Artificial intelligence (AI) is the capacity of a machine or a computer-controlled robot to do activities that are typically performed by intelligent human beings. As a result, it exhibits abilities like reasoning, discovering comprehension, and learning from experience.
Although Artificial Intelligence has been established as an academic and scientific field since the 1950s, AI technology has only recently achieved traction. The current explosion in AI research, funding, and real-world applications is unprecedented. IDC’s New Expenditure Guide states that global spending on cognition and artificial intelligence systems will surpass $77.6 billion by 2022. Keeping in mind this bright future of AI, it’s probably the best time to take this golden opportunity and learn artificial intelligence and machine learning from Great Learning.
AI applications can improve economic outcomes and the human experience as a whole.
Let’s look at some of the key sectors where Artificial intelligence is used:
Technology behemoths like Microsoft, Google, Apple, and IBM have made enormous contributions to the healthcare business. Data mining for discovering patterns and subsequently conducting more precise diagnoses and treatments of medical diseases, diagnostic imaging, medication reconciliation, drug development, and robotic surgery are all areas where AI is being used.
For instance, IBM Watson (an AI tool) can deduce the meaning and context of organized and unstructured variables that might be important in deciding on a treatment regimen and then analyze the patient’s medical file to find possible treatments. In other terms, IBM Watson works in the same way as a human doctor does.
Retail and E-commerce:
The application of AI in retail and e-commerce is possibly the only arena where most end-users can see it. Because retail is such a competitive industry, retailers continuously search for new methods to identify trends in customer behavior and develop effective strategies to outwit their rivals.
AI has undoubtedly discovered a sweet spot in the grand scheme of things. Your Amazon account’s shopping suggestions are nothing more than a real-time application of powerful AI algorithms to predict which things you are most likely to purchase.
Artificial intelligence is rapidly being utilized to improve the consumer experience. Most of the chatbots offered on e-commerce platforms are driven by AI and intended to respond quickly to frequent client questions.
The commercial food processing industry has also been affected by AI development. For example, Tomra Systems ASA has created artificial intelligence-based food sorting technology for the French fries, peeled potatoes, and ground beef markets. Tomra’s food processors automate food analytics operations like assessing the size, shape, and color of French fries or testing the fat level in meat.
Sentient, a company in the agriculture industry, uses AI to study the impacts of UV radiation, salt, heat, and moisture on basil. They’re using the data to develop strategies for growing the ideal crops.
The usage of intelligent and smart harvesting machines has increased due to AI applications being brought into the agricultural sectors.
Banking and Financial Services:
Because of the emergence of AI applications, the banking and financial services business is undergoing a huge upheaval. There are several AI use applications in this field. In many cases, sophisticated software robots replace human agents to handle loan applications in split seconds. Likewise, Robo-financial advisers comb through several layers of data in the blink of an eye to provide the best investment recommendations for their clients.
These Robo-advisors may also look at your social media interactions, emails, and other personal information to find industries and businesses that are matched with your long-term goals and needs.
The deployment of AI-based technologies has also resulted in a considerable reduction in claim processing time, benefiting insurers and consumers alike.
Fraud detection is another key use of AI in the financial sector. Mastercard, for example, analyses numerous data sources using AI-based Decision Intelligence techniques to monitor fraudulent transactions.
Artificial intelligence in the real estate sector provides new options for agents, brokers, and clients. Brokers have become much more strategic, and clients are increasingly becoming empowered as agents become more efficient and productive. Brokers and agents may use AI-powered bots to help clients who want to purchase, rent, or sell their homes, discover the ideal fit.
The broad usage of AI-enabled chatbots is expected to improve the travel sector significantly. Chatbots have improved customer service and engagement by being available 24 hours a day, seven days a week, and resolving problems instantly.
Chatbots are becoming more efficient because of advanced AI algorithms, which allow them to offer more accurate replies to consumer inquiries. For enhancing the client experience, several global travel businesses are turning to AI start-ups to build their customized AI-based mobile applications and chatbots.
Furthermore, by recognizing client behavior and purchase trends, machine learning and predictive analytics assist travel firms in increasing conversion rates.
Entertainment and Gaming:
AI is making inroads into the entertainment business, assisting program-makers and broadcasters in determining which shows or programs to propose to specific consumers predicated on their behavior. It enables Netflix and Amazon to give users a more tailored experience.
Machine Learning algorithms are commonly used to study user behavior. These algorithms are becoming increasingly intelligent over time. They can ascertain whether consumers wish to buy a product for themselves or as a gift or whether family members have different viewing preferences.
The gaming industry was among the earliest adopters of AI, and it has had a significant influence on the consumer experience. AI is often used in gaming to govern the activities of non-player characters (NPCs) who play a part in moving the game’s plot along in a specified direction, among other things. The gamer’s entire narrative experience is substantially enhanced by AI-driven behavior modeling of such characters.
The manufacturing industry is at the forefront of AI technology application and acceptance. AI is being used across several lines and levels of operations in manufacturing, from labor scheduling to product design, to improving productivity, product quality, and worker safety.
Machine learning and artificial neural networks are used in factories to help forecast asset failure and enable predictive maintenance of essential industrial equipment. It enables management to take prompt action to repair equipment and avoid costly, unexpected downtime.
The Bottom Line
Looking at innovative AI and machine learning applications in all these sectors, it shouldn’t come as a surprise why many companies now spend on AI and machine learning training for their employees. The scope of this domain is vast, and it is more than justified to claim that the future lies with artificial intelligence. Great Learning offers various artificial intelligence and machine learning training avenues and you can encourage your employees to upskill with them.
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