How AI is Affecting Your Sector

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about 2 months ago by Sophie Stones

How AI is Affecting Your Sector

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When it comes to AI and the job market, in the past, the majority of worries centred on the connection within so-called ‘un-skilled jobs’, such as factory work. Imagining machines such as those that made Mr Bucket redundant in Roald Dahl’s Charlie and the Chocolate Factory, people occupying high-skilled roles have been unconcerned with AI, just as these technologies have slowly taken over the office.

In fact, a study conducted late last year, at the Bookings Institute, discovered that rather than just affecting blue collar workers, AI will in some way influence more than 95% of jobs. These numbers, however, aren’t to be feared but rather celebrated. Streamlining processes and possibly even creating jobs, AI is set to transform industries and the services they provide…

Travel

In the traveling industry, AI is already helping to optimise sales and prices, whilst preventing fraudulent transaction. Similarly, in the transportation industry, many of us are already utilising AI technologies in self-parking and cruise control features. AI is set to completely revolutionise travel and the roles of those who work within the sector, not only through fully automated vehicles but also, as gen-z age, through the implementation of more personalised processes when booking trips.

Education

Freeing up teachers to focus on other activities, automatic grading is taking over an already disliked activity. It is also hoped that as the technology advances and moves beyond simply correct and incorrect answers, into subjects such as English which require more processes, that we will be able to eradicate any unconscious bias from grading.

Finance

Like with education, the introduction of AI within the finance sector is helping to reduce human bias. Possibly one of the most affected sectors, AI processes are allowing for faster, more accurate assessments of potential borrowers, at a lower cost. Process automation has also allowed companies to cut time spent on high frequency repetitive tasks, with Ernst & Young reporting a 50-70% cost reduction for these types of duties. Fraud, such as money laundering is set to be reduced drastically through the implementation of AI, with case studies already showing a 20% reduction in the investigative workload. With AI rapidly changing the finance landscape, we can expect more personalisation of the financial process, a higher rate of transparency, increased account security and more and more finance-related apps on the market.

Agriculture

Rather than having worries about AI destroying their sector, those working within agriculture are hoping that technology will be able to save it. With a shortfall of labor, automation of processes within the agriculture process are being welcomed with open arms, helping to reduce shortages within picking and packaging roles.

Healthcare

AI has infinite possibilities within the healthcare sector and for this industry there is very little, if any, pushback. Giving medical professionals the ability to speed up the process of predicting diseases, identify high-risk patients easily, automate testing, improve drug formulations and even conduct DNA analysis, AI could help to keep us all healthy and allow doctors to treat more patients in a quicker timeframe.