Let’s just understand AI from a layman’s perspective. Basically, it allows us to make machines and computer systems ‘intelligent’. This allows humans to be work more efficiently as routine tasks become automated. With that, we present to you our artificial intelligence tutorial to gain a better understanding of this thriving industry.
Before we delve into how AI works, let’s take a look at how humans “learn”. Humans receive input, process the information, and then tap on our memory to compare previous results. Following the analysis, we arrive at a decision and execute our action.
Now, let’s go back to AI in machines. Traditionally, machines acted based on selected inputs and algorithms. As a result, output was linear and limited. However, with the advent of artificial intelligence, machines are now programmed to “think and reason” like humans.
In this artificial intelligence tutorial, we will have a look at how AI benefits us in a variety of domains. Then, we’ll explore which industries will benefit the most from implementing artificial intelligence. Finally, we’ll discuss future trends in artificial intelligence.
Artificial Intelligence Tutorial: How Is AI Used In Our Daily Lives?
There are a variety of use cases served by AI. In this section, we will explore how it is implemented in our daily routine.
When you sign in to Gmail, it is not just a simple inbox anymore. In fact, there is an array of tabs and every email you receive is classified into different tabs. Since thousands of emails are exchanged daily on Gmail, this categorization cannot happen manually.
This is where AI comes into play. The robust algorithms from Google are responsible for detecting and analyzing the content of each email. The AI then determines the interest and previous responses of the receiver. Following that, subsequent incoming emails are sorted under its relevant tab based on user history.
If you use the internet and surf through different websites, you must have come across chatbots. The purpose of these widgets is to engage potential customers and give them the required information promptly to generate leads in the long run.
However, with the help of AI, there is no need to have a human on standby to answer live queries. These robots can identify the tone, content, and context of the questions asked by the users and reply appropriately. Thus, creating a personalized impression though a human is responding.
This is one of the best examples of AI in action. When you type in a search query on Google, AI algorithms get into action to offer the most appropriate suggested queries.
How do these algorithms predict which queries to suggest? It is dependent primarily on a user’s search history, global trending topics and what others are searching for.
Moreover, Google also uses your personal data to craft content that is most relevant to you. This information includes age, gender and search history among other factors.
Artificial Intelligence Tutorial: Which Industries Benefit The Most From AI?
Now that we have understood how AI is part of our daily lives, let’s explore AI’s potential to help businesses. These are the industries that have the most potential to benefit from the implementation of AI.
Healthcare is one of the first domains where society is most eager to see new technology implemented. This is exactly the case with AI as well.
Tech giants such as IBM, Google and Apple have initiated AI projects that are beneficial to the healthcare industry. One of the important applications is in data mining. In order to extract useful information from a huge database, immense processing power is required. Otherwise, it would take hundreds of years for a human to extract such data.
With the help of AI, medical institutions can retrieve relevant data at a much faster rate. With increased efficiency, it would become easier to diagnose a patient. From a macro perspective, medical professionals can better identify an outbreak.
These days, when we talk about e-Commerce, it is almost impossible to have a standing in the market if you cannot understand your target audience and offer tailored solutions.
Just to clue you in, if you have ever bought something from a world-renowned e-commerce store, you definitely have experienced AI in action, whether you know it or not. For instance, as soon as you buy something from Amazon, it presents a list of recommendations for other related products as well.
So what happens is, the AI-based system keeps track of different people, belonging to your age group and gender, having some preferences as yours and keeps tabs on their buying history as well.
This sector runs on plenty of paperwork. Therefore, many duties in the banking and finance sector are overtaken by AI bots. AI bots are used by banks to perform the necessary documentation checks without any chance of human error and the processing time is also decreased.
Moreover, asset management companies use AI bots to streamline business processes as well. Instead of having different officers on site, they have moved the system online and robo-advisors are deputed to profile the companies and then present the customers with the best option for investment.
If we talk about trading, there is a lot of development in that aspect as well. Whether its forex or crypto, people have started pursuing algorithmic trading because of its ease and efficiency.
Artificial Intelligence Tutorial: Future Trends
Given its rapid growth, the trend of AI adoption is only going to increase in the future. So let us have a look at some of the future trends in AI and how this tech is bound to revolutionize plenty of use cases.
In the above sections, we have explored how AI’s predictive qualities benefit different industries. Since BI totally depends on qualitative and quantitative predictions, we can only imagine the future in this niche.
With the advancement in AI-based tools, managers will be able to make better decisions since the tools will present a great deal of useful information. Moreover, in the long run, these algorithms would be able to extract more meaningful information out of raw data.
Another great advantage of learning and using AI in Business Intelligence is that the managers do not need to have high technical knowledge. This is because AI adds an abstraction layer by performing all of the analysis on raw data.
The outcome of the manufacturing industry happens to be the end products we use. But have you ever thought about how they are made? Well, there is a lot to it.
For instance, just to manufacture the wristwatch you are wearing, there was immense planning, integration, calibration of machinery and of course, channelizing of information as well.
This entire process can be replaced with a single AI-based robot, overtaking all of the time-consuming processes. Apart from dishing out quality products, manufacturers would be able to increase their productivity as well.
The niche of AI has just started taking the shape where it can revolutionize cybersecurity. Just imagine a corporate world where an institution identifies a potential threat (hacker) before he even initiates an attack!
AI taps on a database related to previous hacking events and due to pattern recognition, hacking won’t be ‘that’ easy for anyone. This is all possible because AI can store data (memory) and then recall it in a fraction of a second.