Home Business An In-depth Guide About AI and its Applications

An In-depth Guide About AI and its Applications

12 min read

The pace at which technology is developing is unmeasurable. Several technologies are getting introduced on a daily basis, while others are being improved to ease lives. Blockchain, Cloud Computing, Internet of Things, Artificial Intelligence are some such technologies. Among these, Artificial Intelligence is a technology that has observed massive growth. But what exactly is Artificial Intelligence?

Artificial Intelligence is a technology in which machines possess intelligence that is artificial. Humans have the ability to have natural intelligence, which helps them to observe, think, comprehend, and take decisions. But machines don’t have brains of their own, until now. Yes, that indeed is correct because machines can now process and take decisions according to a situation. Artificial Intelligence can be classified into two types:

Weak: This is the type of AI which is used for a single purpose. A bit of programming is done for it because it cannot learn on its own. For example- when a voice search is made for ‘Best Apples Near Me’, the AI identifies all the words individually and then shows results that contain all those keywords. Most of the times, correct results are shown. Weak AI does not learn anything and is limited to a programmer’s ability to program efficiently, which can make it effective to some extent.

• Strong: This is the type of AI that has great potential because it can compete with human brain. It was a concept some years back but with passing time, certain aspects of AI are being implemented in known areas. An emerging technology that can improve people’s lives by automating every sector.

These are some of the broader categories of AI. Other components of Artificial Intelligence- Machine Learning, Natural Language Processing, Deep Learning.

Machine Learning means when machines are able to learn on their own. They learn from their previous mistakes and make sure not to repeat them. Complex use of Math and algorithms is there because a machine must identify the steps that must be followed to achieve an efficient result.

Humans have a different way in which they communicate with each other. They do not use formal language and most of the times, slang is used. It is common in every language and it has become vital for AI to improve this component. When AI is able to listen and comprehend human speech without the least errors, it is known as Natural Language Processing.

Deep Learning is a concept of Machine Learning because the way in which a machine learns, the patterns it creates to understand and solve problems. It implements the concept in which a human brain learns and memorizes certain aspects.

There are many applications in various industries that are benefiting them: – Healthcare, Online Shopping, Finance, Travel, Security.

  1. Healthcare: It has several benefits because, in healthcare sector, precision is required. Along with that, machines have to learn from themselves and know about the prescriptions and signs before a disease occurs. They can keep an updated database, which can serve patients with chronic diseases. Surgeries can be performed with the help of machines and it would be highly unlikely that they would make an error.
  2. Online Shopping: Artificial Intelligence can significantly improve an E-Commerce business by performing predictive marketing. It means that AI works in such a way that it can monitor people’s search results and based on their behavior, it can suggest ways in which they buy products online and the categories they usually buy from. This is just the tip of an iceberg because predictive marketing can person several other functions which can increase the sales and reputation of a company.
  3. Finance: The biggest benefit of using Artificial Intelligence in Financial sector is that a lot of work that was carried out by people, could be automated. It can process applications on its own and generate final reports which can be observed by the concerned authority. Also, scams and frauds that occur on a daily basis can be prevented because AI can compare the results with previous results and identify irregular or suspicious activity. Financial firms can then take appropriate actions because to rectify an error, it is necessary to realize its existence in the first place.
  4. Travel: This sector is growing each day because people have realized the value of taking regular breaks from their busy schedules. AI can ease a person’s traveling experience by giving them updates and handling their queries at any time, without depending upon a person. They can also inform about the price drops that usually occur in airlines, hotels, which in turn can help a person to plan their trip well in advance.
  5. Security: This is a sector that needs constant checks from a person or group of people because no organization would prefer their data and premise to get attacked. When a company decides to organize major games or live shows, they need to deploy multiple cameras that can monitor the audience. It can become extremely difficult for people to monitor all of those cameras, which can be made easy by AI because it can recognize faces and notify the security staff about any risks that could occur.

Along with these, it becomes vital to observe the statistics and know about the ways in which AI has affected several businesses around the world.

  1. Around 37 percent of companies and firms around the world have started using Artificial Intelligence for increased benefits.
  2. Organizations around the world will spend around $35.8 billion in Artificial Intelligence by year 2019.
  3. More than 60 percent of people prefer to communicate about their issues with an AI bot on websites, rather than choosing a person.
  4. More people prefer to use portable devices and wearable smart devices have made life a lot easier for people. Financial analysts have depicted that the market shares will reach around $180 billion in the coming years.

Artificial Intelligence is something that has a bright future because of the numerous possibilities it offers. Not only that, a lot of people that dreamt about starting a business, can depend upon the multiple benefits which can take the load off from a person. But a fact that people have to consider is that Artificial Intelligence is still in its early phases and it might take some years to reach its full potential, wherein several experiments would be done. Out of those experiments, some might fail and some might be successful, but one thing that would happen for sure is that this sector will observe growth on a daily basis.

Sharing is caring!

Load More Related Articles
Load More By Hemant Sirohi
Load More In Business

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

The Reality That is Not Real: Virtual Reality

Humans often feel that the reality that they reside in is the only reality, but that unfor…