If you are searching the term “artificial intelligence” on Google or you ended up on this particular blog, or commuted to work using Amazon, yes you made use of Artificial Intelligence.
Man has always feared the rise of the machine which is his own creation will become smarter, intelligent and dominate him some day. But the rapid growth of artificial intelligence and machine learning empowering the Fourth Industrial Revolution, is something not to be afraid of by humanity. Artificial intelligence is such a domain which forms the basis for all computer learning and is the future of business decision making. So, what do we mean by the term Artificial Intelligence and how does it impact the future or what are its applications?
1. What is Artificial Intelligence?
Artificial Intelligence, a wide range branch of computer science, refers to the phenomenon where a machine acts by mimicking human actions possessing the ability to know, analyze, and learn from data through specially designed algorithms. Artificially intelligent machines can easily memorize human behavior patterns and adapt it inconsistent with their preferences. In simple words, it is an attempt which aims to simulate or duplicate human intelligence in machines.
2. Applications of Artificial Intelligence
AI is defined as the term for programs that perform ordinary tasks that are actually done by humans but unlike humans, they do so by using the method of looking at previous data and using those to make future predictions. And in such cases, statistical analysis plays a vital role. But we won’t go deep on this topic here. Still, if you are willing to learn more about statistical analysis, then check out The Ultimate Guide to Statistical Analysis for Data Science [6 Step Framework].
Applications of AI are often seen in everyday scenarios. So, let’s explore how AI is benefiting our planet and mankind too. In this particular blog on 10 ways of Artificial Intelligence applications, we will discuss and try to learn how AI has impacted various fields like education, sales and marketing, health sectors, banking and so on. I hope you guys will love reading the blog with some added fun.
#1. AI’s role in Creating New Jobs: According to Carolyn Frantz, Microsoft’s Corporate Secretary, Artificial Intelligence will surely change the workforce culture as it is gaining a lot of traction in recent days. It has happened so because of the bottleneck of human efficiency, reduced repetitive work, and enhanced work efficiency being decreased. As a result, almost every industry has already leveraged AI or will implement it in their business in the upcoming years.
However, implementing AI also can cause the elimination of a huge number of human employment as in areas like diagnosis , speech translation, and accounting, AI has outperformed humans in every way possible. Thus, there’s this underlying fear within us that AI will rule the future taking power over most of the roles in the world.
#2. AI’s Role in Education: Artificial Intelligence allows us to decide what a student should do to improve his studies. It enforces many ways such as constructing a customized study schedule for every individual student thinking about the knowledge gaps. In such cases, AI tailors research regularly with a pupil’s particular needs, growing their studying efficiency. Digital learning interfaces with digital textbooks and study guides, customization options, bite sized lessons are often generated with the assistance of Artificial Intelligence. And then, new ways of perceiving information, like visualization, simulation, web-based study environments, are often powered by AI. Besides, AI helps to generate and update the content of the teachings , keeping the knowledge up so far and customizing it for various learning curves.
#3. AI’s Role in Marketing, Sales and Growth: AI has already started playing a considerable role in the field of marketing and sales. Through the use of databases, AI can help in building effective, large-scale sales forces and finally, develop insights helping companies in recruiting the proper sales teams for their business. Tools used for such implementation can be Zendesk and Salesforce. The use of large amounts of massive data by AI algorithms has helped companies perform better, increase the worker retention rate and also in new customer acquisition. This may create new job opportunities as companies begin to learn and grow, and benefit the industry as an entire.
#4. AI’s Role in Banking: Almost all nationalised banks are using AI both as an analytical solution and to serve customers much better and handle internal functions. It helps banks predict future outcomes and trends. AI works as a remedy for several challenges that the banking sector face, like risks, detect and prevent payment fraud, customer experience, improve process for anti-money laundering, security, operations, know your customer regulatory checks and financial forecasting.
