In today’s world that we live in, it seems as if every industry is using artificial intelligence in one way or another and raving about its benefits. Artificial intelligence has made it possible for machines to receive information, process it using the record of past patterns in their database, and perform tasks that could previously only be performed by humans.

From automated systems to self-driving cars and smart applications, there are many examples of artificial intelligence that we come across every day. However, the concept still appears to be unclear to most people. The common man does not know what AI is, how it used in different industries, and the fantastic benefits it has to offer. Here, you get a closer look at everything you need to know about artificial intelligence.

WHAT IS ARTIFICIAL INTELLIGENCE?

In simple words, artificial intelligence involves developing systems that can perform tasks that require personal information. AI systems mimic human intelligence by performing functions that require skills such as sound recognition, visual perception, planning, learning, problem-solving, and decision-making. It is an artificial intelligence that has made it possible for virtual assistants like Apple’s Siri and Amazon’s Alexa to be able to understand your commands and for Facebook to identify you in any photo posted by a friend.

WHAT ARE THE DIFFERENT TYPES OF AI?

There are two main categories of AI:

1.Weak artificial intelligence: These AI systems designed and trained to perform a single task only that doesn’t require significant information. The main benefit offered by these systems is the automation of tasks.

2.Strong artificial intelligence: These AI systems have ‘human intelligence’ capabilities. When they give a new job, they have the information to interpret the data and find a unique solution. The main benefits of such systems are their problem-solving and decision-making abilities.

HOW IS AI BEING USED ACROSS DIFFERENT INDUSTRIES?

As businesses realize the benefits of artificial intelligence, they are turning to AI services to help them develop systems that drive business growth and give them a competitive edge. Here is how AI used across different industries:

1. Health Care: AI applications can read and interpret medical reports. Virtual healthcare assistants remind patients to take their medicines, eat healthier, or get their exercise done.

2. Retail: AI systems provide customized shopping recommendations to each customer based on their interests and help with the purchasing decision, increasing the chances of a sale.

3. Manufacturing: Efficient robots can work faster and more accurately than humans. They can also work nonstop, unlike humans, who need breaks. AI systems can also perform predictive analysis and forecast demand, helping decide production quantity.

4. Banking: AI systems have helped improve the precision, effectiveness, and speed of banking transactions. They can quickly identify potentially fraudulent transactions, verify documents, perform accurate and quick credit scoring.

5. Transportation: AI has allowed the industry to come up with self-driving cars that can sense their environment and reach their destination without any human interference. It can completely transform the transport system as the vehicle can analyze traffic and decide the best route to take by itself, significantly reducing travel time.

WHAT ARE SOME OF THE BENEFITS OF AI?

Artificial intelligence has numerous benefits to offer, and this is the reason why it has transformed various industries. Some of these include:

1. Reduces chances of human error: Humans make mistakes, but a computer does not, as long as it is programmed correctly. AI systems are highly accurate at processing vast amounts of data and analyzing past patterns. There are no chances of error in processing the data, and this improves the quality of output. For instance, AI has made weather forecasting increasingly accurate by eliminating the possibility of human error.

2. Automation of repetitive jobs: Whether it is sending payment reminder emails, verifying documents, or performing quality checks, there are plenty of repetitive tasks that each of us has to perform as part of our jobs. AI allows us to automate such tasks, saving human time for more ‘creative’ work.

3. Digital assistance: A lot of companies now provide digital support to their customers, which keeps the need to hire staff for these roles. Many websites now have Chatbots that answer customer queries and help them find what they need. Most times, these Chatbots are so efficient that the interaction with them feels the same as that with an actual human.

4. Improved decision-making: When humans make decisions, it is done by taking many factors into account and is also influenced by the person’s own emotions and judgments. With a smart AI system, the decision is based solely on the programming and information available, resulting in more accurate and quicker decisions.

CAN AI BE A CAUSE OF UNEMPLOYMENT IN THE FUTURE?

The possibility of AI systems replacing the need to hire humans for specific jobs is present. While AI systems can’t replace humans altogether, they have certainly brought significant changes across various industries and are very likely to continue to do so.

There are a lot of jobs that require routine, repetitive tasks, and AI systems are ideal for automating them. So many jobs involve entering and processing data, verifying documents, sending reminders, performing quality checks – these jobs are most likely to be affected by the introduction of AI systems. However, as is the case with any technological change, new posts will also be created to help implement, manage, and support the functioning of these new AI systems.

THE BOTTOM LINE

The world of AI has come a long way and seems to be continually evolving with time. The question is: will it ever be able to match the capabilities of the human brain fully? It is unlikely, as the human brain is so much powerful that we still have a long way to go in understanding it fully and being able to develop something that can mimic it effectively. However, AI systems are already in place everywhere you look, and no one can deny the numerous benefits they offer. It is about time we embrace this technology and use it to our advantage wherever possible.

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