From organizing our social media feeds to recommending the best shows and restaurants, artificial intelligence has become a routine part of our day to day. While these use cases are familiar, they’re only an intro to the possibilities for AI in the business sector. As associations look to get buy-in on AI's uses, looking at how it’s already being leveraged in industries like finance and healthcare can help associations see the possibilities not only for their members but also for operating more smoothly as an organization.
What You Should Know About AI: Business Applications
As Tamer Ezzat points out in his video, AI is hardly science fiction. In light of the pandemic, AI has been an integral tool for the medical industry – particularly in pharmaceutical production – enabling scientists to turn a decades-long process into a month.
However, the impact goes far beyond that.
- Healthcare – By analyzing massive amounts of patient data, doctors can more easily spot trends that lead to the early detection of life-threatening diseases. Similarly, they can use this information to detect issues even when no symptoms are present.
- Marketing – From email automation to AI-assisted content creation, marketers can do more with less. Also, easy access to data allows marketers to deploy ad campaigns, helping save money without impacting performance.
- Finance – Used to detect and flag suspicious transfers and charges, helping reduce banking fraud. Similarly, stock traders use AI to automate trades and detect trends, helping them adjust to sometimes volatile markets.
- Robotics – Manufacturing, assembly lines and packaging leverage AI to automate processes for improved efficiency. Although this may eliminate some jobs, the maintenance and development of robotics is another job-growth opportunity.
The Future Impact
Outside of accelerating growth and improving efficiency, AI also poses financial opportunities. According to PwC’s Global Artificial Intelligence Study, the technology can equate to a $15.7 trillion increase in the global economy by 2030, with 14.5% of that total growth happening in North America.
The sectors most likely to be affected include:
- Transportation and logistics
- Healthcare (particularly insurance and pharmaceuticals)
And why are they the most likely to be impacted? Because they have the highest levels of data and also are some of the most-used services. For example, with data focused on traffic patterns, accidents, navigation and advances in collision sensors, AI-enabled autonomous vehicles may be hitting the road in the next five to 10 years.
Preparing Your Association For the Future
Many of the industries above also have associations that represent them. From SAE International and its role in setting standards for the automotive industry to the American Healthcare Association using AI to educate physicians and hospitals on the uses of AI, there are plenty of opportunities for associations.
Two ways for associations to begin that path include:
- Having a fundamental understanding of what AI is and isn't.
- Experimenting with the tools and apps that exist already.
Your organization doesn’t need to be the expert in artificial intelligence integration, but your staff should understand the ways these technologies can disrupt the status quo for their given industries and members.
November 1, 2022