Big data and machine-learning already paved the way for a smoother operation of economic activities. In fact, the biggest upswings are yet to come since there is a brilliant potential of them. However, the AI and its sidekicks are not only trailblazer for industry but also service sector, too. Having recent developments in mind, service sector is in the verge of a big upturn thanks to wide usage of the AI.
Why Artificial Intelligence is a Revolution
As mentioned, deep learning process assists machines to develop an understanding of backstory of current operation; thus, analyzing and predicting the future moves become easy. Story is not different for the service sector case, where until recent times human control was mandatory. Fortunately, thanks to machine learning, the automation, now, does not have any constraint to analyze data, think creatively, and develop a strategy.
Broadly speaking, the biggest obstacle in front of the full integration of the AI into service sector was the technology’s lack of collaboration with peers (either human or machine). Additionally, “fresh” technology’s abilities were not fully integrated into the agent-customer-operation triangle; that is, the exact capabilities of the AI were not completely understood as it is today. Therefore, the door is opened with machines’ ability to speak with each other and learn from past actions. Fortunately, there are proportionally huge number of examples in service sector showing there will be more integration in the future since the AI enhances customer satisfaction, reduces cost of operation, and increases revenue.
Revolutionary Ways of Using the AI
Understanding the capacity of the AI could show a glimpse of future. Most of the operations in service sector requires repetitive actions that can be handled by an AI integrated system. In addition, cumbersome analyses and tiresome administrative work can be handed over to an AI system instead of a battalion of personnel. However, that does not mean that administrative duties are completely erased from the work list of humans . Instead, there will be more time allocated for those duties since tiresome operations are covered by the AI. With above-mentioned integration there are numerous ways of implementing AI to service sector such as (Stanley, 2018):
- Finance and Banking: with the ever-increasing transactions every day, finance sector is more prone to security breaches. However, with using complex models of deep learning, the AI can be utilized for fraud detection. Additionally, the integration of machine learning and IoT enables to analyze credit qualities and agent-customer interaction for better performance.
- Healthcare: by analyzing past examples and medical data, an AI enabled system can assist both medical researchers and patients.
- Retail and e-Commerce: through IoT, an AI system can propose recommendations by using predictive analysis tools so that customer experience becomes smoother. Additionally, it allows retailers to have 24/7 customer service for basic questions.
- Technology: by utilizing AI, firms now have translation engines, voice assistants and image recognition system that are widening the capacities of AI enabled systems.
- Education: through data analytics, writing assessments can be reviewed instantly with immediate feedbacks. In addition, adaptive machine learning technologies can utilize the way of teaching for the hard courses.
- Energy and Utilities: although the AI technology is newly implemented on energy sector, forecasting and predicting tools are highly utilized. However, the future implementation is more promising since the intentions are ranging from preventing electric failures to quick comebacks for disorderly events.
Future of the AI
The impact of Fourth Industrial Revolution gradually shows itself in almost every sector. Thanks to early investment, the manufacturing takes its share enormously. Nevertheless, once human-operator-mandatory service sector is now moving towards an automation paradigm, thanks to shifting power of Industry 4.0. In fact, the FinTech comes closer to stage with slow but daring steps. Almost every day, a new implementation of the AI, machine learning, and predictive analysis pops up for service sector, while finance sector is holding the flag.