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AI or Artificial Intelligence works by effectively combining high volumes of data using intelligent and quick algorithms with iterative processing and thereby allowing itself to self-learn automatically from the characteristics of such data.
The tasks can range from speech or natural language recognition and translation into different languages, to visual perception and even decision making. To understand these, you first need to understand how Artificial Intelligence works.
The applications and advantages of AI (Artificial Intelligence) are vast and involves many technologies and methods thereby. Here are some of the important subfields of AI:
- Machine Learning
- Neural Network
- Deep Learning
- Cognitive Computing
- Natural Language Processing (NLP)
- Computer Vision
There are a lot of different views on AI. Put simply, the two advantages of artificial intelligence are better decision-making and more convenience.
1. Decision making
Artificial Intelligence in combination with other technologies helps to make confident and faster predictions for even the most complex business problems. Big Data is highly valuable to draw conclusions and predict future outcomes in AI models. AI can organize, mine and continuously analyse a vast amount of data – no matter what format – and can identify previously hidden patterns out of trillions of data connections. AI learns and provides faster insights (predictions, classifications, clustering – sometimes in real-time). AI increases the chance of reaching accuracy with the greater degree of precision.
AI facilitates decision-making by making the process faster and smarter – like:
- use insight to predict customer preferences and offer them better, personalised experience
- mine vast amount of data to generate quality leads and grow your customer base
- achieve cost savings, by optimising your business, your salesforce or your products
- increase revenue by identifying and maximising sales opportunities
- Mitigate your risk by getting deeper insights
AI can be of big value for all industries but especially for financial services and pharma industry.
One way Artificial Intelligence or AI makes life more convenient is through the elimination of repetitive tasks. AI can replace mundane tasks like setting up an appointment or providing intelligent recommendations for improving overall business efficiency. Recently, this was demonstrated by Google, through its new offering “Google Duplex”, which could have a human-like conversation with a local hair salon and could secure an appointment for the user, without the person on the counter realising that she was talking to a machine. Of course, in plants, several of the activities like (sorting based on colors, the quality check can be automated through the use of AI. Another useful application of AI that may lead to a lot of conveniences is the use of chatbots on the website for customer service. This can help the automated resolution of usual asks. For any complex ask, bots can always invoke the real person.
AI can help data scientists to automate up to 80% of their work – collecting datasets, cleaning and organizing data. AI allows them to set aside extra time for tasks that they deemed more important and are cognitively more challenging. A higher rate of convenience at the workplace is directly proportional to an increased level of productivity.
By deploying the right AI technology, businesses gain an ability to
- save time and money by automating routine processes and tasks
- increase productivity and operational efficiencies
- be more innovative and successful by spending time on the higher cognitive tasks
The more AI is used to research the faster it will learn to find patterns and results for many of the questions that the world is exploring. Imagine having artificial intelligence that runs through thousands of simulations in order to find cures for diseases. Someday with the help of artificial intelligence, we might find the cure to cancer as well.
Artificial Intelligence is already on its way to improve human lives.