Deloitte AI Institute, released a report assessing the business use cases for artificial intelligence (AI) across six major industries. According to “The AI Dossier,” business leaders can better understand AI’s value today and in the future, allowing them to make better decisions regarding when, where, and how to deploy AI within their organization.

Nitin Mittal, U.S. AI co-leader and principal, Deloitte Consulting LLP, said, “Artificial intelligence has made the leap to practical reality and is quickly becoming a competitive necessity. Yet, amidst the current frenzy of AI advancement and adoption, many leaders are questioning what AI can actually do for their businesses. The AI Dossier can help these leaders understand the value AI can deliver and how to prioritize their investment in AI, today and in the future.”

“The AI Dossier” outlines use cases in six industries, including consumer, energy, resources, industry, financial services, government, health, health care and technology, media, and telecommunications. It examines the key business issues and opportunities, how AI can help, as well as the benefits that are likely to be achieved, for each industry. In addition to highlighting top AI use cases, the report also takes a look at top forward looking AI applications.

Across all the industry-specific use cases, the report identifies six key ways AI can offer significant value for businesses –

  • Reduce costs : Using AI and intelligent automation to automate tasks that are low value and repetitive, reducing costs through increased efficiency.
  • Fast execution : Minimizing latency to achieve operational and business results in a timely manner.
  • Complexity reduction : Using analytics to improve decision making and understanding through more proactive, predictive, and patterns-based approaches.
  • Engagement transformation : Improving people’s interactions with technology, enabling businesses to engage with them humanely rather than forcing them to accept machines’ terms.
  • Innovative growth : Using AI to create innovation in new products, markets, and business models to redefine where to play and how to win.
  • Building trust : Protecting a business from risks like fraud and cyber-crimes, while ensuring quality and consistency in an attempt to improve brand trust.

Through collaborative conversations and innovative research, Deloitte AI Institute supports the positive development and growth of artificial intelligence. The project also aims to develop ecosystem relationships that are supportive of human-machine collaboration in the Age of Withâ„¢, a world in which humans work side-by-side with machines.