According to PwC, Artificial Intelligence will potentially contribute to $15.7 Trillion in global GDP by 2030
Artificial Intelligence (AI) is the hottest topic of discussion in the technology world and very rightly so – with AI, it is possible for systems to identify patterns, learn from experiences, and find innovative solutions to existing and newer challenges. If you thought that AI is something which is still “warming up,” then you are wrong. AI is already having a significant impact in many industries and sectors worldwide.
Let us have a look at some cool real-world examples of Artificial Intelligence. Some of these are sure to blow your mind away –
The smart, connected car technology is making its way onto the roads. Automobile giants such as Volvo, Ford, BMW, Audi are investing heavily in this technology and are all set to launch the smart cars in next few years. The applications of AI in smart cars include automatically directing the cars to gas stations when they are low on fuel, incorporation of speech recognition for communication with passengers, direction adjustment based on traffic conditions to find the quickest route with lesser traffic, virtual assistance, and many others. According to researchers, if driverless cars truly deliver on their promise, then they could reduce 300,000 fatalities in a decade in the United States alone.
For many companies, chatbots, fueled by AI, are becoming an integral part of various operations spanning across many functions such as customer support, accounting, eCommerce, HR, and marketing. Chatbots allow enterprises cut costs, automate business processes, and free up the teams to contribute to more innovative and revenue-generating activities. Among many other things, chatbots can serve as personal assistants; they can offer on-demand customer support; provide in-depth product knowledge to customers and help them in making the most of the products, and help in streamlining business processes by automating the mundane and repetitive tasks.
Thanks to Artificial Intelligence and the growing acceptance of mCommerce, visual search is gaining popularity amongst retailers. Stores have started allowing users to click pictures of the items they want and specific store apps search for matching items in the store inventory. Many retailers are also trying to improve the online shopping experience through visual search. By collecting and tracking the shopping history of the customer, retailers are identifying the shopping patterns and interests and are able to offer personalized product discovery and special offers to their customers.
Big Data and Artificial Intelligence are set to revolutionize the healthcare industry and in turn, our lives. AI is helping in the better organization of treatment plans for the patients and assisting the physicians in making better and more informed decisions. AI can be used to mine the humongous volume of data of medical records stored in different formats. AI, with its ability to rapidly analyze the structured and unstructured medical data and reports, can play a crucial role in selecting the right treatment path based on the analysis of data. AI can also help in the quick scanning of radiology images to detect problems faster and help the Radiologists to address the most complicated cases on priority.
The increasing number of connected devices offer a great opportunity for food and agriculture businesses. AI systems can help agribusinesses gather rich insights and recommendations from a vast amount of structured and unstructured data such as historical weather data, social media posts, research, soil information, images, etc., and help them improve yields. Agriculture drones and AI systems can monitor crops, scan fields, and analyze the overall health of the plant and report the areas of concern so that quick actions can be taken. There are deep-learning image analysis systems which help in the analysis of satellite photos of the farmland and estimate the crop production with accuracy to help farmers, insurers, and commodities traders make more informed decisions.
Banking and Finance
Many large banks today offer the facility to make check deposits through mobile apps. Instead of physically depositing the check, customers simply have to use an AI-powered technology which converts the handwriting on checks into text via OCR. Apart from this, financial institutions are using AI technology to determine creditworthiness and predict fraudulent transactions. Not only this, the banks are also using AI to make credit decisions and for risk assessment for individual customers.
AI has found its way in the energy sector. With AI-powered smart grids, the system can collect and process large amounts of data from millions of smart sensors and make smart decisions about energy allocation. Along with this, smart meters can allow constant monitoring of demand and supply. Apart from enabling energy-efficient buildings, AI systems are also being implemented in data centers to facilitate energy optimization and reduction based on usage and changing weather conditions.
AI is here to stay, and it is everywhere. It is already driving innovation and generating real business value for several industry sectors. It is going to be more deeply integrated into our lives and is going to probably solve the world’s most significant problems. There are all the reasons to be excited about the AI-enabled future.