Artificial Intelligence (AI) is not new. The term was first used in 1956 by a young math professor at Dartmouth College who had assembled a group of computer and cognitive scientists to investigate the prospect of machines that could think. Today, we are amidst the paradigm shift AI is bringing to economies and innovations across the globe. According to Fortune Business Insights, the AI industry is currently valued at $387.45 billion and is expected to reach $1,394.30 billion by 2029.

Regarding digital transformation, the COVID-19 pandemic provided an essential lesson for global business leaders. Perhaps the most intriguing is the potential that data analytics and artificial intelligence bring to the table. Resources were required to prepare for pent-up demand in sectors impacted by COVID-19, such as travel, hospitality, healthcare and other services. IBM's "Global AI Adoption Index 2022" revealed that over half (53%) of IT professionals report that their deployment of AI has increased over the past 24 months, indicating that the adoption of AI is continuing to rise. This percentage is substantially higher than in 2021 when just 43% of businesses reported that their firms were boosting their AI adoption in response to COVID-19.

Organisations worldwide are quickly gaining new advantages and efficiency from AI thanks to expanded automation capabilities, improved usability and accessibility, and a more extensive range of tried-and-true use cases.

The changing landscape of AI in industries

Traditionally, businesses would invest a lot of time & effort in determining the best way to strategise. However, without the newest innovations, businesses would miss out on exciting possibilities. As a result, the company would perform poorly, lose skilled workers and customers, and eventually go out of business.

The impact of AI can be seen everywhere. Its influence can be seen across self-driving vehicles, automated industrial machines, chatbots, and virtual assistants like Siri and Alexa. AI offers a plethora of brand-new opportunities with its capacity to analyse massive volumes of data for daily operations. Once taught, it can oversee a variety of everyday tasks. Additionally, businesses can focus on more complex business issues by replacing low-complexity mundane jobs with AI.

How is AI impacting industries in 2023?

As 2023 approaches, several industries are strategising for the year to match expectations and employing AI innovations to improve processes and increase productivity.

• AgriTech: In response to the rising demand in agriculture, farmers are employing AI models to increase the quality and quantity of crops. AI-enabled models considerably help in using data from the field, which can be used in various aspects of farming, such as crop health, moisture, reduced water usage and weather forecasting. The use of these AI-enabled machines has increased due to the efficiency they provide. These models also eliminate the need for humans, thereby reducing the possibility of errors. As the industries transit towards the digital model, the Indian economy will witness every detail about crops at their fingertips through technologies like LiDAR, Satellite Imagery, and many more.
• Healthcare: Organisations can see how the healthcare business has changed since the COVID-19 pandemic. By executing tasks that would, traditionally, be managed by people, in a fraction of the time and expense, artificial intelligence has made life less complicated for patients, physicians, and hospital managers. New advancements in AI-based medical technology simplify the patient experience and assist organisations in processing millions of data points more quickly and effectively. Robot-assisted surgery is another revolution in healthcare that will enable healthcare professionals to use AI and ML to help patients recover faster and with fewer postoperative issues.
•  Manufacturing: Industry utilisation of artificial intelligence is progressively rising. Businesses are experimenting with AI and automation technologies to increase operational effectiveness in manufacturing and product creation. For instance, through machine intelligence, learning, and speech recognition, AI enables computers to collect and extract data, recognise patterns, learn from experience, and adapt to new situations and surroundings. Additionally, AI will influence the Internet of Things (IoT). IoT will transmit detailed data to manufacturers and distributors to check for quality issues and potential failure drivers. This will make it easier to use enhanced generative design techniques to reimagine items more aligned with evolution.
• Retail: Artificial intelligence is becoming indispensable in how we use the internet to buy and do business. It is an essential part of the supporting infrastructure that brands and merchants rely on to interact with consumers, monitor trends, improve business choices, and offer the best, most individualised customer experiences. AI allows companies and merchants to stay competitive through precise predictions and clever upselling and cross-selling strategies. Instead of relying only on legacy metrics such as browsing history and prior purchases, a powerful AI-based recommendation engine, for instance, might offer highly relevant choices for comparable or complementary goods based on real session activity. Beyond suggestions, AI data solutions may assist brands and merchants in optimising their eCommerce merchandising so that the positioning of promotions and the order of search results are specifically catered to each visitor.
• Fintech: Traditional banking procedures are gradually being supplanted by digital ones as the fintech industry has continued to develop quickly. Leading fintech companies are implementing AI to help with various tasks, including risk assessment, fraud detection, and the provision of customised and pre-approved loan products. Fintech businesses in the loan industry have benefited dramatically from AI-enabled solutions. Lenders can now review applications more rapidly since the underwriting process, and credit risk evaluation have been automated.

Without question, the fourth industrial revolution is driven by AI. Organisations across industries can collaborate human consciousness and artificial intelligence to make the most for businesses effectively. Although it is difficult to foresee how AI will change the business landscape across industries in the upcoming years, we know its impact will be significant. Business executives are becoming driven to comprehend what AI means for them, and the future of their businesses as the technology develops, and its applications expand. Businesses that have adopted AI have already begun to gain from it. Companies that are still debating AI adoption—it's the time!

 Photo by Rob Lambert on Unsplash