Not Coming to an End Continuous Define Extravagance

Businesses are transforming. Will you adapt or be left behind?

For decades, technology has been the fundamental driving force for economic growth. Companies as diverse as Amazon, Netflix, Facebook, Uber have been taking total advantage of the technologies and have grown their size of business and profits. In the sphere of the business, AI (Artificial Intelligence) is rising to its fame more than its share and is improving both in terms of perception and cognition. With the vast data available today, generating patterns, interpreting them, identifying emotions, solving problems can all be possible due to AI's progress.

AI (Artificial Intelligence) is an intriguing concept that is influencing every walk of our life. Whether it is about shopping, playing a sport, traveling, or even listening to music, AI applications have their role to play.

Today, AI is being used in every sector, whether manufacturing, healthcare, IT, or any type and size of business. 50% of respondents in a survey by Mckinsey report that they have adopted AI in at least one of their business processes.

Elon Musk claimed in one of his speeches - "Artificial Intelligence will be vastly smarter than any human and will overtake us by 2025." Also, he cited Google's Deepmind as the perfect example of AI that has benefited humanity all over the world.

Artificial Intelligence, most importantly machine learning, is one of the best general-purpose technologies we are seeing and putting to use today. Businesses that smartly sense and respond rapidly to the growing opportunities generated by AI will march ahead in the race.  So, let's dive into some of the most interesting topics about AI that would help you incorporate this progressive technology into your business, ultimately enabling you to set new benchmarks and accomplish even your difficult-to-achieve goals.

Are you Still Not Familiar with the term Artificial Intelligence (AI)?

The human-like intelligence demonstrated by the machines is known as Artificial Intelligence (AI). It is a set of algorithms fed in a machine, making it capable enough to think and act like humans. Also, AI enables machines to learn from past experiences and act accordingly without being explicitly instructed. In simple terms, AI is a concept powered by Machine Learning, Deep Learning, Cognitive Computing, Natural language processing technologies that enable machines to think, behave, and make decisions without human intervention. One of the most prominent examples of AI you may have come across is chatbots that communicate with people based on programmed information and past experiences. Siri, Alexa are all possible with AI's progress.

Evolution of AI

From science fiction to real-time artificial intelligent experiences, AI has come a long way and is consistently progressing. The use of AI in the current digital era has become highly prevalent in business, entertainment, shopping, healthcare, or even home. So, how did AI reach the level it is today? Let's look at the journey of AI in our lives, clearly explaining its history, where it stands today, and what it aims for tomorrow.

As per a recent report, the global AI market is expected to reach a size of over half a trillion U.S. dollars by 2024. Also, it has been estimated that by 2024, the number of digital voice assistants will reach a number of 8.4 billion units. This proves that AI is progressing rapidly in almost every business sector. Let's now have an in-depth understanding of how AI works and its real-world applications that can help you evaluate its penetration across multiple business environments.

How Does Artificial Intelligence Work?

Artificial Intelligence is an intricate process of infiltrating human knowledge and traits into machines using software applications and hardware components. To understand how AI works, it becomes vital to gain a comprehensive understanding of different sub-domains of Artificial Intelligence as given below -

Real-World Applications of Artificial Intelligence

Whether it is about automating business processes or operating home appliances, artificial intelligence has revolutionized our lifestyles and how we perform business functions. Here are some AI-based innovations the world is witnessing and applying to their business and personal lives.

Product Recommendations

You must have experienced getting product recommendations based on your past purchases or browsing history on online stores. There are sections like "customers who viewed this item also viewed" or "customers who bought this item also bought" on the bottom of the product page or home page. Online stores use AI neural networks to detect and record the buyers' preferences and generate product recommendations based on that. The personalized product recommendations have helped online stores to improve sales and accelerate their revenue growth.

Customer-Centric Search

Customers often abandon the eCommerce store because they find search results irrelevant. AI enables machines to think the way humans do and thus can deliver customer-centric search results that help customers find exactly what they are looking for. Many eCommerce sites even support image recognition that enables users to upload the image of the product they intend to buy from there.

Fraud Protection

Fraud in online payments is the biggest roadblock to the eCommerce business growth. Machine Learning - the subset of AI, is used to detect fraudulent transactions makes online shopping more secure for buyers. AI is deployed to detect fraud and prevent legitimate transactions from getting declined because of wrongly being identified as fraudulent transactions.

Face Recognition

When you upload photos on Facebook, you get automated suggestions for tagging your friends present in your photos. Artificial Intelligence powers this concept of automated facial recognition and many people use it for conveniently tagging their friends on Facebook.

Personalization

AI apps can easily identify the habits and preferences of social media users and personalize their news feeds accordingly. It also helps social media advertisers to display their ads in front of only their potential buyers. Users can view the advertisements on social media platforms based on their past purchases and browsing history.

