Artificial Intelligence (AI)
What is Artificial Intelligence?
Artificial intelligence (AI) is a wide-ranging branch of computer science concerned with building smart machines capable of performing tasks that typically require human intelligence.
Artificial intelligence in business simply involves the use of intelligent computer software with human-like capabilities to boost revenue, improve customer experience, increase productivity and efficiency, and drive business growth and transformation.
Artificial intelligence (AI) has become a technological reality for businesses and organisations across industries. Even if its benefits may not always be easy to quantify, AI has proven itself capable of improving process efficiency, reducing human errors and labour, and extracting insights from big data.
An overview of the Current status and applications of Artificial Intelligence (AI):
- In the medical field- In the current scenario, artificial intelligence (AI) is going to change almost all areas of the medical field. The need is to study the research carried out in this technology and identify its different applications in the medical field.
Different technologies are adopted and experimented with increasing automation in the medical field. Nowadays, AI is being introduced in the medical field to keep medical records in digital format and conduct patient checkups using smart technologies. It provides solutions, especially in targeted treatments, uniquely composed drugs and personalised therapies. AI is an innovative technology that helps to guide the surgeon during medication, treatment and operation. The main application of this technology is for better decision-making for complicated cases. It can also help to track, detect, investigate and control infection in the hospital. This technology develops and optimises online patient appointment platforms. In the future, it will be helpful in all medical areas to serve humanity.
Artificial Intelligence finds diverse applications in the healthcare sector. AI applications are used in healthcare to build sophisticated machines that can detect diseases and identify cancer cells. Artificial Intelligence can help analyse chronic conditions with lab and other medical data to ensure early diagnosis. AI uses the combination of historical data and medical intelligence for the discovery of new drugs.
AI Application in E-Commerce
- Personalised Shopping – Artificial Intelligence technology is used to create recommendation engines through which one can engage better with the customers. These recommendations are made by their browsing history, preference, and interests. It helps in improving the relationship with the customers and their loyalty to the brand.
- AI-powered Assistants – Virtual shopping assistants and chatbots help improve the user experience while shopping online. Natural Language Processing is used to make the conversation sound as human and personal as possible. Moreover, these assistants can have real-time engagement with the customers.
- Fraud Prevention – Credit card frauds and fake reviews are two of the most significant issues that E-Commerce companies deal with. By considering the usage patterns, AI can help reduce the possibility of credit card fraud taking place. Many customers prefer to buy a product or service based on customer reviews. AI can help identify and handle fake reviews.
- Applications Of Artificial Intelligence in Education – Although the education sector is the one most influenced by humans, Artificial Intelligence has slowly begun to seep its roots into the education sector as well. Even in the education sector, this slow transition of Artificial Intelligence has helped increase productivity among faculties and helped them concentrate more on students than on office or administration work.
- Applications of Artificial Intelligence in Lifestyle – a few of the influence of Artificial Intelligence on our lifestyle is enlisted below
- Autonomous Vehicles – Automobile manufacturing companies like Toyota, Audi, Volvo, and Tesla use machine learning to train computers to think and evolve like humans when it comes to driving in any environment and object detection to avoid accidents.
- Spam Filters – The email that everyone uses in day-to-day life has AI that filters out spam emails sending them to spam or trash folders, letting us see the filtered content only. The popular email provider, Gmail, has managed to reach a filtration capacity of approximately 99.9%.
- Facial Recognition – Personal devices like phones, laptops, and PCs use facial recognition techniques by using face filters to detect and identify to provide secure access. Apart from personal usage, facial recognition is a widely used Artificial Intelligence application even in high security-related areas in several industries.
- Recommendation System – Various platforms that are used in daily life like e-commerce, entertainment websites, social media, video sharing platforms, like youtube, etc., all use the recommendation system to get user data and provide customised recommendations to users to increase engagement. This is a very widely used Artificial Intelligence application in almost all industries.
- AI Applications in Navigation – Based on research, GPS technology can provide users with accurate, timely, and detailed information to improve safety. The technology uses a combination of Convolutional Neural Network and Graph Neural Network, which makes lives easier for users by automatically detecting the number of lanes and road types behind obstructions on the roads. AI is heavily used by transport companies like Uber and many logistics companies to improve operational efficiency, analyse road traffic, and optimise routes.
- AI Applications in Robotics- Robotics is a field where artificial intelligence applications are very commonly used. Robots powered by AI use real-time updates to sense obstacles in their path and pre-plan their journey instantly. It can be used for carrying goods in hospitals, factories, and warehouses, Cleaning offices and large equipment, Inventory management
- AI Applications in Human Resources –Companies use intelligent software to ease the hiring process. Artificial Intelligence helps with blind hiring. Using machine learning software, one can examine applications based on specific parameters. AI drive systems can scan job candidates’ profiles, and resumes to provide recruiters with an understanding of the talent pool they must choose from.
- AI Applications in Agriculture – Artificial Intelligence is used to identify defects and nutrient deficiencies in the soil. This is done using computer vision, robotics, and machine learning applications, AI can analyse where weeds are growing. AI bots can help to harvest crops at a higher volume and faster pace than human labourers.
