There has been a lot of excitement and anticipation regarding Artificial Intelligence with self-driving cars, quick translation, etc. looks like it is not distant future. On the other hand, people have serious fears of AI dominating the world and ending human civilization once for all just like the Hollywood movies. As you can understand from both sentiments, it is hard to see how AI affects the lives of ordinary people from time to time. Let’s take a look at instances of artificial intelligence you’re actually using — right now?
Before that let’s define AI. According to European Parliament, “AI is the ability of a machine to display human-like capabilities such as reasoning, learning, planning and creativity.” Basically, trying to digitalize the human though process. AI allows technological devices to understand their world, to interact with what they perceive, to solve challenges and to function to accomplish a given purpose. The computer receives data-already planned or obtained from its own sensors, such as a camera-processes and responds to it. What is different from “normal programmes” is that AI systems are able to modify their behaviour to a certain degree by analysing the effects of past acts and behaving individually.
AI can be used in various fields and it is rapidly increasing. We will take a look at the prominent ones on this blog:
AI offers customized advice and explore buying choices with customers. Stock control and site layout capabilities can also be enhanced by AI. In the case of online shopping such as Amazon, AI is commonly used to give personalized advice to users on the basis, for example, of their past searches and transactions or other online behaviour. AI is highly useful in trade: stock optimisation, resource forecasting, logistics, etc.
Applications for AI can include personalized medicine and X-ray readings. Personal health care assistants can serve as life coaches, reminding you to take your medications, exercise or eat healthier. In the case of Covid-19, AI is used for thermal imaging in airports and elsewhere. In medicine, it can help to diagnose infection from computerized tomography lung scans. It was also used to provide data to monitor the transmission of the disease. For example, researchers have developed an AI response software that aims to detect cardiac arrest during a call quicker and more frequently than medical dispatchers.
AI will evaluate factory IoT data as it streams from linked equipment to anticipate projected load and order using recurrent networks, a particular form of deep learning network used for sequence data. Automated warehousing and supply chain management reduces labor and lets storage firms handle large volumes of product or inventory through proper management and production structures. This system also allows the e-commerce industry to function more effectively and to increase its profit margins.
Artificial Intelligence increases the speed, accuracy and efficacy of human efforts. In financial institutions, AI strategies can be used to classify which transactions are likely to be fraudulent, to implement fast and reliable credit ratings, as well as to simplify manually intensive data processing activities. One of AI’s most important business cases in finance is its capacity to combat theft and cyber-attacks. Consumers are searching for banks and other financial institutions that have secure accounts, particularly with online payment fraud losses estimated to increase to $48 billion per year by 2023, according to Insider Intelligence. AI has the ability to examine and single-out anomalies in patterns that might otherwise have gone overlooked by humans.
AI is especially useful in corporate finance as it can better forecast and measure credit risks. For businesses aiming to maximize their value, AI innovations such as deep learning may help enhance credit underwriting and reduce financial risk. AI can also reduce financial crime by automated fraud identification and spot anomalous behavior as accountants, analysts, treasurers, and investors work for long-term growth.
According to McKinsey, AI has the ability to produce about $13 trillion in increased global economic activity by 2030, or around 16% higher combined GDP than it does today. This amounts to an extra 1.2 per cent of GDP growth per year. If delivered, this effect will compare well with that of other general-purpose innovations in history.
AI is now being incorporated into many sectors, and there is still so much potential to enter new fields and markets to increase their performance and competitiveness. Again, everything relies on the availability of training data for similar fields to train algorithms and build the best AI model that can work flawlessly in the respective area.
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Written by Wanonno Iqtyider