TOP 7 ai application in various industries- 2020
“Our intelligence is what makes us human, and AI is an extension of that quality.” – Yann LeCun Professor, New York University.
Artificial intelligence simply means intelligence of the machines. We, as a society, have been using AI at many levels in our day-to-day life, but sometimes being unaware that we are using one.
AI will gain momentum in the forthcoming years, and wherever humans are present, AI can be applied, which implies AI can be used in various industries. AI is a sophisticated science which can do what humans do, but with more precision, at a faster pace, and a lower cost. So, almost all industries have come to terms that using artificial intelligence will enhance their production, save their time and cost.
AI has grown tremendously over the years and the area of application of AI in varied domains and industries are humongous. While there is a widespread belief that AI is a software-related program which can be applied only to software or technical industry, I'm here trying to demystify the myth and list out the beneficiaries of AI in the recent years.
FIELDS AND INDUSTRIES USING AI
The application of AI is including, but not limited to, the industries such as marketing, agriculture, aviation, e-commerce, banking, marketing, job search, health and medicine, transportation, finance, music, etc.
Now, the most important question that arise here is, why is AI important and how is it applied in varied sectors. The answer is simple; because of its speed and precision, its ability to handle high volume data with ease, its adaptation skills with continuous learning method, and its analyzing skills of deeper data, it has become the hot skill in almost all of the industries.
In fact, education industry is trying to implement AI for setting up of question papers by applying algorithms to select the pattern of question papers they want.
We all agree unanimously to the fact that machine is always faster than human; just like going by car is faster than walking. With artificial intelligence, the machine thinks, analyzes, and implements, and so we now for sure can say the results are manifold.
AI IN MARKETING
With deeper knowledge about the customers and requirements, marketing becomes easier. To understand the requirement, we need to look into the previous data and analyze the future behavior. This is where AI comes in handy. AI can churn and evaluate a large, voluminous data and give us accurate outcome. Earlier, online shopping was as good as offline shopping. If we didn't know the name of the product we are looking for, to get hold of such product wasn't easy. But now, even if we don't know the name of the product, just by typing in the related terms, it is as though our mind is read, we do get all relevant products listed, and we do get what we were looking for. This is all the magic of AI.
AI IN AGRICULTURE
We all do agree agriculture is the backbone of any economy. As we all know, farmers are the most affected ones in relation to natural calamity, famine, or flood. The use of artificial intelligence helps farmers understand the temperature, precipitation, wind speed, and solar radiation. It also helps farmers in pest identification and weather forecasting. AI can be relied upon for crop and soil health evaluation. It also helps in harvesting which is the biggest challenge due to manual labor dearth. Thus, farmers are helped immensely by AI in the production of best crops, weed detection, crop protection, less use of pesticides, and in harvesting.
AI IN FINANCE
For the finance domain, the most important advantage of AI would be in risk assessment and fraud detection. Risk assessment involves evaluation of future risk based on the past data and AI can be relied upon to handle large data volumes. Fraud detection is a biggest challenge in the finance sector, and with the help of AI, the industry can overcome this challenge with ease. AI can be used for trading, financial advisory services through robo-advisors, and managing finance by accumulating data from ones past spending habit and creating a spend graph.
AI IN E-COMMERCE
A happy customer is all that any business looks for at the end of the day. A customer is happy when the search results are customized to their taste. This can be done by retargeting a potential customer, creating new level of personalisation, provide a feel-comfortable zone with chatbots, implementing virtual assistant and so on. These days, shoppers rely heavily on online shopping and their attention span on any website, if it does not catch the attention, is less than a minute. Customization can happen with AI and thus customer retention is a success.
AI IN HEALTH AND MEDICINE
AI can revolutionize the health industry if fed with relevant past data and used in reading x-rays, mammograms, and other reports. There was a recent buzz on machine learning detecting the early onset of breast cancer which was missed by humans and marked as non-malignant. It is understood once investigated by AI and after marking the area for malignancy, it goes for further investigation to confirm the readings. In the future, to use AI in the medical field, it needs voluminous data in health records from the past for the potential benefit of human health in the future. With humans and AI working together, health industry can revolutionize the way of detection, treatment, and prevention of disease in the future.
AI IN MUSIC
The top music labels have already started venturing into AI and they believe that AI will assist the artist in their creation. Investments have begun in the future machine-created or assisted music realizing the potential. In the industry of music, AI is believed to complement artists and songwriters in various forms. From a business perspective, maintaining fan loyalty is a biggest challenge any artists or music labels may face, and this is where AI comes into picture. This industry has invested heavily on AI to achieve a simple goal; help the fandom find the best music relevant to their taste and interest.
AI IN TRANSPORTATION
AI cannot be left behind in a industry which is vastly used by everyone, everyday, all through the year. Yes, AI has immensely supported the transportation industry in the past years, without which streamlining would have been difficult. The invention of autonomous trucks has immensely helped the humankind by curbing the environmental challenges and pollution.
Apps related to AI-operated real-time traffic updates are a boon to us. Apps such as these navigates us through to reach our destination, making it easy for us to maneuver even in unknown regions.
AI is present almost everywhere as of now, and it is bound to spread its reach even to the remote corner of the world, in all the industries, in our day-to-day activities. There will be a day where we are dependent completely on machines and we wouldn't have an ounce of regret on that dependency. It would certainly be the most powerful evolution mankind would have seen.