From being associated with science fiction to today becoming a household presence, Artificial Intelligence (AI) has travelled a long way. The modern field of artificial intelligence came into existence in 1956, but it took years of work to turn into a technological reality. Today the scenario is completely different.
Artificial intelligence has a wide range of uses in business. In fact, in one way or another, most of us interact with artificial intelligence daily. Whether you talk about automobiles, or you talk about the entertainment industry, AI has become imperative for businesses that want to maintain a competitive edge across the globe.
In this digitally-powered era, countless industries are relying on AI to achieve their purposes. But, what is artificial intelligence? Artificial Intelligence, also known as machine intelligence is a broad term. It refers to computer software and activities that engage in humanlike activities, including learning, planning, and problem-solving.
Well, that’s not enough. Artificial intelligence is much more than this. Let’s dig a little deeper!
Artificial Intelligence programming mainly comprises of three cognitive skills: learning, reasoning, and self-correction. Learning processes is an aspect of AI programming that focuses on extracting data and creating rules for how to turn the data into actionable information, whereas reasoning is the process of choosing the right algorithm to reach a specified outcome. And, self-correction processes is the aspect of AI programming that ensures they provide the most accurate results possible.
From Google and Apple to Coco-cola and American Express, many well-known organisations are leveraging AI and its benefits to take their business to the next level. And, why shouldn’t they use it? After all, it ensures great customer service, it boosts conversion rates, it takes the hassle out of computing and does a lot more. Here are a few examples:
Healthcare is one of the industries, which at present relies highly on artificial intelligence to take their business to the next level. According to a report by Business Insider, spending on AI in healthcare is anticipated to grow at an annualised 48% between 2017 and 2023.
Healthcare companies are using AI to make better and faster diagnosis than humans. The best-known examples are IBM Watson’s ability to diagnose cancer patients and Google Cloud’s healthcare app that makes it easier for health organizations to collect, store, and access data.
Other AI apps include chatbots to help patients, schedule their follow-up appointments, or cutting their hassles of the billing process. Healthcare professionals and startups are finding new ways, daily, to incorporate AI in their business, and the speed at which they are doing this will take it a long way ahead in the healthcare industry.
Artificial Intelligence is making major benchmarks in the transportation sector. It includes self-driving cars, radars, intelligent search to find routes and space for parking, and more.
A new market research report by P&S Market Research stated global AI in the transportation market would reach $3.5 billion by 2023. AI in transportation seems to have a glorious future as experts are working hard to turn dreams into reality.
AI algorithms in transportation can bring new features such as analysing and optimizing the data collected from many sources, routing, mapping, and navigating to the situations in the real world around them.
It comes as no shock when we hear BMW, Volkswagen, and others hiring AI specialists to work on such products because the automobile industry is now highly backing itself on Artificial Intelligence and machine learning today.
Companies in the manufacturing sector are increasingly using AI as it helps them incorporate automation in their day-to-day processes in order to reduce manpower. Zion Market Research published a new report that notes that the global artificial intelligence in manufacturing was estimated to be around $1.1 billion in 2018 and is projected to be around $18.5 billion by 2025, at a CAGR of little more than 49.7% between the year 2019 and 2025.
There are many aspects of AI – automation, virtual reality, 3D technology, augmented reality, and nanotechnology – that helps manufacturing industries optimise their processes. AI will continue transforming the manufacturing sector as it is destined to change the way products are manufactured. It not only helps the business but also helps in removing the workforce from repetitive mechanical processes and keeps them engaged in work that is more relatable to human intelligence.
Sectors like retail, education, finance, law, entertainment, agriculture, and finance are also incorporating AI in their business growth model. Every day AI is effectively improving business processes in these sectors. The true potential of AI, however, is yet to be seen.