Applications of Artificial Intelligence? JARVIS. Sounds odd? If you happen to visit Zuckerberg’s home, you know it. It is one of the Applications of Artificial Intelligence. You will be wonderstruck by JARVIS there. No more suspense. The home automation system operated there is called as JARVIS. Though it`s beyond reach for ordinary homeowners, it depicts the potential that Artificial Intelligence(AI)-driven Home Automation systems have.
What is Artificial Intelligence?
Artificial Intelligence (AI) is nothing but a simulation of human intelligence processes by computers which include learning, reasoning, and self-correction.
Applications of Artificial Intelligence include speech recognition, machine vision, NLP, and expert systems.
Applications of Artificial Intelligence are advancing dramatically. It is already transforming our world socially, economically and politically.
John Mc Carthy has coined AI in 1956 at the Darthmouth conference, who happened to be a computer scientist
AI has the ability to identify patterns in the given data with high efficiency when compared to human beings. This capacity has been exploited to gain more insight from the data processed through AI.
AI is used in many areas. For example, AI big data can be analyzed to map poverty, robust health care, personalized learning, consumption patterns can be predicted to near reality, effective waste management, streamline energy-usage and automation of agricultural, irrigation processes.
Artificial Intelligence and Machine Learning are now more than just buzzwords. Artificial Intelligence(AI) and ML are increasingly becoming integrated with our everyday services, which we may not realize. With connected intelligence made possible by the Internet-of-Things(IoT), databased decision making, and control become a cakewalk. Large data can be processed with precision using Artificial Intelligence(AI)-powered technology.
Applications of Artificial Intelligence in this new Tech world:
Home Automation/Smart Home:
Security systems at home will recognize and selectively unlock doors to allow people in.
In other words, with the help of either voice recognition or face recognition technology, Artificial Intelligence(AI) will allow you to control many devices with ease.
Without being prompted by you(the owner)it(Home Automation system) can anticipate what you want. This is all possible by Artificial Intelligence( AI). Since Artificial Intelligence (AI)-driven home automation process/systems try to assimilate your (those living in the home) habits. Eventually, do what you want regularly without being asked for.
Artificial Intelligence(AI) makes recommendations based on which people`s daily routines become optimized. Artificial Intelligence(AI) systems are smart enough that they can warn homeowners if they perceive something out of the ordinary. Thus, Artificial Intelligence(AI) systems help in threat detection and prevention.
ACS will inform you through AI-potential when you have to clean the filters by ACS. Further, it saves your time by informing the service center at the same time. Robotic floor cleaners will keep the room clean when the owners are away.
Artificial Intelligence(AI)-centric automation will prepare for your arrival. For instance making a cup of tea/coffee as regularly do, turning on Air condition in your favorite room you regularly go immediately after you arrive. In other words, AI-powered automation can judge when you (as a member of the house) are likely to come home. Great, isn`t it?
Applications of Artificial Intelligence in Healthcare:
Artificial Intelligence(AI) helps in automating the repetitive tasks in the medical ecosystem. Opportunity for Artificial Intelligence(AI) is in R&D, patient care, medical imaging, and management tasks. One can use AI to detect and diagnose by mining medical records to provide better and faster health services. Prediction, prevention, wellness, aging, rehabilitation and technological augmentation of doctors are other benefits.
Robot-assisted surgery can reduce errors and reduce patient’s length of post-surgery stay. It is possible by analyzing data from pre-operation medical records, physical guide instruments in real-time during the procedure. Virtual nurse assistance can reduce unnecessary hospital visits, assesses symptoms and directs patients to the most effective care setting. AI can help in Diagnostics by recognizing patterns across millions of scans in a short time with high accuracies. Administration can be handy by using voice-to-text apps to cut documentation time during non-patient activities. Investment in AI in healthcare is expected to reach 6.6 Billion dollars in 2021.
Applications of Artificial Intelligence in Enterprise:
Now that the industry is evolving quite speedily. It is standing at the cusp of a digital transformation. It is because many disruptive technologies are all set to make a trailblazing entry into the industry, particularly the Artificial Intelligence(AI)/ML.
Artificial Intelligence(AI) can do many things in Enterprise. It includes quality control that allows us to shorten design time, material wastage can be done away. Moreover, one can improve the reuse of production to a considerable extent. It also helps in predictive maintenance and saves time in manufacturing.
The disruptive and transformative capabilities of artificial intelligence (AI) are too great to overlook. The opportunity at hand to transform traditional organizations into dynamic, adaptive, and technology-driven enterprises has business leaders increasingly exploring ways to adopt Artificial Intelligence(AI) and keep up with competing businesses. The analytical framework, context, and Technology are the three key elements in the successful implementation of AI. This happens by deploying comprehensive AI tools and solutions that can handle end-to-end enterprise processes. This eliminates the need to build a huge team to develop and deploy different solutions whenever the need arises.
