How AI is Reshaping Industries

Artificial Intelligent (AI) is increasing productivity at an incredibly rapid pace. In our attempt to adjust to these changes and navigate the future of AI, Bill Gates advises people everywhere to read, be curious and use the latest AI tools. In line with his train of thought, this article sheds light on how Artificial Intelligence is already transforming key industries. More specifically, it looks at:

• The people focused role Artificial Intelligence helps Human Resource teams achieve
• How AI is impacting Healthcare in drug discovery, patient diagnosis and staff workload.
• The much-needed administrative assistance Artificial Intelligence brings to the legal sector
• How Artificial Intelligence transforms the operations of financial institutions and
• The role of cybersecurity in mitigating the challenges Artificial Intelligence adoption.

The Human Resource Game Changer

Every Human Resource (HR) team has an incredible opportunity to lead the way in AI. Firstly, HR teams can ready their organization’s workforce for AI transformation by encouraging a culture of continuous learning.  Thus, they can provide support systems such as regular training sessions or a learning hub. Additionally, they can encourage employees to try out AI tools in their roles. This will greatly help with upskilling and reskilling processes and help soften any fears that AI will replace them in their roles. By communicating the value of Artificial intelligence in the workplace, HR teams can successfully plan for the creation of new jobs and manage AI implementations successfully.

The second way HR teams elevate their operations with Artificial Intelligence is through predictive analysis. For example, AI tools can help identify high cost and benefit claimants and forecast low employee productivity rates due to illness, disabilities or absenteeism. Furthermore, they can predict employee retention and exit rates. Having workforce intelligence through Artificial Intelligence enables HR teams create interventions that reduce employee practices that negatively impact businesses.

Lastly, AI tools help in talent management. They help recruiters write job descriptions; screen resumes, generate interview transcriptions, and meeting summarizations. Again, they serve as virtual orientation assistants that guide new employees through company onboarding processes at their own pace. This greatly reduces the likelihood for bias and increases efficiency in the hiring process.

AI in Healthcare

In fact, with over four billion people lacking access to essential healthcare, Artificial Intelligence could have come at no better time. When used for diagnosis, The Havard school for public health predicts a 50% reduction rate in treatment costs and a 40% improvement rate in health outcomes. Today, AI tools can interpret brain scans with twice as much accuracy as health professionals can. Additionally, they can more easily identify bone fractures than humans can. Moreover, Artificial Intelligence significantly reduces the need for certain clinical trials in drug discovery. This is because their algorithms can search and analyze large datasets to discover and predict potential drug potency.

Still, Artificial Intelligence can detect the early signs of more than a thousand diseases before patients are even aware of the symptoms. As a benefit for healthcare workers, AI tools can transcribe medical documents, thereby, providing more accurate medical documentation. Lastly, it can streamline several administrative tasks which means health professionals have more time to focus on patients.

 The AI Legal Assistant

Instead of replacing legal professionals, Artificial Intelligence integration into the legal profession creates new opportunities. For example, AI solutions can gather and analyze legal information from various sources in a fraction of the time paralegals use. It also saves time spent on drafting legal contracts, writing memorandums and attorney documentation. Additionally, AI it helps with litigation strategy. It reviews relevant legal data and judges’ actions, then indicates the likelihood of attorney success on a particular subject.

Yet another significant contribution of Artificial Intelligence to legal practice is its ability to deliver justice to those who may not be able to afford it. For instance, charitable legal aid groups use AI virtual assistants to provide primary legal advice to underprivileged communities. Ultimately, Artificial Intelligence for legal work ensures higher accuracy and comprehensive document analysis resulting in higher work value for clients and their legal representatives.

Reshaping Financial services

In the coming years, Artificial Intelligence will significantly transform how the financial sector operates. According to a survey conducted by Coleman Parkes, 90% of financial service executives have seen an improvement in internal processes post AI adoption. This has led to improved employee experience and job satisfaction rates. Specifically, executives report improvements in risk management, compliance and operational costs.

Early adopters like JP Morgan Chase and EY have found that, Artificial Intelligence can detect and prevent fraud in real time. Additionally, it can perform faster and precise credit worthiness assessments, streamline loan approvals and offer 24/7 always on chatbots that provide around the clock customer service. Notwithstanding, there will always be the need of human oversight to ensure accuracy and fair judgement. Yet still, the embrace of Artificial Intelligence will restructure how financial institutions do business in future and guide their priorities.

The role of cybersecurity

Along with these benefits comes challenges. Top concerns for AI adoption across all industries are data privacy, security, accuracy, bias, confidentiality and ethical judgement.  Cyber professionals have a responsibility to support organizations mitigate these concerns through encryption and authentication protocols, regular auditing and testing, content filtration and appropriate personnel training. You can read more on this in my previous article, Skills Cybersecurity Professionals need in the AI Era. 

What now?

As can be seen, artificial intelligence boosts efficiency and productivity through time savings and automated tasks. it’s proactive workforce management strategies ensure the implementation of preemptive measures before potential issues emerge. It also reduces the burden on health workers and makes the legal and financial profession less costly.

Whatever your area of expertise, you will feel the impact of Artificial Intelligence. So as Bill Gates advises, try out AI tools, be curious about the latest technology trends and keep reading!