How AI and data science innovations impact these critical industries can very well shape the year’s overall resilience to socio-economic challenges
We are at a stage where the possibilities of AI use cases are endless and will only continue to grow.
There are three key industries where AI can maximize operational efficiency, reduce risks, and ultimately optimize revenue: namely financial services, smart cities, and power utilities.
The financial services industry is likely to embrace and spend the most on AI. Above all, the banking sector is expected to invest in AI systems to support fraud analysis, risk monitoring, investment proposals, and in particular, lending approvals. AI-enabled solutions can benefit businesses through digitalization and automation, and also improve the well-being and livelihood of communities.
As the financial services sector rapidly moves toward a tech-driven ecosystem, data and hyper-personalization are two vital elements that businesses need to prioritize. With that said, more banks in APAC are expected to leverage AI and automation technologies to support them in making data-driven decisions and providing personalized customer offerings.
Despite the significant potential of AI within the financial industry, top considerations as we move into 2023 are the trustworthiness and ethics of its use. In line with the evolving regulations, these considerations remain important aspects to be addressed amidst the transformational effects it has for businesses and customers. With demands for fairness and equity, AI adoption and integration into society must be a careful balancing act, with a responsible approach that reflects trust and transparency.
Deploying AI for smarter smart cities
Besides financial services, the adoption of AI-powered solutions deployed in cities will also continue to climb as municipal governments strive to address the most urgent issues. Not only can AI-driven technologies help manage water systems, street designs, traffic control, and parking, but the adoption of blockchain can further address smart cities’ loopholes. In particular, AI is expected to help provide secure mechanisms for storing and validating vast amounts of data.
For example, data science and AI-enabled predictive modeling tools can enhance one of the most traditional sectors: cement manufacturing. Such tools can be used to optimize cement production while maintaining consistent product quality. On top of enhancing operational efficiency and resource management, AI can be used to reduce carbon footprint in the cement manufacturing process.
Another budding area for AI use in smart city development is “ambient intelligence”. It provides a dynamic environment that can adapt to a person’s presence, identity, needs, and even surrounding activities. By incorporating AI-powered sensors and other tools, ambient intelligence can be used to seamlessly integrate in many physical places (homes, workplaces, public places so forth) and support the storing of essential data. Yet, it is important to note that the delivery of this technology will require data exchange across various industries, sectors, and borders — which is another concept that is likely to be broadly adopted in the near future.
Ensuring power grid resilience
As APAC is home to some of the world’s most rapidly expanding economies, many markets in the region are working to meet the increasing power demand.
Growth in smart energy processes is strong, and power operators in the region need to recognize the many advantages of leveraging advanced equipment and technologies when it comes to transmission and distribution of utilities amid high costs.
With APAC’s extreme and varying weather conditions exacerbated by climate change, coupled with the growing demand for electrification of transportation, the adoption of dynamic grids and more intelligence-based approaches may be the key in tackling these challenges.
AI-powered solutions can help the power industry maintain assets and ensure power reliability. Through satellite imagery and machine learning, this technology can be used to enhance the planning and execution of operations that lead to fewer power outages and improved safety. The integration of advanced approaches will not only reduce operational cost and secure key energy assets; it will also strengthen industry resilience and increase customer satisfaction.
Harnessing the potential of AI in 2023 and beyond
There is no denying that next-gen technologies will play a key role in advancing business innovations and growth, and AI adoption will skyrocket in the coming years.
When it comes to using AI to improve lives and the communities we live in, the possibilities are unlimited. Applications of AI will transform how businesses across various industries operate and contribute to society. Concurrently, AI systems and solutions should be built around ethical principles to ensure an equitable outcome.
The worst thing any firm can do right now is to sit idly as the revolutionary potential of these technologies continue to ramp up.
Implementing digital changes within the enterprise should be as simple as “pressing start” – this is an opportunity no organizations should want to miss.
