There are loads of reasons as to why Artificial Intelligence or AI, as it is commonly known, is getting a lot of consideration from investors across various industries these days. It is an extremely competent piece of modern technology that holds the potential of transforming everything, from the IT sector to every little aspect of our lives.
Pretty much most of the industries that exist these days will experience a paradigm shift because of AI. Seeing its great and ceaseless potential, a lot of industrialists, investors, and business personnel resolutely believe that AI will influence not just their goods and services, but every facet of production.
Now a question arises- how we, as individuals, can use artificial intelligence irrespective of the industry, the field of work, or business to have profitable results
How can something like Artificial Intelligence, and its application give an effective boost to any business?
Applications of Artificial Intelligence For Your Business
Artificial Intelligence can be defined as elevated intelligence demonstrated by machines - unlike that displayed by living beings- that finds varied applications in today’s world.
More particularly, AI programs are developed to execute specific errands that are being used for a wide array of actions in various sectors such as medicine, eCommerce, aviation, construction, mining etc. AI has been used to build tools in and scale massive fields and industries such as finance, healthcare, education, agriculture, and others.
It did not take AI a long time to become an integrated part of our lives. You can not even begin to imagine how it influences our mindsets and decisions.
Social Media platforms like Facebook use silent intelligence listening to provide users the best posts related to their interest area next time they log in. Apple's Siri, for instance, makes use of NLP, that is, Natural Language Processing, to elucidate voice commands and answer duly.
DeepMind by Google, on the other hand, makes use of deep learning. It is efficient in making logical links and arriving at conclusions without depending upon pre-existing behavioural algorithms.
Rather, it learns from experience and makes use of unfiltered data as its input command. In fact, by using search results from DeepMind, Google was able to improve the effectiveness of its own power cells, minimizing the power used in cooling by a surprising 40%.
In large scale businesses, AI allows more efficient, smarter and faster execution of work based on the fundamentals of doing more with significantly less effort.
As technology and related work culture continue to advance worldwide, more organizations are looking for smart, power-efficient and sophisticated solutions to streamline the operations without compromising on the quality.
It is equally important to understand that artificial intelligence is an umbrella term under which the end number of various technologies exist. Machine led learning, deep introspective learning, robot-based learning and operations, computer sciences, cognitive and cloud computing, artificial common intelligence, natural language processing, etc. are just some of the mainstream branches of artificial intelligence.
Artificial Intelligence and Its Applications In Various Industries
Today nothing is exclusive from technology. For any business to flourish, it needs to join forces with technology in any form. There is not a single field of operations and creatives that wouldn’t want to be a part of the AI revolution.
In order to understand the application of artificial intelligence in business, we must know its usage and influence in the current business-driven scenario.
Currently and commonly used AI solutions provide loads of benefits and capabilities just by simplifying the decision making. They provide extraordinary assistance and hence many industries have already started incorporating different forms of artificial intelligence into their everyday operations and processes.
Let us have a look at various fields that acknowledge and incorporate the power and influence of AI and have seen significant growth and success.
1. Application Of Artificial Intelligence In The Automobile Industry
In a few industries, AI is capable of providing automatic business-related insightful intelligence and analytics procedures, giving the solution of a holistic and fully-fledged solution.
In others like that of the Automobile Industry, intelligent vision is often being deployed to search and navigate factors, contributing to the improvement and development of fast, smart, and autopilot cars that are in process of learning to drive as humans do (or even better).
Researchers predict that the gross net worth of artificial intelligence in the automobile manufacturing sector will bloom and exceed $45.1 Billion by 2024. Today the Automobile Industry is focusing on both Driver Assisted and Driverless developments, with extra stress on the former.
- AI lends itself flawlessly to design powerful and advanced security aspects for driverless vehicles. By keeping an eye on dozens of sensors, AI can recognize hazardous circumstances. It can then alert the driver, or take emergency command and control of the automobile in order to avoid the accident. Emergency braking, pan traffic detecting sensors, blind-spot monitoring, and driver- aided navigation can be of assistance to avoid accidents and save lives.
- In the case of fully automated auto-pilot driving, AI takes care of vehicle navigation, braking, and acceleration devoid of any human involvement.
2. Application Of Artificial Intelligence In The Retail Industry
Retail Industry makes use of Artificial Intelligence in online customer support. A huge number of websites now provide the function of some sort of ‘chat’ support, where you can talk to a consumers' support executive or sales associate. In many cases, it is some prototype of automated AI which initiates these support based conversations.
As these AI chatbots are well programmed of understanding natural and common language of communication, that is, human conversation, they can naturally assist customers in digging out whatever information they need to know, by searching and extracting information from the website and navigating them to the apt web page or associate for extended support.
- Artificial Intelligence is becoming a "go-getter" alternative for retailers solely for the efficiency and competency it brings to the operations by substituting humans. Humans are prone to inaccuracies. AI helps in eradicating the inefficiencies that human intervention usually causes. Recurring errands can be simply executed by computerization to ensure better performance. A topical report believes that Artificial Intelligence will substitute 7% of careers in the United States alone by 2025.
- The enhanced competence in retail operations means increased earnings for the corporation. From dropping production and distribution expenses to providing a more adapted client experience, retailers can profit off a lot from AI. According to reports, Artificial Intelligence and mechanization can help in increasing universal revenue to USD 30 Billion in the near future!
- With the help of AI, workers can focus on performing high-priority errands that require human awareness. No more manslaughter of time on doing barren tasks!
3. Application Of Artificial Intelligence In Banking
The banking sector has benefited a lot lately due to the incorporation of Artificial Intelligence. Application of AI brings smarter interaction-based automation processes for client service, personalizing services for customers, and even the introduction of AI robots for personal service at banks.