Facial Filters

The facial filters introduced by Snapchat in 2015 can track facial movements, enabling users to add digital masks to their faces even if their faces moved. This technology powered by AI is well known to track movements in a video and has proven to be quite beneficial for Snapchat in terms of popularity and revenue generation.

Decision Making

The banking and financial institutions need to manage many loan applications on a daily basis. Making decisions about whether to provide approval or not for so many applications or not becomes a cumbersome and time-consuming process. AI-powered banking software can be used to scrutinize loan applications based on the credit score, financial history, and other protocols specific to the industry and current financial situation. Artificial Intelligence and Machine Learning have made it easy and quick to make the right financial decisions and save the banking and financial institutions from incurring losses due to delinquent customers.

Mobile Check Deposits

Many banks allow their customers to deposit checks using smartphone apps without physically visiting the bank. The mobile check deposits use AI and ML to interpret and convert handwriting on checks into text through OCR(Optical Character Recognition). This helps banks in providing high-end convenience to their customers and earn a good reputation.

Preventing Financial Forgeries

How can a bank or financial institution determine that there is some kind of forgery going on in the form of a transaction? AI-based neural networks can identify fraudulent transactions based on particular protocols set by the organization. This helps financial organizations to win the trust of their customers and gain a competitive advantage.

Chatbots

The chatbot is basically an application that uses Natural Language Processing powered by AI to understand what users want and communicate accordingly. Many companies have implemented chatbots to provide 24/7 support to their clients, suppliers, employees, and associates. The best thing about chatbots is that they continuously learn from their conversations and get better at answering questions day by day. Businesses are now able to provide better services to their customers at a low cost with the help of chatbots. Thus, they are proven to be beneficial in terms of both efficiency and profitability.

Email Categorization

The spam filters and the categorization of emails into primary, social, and promotional by Google is the most prominent example of AI that we have been using for many years now. The emails in your inbox get categorized automatically based on the content, helping you save time recognizing the crucial emails and not so essential emails, thus improving efficiency and productivity.

Smart Assistants

You might have communicated with smart voice assistants like Alexa and Siri and asked them to call your contact or play music of your choice several times. These smart voice assistants have now become a part of our lives as they can perform internet searches, integrate with calendars and set reminders, and many more tasks that can make our lives easier and better. These smart voice assistants are built using AI technology and get better and more efficient with time as they can learn from past experiences and improve their performance.

Diagnosis & Treatment

AI has helped healthcare organizations in executing innovative methods for making a more accurate diagnosis and providing better treatments to different diseases. For example, Harvard University's teaching hospital, known as Beth Israel Deaconess Medical Center, uses AI to diagnose potential blood diseases very early, enabling them to provide quick treatment and save the lives of the patients.

Patient Experience

AI-based applications enable physicians and healthcare professionals to provide up-to-date information to the patients and prompt services. Many hospitals facilitate their patients to seek 24/7 medical support through chatbots, whereas several healthcare institutes feature a health monitoring system to effectively keep patients updated about their medications and treatments. Whether downloading a blood report or accessing patients' information on a real-time basis, an AI-powered healthcare CRM software can help you do that seamlessly.

Wearables

AI-based wristbands that tell you about your blood pressure level or let you track the kilometers you walk in a day have become quite common these days. There are AI-based hearing aids also available that help overcome the challenge of filtering out the background noise and focusing on clear individual voices. AI-based wearable technology has helped people enhance their lifestyles and manage their health-related issues in a much better way.

Developing New Drugs

Pharmaceutical companies use AI for identifying potential molecules by leveraging big data analytics. Based on that, these molecules are optimized with several rounds of iteration to choose the right one for manufacturing drugs used to treat various diseases.

Search Engine Optimization

Semantic search and natural language processing powered by AI has helped users get intelligent results in search engines. For example, if the user searches for "Red Dress," the search engine provides smart results, including prices and locations where they can get the "Red Dress" from. This has enabled businesses to prepare their SEO strategies accordingly to gain a top position in search engines, ultimately gaining in terms of popularity and revenue generation.

Content Creation

There are many AI-based tools available that can automate the process of content creation using Natural Language Processing (NLP). Digital marketers are now using these tools that use the data and organize it into a written story form that sounds like a human writer has written it. Whether it is about writing an article, social media post, product descriptions, or personalizing a landing page, AI-based tools can help automate those tasks and save your time.

Market Analysis

The AI-based analytical tools help marketers determine the demand of their products and execute their pricing strategy accordingly. Many businesses are using AI to analyze and forecast buyers' behavior and competition and influence the prices of their products on a real-time basis. This has helped them to gain more conversions and win customer loyalty.

