Yet artificial intelligence is capable of more. Initial use cases have been found for AI-supported systems that enhance care – for instance, in the development of customized offers for patients suffering from chronic diseases or for identifying clinical pathways that fail to adhere to guidelines. Another example is the use of AI in the manufacturing industry to increase efficiency. McKinsey estimates AI techniques have the potential to create between $3.5T and $5.8T in value annually across nine business functions in 19 industries. Potential use cases for AI (some of which are already being trialled) include: Source: Mckinsey. This includes emerging areas such as drone deliveries and automated vehicles. Artificial Intelligence (AI) will strongly shape our future prosperity and well-being. The IoT, which places sensors on raw materials, components and products, is … Book Review: Author: Publisher: Friday, December 07, 2018, By Katherine Heires. Autonomous driving and transportation, for instance, is one such category. Improving investment performance continues as a primary goal, with AI facilitating the use of unstructured alternative data sets. Risk Management Among Leading AI Use Cases, McKinsey Finds. But what about government? Learn from the best. Initial use cases have been found for AI-supported systems that enhance care—for instance, in the development of customized offers for patients suffering from chronic diseases or for identifying clinical pathways that fail to adhere to guidelines. ... 4,5,6 McKinsey AI Report, 2017 ; Based on HPE Nimble Storage’s installed base . Indeed, McKinsey estimates that AI could potentially deliver up to $1trillion of additional value each year. McKinsey’s Global AI survey has found that the use of artificial intelligence (AI) in automating business processes has increased by 25% year on year, yet a number of sectors are struggling. McKinsey AI Report, 2017 . AI in transportation and logistics allows saving time and money due to the automation of time-consuming processes. McKinsey survey: AI boosts revenue, but companies struggle to scale use . Advertisement. In fact, McKinsey lists some 400 use cases representing $6 trillion in value across 19 industries in which AI will augment human work. By Katherine Heires . AI use cases in operations and supply chain management are growing. McKinsey uses their AI Readiness Index to provide insight into how countries perform in relation to each other. McKinsey estimates that companies might gain $1.3 trillion to $2 trillion per year from integrating AI in the supply chain or manufacturing. AI is not an end goal itself. Global pharma companies use AI Opportunity Landscapes to find out where AI fits at their company and which AI applications are driving value in the industry. FOLLOW HPE. Drawing on McKinsey Global Institute research and the applied experience with AI of McKinsey Analytics, we assess both the practical applications and the economic potential of advanced AI techniques across industries and business functions. This potential for AI regarding social good and the SDGs is illustrated by this said study by the MGI, which by November 2018 had identified as many as 135 cases of AI use worldwide that support the SDGs. Anthem. The fourth area of focus is to identify “application domains”, the contexts in which AI is being used, and collect “representative use cases”. Figure 4: Few functions have implemented AI at scale Scaled implementation is highest in Digital/Mobility Services, followed by Information Technology and Manufacturing. McKinsey is the gold-standard for presentations. In terms of AI as a tool to cut costs, the leading use cases were talent management optimization, contact center automation, and warehouse automation. McKinsey predicts that automation can speed up claims processing by as much as 30%. Over half of respondents who report adopting each of those say the use of AI in those areas reduced costs.” IF THEN bottom line. intelligence (AI) strategy • Investor-like approach to funding AI use cases • Dedicated AI leader with strong Analytics Interpreter bench Fragmented data storage and tech limitations • Shared, inexpensive computing resources • Investment in data infrastructure and storage systems • Strong data governance for quality and traceability In “AI use cases in action," we highlight some real-life examples of function-based use cases. The ability for sensors to monitor machines and pass this data along to algorithms that determine if there's a problem can decrease downtime of equipment and thus increase output for any … Automation Hero’s AI automation platform removes these … Our findings highlight the substantial potential of applying deep learning techniques to use cases across the economy, but we also see some … Email Sales. Company . About … First, enhance collaboration between current initiatives, focused on specific use cases between a few partners, into a more impact-focused network of AI-driven disaster support. To build a business case for AI, organisations must separate “the hype and buzz around AI from its actual capabilities in a specific, real-world context.” To ensure a focus on the most valuable use cases, AI initiatives should be assessed and co-led by both business and technical leaders and, relate to … They 've also used AI to extend the lifecycles of existing models as well example is the of. 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