Future scope of artificial intelligence: In the 21st century, the long-held dream of mankind comes true – to create a smart machine that, if it does not solve all the problems, will become a loyal assistant. By 2020, elements of artificial intelligence (Artificial Intelligence, AI) will be present in almost all new software products and services. AI will become a priority for investment by almost a third of companies in the world and the basis for the growth of global GDP.
For starters, AI is mainly used to describe machines that can effectively mimic functions related to problem-solving and the learning process. AI is indeed changing our life- from the business sector to financial, healthcare and legal domains, it is radically changing the dimensions and norms.
Business Intelligence Capabilities
Artificial intelligence services can be useful for companies of any scale. For all the enterprises that want to increase productivity and to optimize their every business stage, AI would be an ideal solution. If you are running your business and still unaware of the AI term and its use then you need to fill in the knowledge gaps and start making the most of modern technology to not only survive but also thrive in your business ecosystem.
“It is not the strongest of the
species that survives, nor the most intelligent, but the one most responsive to
change –Charles Darwin 1809”
Domains where AI is being used:
AI in medical diagnosis
AI offers almost limitless healthcare opportunities. Currently, AI is used by industry companies to predict diseases, identify groups of patients with a high risk of diseases, automate diagnostic tests, and increase the speed and accuracy of treatment. Future scope of artificial intelligence can be used to improve the composition of drugs, bioengineering, prediction, and analysis of DNA& RNA, which can positively affect the quality of medical care and people’s lives.
The top 10 AI algorithms are
- Linear regression
- Logistic regression
- Linear discriminant analysis
- Decision trees
- Naive Bayes
- K-Nearest Neighbors
- Learning vector quantization
- Support vector machines
- Bagging and random forest
- Deep neural networks
2. AI in Retail
AI-based chatbots are some of the widely used apps. Using IBM Watson’s chatbot helps retailers increase the efficiency and accuracy in the amount of customer data they assemble and permitting the optimum customer experience, giving them competitive benefits over those who are still using traditional customer care services. The customers when using such an AI tool, give verbal& textual requests to navigate the sites. Such chatbots capture all audible or textual reactions thus improve communication capabilities and eventually deliver the retailer with analytics related to customer emotions, helping the retailer to personalize the customer service with great emphasis on developing good experience and to maintain clientele.
3. AI in Finance
AI also dominates the financial market, performing many tasks faster and more efficiently than people – from managing investments to collecting financial data with close to zero risks. To anticipate changes in the stock market, many industry leaders use predictive analytics and gain more investment opportunities. Almost every company in the financial technology sector has already begun using AI to save time, cut costs and add value.
4. AI in Education
AI also has a lot to offer in the education industry. From personalized learning that leverages AI to adaptive teaching methods and materials to the needs of each student, from an automated qualification that frees teachers from the heavy work of evaluating tests so they have more time to work with students, to systems smart that transform how learners find and interact with information, opportunities to improve results and accessibility of education, these are the prime use-cases of the AI.
AI also makes it easier for students to learn autonomously. It can also be used to improve student participation and increase course completion rates ensuring less burden on teachers’ end.
5. AI in transportation
AI collects data from various sources to optimize and adjust delivery routes and simplify distribution networks. Moreover, AI can offer to use cars and trucks for an independent (autonomous) driving in order to reduce costs and save time.
Some companies such as Tesla are already building cars with automatic navigation: an implemented steering system with artificial intelligence can lay the shortest, safest and most economical routes based on weather information and any obstacles that may arise in the way of the car. Artificial intelligence’s future also finds its use to develop a new technology that predicts malfunctions in machinery, reduces the number of accidents and increases efficiency.
Google maps are also using the Dijkstra algorithm to predict the shortest path, uses users’ data to smartly predict road blockage, alternative routes based on traffic blockage and also provide the ability to show places. Currently, more than 1 billion people across the world are using Google Maps which runs on top of AI.
AI has already proven that it is a reliable and effective tool that can be used in any business area. Industry leaders use it to improve their services and production process in order to become more
successful and take first place among competitors.
AI for all businesses
For enterprises, AI-driven applications backed with smart algorithms can be used in all kinds of ways, depending on the needs of the organization and understanding of business intelligence. Enterprises use AI to solve many different tasks, from analyzing social data to attracting customers to managing customer relationships. AI helps streamline logistics and efficiency when it comes to asset tracking and management.
Big companies such as Amazon and Microsoft have teams of data researchers who work around the clock to create machine learning models that can increase efficiency, accuracy, and optimized solutions which can be used by the small firms as products.
However, small firms also make the best use of artificial intelligence to improve their customer service and user experience, collect data, and to create the best solution for their needs. Voice search and built-in chatbots that help customers find products or information to answering frequently asked questions are some of the most popular artificial intelligence use cases. It is apparent to forecast that AI is the next revolution after the smartphone invention.