The transformative effect of AI across industries

The impact of Artificial Intelligence (AI) is expected to be about $13 trillion by the end of 2030, according to a recent McKinsey study, with over 70% of companies impacted by associated technology. This obviously translates to incredible opportunities across industries, and we are already witnessed a rise in the use of AI tools during COVID-19 as part of response efforts, monitoring patients and more.

So as companies and industries continue to adopt AI and integrate new solutions and technologies, what can we expect to see in terms of impact and transformation? The short answer is plenty.

At Bee’ah, we have invested in WastePro+, an AI-powered digital solution that streamlines our waste management operations from end-to-end. This platform enables Bee’ah to fully monitor logistics and control our assets at all stages, while optimizing our resources, increasing efficiency, and improving the emissions performance of our operations. Bee’ah has also invested in our new Headquarters, which is an AI-integrated office of the future. There are hundreds of AI use cases within the building, developed by Johnsons Control, Microsoft, and our own digitalization venture, EVOTEQ, which are designed to create an optimal work environment while optimizing the building’s energy and resource consumption.  

As an advocate for AI, I am excited about its wide-ranging applications and potential for change. In ‘Reimagining Businesses with AI’, a book I coauthored with industry expert Sudhi Sinha, we explored how AI can revolutionize important sectors and break down the expected change we can see in different fields. 

A more efficient healthcare sector:

AI will increasingly be used as part of diagnoses and treatment plans, helping to predict and manage health outcomes. With more personalized healthcare, the sector will have to reconsider its current pricing mechanisms, leading to changes in the financial models of healthcare sectors. 

Overall, the result will be increased tracking and transparency as well as more outcome-based pricing, where people pay for specific outcomes of the healthcare they receive. 

Other changes will include remote or distance health services, where expertise and resources are shared along a network as well as using AI-powered agents for long-term care and patient interactions, demand for more proactive community healthcare and integrating IOT devices and systems into healthcare facility designs and construction. 

A more empowered public sector:

A post-COVID-19 world will require more attention to public safety, health, and welfare. AI in the public sector can help in deciding more effective policies as well as increase efficiency of services. Not only will the use of AI help in boosting spending savings because of the improved ways of working but it will also be an important tool in economic recovery – leading to increases in GDP growth. 

Better integrated and more secure financial systems:

The fastest transformation will most likely take place in the financial services industry.

With personal financial clouds, fraud detection and ease in identifying money laundering, AI will be instrumental in creating more secure financial systems. With its use in customer service, loan management and sales management as well as customer service, AI technologies will also aid in a more seamless customer journey for companies and individuals. 

A personalised retail experience

Retail has been changing for some time now, but prompted by COVID-19, companies now have to navigate shifting business models as well as gain a deeper understanding of their customers and their unique needs. 

We can expect to see new mechanisms such as the store of the future and retailer of the future to allow for more personalised experiences and more D2C (direct-to-consumer) interaction. Using AI, we will also witness the rise of personal lifestyle clouds – a holistic view of each individual consumer as well as digital twins to stimulate existing business models. 

While it is abundantly clear that AI will disrupt modern day living and economic activities, it is important that we keep in mind the need to approach these technologies thoughtfully, creatively and in a manner that captures the most value. As the end of the day, while businesses will need to rethink and redefine their current business model to realize the immense benefits that AI can afford us, the payoffs promise to be considerable.