As technology continues to evolve, businesses are turning to AI more and more in their daily operations. According to the Forbes Advisor survey, businesses are using AI across a wide range of areas. The most popular applications include customer service, with 56% usage, and cybersecurity and fraud management, adopted by 51% of businesses. Other AI tools include machine learning, natural language processing, as well as computer vision to optimize business functions, boost employee productivity, and drive business value.
AI in the Insurance Industry
In the insurance industry, we are leaning towards the use of AI in areas such as fraud detection, cyber security, data analysis and forecasting. By utilizing AI in these areas, we can expect quicker turnaround on projects and more innovative thinking.
Some researchers believe that the use of AI will bring more human interaction back to the insurance industry by reducing the time it takes to enter information thus creating more time to speak directly with the client.
Like other industries, concerns are unavoidable with this ever-growing technology. Worries surround technology dependence and potential workforce reduction. Early surveys do show that most business owners foresee a positive impact from AI implementation.
While we can’t predict what insurance might look like in the future when it comes to AI technology, we can take several steps now to prepare for change. Some of these steps include:
- Becoming educated on AI-related technologies and trends
- Developing and implementing strategic plans centered around new technology trends
- Creating and executing a comprehensive data strategy
- Creating a technology infrastructure that involves company personnel
AI and its related technologies will have a huge impact on all aspects of the insurance industry in terms of distribution, underwriting, pricing, and claims. Advanced technologies and data are already affecting distribution and underwriting with policies being priced, purchased, and bound in near real time. The experience of purchasing insurance has become faster, with less active involvement on the part of the insurer and the customer. Enough information is known about individual behavior, with AI algorithms creating risk profiles, so that cycle times for completing the purchase of an insurance policy will be reduced dramatically.
AI In the Wood Industry
In the wood industry, the potential applications of these AI tools are vast and varied. Whether you are drafting job posts to attract the right talent, creating social media content, or seeking the perfect wood for your next project, generative-text AI can offer personalized, data-driven recommendations. These tools are designed to make tasks easier, more efficient, and more accurate, thereby enhancing the quality of your work and reducing the margin of error.
In forestry, AI can analyze satellite imagery to track tree growth and identify areas in need of planting. During timber harvesting, automation and AI can improve efficiency and precision. Waste can be minimized using scanning and modelling of logs.
Sawmills will also benefit from automation of processes guided by AI. This allows optimizing the breakdown of logs and cutting timber. Defect detection is another area where AI can spot knots and other flaws to remove bad sections using connected tooling and machinery.
AI in Wood Product Manufacturing
In recent years, the wood industry has witnessed a transformation driven largely by the innovative power of AI. An industry that once relied on traditional, labor-intensive methods, now relies on AI for predictive maintenance, quality control, and supply chain optimization to achieve unmatched levels of efficiency and sustainability. In construction, AI can assist in smart timber building design and modular prefabrication. It also enables generative design of structures using innovative shapes and patterns. Automated machines will be able to take over labor-intensive tasks, allowing workers to focus on other aspects of their projects.
Additionally, AI is transforming forest management, enabling sustainable harvesting while mitigating environmental impact. Production line automation speeds up manufacturing, while advanced energy management minimizes costs. AI also enhances workplace safety, customizes product designs and marketing efforts, and reduces waste through smart recycling strategies.
The bottom line – and an advantage for our industry – is that woodwork and joinery still need the hands-on skills, touch and creativity of its people. AI will work alongside these skilled workers to create a more efficient and sustainable future for years to come.
Lumber Memo: Issue 5 – 2024
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