Applications of Artificial Intelligence in Creditworthiness:
Checking/assessing credit scores of people who are new to credit pose challenges to them. Especially, to get credit, as they don`t have financial history to calculate the credit score. The scenario is not easy for the lenders as well. Artificial Intelligence(AI) goes beyond traditional data viz., past payment records, credit age, utilization ratio used to determine the people`s creditworthiness. They can comprehensively analyze alternate data like a digital footprint, employment status, etc., all the past and current behavior of people. Further, Lenders use AI all together to gauge their creditworthiness. In addition, lenders, with this potential, can determine and separate them from creditworthy by the lenders. Moreso, it can set lending terms accordingly to each group.
Applications of Artificial Intelligence in Personalized Learning:
Artificial Intelligence(AI) has a huge impact on the educational system that will help teachers and students. E-Learning companies harness the power of AI, Big Data, and Natural Language Processing(NLP). E-Learning Companies do this keeping in view the unique learning needs of every child. This is possible through personalization based on his aptitude, grasping skills, and basic knowledge for each subject. AI-powered eLearning apps will not replace teachers. But, they tend to become the first choice of an after-school learning source for most students.
Students can solve their doubts using chat. All they have to do is upload their doubt on the chat app. Artificial Intelligence(AI) and NLP enable the process of scanning the database. Moreover, it suggests a solution based on a similar doubt asked in the past. AI using analysis can ensure that each child learns at a pace that they are comfortable. Today, Chat solves more than 20% of student’s doubts in a minute. Otherwise, it needs the intervention of a paid tuition teacher or so.
Up Skilling:
You see application of Artificial Intelligence in strategy games in chess/poker. In this area, heuristic logic, NLP, speech recognition, and automated robotics determines the advanced moves.
To monitor fraud and have a preventive vigilance mechanism in place, Banking organizations and Insurance often use Artificial Intelligence(AI).
Artificial Intelligence(AI) helps marketers by gathering browsing habits while online shopping. Thereupon, predict what you are most likely to buy and advertise those products accordingly through popups. AI creates 2.3 million jobs in the next year. By 2030, AI may end up offering 15.7Trillion US dollars to the global economy. Constant changes in this dynamic field have made it mandatory for professionals to keep upskilling. This upskilling is to be via a noted institution to remain relevant and job-worthy.
Real Estate:
Retrofitting of old buildings with proprietary hardware and software integration unlocks multiple benefits for commercial real estate owners. In addition, it facilities managers including huge energy savings and sustainability improvements. Nearly $6.3 Billion has been invested in 2017 across the Globe in the intelligent building system. This is expected to touch $22 billion in 2026. Core competencies required in Artificial Intelligence(AI) & ML: For beginners, C++ is mandatory. You have to understand how to create and execute algorithms.
To hone your talent in ML and Artificial Intelligence , being expertise in the following subjects is a very much needed: Neural Networks, cognitive science theory, UG-algebra, calculus, Bayesian networks, engineering, physics, robotics, probability.
Graduate in computer science need only supplement their knowledge of maths and computing with a specialized course in Artificial Intelligence(AI) and ML.
AI in Robotics
AI can help in reducing traffic accidents and thereby deaths on a larger scale. Further, it can help us to have disaster response for threat situations like the nuclear meltdown in the Fukushima power plant. AI allows us to withstand the challenges in population with older ages.
Fintech:
You see that Several lending institutions employing chatbots to make customer interactions more transparent. In addition, they provide customers with a smooth and trouble-free experience. Further, Chatbots communicate with customers through Artificial Intelligence(AI) technology. Indeed, it helps them with solutions to their queries, tracking transactions and obtaining the product and service-related information.
AI, along with big data analytics and block-chain, assists FinTechs in accurately tracking fund inflows. Further, it also helps in outflows, operation costs, risk-sharing information, profits, determining interest rates on a case-to-case basis. As a result, this is through risk-based pricing and manages their money better. In addition, it retrieves data from Bank statements/credit profile from the bureau and evaluates automatically through AI-powered algorithms and determines loan eligibility instantaneously.
Examples: SBI Intelligent Assistant(SIA) which is a smart assistant that helps customers with everyday banking tasks. Further, it resolve their queries just like any other representative. For example: ICICI`s iPal, HDFC`s EVA, Yes Banks` YES ROBOT, Bank of Baroda`s Brainy, etc. Firstly, the financial sector should develop the first requisite expertise. Secondly, it is the availability of data and ease of access. Thirdly, executives need to have the know-how of potential uses, implications, and challenges of this technology and have a fresh outlook towards it. Finally, you can leave the rest to AI.
Now it’s your turn.
In conclusion, now you know the various applications of Artificial Intelligence in this world of Technology. Especially, if you have anything to add to this topic do mention in the comments section below right now.