Logic, learning, reasoning, creativity, and perception, which were once considered unique to humans, are now being replicated by “intelligent” technology, called Artificial Intelligence. Using computer science programming, human thought and action are being imitated to solve and anticipate problems and accomplish tasks in various fields.
We are ushering in the age of AI, where machines are taking on tasks that once seemed exclusively human. While many people are skeptical about this technology, the benefits of Artificial intelligence applications are enormous and can revolutionize every aspect of our lives.
Automation not just leads to increased productivity and efficiency but also allows improved product quality, more efficient use of raw materials, and enhanced safety. AI can learn work once and repeat it as many times as desired, making it highly useful for monotonous and repetitive tasks. Using AI, machines can learn from experience, adjust to new inputs and perform tasks just like humans – but with improved efficiency.
Smart Decisions based on accurate analysis
Artificial Intelligence simulates human cognitive behavior, which allows it to make smarter decisions. It can analyze trends, coordinate data delivery, provide forecasts, develop data consistency, and quantify uncertainties to make the best decisions. Depending on the input data, AI is generally unbiased, which enables it to make the right decision to support business objectives. Today, AI is being used by asset managers, financial researchers, securities markets, and individual sectors to scour through heaps of information and make the most profitable decisions.
Increased accuracy with smart algorithms
Humans are prone to mistakes. On the other hand, computers, if programmed correctly, leave no room for errors. AI makes all the decisions based on previously gathered information, applying a certain set of algorithms, enhancing the accuracy of decisions.
For example, Using AI, weather forecasters have increased the accuracy of forecasts to a great extent.
Artificial Intelligence solutions are benefitting the healthcare sector immensely. For instance, using remote patient monitoring technology, healthcare professionals can perform clinical diagnosis and suggest the most accurate treatment plans, without requiring the patient to physically visit the hospital. This is especially beneficial for both doctors and patients in the post-pandemic world, where social distancing and telemedicine have become necessities. Powerful AI algorithms are also capable of monitoring the progression of diseases and predict their future outcomes.
Predictive Analytics to understand trends and scenarios
Data is of extreme importance to business organizations, but to extract that data and analyze it, lots of time, money, and effort have to be invested. AI and Machine Learning technology can be used to predict outcomes using historical data. These technologies find patterns at scale within datasets and use these insights to predict future patterns from the analytics.
Predictive analytics can help businesses understand the potential outcomes of different trends and scenarios. From predicting customer churn to forecasting equipment maintenance to detecting potential frauds, Artificial Intelligence and Machine Learning can be of significant value to businesses.
Executing risky operations
Be it defusing a bomb, exploring the deepest parts of the ocean, or mining for coal or oil; AI can do several risky tasks for us. For example, when the Chernobyl nuclear power plant explosion occurred, to minimize the effects of the radiation, sand, and boron had to be poured from helicopters from a distance. If they had AI at that time, AI-powered machines could have done the job for humans. In fact, the accident may have never occurred in the first place if we had AI at that time.
Technology is progressing rapidly, and today, we have significantly more technological power in our pockets than our prior generations. AI, which was once feared as the technology detrimental to humanity, is now an integral part of lives – making it easier and better than before.