AI in Manufacturing, Pharma, & Financial Services
Executive leaders need to examine practical use cases to put AI to work in their enterprise, informed, in part, by their industry.
by Jim Sinur
(Aragon Research) – Artificial Intelligence is buzzworthy, but the challenge is figuring out how to put it into practice inside your organization. This blog takes a look at two use cases for AI: automation and assistance. We provide an at-a-glance examination of how to leverage AI applications in the manufacturing, pharma, and financial services industries.
Use this blog as a guide to jumpstart ideas about how AI can help you reach your business goals faster.
The Benefits of Adopting Artificial Intelligence
Organizations that leverage AI have an advantage over those that do not. Deploying AI solutions will help executives get better insights about their products, processes, and customers. AI also enables organizations to best manage their limited resources, and apply their resources where they matter most. Adopting and deploying AI technologies to transform the business will help CEOs and executive leaders to:
1. Reduce costs
2. Improve time to market
3. Improve quality and service
Added benefits in specific industries will be enhanced employee safety and customer satisfaction.
In Manufacturing, Use AI to Automate Repeatable or Dangerous Tasks
Like the intelligent enterprise in the business and technology sector, the end goal for a manufacturing organization in the digital era should be an intelligent factory. AI has widespread potential in the manufacturing industry for a variety of tasks and processes. The first and most common one that comes to mind is in production.
Embedded into robots, AI can be used to complete tasks deemed as dangerous for humans. In special purpose robots, it can save labor over the long haul. This contributes to increased speed, precision, and enhancement of employee safety.
- Available solutions include: GE Digital's Brilliant Manufacturing software.
In Pharma, Use AI to Automate Quality Assurance or Drug Discovery
Cross-company quality assurance jobs in pharma provide a great opportunity to leverage AI to improve both quality and compliance.
- Available solutions include: Genpact's Pharmacovigilance Artificial Intelligence (“PVAI”) solution; Pegasystem's Pega Pharmacovigilance.
In drug discovery, AI can accelerate the time it takes to bring a drug to market and help increase the likelihood of a drug succeeding in the trial process.
- Available solutions include: Exscientia.
In Financial Services, Use AI Chatbots to Assist Customers
AI chatbots are software components that use Natural Language Processing (NLP) technologies and machine learning to provide a conversational interface to applications. Input to an AI chatbot may be in text or speech. In the financial services sector, using AI chatbots can improve your customer experience by assisting clients as they navigate your systems.
AI chatbots work best when applied to a specific task. Examples of the specific tasks they can be used for include wealth management, detecting fraudulent activity, and providing important real-time updates to clients relevant to their account.
- Available solutions include: Chatfuel; Rulai.
Before deploying any solution, it is important to understand the transformative potential of any AI investment, and what parts of the AI technology stack you will need to achieve your goals. The good news is that due to the rapid maturation and availability of AI solutions on the market, for multiple industries, the time to and cost of getting started is low.
Aragon Research can help you jumpstart the AI implementation process based on your goals and industry. Contact us to get started.