AI is one of the wonders of the world. We live in a world that is continually evolving. During the journey of evolution, the world has seen the benefits of technology. Talking about AI, a lot of people are still not aware of what it is.
Let’s first get to know what AI is. It is a wide-ranging branch of computer science in which machine learning and data analytics co-exist. It is also known for two qualities, intelligence and adaptability. AI systems are trained using data sets that are robust from which the algorithms can recognize useful patterns. The systems tend to learn from experiences and adapt as they make different decisions.
AI has become significantly smarter in most recent years. AI-powered machines are available 24/7 and do not require frequent breaks like human beings. The algorithms are helpful in repeated jobs that are tedious. Using these machines, we can expect an optimal result that human beings cannot provide.
Mobile phones have robust AI systems, and you have been interacting with them knowingly and unknowingly all the time. If you are still confused about AI on your phone, we’re talking about Siri, Cortana, and Google assistant, and yes, they are all AI-based.
Artificial intelligence illustration by Worawut Prasuwan, 123RF.
How Is AI Revolutionary?
Machines are referred to as dumb machines that take specific instructions from the user and execute them. But with AI, things work differently as machines make decisions depending on the data they are provided, and they learn from the experience. With the pace at which AI is progressing, it is predicted that machines will be more in control of their decisions in the near future, which is beneficial for humans as machines will take globally optimal choices.
AI has increased the upper ceiling in case of productivity. Unlike humans, who are more vulnerable to cause errors, AI can work 24/7 without making any mistakes. Productivity aside, AI has led us to the automation of complex processes, personalized user experience, and better risk assessment.
Artificial Intelligence and Design
Design studio by rawpixel, 123RF.
Adopting AI helps in many ways, from search to editing to the finishing artwork. It helps speed up the whole design and editing process leaving more focus to be placed on creativity. Better search results, better enhancements, autosuggestions, and better relevance in terms of design and content can be churned out by AI tools. It aims to deliver accurate, recommended suggestions based on essential criteria such as color, font, content and style preferences.
Artificial Intelligence and Marketing
Marketing graphic by pitinan, 123RF.
Back in the day, marketing was referred to be an art rather than science. But in this day and age, when AI is better than ever, it is able to enhance marketing practices overall. Now marketers can better understand the customers based on demographics (age, gender) and geography (location), resulting in better marketing. By implementing this, marketers can target customers through personalized ads.
Natural language processing has great potential in helping content makers work more productively. Businesses can leverage on automated chatbots to filter customer queries for relevant departments. With behavioral personalization, AI can deliver push notifications according to specific users, thus sending them the right message at the right moment.
Artificial Intelligence and Finance
Financial industries are one of the few sectors that have adopted artificial intelligence into their framework. As a result, the companies have seen an increase in their profit margin by ten percent compared to the industry average.
Now let’s discuss how artificial intelligence has changed the financial industry. The financial industry is most prone to scams and frauds. Using AI, companies can analyze users’ activities, locations, shopping habits and develop fraud detection models. These models will be able to flag suspicious or unusual events.
Financial companies can also enjoy the benefits of AI by implementing algorithmic trading. Doing so will help in eliminating the emotional aspect of trading. The algorithms can learn from training and will be able to make the most profitable decisions.
Artificial Intelligence and Logistics
Logistics and AI are two words that look quite weird, sitting next to each other. But to be honest, AI’s most significant potential can be seen in logistics with automated warehouses and automated vehicles. Smart roads is another critical use case, where the roads are equipped with solar-powered LED to alert the drivers on the road changes. They can automatically heat up the roads to avoid life threatening conditions in winter.
When we talk about automated warehouses and automated vehicles, we talk about mobile robots moving inventory from point A to point B. But there is a bigger picture. AI can help us optimize inventory levels, lower transportation costs, and lower overall costs to achieve core competency. Delivery drones are already being used in some developed countries. These drones can deliver small items, and the user can pay with contactless delivery which is all possible due to advancements in AI.
Artificial Intelligence and Telecommunications
Hand holding phone with city scape by jamesteohart, 123RF.
The telecommunications industry has also adopted AI to improve customer experience and, in return, maximize profits. Using AI models, companies can predict if a user is likely to churn based on the user’s activities. Customer churn is the rate at which a customer stops doing business with an entity, and in the telecommunication sector, customer churning can prove to be a loss for the company.
As AI learns from experiences, if correctly implemented, AI automatically optimizes networks based on traffic data. Who doesn’t like uninterrupted internet? Therefore, according to IDC, more than 60% of operators are investing in AI to improve their Networks.
Future of Artificial Intelligence
It’s difficult to say precisely how technology will develop in tandem with AI, but computers will become more capable of doing “common sense” tasks. As a result, robots will become extremely useful in day-to-day life. Let’s wait and see what the future holds in terms of AI.