Artificial Intelligence: How AI is Transforming Traditional Industries

The Artificial Intelligence (AI) revolution has been unfolding for decades, but we're now seeing the technology enter into more traditional industries. Artificial intelligence is not just a trend reserved for Silicon Valley startups anymore; it's rapidly becoming an integral part of how businesses operate all around the world.

This article will explore some of the ways in which Artificial Intelligence is transforming traditional industries like travel, banking, and hospitality.

In this interview article, we will explore further advancements in AI technology.

Why does AI excite you?

Today, industries like e-commerce and finance profit from an ideal, pinpoint-accurate decision-making process carried out by sophisticated AI systems that consider a variety of variables, such as demand forecasting, continuous pricing, competition behavior, and so on. Meanwhile, in more conventional sectors like travel and banking/insurance, humans are still in charge of decision-making. Due to cost, time, manpower, and out-of-date technologies, it has been impossible to transition to more sophisticated technological systems with all their associated benefits.

Now, we are seeing more and more Artificial Intelligence integrated into traditional industries. This is a massive opportunity for startups and existing companies alike, as technology can significantly improve their business processes to become faster while maintaining the highest possible quality standards.

What are the trends in this area or products in this area that you are the fondest of? Why?

Well, we are seeing startups like Fetcherr, Argo AI, OpenAI , and more, provide deep learning AI technology that is capable of enhancing entire organizations by facilitating a relatively easy transition into more cost-effective, data-driven models in a matter of months.

Also, we are seeing more transparency out of AI systems in order to combat concerns that Artificial Intelligence might be acting on previous human data that is, in essence, biased.

What are the positive impacts they can have on society?

This means that Artificial Intelligence is well on its way to becoming a staple in many traditional industries as it allows organizations to be more efficient and profitable.

In addition, Artificial Intelligence provides exceptional accuracy rates, which makes it possible for companies to provide better services, leading to happier clients and more profits.

What are your predictions on how these technologies will evolve?

Traditional industries will have to adapt AI solutions, especially when we hear a lot about upcoming advancements in the Metaverse sectors. I think Artificial Intelligence will eventually become a standard feature in almost any sector.

It will be up to specific companies and corporations to trust and implement new AI-based products and services in order to be able to compete and provide a better service for their customers.

Shimi Avizmil, Co-founder and CTO of Fetcherr, with who I collaborate, said,

"The effect of AI on traditional industries is going to be apparent much beyond integrating AI capabilities, like vision and NLP, in products and services. Once AI takes control over the huge number of micro-decisions an organization makes, it not only reduces the HR costs of running the organization and not only enables considering new types of data points to reach optimized decisions. AI-based micro-decisions open a new world of business opportunities that did not exist before. Take, for example, the aviation industry, where at every moment, the AI will generate continuously endless proposed deals that combine seats, ancillaries, hospitality, and transportation bundles that are optimized and personalized to the higher granular level."

I think it will be super fascinating to see how traditional industries will evolve using AI.

What are your predictions on the ethics of future societies in relation to these technologies?

AI technology will have to be as transparent as possible. This means that any searches, opinions, and suggestions need to be biased-free.

Also, AI software will need to provide deep explanations on how and why they suggested what they suggested. There will need to be a human supervisor trained to make sure the technology has taken into consideration all aspects of the subject.