In this article, we will look at the 5 industries being revolutionized by AI and automation technologies. We have also covered some interesting insights about disruptions in industries as a result of AI along with companies that have been at the forefront of these transformations in another article. If you are interested in reading about that along with a more extensive list, head straight to the 10 Industries Being Revolutionized by AI and Automation Technologies.
5. Legal
Exposure Score: 2
Consensus Score: 7
Average Score: 4.5
Automation has been utilized in the legal industry to streamline client intake through chatbots, automate data collection, and analyze past client data for targeted marketing. Virtual assistants powered by AI further enhance client interactions and provide 24/7 access to the firms. AI tools speed up legal research, assist in drafting legal documents, and can take over 25% of a lawyer’s daily tasks. Moreover, “judge bots” leverage AI to predict case outcomes that help attorneys make informed decisions and potentially settle cases without trial. It is one of the industries that benefits from AI.
4. Management
Exposure Score: 7
Consensus Score: 1
Average Score: 4.0
AI has been nothing less than a transformative force for management, especially project management owing to its productivity and prediction-making capabilities. It can generate highly complex and accurate schedules which can save time for project managers. AI-assisted risk log generation categorizes and ranks risks which also acts as an aid for less experienced project managers. AI also automates cost estimation, suggesting and distributing costs based on an S-curve. Thus, it is one of the biggest industries being revolutionized by AI and Automation technologies.
3. Business and Financial Operations
Exposure Score: 5
Consensus Score: 3
Average Score: 4.0
In finance, AI optimizes credit decisions by providing faster and more accurate borrower assessments. AI also aids in risk management by analyzing vast amounts of data and identifying potential issues. It particularly does wonders in fraud prevention, detecting suspicious behavior in real-time.
On the other hand, trading benefits from AI’s ability to process data rapidly and make accurate predictions. The personalized banking is also improved with AI-powered chatbots and voice assistants, while process automation reduces costs and boosts productivity for businesses around the world.
2. Architecture and Engineering
Exposure Score: 3
Consensus Score: 4
Average Score: 3.5
AI and automation have been a game changer for engineering and architecture fields by automating the building design process. Generative AI with generative machine learning along with combining symbolic computation, and mathematical optimization allow for accurate and efficient building designs. Architects and engineers can now explore design alternatives and optimize buildings while reducing costs and time to construct. Additionally, AI helps meet the rising demand for new construction amid talent scarcity. The transition to AI-driven design tools has enabled a consultative role for designers which has definitely boosted efficiently levels of professionals around the globe.
1. Office and Administrative Support
Exposure Score: 1
Consensus Score: 2
Average Score: 1.5
Administrative tasks are the industry with the highest amount of automation potential due to their repetitive and time-consuming nature. According to Gartner, by 2024, 69 percent of day-to-day managerial work is expected to be entirely automated. The revolution in administrative automation is only justified because it allows businesses to streamline processes, boost productivity, and free up human resources for more strategic tasks. By automating tasks like time tracking, scheduling, proposal writing, customer data management, invoice tracking, expense management, and project management, organizations can achieve significant cost savings and better overall performance.
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