Traffic Management

Sensors and cameras installed on roads collect the traffic information and send it to the cloud, where traffic patterns are analyzed using AI-powered systems and big data analytics. Valuable insights about traffic enable Google Maps to guide the users through the shortest route possible with the least traffic. The AI-based traffic management systems can also provide information about roadblocks and accidents, enabling people to travel without any hassles.

Quick Cab Service

You might have booked a cab several times using apps like Uber and Lyft. You are able to track the location of the cab in transit and predict the waiting time till you board the taxi. As soon as the demand for cabs increases, there is an automated surge in the fare price. These ride-sharing applications are powered by ML - the subset of AI that makes your commuting easy and convenient.

Flight Delay Predictions

Flight delays have become a big problem these days, especially after the outbreak of Covid-19; the instances of flight delays increased and impacted the travel experiences to a great extent. With the help of AI-based computer vision systems, the continuous monitoring of airplanes can be carried out. This helps in eliminating downtime and also forecasting the delays due to weather or any other technical reason. The information about flight delays can be immediately conveyed to the travelers helping them to plan their schedules accordingly.

Renewable Energy Generation

With other technologies like IoT (Internet of Things), cloud computing, and big data analytics, AI has transformed the renewable energy sector to a great extent. AI-based programs, with the help of sensors, can analyze energy consumption and requirements across various sectors. Based on that data, the utilities direct the renewable energy to the sector where it is most required. This helps make the optimum use of renewable energy, save costs on electricity, and benefit the entire planet.

Helping Physically Challenged People

Artificial Intelligence has assisted people with disabilities in overcoming their day-to-day obstacles with confidence. One of the major breakthroughs in this context is voice assistant, enabling even visually impaired people to dial the numbers using their smartphone and communicate easily. AI has also helped deaf people to be able to watch movies with the help of captions available. AI-based apps can also help visually impaired people with information about their surroundings, keep themselves acquainted with the required information, and maintain safety.

Creating a Safe Environment

The crime departments and security organizations are using AI-based programs to identify human traffickers and create a safe environment. Also, there are AI-based apps available that help people report child abuse and domestic violence, notifying their problem and location so that they get immediate help from their surrounding areas.

Content Classification & Recommendation

Online streaming platforms like Netflix, YouTube, etc., have multiple genres of videos, movies, TV shows, songs, etc. The content on these platforms is automatically classified based on their genre and recommended to the users based on their watch history and preferences. AI is there behind the scenes to do this magic by detecting the data, visual scenes, objects, etc. and classifying the content for better user experience.

Automated Subtitles

The different types of movies, videos, songs, published on online platforms are globally viewed by the users regardless of their language understanding. Thus, it becomes necessary to make this content easily comprehensible with automated subtitles. Artificial Intelligence with the use of natural language processing plays an important role by transcribing the voice into subtitles in different languages, helping users to enjoy the movie even if they do not know the language.

So, these were some of the most prominent real-world applications of AI that we are using these days. Artificial Intelligence being a progressive and self-learning concept, is consistently evolving. Let's have a look at some of the latest trends and innovations in AI that are going to drastically transform the overall lifestyle of the people and economy worldwide.

AI can help you map and derive a pattern from a set of inputs to a set of outputs. Typically, it is Deep learning Algorithms. Below are some examples -

The Future of Artificial Intelligence And How It Is Going To Only Dominate, Rise and Never Fade

Artificial Intelligence is the key to extracting the maximum benefit from the data, and data is the lifeblood of any business. So, undoubtedly AI is helping companies to gain real-time insights that can drive better decisions and improve processes. It also enables business leaders to acquire a deeper understanding of consumer behavior, thus helping them execute innovative strategies that augment their promotional capabilities and revenue generation. AI has been proven to be successful at empowering organizations with innovative ways enabling them to become operationally efficient, engage and retain customers, and consistently outperform their competitors.

Not many years back, the technology that could learn and make decisions independently without human interference was found only in science fiction. But, AI has made that possible today in reality. Currently, AI-based applications and devices are all around us and performing the magic that we might have only imagined in the past.

(Cisco)

So, how long is this magic of AI likely to continue? The answer is "Forever."

This Quintessential twenty-first-century technology is at the tipping point now. Its applications are vast, predicted to grow further, and reveal various unimaginable applications penetrating virtually all industries. Predictions can turn to reality soon. Before it is too late, please make use of it. What started as a fantasy AI, is slowly turning out to be a realistic AI. From the past to the present day, AI has been revolutionizing and will continue to do so in the future days to come. So, capture the opportunity, confront the challenges and stay ahead in this AI journey.

Leveraging the best artificial intelligence software can help you understand your customers better, and make better business growth.

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Source: https://www.goodfirms.co/artificial-intelligence-software/blog/the-dominance-of-the-ai-will-not-come-to-an-end

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