Artificial intelligence is one of the new technological innovations that have dramatically changed the business landscape. The constant growth and changes in AI has brought to light many benefits in such a way that the applications of artificial intelligence (AI) is being used in almost all our daily activities bringing us closer to an unparalleled future. What started as rule-based automation is now capable of mimicking human interaction. It is not just the human-like capabilities that make artificial intelligence unique. A true artificially-intelligent system is one that can learn on its own. We're talking about neural networks from the likes of Google's DeepMind, which can make connections and reach meanings without relying on pre-defined behavioural algorithms like the case with chatbots for example.
Applications of Artificial Intelligence
Whether we realize it or not, artificial intelligence is all around us and playing an active role in our daily lives. Every time we open our Facebook newsfeed, do a Google search, website chatbots, get a product recommendation from Amazon or book a trip online, AI is lurking in the background. Artificial intelligence today is not just a theory. It, in fact, has many practical applications. A 2016 Gartner research shows that in 2020, at least 30% of companies globally currently use AI in at least one fragment of their sales processes. Today business across the globe are leveraging on the applications of artificial intelligence to optimize their process and reap higher revenues and profits through the following ways;
These days Virtual assistants have become a very common technology. Almost every household has a virtual assistant that controls the appliances at home. A few examples include Siri, Cortana, which are gaining popularity because of the user experience they provide. Chatbots, in particular, are always on, delivering smart and flexible analytics through conversations on mobile devices using standard messaging tools and voice-activated interfaces. This dramatically reduces the time to collect data for all business users, thereby accelerating the pace of business and streamlines the way analysts use their time, preparing companies for the growing data needs of the near future.
2. Artificial intelligence in Healthcare
Artificial intelligence is proving to be a game-changer in healthcare, improving virtually every aspect of the industry from robot-assisted surgeries to safeguarding private records against cybercriminals. AI also helps medical applications to take the data gathered from patients; clinically innovate it to improve patient outcomes to an even greater extent. AI improves reliability, predictability, and consistency with quality and patient safety. While it can’t replace doctors and nurses, it can make them more effective, efficient and happier on the job as it takes the cognitive burden off them – which increases confidence as well as reduces stress and anxiety. Furthermore, Some researchers argue that an artificial intelligence assisted cure for cancer is less than a decade away.
3. Artificial intelligence in Autonomous Vehicles
For the longest time, self-driving cars have been a buzzword in the AI industry. The development of autonomous vehicles will definitely revolutionize the transport system.
Companies like Waymo have developed cars with an AI system that collects data from the vehicle’s radar, cameras, GPS, and cloud services to produce control signals that operate the vehicle. The cars also use advanced Deep Learning algorithms to accurately predict what objects in the vehicle’s vicinity are likely to do. This makes Waymo cars more effective and safer. Another famous example of an autonomous vehicle is Tesla’s self-driving car.
4. Artificial Intelligence in e-Commerce
Ever scrolled through a website only to find an image of the exact shirt you were just looking at on another site pop up again? That is an application of artificial intelligence. Many e-commerce retailers like Amazon are already becoming more sophisticated with their AI capabilities using warehouse robots that grab, sort and ship products . Implementing machine learning into e-commerce processes enables companies to build personal relationships with customers. AI-driven algorithms personalize the user experience, increase sales and build loyal and lasting relationships.
5. SOCIAL MEDIA APPLICATIONS
With more than 2.77 billion active profiles across platforms like Twitter, Facebook and Snapchat, social media is in a constant battle to personalize and cultivate worthwhile experiences for users. Social media platforms are using the applications of artificial intelligence in different ways;
Facebook Messenger uses chatbots, algorithmic newsfeeds, photo tagging suggestions or ad targeting, AI is deeply embedded in Facebook's platform.
Twitter uses AI algorithms suggest people to follow, tweets and news based on a user’s individual preferences.
6. TRAVEL & TRANSPORTATION
From making travel arrangements to suggesting the most efficient route home after work, AI is making it easier to get around. AI-powered chatbots are rapidly changing the travel industry by facilitating human-like interaction with customers for faster response times, better booking prices and even travel recommendations. For example, telling a travel chatbot you want to go to Dubai might yield a natural language response suggesting flights, hotels and things to do in City based on a user's preferences from the conversation. Also, google maps uses AI-enabled mapping to scan road information and uses algorithms to determine the optimal route to take, be it on foot or in a car, bike, bus or train.
7. Artificial intelligence in Cybersecurity
The cybersecurity arena faces significant challenges in the form of large-scale hacking attacks of different types that harm organizations of all kinds and create billions of dollars in business damage. Some highly protected airports are using Deep learning to see if a user has any suspicious activity when you are on the way in, the security system has enough time to analyze your identity; you are examined by cameras and in case of any signs of danger, you are intercepted.
8. Artificial intelligence in Finance
AI and the finance industry are a match made in heaven. Financial institutions have long used artificial neural network systems to detect charges or claims outside of the norm, flagging these for human investigation. Some banks use automated advisors with AI and algorithms to scan data in the markets and predict the best stock or portfolio based on preferences.
9. Artificial intelligence in Marketing
Through AI and machine learning, softwares like Adext can find the most profitable audiences for any ad. This means that intelligent algorithms are able to learn, detect, and predict which types of users are more likely to become clients at a lower cost per acquisition. Companies such as Phrasee and Persado use more and more intelligent tools to even determine what e-mail subject, text for the e-mail body, calls-to-action, and sending times will help prompt the user to make the desired action.
10. Artificial intelligence in Retail
Shopping online creates rich data footprints regarding the individual preferences, spending habits and preferred channels of individual consumers. Feeding these digital breadcrumbs into an AI-engine helps bring curated shopping journeys to mass audiences. Automated bots can create lifelike, seamless customer service experiences, addressing the consumer on their purchase history and known preferences
11. Artificial intelligence in Manufacturing
For most customers when it comes to AI or Machine Learning, the magic happens when vast amounts of data can be streamed at milliseconds from the machine and process data of various databases. This provides actionable insights that can help these customers reduce non-productive downtime, predict failures or build a “golden batch” that can be benchmarked across all production lines. Hence the manufacturer can leverage on this “golden batch” to improve yield in future productions.
12. Musical Hit or entertainment
Has it ever occurred to you that artificial intelligence could help create hit songs? In composing the hit song “Not Easy” by Ambassadors, Elle King, and Wiz Khalifa that reached number 4 on iTunes’ Hot Tracks list. AI algorithms searched through millions of conversations, newspaper titles, and lectures based on the main theme of the song: “heartbreak”. So results were obtained from the findings obtained with big data, then after they defined the theme, machine learning algorithms programmed to create music found different musical elements, which gave them ideas on how this piece should sound.
As you can see that the applications of artificial intelligence is prevalent in every aspect of the business and in our daily lives ranging from using social media platforms, online shopping and banking, chatbots on websites, etc. Today every company is in some way an IT company. Hence as a business leader, you need to move with the market and take steps to leverage this technology to its best possible extent.