The global economy is transforming into a digital economy.
What started out as an idea with potential has now turned out to be a powerful force that has disrupted all industries across the globe.
Today, more companies are using and becoming familiar with the implementation of Artificial Intelligence in their digital transformation processes, as it has proven to have great potential for growth.
The dependence of digital transformation on AI is of the utmost importance, as it can help companies accelerate their digitization processes. Artificial Intelligence is waiting, in unsuspicious serenity, to pounce at us as the next disruptive technology.
Although digitally mature, larger businesses have been known to adopt AI in their core activities, and any brand, firm, or government undergoing the digitization process can tap into the potential of AI to make their digital transformation smoother, faster, and much more efficient.
When it comes to automation and digitization, it’s not just about following the industry trends blindly. Large assets of the company are at stake, colossal efforts are required by the management, expensive resources are used, and a company may bring in global experts to fabricate the most efficient strategy that it could find.
AI and ML are already shaking up the world by breaking through all industries in the world, bringing in effects that are only becoming more and more pronounced with each passing day.
The smart companies are gaining a stark competitive advantage by integrating AI in their digital transformation
When it comes to digitization through adopting AI, bigger is always bolder. Researches have shown with solid evidence that the companies that are quickly adopting AI into their business solutions have shown ten folds of better results than companies that are slow and experimental with adopting AI — simply because early adopters tend to become serial adopters.
AI has to be included in the complete cycle of digital transformation. While undertaking AI-powered digital transformation, companies have to remember that they can’t take up AI just in the beginning or the end of the process.Â
The worldwide management consulting firm, McKinsey, recently published a few industry case studies that demonstrated the disruptive potential of AI, and their report suggests that firms that combine strong digital capabilities with robust AI adoption and a proactive AI strategy see an outsize financial performance.
There are several examples and several ways through which the healthcare industry can exploit AI in order to make their digitization processes quicker, and at the same time, bring faster results.
When one thinks of AI in digitization, scanning of medical reports and pharmaceutical documents are all that come at the top of our mind. However, digitization of healthcare is so much more than that. It includes designing digital tools like Babylon and GP at Hand, which take all elements of a mental health professional, convert it to an app in your phone, and offer just as effective results.
Having access to a wide range of medical practitioners and top notch encryption techniques, incorporating AI in the digital transformation of the healthcare industry can resolve a patient’s critical questions of privacy when it comes to their physical or mental health data.
AI has shown to enable preventive medicine as well. AI-powered health apps enable healthcare providers to dramatically accelerate the shift toward personalized preventive medicine.
In short, AI makes healthcare superhuman and more trustworthy.
Financial services and capital markets are on the brink of a major transformation. This type of revolution that the fintech industry is going to go through was only last seen during the era of computers and the internet.
This new age of game changing technology in financial services industry was seen to emerge in early 2017, and it has strengthened significantly in 2018.
