Artificial intelligence is projected to be a two trillion dollar industry by the year 2030, based on conservative estimates. If AI development accelerates, this amount might even be exponentially higher.
Business of the future have no choice but embrace AI in order to remain competitive and to stay ahead of their rivals. Here are some examples:
#1: Hospitality and tourism industry
In future, tourists who visit and wish to check in to an accomodation may no longer have to deal with a person, but instead use self check in kiosks that will scan their identification, verify their identity using facial recognition, and collect payment electronically. This not only saves time but also saves on operational costs for the business owner who will require less staff to operate the place of abode.
#2: Retail
Vending machines have been around for a long time. However, vending machines in their current iteration require a large amount of maintenance to replenish stocks, collect coins and notes, and require human labour to repair malfunctions. AI can automate payments, reducing the amount of effort and time needed in transporting cash and coins to the bank. Technology will also inform the business owner when stocks are running low, thus only replenishing when necessary and allowing the business owner know in real time how many stocks are sold and are remaining.
#3: Supply chain and logistics
AI has already begun to revolutionize the supply chain industry, with major companies such as DHL using self pick robots and radio frequency identification (RFID) tags to track inventory movement. Warehouse space can be minimised to reduce rental costs, allowing different businesses to share the same warehouse due to better security and monitoring. Pilferage and theft will be a thing of the past. Warehouses will be vertically expansive instead of horizontally expansive, allowing governments to maximize land use and redistribute land for other uses.
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