- July 20, 2021
- Posted by: dinesh
- Category: Blog
Explore Artificial Intelligence (AI) services that fit your business needs and learn how to get started. Leverage AI to increase your business productivity in every stage of your digital innovation journey.
What is Artificial Intelligence(AI)?
We define AI as the science of mimicking or simulating human intelligence through machines, computer programs, and robots to perform a variety of tasks. With AI, you can create better, more personalized experiences for customers, and make smarter decisions based on deep insights from data.
How does Artificial Intelligence work?
Computers are good at following processes, i.e., sequences of steps to execute a task. If we give a computer steps to execute a task, it should easily be able to complete it. The steps are nothing but algorithms. An algorithm can be as simple as printing two numbers or as difficult as predicting who will win elections in the coming year!
Why is AI important?
To put in simple words, AI is important because AI can perform tasks more efficiently than humans. AI is important for the organizations to evaluate their vision and transform their business process and technology that they may not be aware of previously. AI tools can complete your jobs quickly and with few errors, particularly automate resource-heavy tasks, and make business enterprises take better decisions.
Advantages of Artificial Intelligence
- Reduced error: A chance of error can always be expected with human negligence in the tasks where precision is required. However, with the process automation, mistakes and errors will be relatively small.
- Risk avoidance: AI robots can execute complex tasks replacing humans. Recently, AI robots are doing risky things replacing humans to carry out dangerous tasks, for example, exploring the deepest parts of the ocean or in nuclear power plants to avoid any disaster.
- Handling repetitive jobs: Repeated jobs are tedious in our day-to-day life. Machines can think much faster and do multi-tasking to obtain best results. Even big industries have automated routine tasks such as warehouse monitoring, customer’s requests, balances, and more are managed by AI robots.
- Digital assistance: Digital assistants do not require frequent breaks like humans and can work for long hours without getting distracted or bored. This 24/7 availability allows many organizations to deliver faster service to the customers thereby saving the need for human resources.
Limitations of Artificial Intelligence
- Expensive: Ability to create a machine and simulate human intelligence is no small feat. The cost of implementation of AI projects, staying updated with the latest AI hardware and softwares, and meeting the latest requirements can cost a huge deal of money
- No ethics or emotions: There is no doubt that machines are more efficient and faster than humans. Performing multiple tasks simultaneously and producing results in a split second is good. However, machines cannot build an emotional connection with other human beings, which is a crucial aspect of team management.
- Lacking out of box thinking: Machines will perform only preassigned tasks or operations that they are programmed to do – no creativity in its approach
- Unemployment: One of the biggest disadvantages of AI is that AI is slowly replacing humans and this has resulted in the death of many job opportunities.
What are the applications of AI?
Artificial intelligence has made its way into a wide variety of markets. Here are nine examples.
AI in healthcare: The biggest bets are on improving patient outcomes and reducing costs. Companies are applying machine learning to make better and faster diagnoses than humans. One of the best-known healthcare technologies is IBM Watson. It understands natural language and can respond to questions asked of it. The system mines patient data and other available data sources to form a hypothesis, which it then presents with a confidence scoring schema. Other AI applications include using online virtual health assistants and chatbots to help patients and healthcare customers find medical information, schedule appointments, understand the billing process and complete other administrative processes. An array of AI technologies is also being used to predict, fight and understand pandemics such as COVID-19.
AI in business: Machine learning algorithms are being integrated into analytics and customer relationship management (CRM) platforms to uncover information on how to better serve customers. Chatbots have been incorporated into websites to provide immediate service to customers. Automation of job positions has also become a talking point among academics and IT analysts.
AI in education: AI can automate grading, giving educators more time. It can assess students and adapt to their needs, helping them work at their own pace. AI tutors can provide additional support to students, ensuring they stay on track. And it could change where and how students learn, perhaps even replacing some teachers.
AI in finance: AI in personal finance applications, such as Intuit Mint or TurboTax, is disrupting financial institutions. Applications such as these collect personal data and provide financial advice. Other programs, such as IBM Watson, have been applied to the process of buying a home. Today, artificial intelligence software performs much of the trading on Wall Street.
AI in law: The discovery process — sifting through documents — in law is often overwhelming for humans. Using AI to help automate the legal industry’s labor-intensive processes is saving time and improving client service. Law firms are using machine learning to describe data and predict outcomes, computer vision to classify and extract information from documents and natural language processing to interpret requests for information.
AI in manufacturing: Manufacturing has been at the forefront of incorporating robots into the workflow. For example, the industrial robots that were at one time programmed to perform single tasks and separated from human workers, increasingly function as cobots: Smaller, multitasking robots that collaborate with humans and take on responsibility for more parts of the job in warehouses, factory floors and other workspaces.
AI in banking: Banks are successfully employing chatbots to make their customers aware of services and offerings and to handle transactions that don’t require human intervention. AI virtual assistants are being used to improve and cut the costs of compliance with banking regulations. Banking organizations are also using AI to improve their decision-making for loans, and to set credit limits and identify investment opportunities.
AI in transportation: In addition to AI’s fundamental role in operating autonomous vehicles, AI technologies are used in transportation to manage traffic, predict flight delays, and make ocean shipping safer and more efficient.
Security: AI and machine learning are at the top of the buzzword list security vendors use today to differentiate their offerings. Those terms also represent truly viable technologies. Organizations use machine learning in security information and event management (SIEM) software and related areas to detect anomalies and identify suspicious activities that indicate threats. By analyzing data and using logic to identify similarities to known malicious code, AI can provide alerts to new and emerging attacks much sooner than human employees and previous technology iterations. The maturing technology is playing a big role in helping organizations fight off cyber attacks.