How AI is changing every industry (including yours)

CHATGPT AND AI

You've probably heard of ChatGPT, or at least noticed the name taking over your Twitter and LinkedIn feeds recently. It can be used for a variety of tasks such as drafting Instagram captions, simplifying research, finding bugs within code, or even finding recipes for that specific dish you've been craving.?

WHAT IS IT AND HOW DOES IT WORK

ChatGPT is a language model developed by OpenAI that uses machine learning to generate human-like text and is just the latest advancement in the field of artificial intelligence. Think of it as your standard Google search… just a lot smarter.? As technology continues to evolve, artificial intelligence is becoming increasingly integrated into our daily lives at home and in the workplace. AI-powered virtual assistants such as Amazon's Alexa and Google Assistant make it easier for people to manage their daily tasks and schedule. Additionally, AI-powered home automation systems are helping to make homes smarter and more energy-efficient.??

We are currently seeing as well as predicting major effects of AI in the way businesses are transforming across every industry. A study by PwC found that the benefits of AI could add $15.7 trillion to the global economy by 2030, making it crucial for companies to adopt the use of AI early on as it will allow them a competitive advantage as it starts to be used more widely. AI is driving the evolution of business, and for good reason.?

WHAT DOES THE USE OF AI LOOK LIKE ACROSS DIFFERENT INDUSTRIES

Despite its sci-fi like origins, AI isn’t only used for space exploration, space travel, or even high level coding. In fact, it is being used in many industries to improve the way they work on a daily basis.

- Healthcare

Today it is being used to help diagnose and treat diseases for the healthcare industry.?

AI algorithms are being used to analyze medical images, such as X-rays and CT scans, helping detect cancer and other illnesses with increased diagnostic accuracy.? AI-powered virtual assistants are also saving doctors hours every week on administrative tasks, allowing them more time with patients.

- Finance

In finance, AI-powered systems are being used to analyze financial transactions and identify patterns that may indicate fraud. Additionally, AI is being used to help manage investment portfolios, identify market trends, and predict stock prices

- Logistics

It is also being used to improve supply chain and logistics processes. For example, AI algorithms are being used to optimize transportation routes, reduce delivery times and improve the efficiency of warehouses and ports.? Predictive maintenance on machinery minimizes downtime, cuts down costs, and ensures more safety for employees.? Using AI-powered delivery drones can also save the global delivery industry billions of dollars anually.

- Staffing

As a digital staffing company, we at swipejobs have seen the benefits that AI has had in the staffing industry.? It can be used to more effectively streamline recruiting processes making it possible to have workers ready in minutes instead of days. With automated resume screening, workers can be matched to jobs that they’re most qualified for, increasing job satisfaction, retention rates, and productivity in the workplace. This saves HR departments time normally spent on sourcing and screening candidates as well.? Additionally, AI chat-bots have the ability to guide potential candidates through the application process seamlessly, predict future staffing needs.

WHY DOES THIS MATTER

While not perfect, artificial intelligence technology continues to improve and not implementing it in your business will simply set you back; in fact, with Microsoft investing $10 billion in Open AI, it’s safe to say it isn’t going anywhere any time soon. The current abilities of AI can already simplify numerous aspects of your business, saving you the time so that you can focus back on your business in ways only a human can.

At swipejobs, we’ve adopted AI as part of our staffing model which has allowed us to leverage its power to match the workers most suited to a job automatically, making it easy for them to get to work and our clients to get top talent regardless of the industry they’re in.? Thanks to this, we’ve seen that 94% of our workers are rated four stars or higher by companies we work with. Not only that but we’ve also seen how our platform has increased filled orders by up to 2.3 times more than the standard. The best part is that we’re just getting started!

Take it from us, capitalizing on this new technology could just prove to be the best thing for your business.

Sources:

PwC, "Sizing the prize: What's the real value of AI for your business and how can you capitalise?" (2018)

Forbes, "AI in healthcare: How artificial intelligence is transforming medicine" (2019)

Harvard Business Review, "The ethics of artificial intelligence" (2019)