Explainable AI lets humans understand why that AI took that certain decision over thousand others. Out of the enormous number of other industries, industries like
- Insurance companies
- Automotive firms
- Check for more below
are the ones that will have the most impact. Soon explainable Ai will be the one to make or break a brand but how exactly does that articulate to your survival in your industry and dominating your competitors?
Today AI is doing almost everything from calculating to deciding to everything else we never thought was possible. It is doing so many things so easily that one might often rely completely on this without questioning this. This is where things get tricky, it’s the time when we are more and more getting dependent on AI. If it’s unclear how a certain AI takes information & decisions and it is given the power to make certain decisions it might be dangerous for the organization and who knows what else.
Trusting Ai blindly can be a dangerous mistake as here we risk Ai biases, errors, and even monetary losses. Even if we can never completely how Ai works we need some bits and pieces of examples on how Ai works. Now, who will do that for us? explainable AI is the answer but still why exactly it’s so important for these 5+ industries lets find it out here below.
What is Explainable AI(XAI)?
Explainable AI (XAI) is one of the latest emerging fields of artificial intelligence(AI) where transparency is kept under laser focus. The focus here is to make AI more trustworthy and understandable on top of this explainability will help decision-makers whether some suggestions provided by AI should be taken into consideration or needs to be researched more.
In near future, XAI will bring more and more explainable models with optimum capability of learning and predicting error-free conclusions. AI was doing fine before but now as the days are changing, we need more out of it. Explainable Ai (XAI) comes here and optimizes AI while solving certain problems. It takes a deep look into the data the AI is analyzing and keeping records of it. This data can be useful for making more informed decisions and efficient results.
Why do these industries need Explainable Ai(XAI)?
All of these industries above are the ones that are helping our current civilization grow. All the technologies that come into the market in these industries are the first ones to implement that into their use. Explainable Ai is literally the revolution of future technology where if one of the companies in the industry fails to implement, other competitors will soon come and be the first ones to implement those reaping the benefits and getting the upper hand much faster. It’s the reason XAI can help your company survive.
Its the reason why you should be the first one to implement Explainable Ai in your company. If you are thinking about getting an explainable Ai model for you. We can help you with how and where implementing this can be helpful for you. Click here for free about how and where you can implement explainable ai in your business.
What are the industries that can benefit from Explainable AI ? why?
Ai is already detecting diseases taking decisions and saving lives(partially) but when doctors fail to recognize which part it is recognizing to detect something it stays quite dangerous to let an algorithm decide whether someone has diseases like cancer. Explainable Ai lets doctors know why someone is on the high-risk spectrum and another one is safe.
Let’s be clear here, no machine can ever replace a human healthcare worker but that does not mean it can’t help the doctors to make more informed decisions. So, healthcare can be a great industry to start with. When a patient gets attended to hospital healthcare workers need to perform a plethora of routine works just to check the symptoms to decide which medicines to give to that person. Previously even if the AI had given some hints it was still dangerous to interpret medicines for that disease.
Explainable Ai here can give a lot of time to patients and healthcare workers to spend on deciding medicines and treatments. There is a shortage of doctors in almost every country when AI will save time from both ends doctors would be able to treat more patients with more care. As explainable AI is capable of giving another pair of eyes to the dataset healthcare professionals get an overview on how the conclusion is exactly reached, Which helps doctors change or rethink an interpretation given by that AI before applying it.
Tribal Knowledge– Tribal knowledge refers to any unwritten knowledge within a company that is not widely known. This could be actual data, such as passwords, or more abstract knowledge, such as best practices and processes. Because it is unwritten, tribal knowledge is typically shared by word-of-mouth.
In the manufacturing industry, This term is widely used. Each company has its own tribal knowledge on how some decisions will be taken into consideration how some faulty machines will be fixed and how the manufacturing process will happen to get the maximum outcome. Each company has there own tribal knowledge.
Problems arise when members of the tribe change companies. Their tribal knowledge does not get faded quite easily which does not go quite well with operating things in the new companies. Natural-Language-Processing (NLP) powered AI go through all the manuals, service procedure and tell what needs to be done at what time. It also processes historical service records to be more precise, From here the Explainable AI model can provide more informed decisions instead of some random estimate or word of mouth it simply gives the guidance that the machine requires.
Again it does not throw human decision-making out of the window but just like healthcare and manufacturing, it gives another easy pair of eyes and an interpretation that can either be taken or be discarded.
For insurance of assets like properties and vehicles transparency is a must, with the rise of electronic vehicles that has numbers of sensors and trackers attached in every place of the vehicle, it becomes too easy for the explainable AI whether some insurance can be claimed or not.
For the things like such as customer acquisition, agent productivity, claims prevention, underwriting, customer service, cross-selling, policy adjustment, and improving risk and compliance Explainable AI can come as a huge advantage. Just think of key insurance categories to get a feel for those impacts – life, homeowner’s, health, workers’ compensation, and so forth. Explainable AI will matter a great deal.
Explainable AI can help in various assets in automotive industries starting from machines to manufacture vehicles to the vehicles themselves. Explainable Ai makes the AI more user-friendly and gives it more usable features. Vehicles are becoming electrical and some of them are even becoming autonomous. When AI takes some decisions here it needs to be understandable by engineers to make the ride safer for passengers and pedestrians.
For a situation where it needs to decide whether to save pedestrians or to save the passengers, the AI needs to explain why it choose one over another it would help make the vehicle of the future more practical and less of a gimmick.
Banks are already using a number of AI technologies to take important decisions such as customer acquisition, KYC checks, customer services to highly sophisticated procedures like approving or rejecting applications for mortgage loans.
Such industries most of the time need reasoning, heavy calculations, and razor-sharp protection capabilities explainable AI model lets this power of AI be coupled with human intelligence and experience helping to bring out more accurate results.
Marketers always come up with a plan to use every channel to sell something, it happens all the time, the same thing happened to AI. From the time when some of the first AI applications came marketers are using them to market themselves around the world. The same goes for explainable AI. This can completely revolutionize the marketing industry giving insights that were never heard of before. Which can be used to take the ROI through the roof within minimal time.
Ai can give so many insights that are essential to building a good marketing strategy but the problems arrive when they cant be fully confident that the recommendation that the AI is giving us the perfect option possible Explainable Ai here can come as a great opportunity to get fully informed strategies made. With XAI, marketers are able to detect any weak spots in their AI models and mitigate them getting accurate results
Warehouse automation has a number of benefits. Explainable Ai can make it more sturdy as a unit. When some commodity is being sold the most AI can predict which commodity needs to be restocked and also which commodity will have the most demand for the next few months. Store owners and warehouse managers were having quite a hard time trusting the AI as here they will have to invest a lot of money to restock and order more.
Explainable Ai saves people from anxiety and regrets both for having a true insight on why they should consider that “why” helps people decide to choose to restock something or not. This can help taking decisions clearly with more information without putting money on the line.
Explainable Ai is not the next step of technology but rather its 10th step into the future. The most profitable are those who take action when the new opportunity arrives. If there is a good time to implement this into your company it’s now. Sure it still needs some human interaction to work better but this does not mean it can help humans take more improvised decisions. Hope you like it thank you you reading. have a great day.