- AI Applications in Gaming –Artificial Intelligence applications have found prominence in the gaming sector. AI can be used to create smart, human-like NPCs to interact with the players. It can also be used to predict human behaviour using which game design and testing can be improved. The Alien Isolation game released in 2014 uses AI to stalk the player throughout the game. The game uses two Artificial Intelligence systems – ‘Director AI’ that frequently knows your location and the ‘Alien AI,’ driven by sensors and behaviours that continuously hunt the player.
10. AI Applications in Automobiles – Artificial Intelligence is used to build self-driving vehicles. AI can be used along with the vehicle’s camera, radar, cloud services, GPS, and control signals to operate the vehicle. AI can improve the in-vehicle experience and provide additional systems like emergency braking, blind-spot monitoring, and driver-assist steering.
11. AI Applications in Social Media –
- Instagram – On Instagram, AI considers people’s likes and the accounts he follows to determine what posts would be shown on his explore tab.
- Facebook – Artificial Intelligence is also used along with a tool called DeepText. With this tool, Facebook can understand conversations better. It can be used to translate posts from different languages automatically.
- Twitter – Artificial Intelligence is used by Twitter for fraud detection, removing posts related to propaganda, and hateful content. Twitter also uses AI to recommend tweets that users might enjoy, based on what type of tweets they engage with.
Future prospect of Artificial Intelligence
Research reveals that revenue from the artificial intelligence (AI) software market worldwide is expected to reach 126 billion dollars by 2025. 37% of organisations have implemented AI in some form or the other. The percentage of enterprises employing AI grew 270% over the past four years.
According to some, by 2025, 95% of customer interactions will be powered by AI.
A report from a couple of years back reveals that the global AI software market is expected to grow approximately 54% year-on-year and is expected to reach a forecast size of USD 22.6 billion.
Leaders and business owners looking for business opportunities should be updated and invest in Artificial Intelligence as it indeed has a promising future in the coming decades. In almost every walks of life, the need and importance of Artificial Intelligence are already being realised and it is bound to increase by leaps and bounds in the coming days. So this domain would reveal a promising investment opportunity.
Why is Artificial Intelligence important for the future?
Artificial intelligence is impacting the future of virtually every industry and every human being. Artificial intelligence has acted as the main driver of emerging technologies like big data, robotics and IoT, and it will continue to act as a technological innovator for the foreseeable future. Artificial intelligence is drastically important to the future because AI forms the very foundation of computer learning. Through AI, computers can harness massive amounts of data and use their learned intelligence to make optimal decisions and discoveries in fractions of the time that it would take humans. It is becoming responsible for everything from medical breakthroughs in cancer research to cutting-edge climate change research.
Enlisted below are a few ways Artificial Intelligence can make an impact in the coming days:
The scope of AI in science is the largest. There is a possibility of AI playing a bigger role in science in future, not just merely for augmentation. AI will be able to create science. Automation using AI for drug discovery is a field that is rapidly growing, mainly because machines work faster than humans. AI is also being applied in related areas such as synthetic biology for the manufacture and rapid design of microorganisms for industrial uses. Taking all of this into consideration, AI is sure to transform science.
The incidence of cybercrime is an issue that has been escalating through the years that costs enterprises both in terms of brand image as well as material cost. Credit card fraud is one of the most prevalent cybercrimes. Despite there being detection techniques, they still prove to be ineffective in curbing hackers. The future application of AI in cybersecurity will ensure curbing hackers.
Authenticating personal content is not the only use of facial recognition. Governments and security forces make use of this feature to track down criminals and identify citizens. In the future, facial recognition can go beyond physical structure to emotional analysis. For example, it might become possible to detect whether a person is stressed or angry with the help of AI.
AI would be able to perceive and analyse patterns in data that humans cannot. This enables businesses to target the right customers for the product.
Self-driving cars have already populated the market, however, a driver is required at the wheels for safety purposes. With Google, Uber and General Motors trying to establish themselves at the top in this market, it will not be long before driverless vehicles become a reality. Machine Learning will be crucial in ensuring that these Automated Vehicles operate smoothly and efficiently.
Marketing & Advertising
Considering that marketing professionals always try ways to benefit their businesses, the application of AI in sales and marketing seems definite. Artificial Intelligence can increase the efficiency of sales and marketing organisations. The main focus will be on improving conversion rates and sales. Personalised advertising, knowledge of customers and their behaviour gleaned through facial recognition can generate more revenue.
The future scope of Artificial Intelligence has paved the way for smart monitoring, quicker feedback, and improved business lines. The robotic process automation will reduce the time taken to complete repetitive tasks, making the strategies less cumbersome and more effective.
Artificial Intelligence comes with its own ethical and security issues. It causes privacy concerns for businesses, which need to be mitigated if one wants the user to stay within the company for a while. Also, the people who have engaged with a company for years need to be relocated to some other job so that they can stay motivated and engaged. The idea is to transform the future of AI without harming the goodwill of loyal people. Thus it would help if one introduces the overall culture and organisation-level changes to build a robust AI-induced enterprise. The future of Artificial Intelligence is exciting and extremely promising.
Please read more about Ande’s thought leadership on Future Businesses and the top 10 technologies that would prevail in our future times.
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