Apple Siri analyzes thousands of movie, and so recommendations for The Best Times and theaters based on my location within a matter of seconds through Artificial intelligence.
Spotify knows my music preferences and curates personalized playlists for me. Facebook instantly recognizes my friends in photos, and so just tags with nearly 98% accuracy All of this is made possible by Artificial intelligence.
concepts such as natural language processing, deep learning and machine learning, when applied to everyday actions in our personal lives make us smarter and more productive.
In this article we will be discussing the top 10 benefits of Artificial intelligence. So let’s get started.
1. Automation
Artificial Intelligence can be used to automate anything ranging from tasks that involve extreme labor to the process of recruitment.
That’s right, there are n number of Artificial Intelligence applications that can be used to automate the hiring or the recruitment process.
such tools have to free the employees from tedious manual tasks and allow them to focus on complex tasks like strategizing and decision making.
An example of this is a conversational Artificial intelligence recruiter called MYA. This application focuses on automating tedious parts of the recruitment process, such as scheduling, screening and sourcing and why is trained by using advanced machine learning algorithms.
And it also uses natural language processing to pick up on details that come up in a conversation and it is also responsible for creating candidate profiles performing analytics and finally, shortlisting applications.
It is a known fact that automating the recruitment process reduces time to hire by 50% and helps in finding key hires that impact profitability and growth.
2. Increased productivity
Artificial Intelligence has become a necessity in the business world. It is being used to manage highly computational tasks that require maximum effort and time.
Did you know that 64% of businesses depend on AI based applications for the increased productivity and growth as an example of such an application is a legal robot, I call it the Harvey specter of the virtual world.
This bot uses machine learning techniques like deep learning and natural language processing, To understand and analyze legal documents, find and fix costly legal errors and collaborate with experienced legal professionals, clarify legal terms by implementing an AI based scoring system on multiple scales.
It also allows you to compare your contract with those in the same industry in order to make sure that yours is a standard document.
3. Smarter business decisions
One of the most important goals of Artificial intelligence is to help in making smarter business decisions. And Salesforce einstein has managed to do that quite effectively.
Following Albert einstein‘s dictum, that the definition of genius is taking the complex and making it simple.
Salesforce Einstein is removing the complexity of Artificial intelligence, enabling any company to deliver smarter, personalized and more predictive customer experience.
Salesforce Einstein is a comprehensive Artificial intelligence for customer relationship management, driven by advanced machine learning, deep learning, natural language processing and predictive modeling.
Einstein is implemented in large scale businesses for discovering useful insights and focusing market behaviors and recommending the best possible solutions and also automating tasks.
4. Solve complex problems
AI has been mainly used to solve complex problems that cannot be solved through other means. And throughout the years, Artificial intelligence has progressed from simple machine learning algorithms to advanced machine learning concepts such as deep learning.
This growth in AI has helped companies solve complex issues such as fraud detection, medical diagnosis, weather forecasting, and so on.
Consider the use case of how PayPal uses Artificial intelligence for fraud detection. Thanks to deep learning PayPal is now able to identify possible fraudulent activities very precisely.
The company processed over 230 5 billion in payments from 4 billion transactions by more than 170 million customers.
Along with so much data, machine learning and deep learning algorithms we use to mine data from the customer’s purchasing history.
In addition to reviewing patterns of likely fraud stored in databases, the derived insights and patterns would then use to predict whether a particular transaction is fraudulent or not.
5. Strengthening the economy
Regardless of whether you think AI is a threat to the world, it is estimated to contribute over $15 trillion to the world’s economy by the year 2030.
According to a recent report by PWC, the progressive advances in Artificial intelligence will increase the global GDP by up to 14% between now and 2030.
It is also said that the most significant economic gains from AI will be in China and North America, these two countries will account for almost 70% of the global economic impact.
The same report also reveals that the greatest impact of Artificial intelligence will be in the field of health care and robotics.
The report also precisely states that approximately 6.6 trillion of the expected GDP growth will come from productivity gains, especially in the coming years.
major contributors to this growth include automation of routine tasks, and development of intelligent bots and tools that can perform all human level tasks.
Presently, most of the tech giants are already in the process of using AI as a solution to labor stuffs. However, companies that are slow to adopt these AI based solutions will find themselves at a serious competitive disadvantage.
