How Ai is used in Businesses?
We are starting a new year with hope for better things and one of the exciting topics that we are going to talk about is Artificial Intelligence, or AI. If you are thinking about how it works in your business, then I am sure that you have been using some kind of machine learning application for last two years or so. Well, let’s start by describing what artificial intelligence can do in our everyday lives, right? Imagine if you could create an app on your phone that would help you make decisions faster! Yes, you read it right! This was the concept where the term “Artificial Intelligence” came from, the field where machines now can learn human behavior without any guidance. Let us discuss the main concepts related to this topic to ensure that you fully get the idea.
In short, AI is defined as software programmed to do specific tasks by themselves without being explicitly told to do it. The core reason behind the emergence of this technology is its ability to become more self-aware or intelligent. It has made significant progress over a decade and nowadays there are many examples of applications built on top of these technologies. We are not just talking about Siri or Alexa here; rather we are discussing about computer systems with which humans interact instead of physically interacting with somebody. As I always say, you need to be smart enough to know when you should go against a system, otherwise if you are a person with excellent judgment, I have no doubt that you will find the best solution by following a certain rule. So, let us look at a few examples of common ways that AI is being utilized today.
Machine Learning & Data Analytics
One of the most popular uses of Artificial Intelligence today is Machine Learning. What is Machine Learning? Simply speaking, ML is the practice of creating models (using algorithms) that can help achieve specific goals. A model is nothing but a set of rules (or formulas) that is used to solve different types of problems. Basically, data is fed into the model and the model makes predictions based on the data it has received. These predicted results are then used to generate recommendations and other actionable information for the user. There are multiple frameworks or tools that you can use to implement Machine Learning in your organization. One such tool is Google TensorFlow. You may have heard of PyTorch before. In simple terms, Python supports some programming languages like Java, C++, Objective-C, etc., while Keras is mostly used in Deep Learning. Another interesting thing that comes under Machine Learning is called Natural Language Processing (NLP). NLP refers to all processes that analyze textual data. It usually involves text processing, natural language understanding, speech recognition, etc. To give you an example, IBM Watson is considered to be a leading research company. They have created various products that combine both Computer Vision, Natural Language Processing, Image Recognition technologies. Each of them has their own purpose that they aim to fulfill. However, recently IBM released Watson Conversation Advisor that allows users to interact directly with an agent instead of typing out a sentence. Since people interact over text, this opens up numerous possibilities. For instance, the chatbot program developed by Microsoft aims to provide meaningful conversation with a real person. Similarly, Facebook Messenger launched the service Chatbots API to help developers build conversational interfaces that allow the creation of custom bots. Overall, the implementation of ML and NLP in the world is still relatively immature, however, we will see huge developments in this direction soon.
IoT, Big Data & Smart Cities
While the discussion of Artificial Intelligence focuses mainly on developing advanced applications, we must also keep track of IoT. According to analysts, by 2020, IoT devices will account for around $600 billion worldwide. Obviously, it means that we are moving towards big data and smart cities, right? That would explain why smart city solutions are getting more attention than traditional ones, right? By 2018, 50% of enterprises had connected all aspects of operations with the Internet of Things, thus making it easier to control and monitor physical activities such as traffic congestion, weather, etc. From street parking to building management through IoT platforms, a variety of features are available to the users that can be accessed via smartphones.
With that said, IoT brings together several fields of innovation. For instance, digital twins play a crucial role in improving the performance of buildings or industries. In addition, there are other innovative applications for healthcare. Nowadays, telemedicine services have gained popularity. Here users can easily connect to doctors or hospitals anywhere in the world. Of course, you can imagine that even in remote areas, digital medical records can be scanned using internet equipment. Also, robotics applications have shown their practicality in industrial automation. Finally, there is much more to be discussed here — security systems connected with drones, automated tractors, etc.; and of course, the fact that every single day, we hear about cybersecurity breaches affecting big companies all over the globe. Clearly, artificial intelligence has been integrated into almost everything we do now: home appliances, vehicles, planes, etc., and this trend is only going to continue. I remember when my father took me to check out the garage door opener with the key fob or simply gave me instructions about opening it. He thought that I was crazy to open an item that was inside his house that was completely unknown or untraceable. Well, now, we can expect similar things to happen in the future. Even though people have started believing that the worst is over, hackers still try to break into secured facilities. Fortunately, AI can help prevent all those kinds of attacks while protecting private details. Moreover, artificial intelligence itself can make better sense of complex situations. For instance, AI can help identify patterns in data and improve decision making based on past experiences and inputs. Needless to say, AI has given birth to a vast number of commercial opportunities. More specifically, AI has brought many opportunities in finance and retail. Many banks and financial institutions are implementing sophisticated analytics at scale that are able to predict credit card fraud and even identify customers who are likely to default. Other examples include insurance companies, banks, and pharmaceutical organizations that use AI to deliver personalized service to individuals. Finally, there is another type of market that has been opened up in recent times – biotech. Biotech utilizes AI-based techniques to develop medicines. This way, diseases can be prevented, especially cancer. The scope of this kind of industry is so broad that even genetic therapy has been created.
