How Artificial Intelligence is Transforming the World
Most individuals are unaware of the impact of artificial intelligence (AI) on their daily lives. Many companies are using AI technologies to increase their revenues and bring in innovation. The technology these businesses are using is still at a nascent stage. Nevertheless, the pace of adoption definitely indicates a promising future of AI.
What is Artificial Intelligence?
In technical terms, refers to the computer or a machine that is able to mimic human-like abilities such as continuous learning, problem-solving, and decision-making abilities. In a layman’s language, AI-enabled machines are able to improve themselves through continuous learning without much human interference. For example, a popular gadget that is able to converse with you and answer questions you have asked, vacuum cleaners that are able to navigate themselves around the furniture in your house. These are the most familiar AI applications in our everyday life.
Despite the familiarity, artificial intelligence-related terminologies are a bit difficult to understand, especially for individuals with little or no technical knowledge.
Difference between machine learning and artificial intelligence
Individuals often use the terms Artificial Intelligence and Machine learning (ML) interchangeably. But Machine learning is a subset of AI. ML is the science of creating and implementing algorithms that can learn from prior instances, data, and knowledge. Furthermore, different types of machine learning algorithms that exist are classified according to their learning style, e.g. supervised learning, unsupervised learning, and semi-supervised learning. Also, ML is classified according to form or function such as classification, regression, deep learning, etc.
Nevertheless, the scope of AI development is not limited to such applications anymore. AI is now a driving force for innovation, and these innovations will undoubtedly transform how we perform our everyday operations.
Related Reading: What is Machine Learning? How it Works?
How Artificial Intelligence is Transforming the World?
AI applications in business
One of the most well-known examples of AI application in the automotive industry is self-driving cars. Though not fully operational yet, self-driving cars are no more a distant future. Moreover, it is believed that AI-enabled self-driving cars will ultimately improve road safety and help us in reducing incidences of mishaps. Many car manufacturers are working towards developing such vehicles that will require minimum human intervention or none at all. Furthermore, as companies across the world move toward manufacturing electric cars, the incorporation of AI technologies will accelerate. Thus AI holds a greater potential to transform the overall automobile industry.
Artificial intelligence in the healthcare industry
As we all are aware of the healthcare industry is going through a substantial crisis. The pandemic is truly an unprecedented challenge any country has ever faced before. On the other hand, there are several other diseases pre-existent with no cure and are equally devastating for all of humanity. Artificial intelligence can help healthcare industry workers in detecting such deadly diseases at an early stage. Also, the process of diagnosing these diseases can be accelerated by data collection, analysis, and proper reasoning, a process that otherwise might take a number of days or even months.
A few of the innovations are currently used by the medical industry, such as Google Health, IBM Watson health. These technological giants are providing services to the healthcare industry by mining patient data for disease monitoring.
Artificial intelligence for the e-commerce industry
Have been seeing ads recommendation ads on every website you visit, showing products similar to that you bought recently? Most probably you are seeing these ads more frequently whether you actually click on any of those ads or not. This a perfect example of the application of AI for the e-commerce industry. To provide such suggestions machine learning tool uses your past purchase history, products you have viewed previously, and products that are part of your wishlist.
Artificial intelligence for entertainment
Most individuals are familiar with the YouTube recommendation engines. YouTube is a video-sharing platform and is used worldwide. This is a platform for anyone who wants to share content on topics such as educational content, beauty tutorials, cooking videos, and many more. Thus you can watch any video based on your interest and liking. YouTube uses AI to suggest videos based on your recent view history. It is ultimately an effort by the platform to improve user’s overall experience.
Artificial intelligence for maps
It is impossible to ignore Google Maps, an application that has become an inseparable part of our everyday life. It is the most extensive web mapping application that provides your geographical location information/images in real-time. Thus irrespective of the country or state you are in, you will be able to locate places instantly and accurately. Additionally, it assists you in predicting the fastest route or nearest route possible to your desired location.
Artificial intelligence for translation
The second most popular application after Google Maps is Google Translate. The worldwide used application allows users to translate content from source language to any other language. This application of artificial intelligence is definitely making a difference in the lives of solo travelers, tourists, or globe trotters, as no language is out of the application’s reach. Moreover, its Machine learning model is updating itself on a regular basis to provide users effective services.
Artificial intelligence for finance
The finance industry has been a little slow in adopting new technological advancements. However, in recent times the industry has taken help from artificial intelligence technology. Stock exchanges, personalized investment applications are at the forefront in adopting the technology. Incorporating technology eliminates your dependence on human reasoning, decision making, and emotional bias. Additionally, it simplifies the shares trading process and dramatically decreases the time span to execute the trade.
Furthermore, AI is not only able to suggest personalized investment plans but is also able to detect fraud in financial transactions. AI can detect abnormalities or deviations from standards in financial transactions. Thus in the future, AI can help the financial industry in preventing major financial disasters. There are enterprises that provide AI as a service to assist financial institutions in their fraud detection endeavors.
Related Reading: How Artificial Intelligence is Helping the Digital Marketing Industry
Artificial intelligence for regulatory compliance
Regulatory compliance is an essential part of all financial institution’s operations. Through Natural Language Processing institutions can scan thousands of documents within no time and detect any compliance-related issues. This way issues can be detected much faster and without any human intervention.
AI is bringing technological innovations
AI Technology is on the threshold of transforming many areas of our daily lives. Moreover, artificial intelligence in the education industry is also showing remarkable progress. There have been some technological innovation that is already proving to be extraordinary. Nevertheless, as AI continues to become part of almost all human endeavors, it is going to bring in many more revolutionary changes.
