You are a human. Period. Your human brain is always thinking of new ways and methods to simplify your daily activities on this Mother Earth. Right from the day, the fire was invented to the wheel and to computers and now apps, innovations have always happened. The only difference, in prior days, innovations used to happen every century and now it is happening every day. Okay, so let us focus on the recent happenings in the business circles. As you know, artificial intelligence and machine learning are the hottest topics during any business meetings and events. In this article, let us focus on the changes brought about by Artificial Intelligence in various industry sectors.
What Will Be The Changes?
First, let us understand artificial intelligence. It is a part of machine learning. The best description for AI is making a software application do tasks similar to humans. However, these applications can fix only simple problems. For complex problems such as decision making, machine learning is required. By implementing AI in their businesses, companies can automate routine jobs, understand customer preferences, bring about a reduction in operation cost, and send personalized emails. Let us look into the sectors that have borne the beneficial impact of Artificial Intelligence.
Finance & Banking
This is the era of digital payments and transactions. But there are also challenges in the form of fraud, identity theft, and phishing. With AI, cybersecurity can go to the next level. A bank which has implemented AI in its applications can analyze the right patterns, identify changes in withdrawal behavior (cash) and send alerts to banks and the customer.
When AI has stepped into digital transactions, can healthcare be far behind? Let us imagine a situation. An old person has suffered a heart attack. He has been shifted to the ICU and suitable precautions are taken. On the other hand, numerous tests are taken to ascertain the health condition. Example – X rays, CT scans and many more. Now, the data piles up. And it is impossible for a doctor to go through all the reports in a short time. But an AI can quickly analyze the data and give the accurate report to go to the next level of treatment.
You can also take another example. Imagine an unfortunate situation, when an epidemic has struck an entire village of 800 people. Let us say, malaria. Now, it will be impossible for the medical survey team to scan and take precautionary measures for every individual in the village. But an AI tool can look into the scans and suggest the perfect measures as per the requirements of an individual.
The best-known applications for AI, you can find in the retail industry. Shall we look into them one by one? Let us imagine, you are on an e-Commerce website. You face problems while making a purchase and dial the customer care number. Now, the voice at the other end clarifies the problem and help you make the transaction. Now, it can be a human or an AI chatbot. There are many companies which have installed chatbots in their customer care management division to take care of the simple queries. The complex questions, however, get routed to a human. But hold on! In the future, machine learning coupled with AI can handle even the complex queries.
Imagine the huge reduction in cost by retail and eCommerce companies because of AI software applications. The next level software has also entered the fray. This type of AI software can follow up leads and generate sales by engaging with customers in a conversation. It uses the technology of natural language processing and speech recognition. Because of AI, there are many companies which give 24/7 service.
If you are an online shopper, the topic may have hit a brainwave. Imagine, you have stepped into an eCommerce website to purchase a dress. After you buy the dress, a pop-up appears stating that the previous customer who bought a similar dress also viewed a specific shoe. Now imagine the situation. It is a personalized attention. Now, where do you think all the data of millions of customers go? To the database, right? But imagine, will a human have the time to go through all the records and give personal attention to every customer? Impossible. But an AI tool, can easily go through the records and make personal recommendations. So, now tell us, has the artificial intelligence application made some beneficial changes or not, as far as the eCommerce industry is concerned?
So far, in this article, we have dealt only with other companies which make use of AI built by software companies. But do the software companies themselves use AI? Let us focus on this interesting aspect.
It is not that companies such as Google, IBM, and Apple build AI solutions for other industries. They also design AI tools for their own companies. Remember Siri, the virtual assistant? There are also other products such as Google Home and Cortana from Microsoft. But unlike the other AI applications, these applications have some special software and make use of neural networks for analyzing the human language and give apt responses.
Another industry which has embraced AI with full force. Let us take a case study. Your role is that of a digital marketing expert in one of the best companies which provide home care services in Bangalore. You want to go higher up the career ladder, so you opt for an advanced digital marketing course from an international academy. Now, you have signed up for virtual classes. You have to log into a portal where classes are conducted. For any doubts, you can put your questions in the forum to get the answers. But it is not a human which types the answers but a chatbot. So, AI has even stepped into the field of education.
Future, is here..!
So, do you feel that AI is another kind of industrial revolution? Yes. And not only AI, but there are also other technologies too which have made a sizable difference. Machine learning, automation, data analytics, deep learning systems create many opportunities for businesses in all sectors in terms of operation. And it is not only software companies which are busy designing AI applications. Governmental institutions, tech giants, and international universities have entered the game. And definitely, AI and other technologies are going to play a major role in your life. For the Better.