Artificial Intelligence (AI) was invented several decades ago. Generally, over the years, many people associated AI with only robots. However, now it plays a crucial role in our lives. Today, personal devices, media streaming gadgets, smart cars, and home appliances use artificial intelligence. Lately, various businesses have also started using it to improve customer experience and management functions.
Primarily, AI refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. Interestingly, the term AI can also be used for any machine that exhibits traits associated with a human mind such as learning and problem-solving.
There is a huge misconception prevailing around. The first thing people think when they hear the term artificial intelligence is of robots. This happens because big-budget films and novels weave stories about human-like machines that wreak havoc on earth. Unfortunately, such a perception is far from the truth.
The concept of AI is based on the principle that human intelligence can be defined in a way that a machine can easily imitate it and execute tasks, from the simplest to those that are relatively complex. Among the goals of artificial intelligence are learning, reasoning, and perception.
Along with advances in technology, previous benchmarks that defined artificial intelligence have become outdated. For instance, machines that calculate basic functions or recognise text through optimal character recognition are no longer considered to embody Artificial Intelligence, since these functions are now taken for granted as inherent computer functions.
AI is ever evolving to benefit various industries. AI is formulated using a cross-disciplinary approach based in mathematics, computer science, linguistics, psychology, and more.
Interestingly, more often than not algorithms play a very important part in the structure of artificial intelligence, where simple algorithms are used in simple applications, while more complex ones help frame strong artificial intelligence.
The applications for artificial intelligence are endless. It can be applied to several sectors and industries. In recent years, especially after the onset of the pandemic, AI is being tested and used in the healthcare industry for dosing drugs and different treatment in patients, and for surgical procedures in the operating room.
Common examples of machines with artificial intelligence include computers that play chess and self-driving cars.
Every business strives to offer an enjoyable customer experience and AI does just that. It enables firms to improve their customer service by offering better response time and interaction. AI system assistance includes sales tasks and customer services. It will be more streamlined this year.
Digital marketing experts predict that customer service representatives won’t be required to manage over 85 per cent of customer support communication by December. Numerous organisations can use programs and applications with Artificial Intelligence systems to build brand reputation and loyalty. Additionally, AI also helps them increase their revenue.
Data is making Artificial Intelligence more versatile. One of the recent Artificial Intelligence innovations this year is Data access enabling ubiquity. Reliable and accurate information helps businesses shift to AI-powered automated decision making. It has cut operational cost, streamlined processes, and improved the research capabilities of many organisations.
For instance, programmers of self-driven car software can access a lot of driving data without driving the vehicles. In the near future, we should witness a rapid increase in the application of Artificial Intelligence in real-world simulations. Over time as AI becomes more sophisticated, it will cause cost-effective and widespread availability of crucial data.
Artificial Intelligence, NLP, and machine learning to process data have a positive effect on augmented analytics. Naturally, more and more companies will start using predictive analytics this year. Essentially, AI would be used in customer service, recruitment, price optimisation, retail sales, and supply chain improvement. Predictive analytics will help businesses use real data to prepare for outcomes and behaviours thus being more proactive.
Today, instant data on current marketing decisions is part of real-time marketing. AI depends on relevant trends and customer feedback to prepare strategies. In the current year, real-time marketing activities is expected to soar, and Artificial Intelligence will drive most of them. Also, it is expected that more companies will apply AI to manage real-time user interactions and satisfy clients.
Now a days many businesses use chatbots to market products and make payments which are efficient in offering exemplary customer service. Many chatbots use data from huge databases but they may not comprehend certain phrases. However, chatbots will be able to match human conversation this year. For instance, AI-driven chatbots can recall some parts of a conversation with a client and make a personalised conversation using them.
Artificial intelligence has a lot of potential and it is one of the most crucial technologies in Industry 4.0 and automation, agriculture, aerospace, construction, logistics, robotics, and connected mobility. The top AI trends this year have been AI customer support and assistance, data access enabling ubiquity, predictive analysis, enhanced customisation, real-time marketing activities, and AI-powered chatbots.
It is expected that by the end of 2024, the global Artificial Intelligence in the medicine market would grow from $ 1,658.27 million in 2017 to $ 15,956.47 million at a compound annual growth rate (CAGR) of 38.19 per cent.
The ability of AI to improve medicine and healthcare facilities is one of the factors largely attributing to the growth of artificial intelligence in medicine market globally.
Fundamentally, AI is changing the core value proposition of security systems. Solutions based on AI go beyond security to capture valuable marketing and sales transaction data, analysing customer patterns and behaviour. AI helps us to “see” in new ways. Practically, it is impossible for humans to consume and accurately monitor the vast amount of video streams and other data available at most businesses, so AI is arriving at a time when we need it the most. Artificial Intelligence can identify objects and actions, classify and organise so that humans can focus on important matters. The technical expertise of AI can take otherwise unmanageable reams of data and turn it into actionable information. It’s a new tool that is nothing short of revolutionary for our industry.
Arijit Nag is a freelance journalist who writes on various aspects of the economy and current affairs.
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