What is Artificial Intelligence?
Artificial Intelligence refers to the development and applications of computers which can simulate human-like intelligent behaviour. The term Artificial Intelligence was coined by the American scientist, Herbert A. Simon in his 1957 paper, “A computing system for the dynamic prediction of complex behaviors”.
This futuristic technology has penetrated various industry verticals like banking and finance, retail and sales, ecommerce, agriculture, etc.
The Need of AI
There is an immense rise in the demand for AI across different industry verticals. The enterprise application segment is expected to show the highest growth in the near future, primarily due to the increased complexity of the end-to-end business model and processes.
The recent increase in the demand for AI has been attributed to the increase in the adoption of IoT devices which are equipped with AI capabilities. According to Gartner, by 2020, 25% of organizations will introduce AI technology into their workflow, up from only 2% in 2016. Moreover, large companies like IBM, Microsoft, Amazon, Google and others are investing heavily in the development of AI technologies.
Though AI is a product of today’s technology, its adoption is becoming an imperative for enterprises across all verticals. As mentioned earlier, AI is useful in various industry verticals including banking and finance, retail and sales, consumer behavior, agriculture, etc. The increase in demand for AI is evident in the current trend of Artificial Intelligence vendors forming alliances with technology giants to provide an easier and more cost-effective solution to their clients.
Benefits of artificial intelligence
The following is a short list of artificial intelligence benefits
1. Education Enhancement
It can help with the dredging and sorting of data, the translating from one language to another, the learning of patterns and ideas, and feeling less lonely during late night marathons of Rick and Morty episodes.
The educational institutes are using artificial intelligence to predict the performance and even the dropout rate of students. It is providing the insights to improve the curriculum and teacher training. It has helped in guidance counseling for students, provide information about scholarships and career options.
The largest advantage of artificial intelligence is that it will help get the right information to the right people at the right time automatically, with minimal manual intervention, especially in business settings. This is because it can adapt to changing circumstances and work around errors.
3. Enhanced Customer Experience.
Artificial intelligence (AI) has become an indispensable part of our lives. The technology is being used to optimize the way we make decisions, to give us more competitive knowledge and to help us make the most of our personal and professional lives.
Artificial Intelligence (AI) is the next big thing — it has the potential to change how we live and do business. It’s a fact that machine learning will permeate into just about everything. Marketing automation, customer experience and customer service agents are likely among the first to use AI applications.
4. Cost Effectiveness.
Advantages of CGI include its scalability, cost-effectiveness and ease of use, and it can reduce the cost of developing a user interface.
5. Medical Advances.
Artificial intelligence has taken over the medical industry. From helping doctors diagnose difficult ailments to identifying skin cancer and more. AI is transforming the way health care is being delivered.
For starters, there are now machines that can diagnose diseases at a much faster rate than humans. This is a great advantage for doctors, as they are able to be more timely and accurate in their diagnosis. Another way artificial intelligence helps in the medical sector is by helping predict emergency situations that may occur, such as heart attacks.
6. Research Enhancement.
The use of artificial intelligence has helped the research sector by accelerating workflows, improving access to data, and providing valuable insights.
Researchers are turning to AI to find new planets.
7. Solving Complex Problems.
Artificial intelligence is now being used to solve complex problems in the world. It is also being used to create new levels of innovation and efficiency.
Artificial Intelligence Has Helped To Solve Some Of The World’s Most Complex Challenges, e.g.
- Self-Driving Cars
- Natural Language Processing
- Answering Trivia Questions
- Image Recognition
- Generating Music
It also enables designers and engineers to create tools that streamline complex tasks.
Apart from the potential benefits, there are also many challenges associated with the AI development.