Artificial Intelligence (AI), once associated with science fiction novels, Sci-Fi movies and research papers, has now become a reality with a household presence – hi, Alexa! With the mainstream acceptance of AI, this technology is now making a tremendous impact on society.
Artificial Intelligence (AI for short) refers to a computer software program that performs human-like activities. It is this technology that helps you find a great Netflix movie recommendation. From Apple’s Siri to Google’s DeepMind, there are several AI applications in the consumer and business spaces. In a broader sense, AI is the intelligence demonstrated by computer applications. The concept of artificial intelligence is not new as it came into existence in 1956. However, it took decades of work to make significant progress toward making it a reality. Basically, artificial intelligence is an umbrella under which a number of different technologies reside such as machine learning, deep learning, robotics, computer vision, cognitive computing, natural language processing, and more.
At present, there is a myriad of AI applications that are making our life easier. In the business world, AI is transforming the way companies operate. Together Artificial Intelligence and Machine Learning are streamlining business operations by eliminating mundane manual tasks. AI-powered tools and automated systems are enabling businesses to work smarter and faster. AI is already disrupting virtually every business process and providing a holistic end-to-end solution. Here’s how AI is transforming businesses, as well as society.
Banking and Finance
AI is being used in the banking and finance industry to detect fraudulent activity. The AI-enabled software application can determine the validity if banking transactions. The data stored in the application comprises fraudulent and non-fraudulent purchases. Without human intervention, the software can spot patterns and identify fraudulent transactions based on previous records. Moreover, AI-enabled mobile banking apps can offer personalized user experience such as bill pay reminders, Pre-overdraft alerts, etc.
The most remarkable applications of AI can be seen in the e-commerce and retail sector. The Amazon Go stores, for instance, allows customers to check out their purchases without standing in long queues. The computer vision and DL algorithms enable customers to simply swipe their smartphone. On the other hand, AI offers a personalized experience to users on e-commerce websites. The latest ‘chatbot’ feature on the sites helps in improving customer experience. The AI chatbots are capable of understanding human language to help customers get the information they’re looking for.
Due to the increasing incidences of cyber-attacks, more and more companies are investing heavily in cybersecurity to ensure their data is protected. Besides traditional security measures, AI-assisted tools are used for threat detection, mitigation, and prevention. AI is enhancing cybersecurity defense by analyzing the network packets and maps out what is normal traffic. AI can assist IT and security experts in monitoring behavior, detect anomalies, and respond to threats and issues.
AI solutions can help doctors with diagnoses and provides improved medical attention to patients. It is possible to feed medical records in the AI system that can detect when medical intervention is needed. The best example of an AI-enabled system is an Apple watch that can help in saving people’s life by monitoring their heart rate.