In addition to these services, banks can put into practice the AI system for bolstering their backends, keeping a secure eye on scams, and avoiding fraud.
- Many banks make use of the different applications of artificial intelligence to identify and stop fraudulent activities. The AI systems in banks are provided with huge data which includes fraudulent and non-fraudulent information and are made to practice to determine whether a transaction is legally valid or not, based on the fed data. Over the due course of time, the software becomes enormously adept at finding and identifying fraudulent transactions on the basis of what it has learnt from previously fed information.
- AI-based Chatbot can be used to enhance digital presence and trim down the price for client communications.
- Suspicious activities, security breaches, and bogus emails can be controlled by virtue of AI and hence, help foster consumer trust.
- Capturing documents information by means of OCR and subsequently using machine learning or AI to check the authenticity of documents can help curb the issue of fake paperwork.
- Image or face recognition by means of real-time camera descriptions and highly developed AI techniques such as deep learning can be employed at ATMs to become aware of and control frauds, scams, or other crimes.
4. Application Of Artificial Intelligence In Marketing
Artificial intelligence systems continuously work on the backend of commonly used services such as streaming platforms like Netflix, Hotstar, Amazon, and big search engines like Google.
In the past few years, Artificial Intelligence has cemented its way profoundly in digital marketing, serving brands to enhance every step of their client’s journey. Also, tools formerly accessible to only big companies have become reasonably priced and available to average and small-sized businesses.
- Today, most of the marketers run pay per click (PPC) advertisements on Facebook and AdWords. Google controls 40.7% of the American digital advertising market, followed by Facebook with 19.7%. Most advertisement campaigns are administered by either in house teams or a PPC agency. AI can help you have useful insights into the ever-changing market dynamics and incorporate useful practices to boost the performance of your campaigns.
- AI-run systems can facilitate advertisers to find gaps between their service or product and the user and even optimize customer intentions. This is precisely what Facebook does as it has all the data its AI could probably need to make a very specific decision regarding the target audience.
- Whilst AI is usually not used to create a product or a service from scratch, it can definitely help to enhance the user experience with smart personalization on the website.
- AI algorithms can assist you to personalize website interface – by examining hundreds of statistics points regarding a target or consumer group, as well as location, demographics, apparatus, communication with the website, etc.
- All credits to behavioral personalization, push notifications can be customized as per the individual, delivering them the accurate and well-curated information and at the desired time.
5. Application Of Artificial Intelligence In Engineering
AI has already gripped half the industries and manufacturing sector firmly. It is also being used to handle the high-frequency operations on the stock market. AI today is almost everywhere, which simply implies that it does not matter how complex the science behind its working is, the world will still adopt it.
Since it has only made our lives easier, it will just continue to find more applications in our day to day lives.
This is how AI has found and established its place in engineering sector:
- The use of artificial intelligence guarantees the development of equipment competent in performing tremendously complicated manufacturing, and even customizing the work. Machines that are competent in learning and improving without any help of human involvement are ultimately the end goal. But the best part is, in our effort to make AI more reliable and free of human intervention, we are learning a great deal of stuff on how the human brain works and how we process knowledge, both intentionally and instinctively.
- One of the most interesting functions of artificial intelligence in engineering is machine learning. It relies on years of training and study of data to make informed decisions. It is through this procedure, of collecting data related to performance and later analyzing it, that artificial intelligence is trained. If the process is prepared with accurate algorithms to recognize errors and put together solutions, then it can perform with extreme precision.
6. Application Of Artificial Intelligence In The Space Industry
AI has a gigantic potential in space investigation, for instance - global routing, earth scrutiny, and communicating across the globe (maybe even the universe!).
Machine learning algorithms have been used in monitoring the satellites, automatic navigation of the spacecraft, routing systems, and even probing the mysteries of the universe.
Currently, Artificial Intelligence is being used to support astronauts in their projects to find habitable terrain in the cosmos. AI is also used to comprehend and grasp astronauts’ emotions and their psychological health when they are orbiting the earth all by themselves devoid of human contact.
- Space exploration provides huge chunks of data that cannot be understood by human intelligence, leave alone processing it. That is where Artificial Intelligence comes into the scene. By analyzing and obtaining the knowledge of the facts, AI can modify the route and trajectory of space probation. The data can assist researchers to locate life on new planets.
- The rovers that are currently exploring the surfaces of Mars have been trained to make a decision without programmed instructions from the mission control. It is the application of Artificial Intelligence that has made it possible.
The NASA Curiosity rover, for example, is able to move on its own by avoiding obstructions on the way and even determining the best route for its trip, just like we do in Google Maps. Now that’s mind-blowing!
7. Application Of Artificial Intelligence In Education
AI is being looked at to fill the gaps in student learning and training while at the same time allowing schools and teachers to perform better. By using the best features of both machine learning and teachers, it is possible to have AI assist in teaching partially, if not fully. Smart Board is one such example.
- With the use of the personalized learning concept, which is facilitated through machine learning, AI can be used to make a customized coaching outline for each student by keeping in mind the style of learning favored by them, their aptitude and even emotional quotient.
- AI tools have helped in making universal classrooms available to every student irrespective of their language or any disabilities.For example - Presentation Translator by PowerPoint is free of cost plug-in that provides subtitles in real-time of what the teacher is saying. In addition to this, it also helps students who require a different level of learning. Smart Classes that are used nowadays in almost every school and college are yet another product of Artificial Intelligence.
Artificial Intelligence has undeniable potential and presence. It is only improving the standards and quality of various industries where it is used. AI is preferred and utilized not only because of its innovative and appealing aura but because it is cost-efficient, nearly accurate, and saves time and labor. Application of Artificial Intelligence in any aspect will only boost any business, irrespective of the operational sector.