6. Repetitive tasks
So we all know that performing repetitive tasks can become very monotonous and time consuming. Not to forget, it’s quite boring.
So using Artificial intelligence for tiresome and routine tasks can help us focus on the most important tasks in our to do list.
An example of such an AI is a virtual financial assistant used by the Bank of America called Erica. Erica implements Artificial intelligence and machine learning techniques to cater the bank’s customer service requirements.
It does this by creating credit report updates, facilitating bill payments and helping customers with simple transactions.
Erica’s capabilities have recently been expanded to help clients make smarter financial decisions by providing them with personalized insights.
As of 2019, Erica has surpassed 6 million users and has serviced over 35 million customer service requests.
7. Personalization
Researcher McKenzie found that brands that excel at personalization, deliver five to eight times the marketing ROI and boost their sales by more than 10%.
Over companies that don’t personalize personalization can be an overwhelming and time consuming task, but it can be simplified with the help of Artificial intelligence.
In fact, it’s never been easier to target customers with the right product. An example of this is a UK based fashion company called Thread that uses Artificial intelligence to provide personalized clothing recommendations for each customer.
Most customers would love a personal stylist, especially one that comes at no charge, but staffing enough stylists for 650,000 customers would be expensive.
Now instead, the UK based fashion company Thread uses Artificial intelligence to provide personalized clothing recommendations for each of its customers.
Customers frequently take style quizzes to provide data about the person’s style. Each week, customers receive personalized recommendations that they can upward or downward.
Thread uses a machine learning algorithm called Tim bill that uses customer data to find patterns and understand the likes of the buyer.
It then suggests clothes based on the customer’s taste, and this is how personalization is performed and threat.
8. Global defense
The most advanced robots in the world are being built with global defense applications in mind. This is no surprise since any cutting edge technology first gets implemented in military applications.
Though most of these applications don’t see the light of day. One example that we know of is the anBot.
The AI base robot developed by the Chinese is an armed police robot designed by the country’s National Defense University is capable of reaching maximum speed of 11 miles per hour.
The machine is intended to patrol areas and in the case of danger, deploy and electrically charged riot control tool.
The intelligent machine stands at a height of 1.6 meter and can sport individuals with criminal records. The anBot has contributed in enhancing security by keeping a track of any suspicious activity happening around its vicinity.
9. Disaster management
For most of us precise weather forecasting makes vacation planning easier, but even the smallest advancement in predicting the weather majorly impacts the market.
Accurate weather forecasting allows farmers to make critical decisions about planting and harvesting.
It also allows airlines to maximize the use of their planes, it makes shipping easier and safer. And most importantly, it can be used to predict national disasters that impact the lives of millions.
Among companies using Artificial intelligence to predict the weather, only a few have invested as heavily as IBM.
After years of research, IBM partnered with the Weather Company and acquired tons and tons of data.
The acquisition gave IBM access to the Weather company’s impressive network of sensors and models providing a massive pipeline of weather data, it could feed into IBM’s AI platform Watson in order to attempt to improve any predictions.
In 2016 The Weather Company claimed that their models use more than hundred terabytes of third party data every single day.
The product of this module is the AI based IBM deep thunder, This system provides highly customized information for business clients by using hyper local forecast at 0.2 to 1.2 miles resolution.
This information is useful for transportation companies, utility companies and even retailers.
10 Enhances our lifestyle
We are all aware of how AI is actually enhancing our life and changing our lives. In the last decade, Artificial intelligence has gone from a science fiction dream to be a critical part of our everyday lives.
The use AI systems to interact with our phones and speakers through voice assistants like Siri, Alexa and Google.
Cars made by Tesla interpret and analyze their surroundings to intelligently drive themselves. Amazon monitors our browsing habits, and then serves up products it things we’d like to buy.
And even Google decides what results to give us based on our search activity. Artificially intelligent algorithms are here, and they’ve already changed our lives for better or for worse.
But this is only the beginning, And one day we will look back at AI in 2020 and laugh about how primitive it was.
Because in the future, Artificial intelligence is going to change everything. On this note, I’d like to end today’s session and also don’t forget to let me know your thoughts about Artificial intelligence in the comment section and until next time, happy learning.
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