Chapter 5. Real-World Applications and Opportunities
One of the questions that I am asked most often is how AI can be used in real-world applications. This chapter is a high-level overview of real-world applications and examples of AI. In particular, the goal of this chapter is to show how AI can create real-world value and help inspire visions for AI innovation.
It’s worth noting that this topic could be an entire book in and of itself, so the goal here is for you to understand how the application types work at a high level and to provide one or more examples of how we can apply each one. Before getting into specific real-world applications and examples, let’s review the current state of AI and the opportunities available.
AI Opportunities
A 2018 McKinsey AI adoption report noted that AI has gained the most traction in business areas that generate the most value within a given industry, which in order of greatest to lowest adoption includes service operations, product and/or service development, marketing and sales, supply-chain management, manufacturing, risk, human resources, strategy, and corporate finance. Further, it showed that industries adopting AI in the greatest numbers from highest to lowest include telecom, high tech, financial services, professional services, electric power and natural gas, health care systems and services, automotive and assembly, travel/transport/logistics, retail, and pharma/medical products.
PWC estimates that AI may contribute up to $15.7 trillion ...
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