#5. AI’s Role in Bridging Language Divides: Whether it’s learning a new language for some personal work or translating speech and text in real-time or cross language translation, AI has discovered many language tools starting from Duolingo to Skype which has really helped in bridging social and cultural divides in our workplaces, classrooms and everyday lives. The biggest and largely unexplored opportunity for AI is to integrate human ability into its solutions by bridging the digital divide.
#6. AI’s Role in Human Resource: Artificial intelligence can perform various tasks and in turn, reduce human efforts. So, as this technology has advanced through the years, the necessity for a machine with smart intelligence has seemingly uplifted the AI demand. Artificial intelligence possesses the ability of real-time decision-making, derived from the pre-programmed ML algorithms, and coherent computing techniques. AI provides HR departments with a chance to enhance the candidate and employee experience by automating repetitive, low value tasks and freeing up time to specialise in the more strategic, creative work that HR teams need and want to urge done. Not just this, but the AI technology in HR will also cause promoting value and help in achieving results better and quicker.
#7. AI’s Role In The Health Sector: There are various domains where AI is emerging as a game-changer for the healthcare industry. Mentioned are a couple of examples which are in use today. AI solutions are being developed to automate image analysis and diagnosis which play a vital role in helping highlight or detect disease on a scan to a radiologist, to drive efficiency and also reduce human error. These solutions are being developed to spot new potential therapies from vast databases of data on existing medicines, which might be redesigned to focus on critical threats like the recent Corona virus or Ebola virus. Moreover, by analysing the previous history of patients from the vast amounts of data, AI solutions can provide real-time support to clinicians to help identify patients at risk.
#8. AI’s Role in Cybersecurity: No doubt cybersecurity experts have accepted AI as the future of their industry, yet finding solutions to its problems are still not properly addressed. Apart from being a solution, it can be a substantial threat to businesses. Not only AI can efficiently analyze human behaviors, deduce a program pattern, and identify all sorts of issues or irregularities in the network but it also has the ability to easily identify cyber vulnerabilities. However, in spite of being a security threat to the business organizations and companies, AI can still minimize the routine security responsibilities with high-quality results. AI automation is able to establish relevant incidents and even remediate them which will in turn be able to manage business executive threats and device management.
#9. AI’s Role in Face Detection and Recognition: We all love using candid filters on our face while clickinging pictures and using face ID for unlocking our phones. These two are considered to be the prime applications of AI that are now a part of our day to day lives. The past face detection technology simply means identifying any face. But the latter has changed the definition as it uses face recognition through which a selected face is recognised. So, how does it work? Smart machines are taught to spot facial marks with the help of coordinates such as x, y, w, and h; and make a square round the face as a neighborhood of interest, then identify landmarks such as ears, eyes, nose etc, and finally alignment or the geometric structures. The mechanism of face recognition is widely used for surveillance and security by government facilities or at airports. For instance, the Gatwick Airport at London, uses face recognition cameras as identity checks before allowing passengers to board the flight.
#10. AI’s Role in developing Chatbots: We all are customers in some way or the other, getting our queries answered after an hours gap can be quite irritating and time-consuming too. We need a quick response so that we take our next step and this is where chatbots come into role. Artificially intelligent chatbots either use text message or voice commands or sometimes both to answer FAQs, and take and track orders of customers. These robots use a natural language to communicate where instead of humans answering to our messages bots are responding in a quicker way. The power of Machine Learning Algorithm is used which breaks down our messages into human understandable languages using NLP techniques and responds to our queries similar to what we can expect from any human sitting on the other side.
Senior Data Scientist and Alumnus of IIM- C (Indian Institute of Management – Kolkata) with over 25 years of professional experience Specialized in Data Science, Artificial Intelligence, and Machine Learning.
ITIL Expert certified APMG, PEOPLECERT and EXIN Accredited Trainer for all modules of ITIL till Expert Trained over 3000+ professionals across the globe Currently authoring a book on ITIL “ITIL MADE EASY”.
Conducted myriad Project management and ITIL Process consulting engagements in various organizations. Performed maturity assessment, gap analysis and Project management process definition and end to end implementation of Project management best practices.
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