Artificial Intelligence has been in existence since the 1950s. Artificial Intelligence is also known as Machine Intelligence that is explained by machines. According to computer science, Artificial Intelligence research is referred to as the study of ‘intelligent agents’.
Artificial Intelligence is not just a theory but it serves many practical applications too. Artificial Intelligence is being leveraged by the businesses all over the globe, in order to augment their process and earn high revenues and profits.
Recent advances in Artificial Intelligence have helped the businesses by three factors:
- Enhancements in the machine language algorithms, because of the availability of huge amounts of data.
- Access to big data that is produced from e-commerce, businesses, governments, science, wearables and social media.
- Ability to compute an increase in the cloud based services, that help in running complex machine learning algorithms.
Here are some of the applications of artificial intelligence
Artificial Intelligence is important without any doubt as it helps in resolving extremely difficult issues in different industries. These include entertainment, education, health, commerce, transport, and utilities. AI Applications can be clustered into five sets:
- Reasoning- This includes the capability to solve the difficulties through logical deduction say for example legal assessment, financial asset management, financial application processing, autonomous weapons systems, games.
- Knowledge- The ability to showcase the knowledge about the world. For example financial market trading, fraud prevention, purchase prediction, drug creation, medical diagnosis, media recommendation.
- Planning- The skill to set and accomplish goals. For example, demand estimating, predictive maintenance, inventory management, navigation, planning, logistics, physical and digital network.
- Communication- The ability to know spoken and written the language. for example real time transcription, intelligent assistants, voice control.
- Perception- The ability to gather things about the world through sounds, images, and other sensory inputs. Say for example medical diagnosis, self-directed vehicles, scrutiny.
Artificial Intelligence Trends in Various Sectors
One of the most used applications of Artificial Intelligence that is seen in day to day lives is services like Netflix or Amazon. In this, Machine Learning Algorithms examine the activity of the users and compare it with that of the other users to find out which product to recommend.
It has been found that Artificial Intelligence and Machine Learning are very helpful in the healthcare industry. This is because it produces large amounts of data that enables systems to spot configurations better than human analysts.
- BiliScreen is the app that utilizes a smartphone camera, ML tools, and computer vision algorithms to find out increased levels in the white area of a human’s eye. This is used to detect pancreatic cancer in people.
- NuMedii is a biopharma company. It has established a platform called Artificial Intelligence for Drug Discovery (AIDD). This uses the big data and AI to find the link between diseases and drugs.
- GNS Healthcare makes use of Machine Learning Algorithms to match patients with effective treatments for them.
- Natural Language processing tools based on Artificial Intelligence are used by the financial services companies in order to scrutinize brand sentiment from various social media platforms.
- There are many investment companies that use Artificial Intelligence algorithms to carry out trading independently and robo-traders to conduct high-frequency trading to earn higher profits.
- Chatbots helps in serving banking customers very efficiently by answering common queries and providing them with complete information.
- Another important essential application of Artificial Intelligence is fraud detection in financial services. For example, MasterCard uses Decision Intelligence Technology to find out various data points to spot deceitful relations, improvement in real-time approval accuracy and diminish false falloffs.
- Data Security
Cyber Attacks are becoming an increasing truth with a move to a digital world.
- Automatic Exploit Generation (AEG) is a bot that helps in finding out if a software bug is exploitable as it may cause various security related If any weakness is found, the bot safeguards it automatically.
- According to Deep Instinct, malware code varies between 2%-10% in every iteration and that its AI model is able to manage the variations. This further helps in predicting accurately the files that are malware.
These are some of the applications of Artificial Intelligence in various Business sectors.