Helping Businesses: 3 Industry-Specific AI Applications

Artificial intelligence is being incorporated in almost every industry, as all types and sizes of companies discover new and effective ways to use AI technology to help their business — from optimizing processes and improving customer experiences to driving innovation.

Here's a snapshot of how AI technology is implemented in businesses and organizations in three major industries.

Food and Beverage

AI technologies have seemingly permeated all sectors of the food and beverage industry, including manufacturers, restaurants and other food service providers.

"This powerful technology is making waves across every stage of the food chain, from farm to table, offering a plethora of benefits and shaping the future of the industry," says a report by Market.Us, as shared in a post by Yahoo Finance.

For example, food and beverage manufacturers are incorporating artificial intelligence to optimize production efficiency, enhance product safety, and develop new products. 

According to Market.Us, AI is playing a crucial role in the development of new food and beverage products. "It predicts flavor profiles and textures, leading to faster innovation to meet consumer demand,” the report said.

Further, according to the market analysis and research company, AI contributes to product development by generating new recipes and enhancing flavors based on consumer preferences and nutritional data.

Restaurants are adopting AI for improved customer experiences and operational efficiency.

“In terms of customer experience, AI facilitates personalized interactions, recommendations, and order management through chatbots and virtual assistants," reports Market.Us.

The AI market in the food and beverage industry globally is expected to grow at a compound annual growth rate (CAGR) of 43.7 percent by 2033 to $311.6 billion, reports the. The AI market in this sector was estimated at $8.3 billion in 2023, according to Market.us.

Healthcare

Businesses and organizations in the data-driven healthcare industry have had experience using AI technology and its reiterations over the years.

AI is available in various applications, from patient care to diagnostics and administrative tasks, including some specifically aimed at helping free up doctors and medical staff. 

“U.S. health systems are turning to AI-powered solutions to alleviate administrative burden and the resulting clinician burnout, which rose to 53% among physicians in 2023 compared to 42% in 2018,” according to Medscape’s 2023 survey. 

The survey said that most physicians (61%) cited the volume of bureaucratic demands as the chief reason for burnout. 

The demand for next-generation AI technology to help providers and medical staff has created intense competition for market share, including among Microsoft, Amazon, and Google, which all have solutions in this arena.

Microsoft's generative AI model, called DAX Copilot, addresses physician burnout and empowers clinicians to focus on delivering high-quality personalized care, according to Alysa Taylor, corporate vice president for Azure & Industry for the company.

DAX Copilot, she wrote in a blog post late last year, allows clinicians to draft clinical summaries automatically and securely in seconds from exam room or telehealth conversations for immediate review and entry in the EHR.

Financial Services

Like in other industries, the financial services sector is turning to AI technology to help with task automation and customer service, such as chatbot assistance. But businesses in financial services are also benefiting from artificial intelligence tech for fraud detection.

AI systems can analyze large volumes of financial data, policy data, etc., in real-time to identify trends and anomalies that may suggest fraudulent behavior.

"These algorithms can detect subtle patterns and correlations that might elude human scrutiny," a post by Insider Intelligence explains.

According to eMarketer research, the aggregate potential cost savings for banks from AI applications are estimated at $447 billion, according to the post by Insider Intelligence.

In the personal finance sector, AI use is partly driven by consumer demand for financial independence — tech solutions using artificial intelligence are helping businesses provide customers with the ability to manage their financial health.

“Whether offering 24/7 financial guidance via chatbots powered by natural language processing or personalizing insights for wealth management solutions, AI is necessary for any financial institution looking to be a top player in the industry,” the Insider Intelligence blog adds.