AI implementation may help some firms to boost revenue, their operating efficiency or their margins. However, there are more specified Below are specific expectations brought out by the industry players to the survey conducted by The Economist Intelligence Unit (EIU):
Better user experience – Health Industry
Many executives, especially those in health sector, expect better user experience through AI. For instance, healthcare companies are today using AI to deliver self-service diagnostic services to users. Users benefit from faster diagnosis; GPs stand to benefit also—from shorter queues and thus more time to spend with patients.
Better decisions should be the result – Financial Services Industry
More accurate decision-making is another desired outcome, a benefit particularly sought by financial services providers. AI-driven algorithms are actively being put to work now, for example, in equity trading and some areas of investment management. AI’s advantage, says one trader interviewed for this study, is about the accuracy of investment decisions rather than about their speed. Deliberate but more accurate decisions should ultimately mean better returns and reduced risk.
Efficiency and flexibility gains beckon – Retailers and Manufacturers
Executives from these sectors seek improvements in operating efficiency as their chief benefit from AI. Manufacturers’ efficiency gains may initially be realized not on the production floor but in areas such as predictive maintenance and product design. Some retailers, are putting ambitious plans in place to streamline logistics and delivery with the help of AI technologies.
Source: The Economist Intelligence Unit (EIU)