McKinsey: Artificial intelligence will profoundly impact these five areas

Artificial intelligence is changing the way business operates in many different industries. By employing artificial intelligence, businesses can automate activities to produce more efficient and effective results. McKinsey’s Technology Trends Outlook 2022 report takes an in-depth look at artificial intelligence and its many applications that extend well beyond the technology industry. Here are a few of the main areas where AI will have a significant impact.

1. Agriculture

Artificial intelligence has the potential to optimize the agricultural sector by enabling precision farming and automating some functions. Precision farming refers to tailoring crop inputs to the precise needs of the farm. Artificial intelligence and machine learning make this possible by collecting data and identifying patterns to help farmers best understand what needs to be implemented and how much to implement.

2. Education

The education sector has changed dramatically in recent years as the pandemic and the shift to remote learning forced students and educators to embrace new technologies. Still, there is room for AI to help improve how students learn and the education they receive. School curricula are generally rigid and do not take into account students' individual learning needs. Through the implementation of AI, students can develop more personalized learning plans based on their own learning needs and progress.

3. Healthcare

Healthcare systems can benefit from automated pathology recognition and data application to inform diagnosis. Patients are unlikely to want automated processes to replace doctors' attention and expertise, but artificial intelligence in the health sector is an example of how new technologies can support current processes rather than replace them. Doctors and trained professionals are still needed to interpret the data and diagnose: AI simply helps medical professionals perform their duties more efficiently.

4. Retail and Packaged Goods

Artificial intelligence can help the retail and packaged goods industry understand consumer consumption patterns to adjust their supplies and maximize profits. Machine learning can help businesses understand purchasing data by analyzing large data sets, identifying patterns, and providing customized recommendations to shoppers.

By understanding this data, merchants can fill their shelves with the things people want, thereby achieving more sales and satisfying consumer demand.

5. Real Estate

Real estate agents, buyers and sellers can all benefit from automated property recommendations. This will help buyers find their perfect property, which in turn will help sellers find the most interested buyers, effectively speeding up the process. The report also said that artificial intelligence can help with market analysis, help developers manage risks and price fluctuations, and optimize return on investment.

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