. These designs are tested across various manufacturing scenarios to identify the optimal solution, significantly accelerating the design process and enhancing efficiency.

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AI in Automotive

  • AI-powered navigation offers optimised routes by amalgamating real-time traffic and road conditions.
  • AI is used to monitor vehicle data in real-time to assess the need for maintenance and predict failures. This proactive approach can ensure optimal vehicle performance.
  • AI-powered prototyping revolutionises the automotive industry’s rapid prototyping process by enhancing CAD rendering and improving prefabrication efficiency. It automates routine tasks, freeing designers to concentrate on innovative elements.
  • AI enhances demand forecasting by analysing economic trends and shifts in the business environment, allowing producers to adapt their output accordingly, aligning production with actual market demand.

AI in Supply Chain and Logistics

  • Preventing the bullwhip effect: AI-powered forecasting tools play a key role in reducing the bullwhip effect by analysing supply chain data. They synchronise demand and supply by utilising real-time inputs from various stakeholders, minimising fluctuations in inventory. This reduces stockouts and backlogs.
  • AI enables real-time tracking of shipments, delivering timely updates on delays or issues. Advanced algorithms analyse shipping data to anticipate potential problems and support proactive resolutions. By optimising delivery routes based on factors like location and traffic patterns, AI shortens delivery times, boosts operational efficiency, and ensures dependable deliveries, enhancing overall customer satisfaction.
  • AI-powered chatbots transform customer service by delivering instant updates on orders and shipments, answering queries, and resolving common supply chain questions. By automating these tasks, chatbots reduce manual effort, streamline support processes, and enhance transparency.
  • AI-driven supply planning enhances inventory management by analysing production schedules, sales trends, cost factors, and lead times to determine optimal safety stock levels and reorder points. This approach reduces the risk of stockouts or overstocking, leading to significant cost savings.
  • AI streamlines order processing and routing in logistics, boosting efficiency and reducing delivery times. By analysing customer demands and preferences, it creates detailed order profiles.

AI in Finance and Banking

AI is changing how accounting, data management, planning and strategy, controlling, and analysis work in finance by automating processes. AI tools are capable of quickly processing and analysing large datasets, enabling them to spot discrepancies far faster than humans. These tools can also identify patterns, predict future trends, and streamline processes like budgeting through predictive analytics.

  • AI is used in banking and finance to detect fraud by analysing transaction patterns, spotting irregularities, and flagging potentially fraudulent activities. Machine learning algorithms continuously adapt to new fraud techniques, strengthening the security of financial transactions.
  • AI automation streamlines financial reporting by analysing and presenting data from various sources to create accurate, comprehensive reports.
  • Debt management: AI systems analyse customer data and payment patterns to develop effective collection strategies, prioritise accounts, and negotiate repayment terms. This leads to improved collection rates and higher customer satisfaction.

AI in Legal Businesses

  • AI enhances legal research by analysing vast amounts of legal texts, case law, and precedents, streamlining the research process and providing legal professionals with valuable insights for better decision-making. AI efficiently processes and categorises large volumes of digital documents, emails, and evidence, ensuring a thorough review during legal proceedings.
  • Chatbots and virtual assistants provide instant responses to common legal queries, assist with legal processes, and enhance client communication. These AI-powered tools improve accessibility and streamline interactions.
  • AI analyses contracts to offer valuable insights for legal teams, supporting functions like opportunity identification, renegotiation, regulatory compliance, and preparation for strategic initiatives. By automating contract review, AI helps legal teams spot risks and opportunities faster, enhancing both operational efficiency and strategic planning.

AI in Property Management

  • AI algorithms determine property worth by considering historical data, local market conditions, and property attributes. This unbiased approach eliminates subjective biases, ensuring precise valuations for consumers, sellers, lenders, and investors.
  • AI-powered predictive analytics forecast property values by analysing market trends and historical data, enabling real estate professionals to make informed investment and pricing decisions.

AI in Healthcare

  • AI analyses X-rays and CT scans, improving diagnosis speed and accuracy for diseases.
  • By analysing genomic data and patient information, AI creates personalised treatment plans that improve effectiveness and reduce side effects. This approach compromises factors like a patient’s genetic makeup, lifestyle, and medical history to choose the best therapies, optimise dosages, and predict potential health issues, ensuring the best care possible.
  • AI algorithms help healthcare providers streamline medical documentation by automating the analysis of structured dictation. AI-powered systems can understand medical terminology and context, automatically updating records, suggesting diagnoses, and assisting with billing.

AI in Education

  • AI customises content and learning paths to meet the unique needs of each student, boosting engagement and improving learning outcomes.
  • AI enhances education by facilitating the creation of innovative content through tools like information visualisation and digital lesson generation.
  • AI enhances the fairness and integrity of online exams by implementing advanced monitoring and authentication methods to prevent cheating, while also reducing the workload on teachers.
  • AI can automate mundane administrative tasks such as scheduling, resource allocation, and student enrolment. With the help of chatbots and virtual assistants handling routine inquiries, institutions can significantly boost operational efficiency.

These are just some of the examples of how AI is used in different industries but, it is evident that the potential of AI to enhance our lives is boundless, offering transformative benefits across personal pursuits, professional environments, and educational platforms.

If you’re using AI for your business, bear in mind that AI technologies are inherently resource-intensive, often requiring significant computational power, memory, and storage to perform optimally. To fully harness the potential of AI and integrate it seamlessly into your workflows, it may be necessary to evaluate and upgrade your existing hardware and systems.

Get in touch with Syn-Star for a FREE IT Audit to ensure that your IT infrastructure is robust enough to maximise the potential of AI.

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Agnes Syn-Star Content writer

Agnes Molnar

Agnes is Syn-Star’s expert content writer, she has  Master’s degree in English Literature that provides a strong foundation in writing and critical thinking of everything she does.

Qualifications: Masters in English Literature

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