Artificial intelligence (AI) is the present-day reality reshaping industries across the globe. AI is driving unprecedented levels of efficiency and competitive advantage, but with rapid advancements come complex challenges: How can businesses leverage AI to support digital transformation initiatives? Which AI strategies yield the best results? What does the future hold for generative AI in industry?
In a recent panel discussion with The Business Reporter’s DigitalTransformationTalk, Baker Tilly’s Dave DuVarney, Principal, Peter Pearce, Principal, and Mark Brewer, VP Service Industries at IFS, offered a comprehensive view of AI’s transformative impact for businesses navigating the industry landscape .
The multifaceted nature of industry AI
Applications of AI extend far beyond the generative AI use cases that have recently captured public attention. Below are the several classes of AI applications that are making significant impacts across industries:
- Content generation goes far beyond simple text creation. In industrial settings, AI can automatically generate comprehensive reports, summarize datasets and make recommendations
- AI driven recommendations are based on complex analysis of customer data, historical interactions and market trends and can prompt human operators with suggestions for strategic decision-making
- Anomaly detection is particularly crucial in manufacturing and maintenance scenarios. Over time, the AI system can track when a machine is likely to fail catastrophically, allowing for preemptive maintenance and significant cost saving.
- AI can augment traditional forecasting methods and also run complex stimulations by incorporating a wide variety of data points
Real-world applications and results
As AI technologies mature and become more accessible, organizations across various sectors use innovative ways to leverage these tools to solve complex problems, streamline operations and create new value. What’s particularly striking about the use-cases is not just the immediate operational improvement they demonstrate, but also the ripple effect they create throughout the organization, fundamentally changing problem-solving and decision-making approaches.
