Know How Artificial Intelligence is Changing the World

Artificial Intelligence (AI) has created a platform for mimicking human intelligence processes via the integration of algorithms built in a dynamic computing environment. In simple words, AI services are trying to make computers think, act, and process like humans. To achieve these goals, experts use the following three components called:

• Computational systems
• Data and data management
• Advanced AI algorithms (codes)

The more human-like behavior you expect from the AI robot, the more data and processing power it will demand.

Use Cases of Artificial Intelligence

AI applications are everywhere. From financial firms to online customer support interactions and retail purchase predictions, it is the next big thing in technology and science. Some of the most common examples of AI include:

• Fraud Detection: Financial institutions use AI in different ways. At first, they use it for the initial scoring of applications for credit to understand the creditworthiness. Also, some advanced AI engines are employed to monitor and detect fraudsters payment or card transactions in real-time.
• Virtual Customer Assistants (VCA): Call centres to use VCA to predict and respond to customer inquiries without any human interaction. Voice recognition, coupled with simulated human dialog is another point of interaction in a customer service inquiry. As a result, only the high-level inquiries are transferred to a human customer executive.
• Customer support service: When people visit a website and initiate dialog on the chatbot, they often interact with a computer running specialized AI. In case the chatbot fails to decode or address the customer’s concern, a human intervenes to communicate directly with the customer. These non-interpretive examples are fed to the machine learning development and computation system to further improve the AI application for future queries.
• Computer vision and NLP: Many advanced AI applications like Natural Language Processing (NLP) and Computer Vision (CV) these applications are helping various industries like financial institutions, the healthcare industry, and the automotive sector to accelerate innovation and improve the customer experience while reducing the cost. Research claims that up to 70% of people will interact with conversational AI platforms by the year 2022. Both NLP and CV will provide valuable understanding between humans and robots. Where NLP will help computer programs to understand human speech, CV will help machine learning models to image and perfectly suit everything online like selfie filters and medical imaging processes.

The Future of AI

Virtually, no major industry is left to get affected by modern AI, deep learning, and machine learning. In the past, data collection and analysis ramped up considerably, thanks to robust IoT connectivity and ever-evolving computer processing. However, some sectors are at the start of their AI journey whereas some have already mastered the art. So, here is the top list of industries that are future-ready for AI:

• Transportation industry: It may take a few more decades for them to entirely master AI, but we can witness some autonomous cars used to ferry us in no time.
• Manufacturing industry: Crucial tasks like assembly and stacking are now empowered by AI robots with humans monitoring the entire process. Also, the predictive analysis sensors help manage the equipment and infrastructure to keep running smoothly.
• Healthcare Industry: Today, AI helps doctors diagnose diseases more quickly and accurately determine the right treatment. Also, drug discovery has sped up and streamlined, and virtual nursing assistants are taking care of the patients. Additionally, big data analysis help create an enhanced and personalized patient experience.
• Education Sector: Books are now digitized with the help of AI. And virtual tutors assist human instructors, facial analysis gauges the student’s emotions to determine their interest in the session, and so on.
• Media: Journalism has harnessed AI too. The industry makes quick sense of complex financial reports and employs natural language abilities to make this industry more advanced and updated.
• Customer Service: Lastly, Google is working on an AI assistant that can take human-like calls to make appointments — something our ancestors thought to be magic.

Summary

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