Tag AI

4 more Industries AI is transforming today

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AI in Fin-Tech

Financial establishments are the use of AI to make higher guidelines to clients and greater considerate choices business enterprise-wide. Many fin-tech companies use artificial intelligence to provide personalized banking services to their customers and Goals as AI advances, we can expect more personalized banking services to emerging. In general, AI applications seek to increase revenue or reduce costs, but when it comes to fraud prevention, AI does both: reimburse the customer involved in the cost, and the revenue does both. Loss due to the inability to invest this money. Moreover, in 2016, $ 16 billion was stolen from fraud and identity theft, making it one of the largest uses of AI. By analyzing customer activity, location and buying habits, fraud detection models can flag events that appear suspicious or unusual.

Kami, a chatbot business enterprise centred on banking and monetary offerings corporations, makes use of AI to imitate human logical reasoning skills. Its era analyses chat conversations to apprehend the specific occasions and private options of every purchaser, illuminating buy mentality, bias, and different subtleties that lie below the surface. This permits monetary corporations to supply customized advice, in addition, to find out beneficial insights approximately their purchaser base. For example, a financial institution should use such learning to ensure its subsequent advertising and marketing campaign reaches comparable consumers.

The monetary area is predicated on real-time reporting, accuracy, and processing of excessive volumes of quantitative statistics, in which AI can beautify the processes. The finance enterprise is swiftly enforcing chatbots, automation, algorithmic trading, adaptive intelligence, and gadget getting to know into monetary operations. For instance, Robo-advisor, an automatic portfolio manager, turned into certainly considered one among the largest monetary tendencies of 2018.

A few examples of the way synthetic intelligence transforms the monetary enterprise: Betterment makes use of AI to find out about an investor and create a customized investor profile primarily based totally on their monetary plans. Numerai is an AI-powered hedge fund that makes use of crowdsourced gadgets getting to know from many statistics scientists worldwide.

AI in IT and Social Media

With more than 3.6 billion active profiles and approximately US $ 45 billion in annual revenue, social media is constantly fighting to personalize and improve user experience. AI can organize large amounts of data, recognize images, predict cultural change, and implement chatbots. Technology can create or destroy the future of social media. Similarly, machine learning enables social media to detect fake news, hate speech, and other antisocial activities in real-time.

Many organizations have struggled to cope with today’s cyber security landscape. The introduction of AI in this industry will lead to revolutionary changes. The research report argues that the adoption of AI in cyber security can find attackers before they lead to any type of attack. Artificial intelligence technology is capable of learning and adapting to the current environment and threat landscape. The introduction of advanced security was made possible by the introduction of artificial intelligence technology. Most businesses today have access to vast amounts of data on the Internet, but many lack the tools to unlock the value that information can bring. AI can help uncover information that will enable you to better manage your resources and better serve your customers.

Digital-Genius automates parts of the customer service process by using neural networks to predict useful responses to customer inquiries. If Digital-Genius displays an acceptable response to a customer chat message, a customer service representative can respond to the request with one click. American test preparation company Magoosh is cutting customer request queues in half.

Chatbots that offer services like booking services in restaurants, airlines, or searches in FAQ without being a friendly companion, belong to Interpersonal chatbots. Intrapersonal chatbots are close companions that live in the user’s domain and understand his needs. They are usually connected to messenger applications like Slack and WhatsApp. Finally, Inter-agent chatbots provide communication with other chatbots. Alexa and Cortana are two chatbots that were integrated to communicate with each other. Additionally, you can also take a glimpse at the Harvard Business Review collection for more information.

AI in Logistics, Retail and E-Commerce

In one of the most competitive industries, retailers are finding innovative ways to differentiate themselves and add value through artificial intelligence. Firstly, artificial intelligence is applied in many ways throughout the life cycle of products and services. Here are some of the tough AI use cases in retail. Secondly, some retailers also use artificial intelligence to provide customers with personalized recommendations. Frank and Oak require the use of artificial intelligence to provide personalized field check-in for each customer by asking a series of questions. Amazon is another example of the use of artificial intelligence that provides featured products based on past searches and purchase history.

Thirdly, chatbots have improved significantly in recent years. While they have not been able to completely replace a customer service representative, they are good at answering simple questions and are used to direct customers to the right support group. What’s more interesting than chatbots is a robot assistant: pepper, a robot developed by Softbank, a social humanoid robot used in physical retail stores to interact with customers and provide assistance. When you think of automated warehouses, you probably think of Amazon warehouses with hundreds of thousands of mobile robots that move inventory from point A to point B. And while this is true, the reality is much more than that inventory levels are optimized, resulting in fewer space requirements, lower shipping costs, and lower overall costs.

Finally, artificial intelligence technology will transform retail in the coming years. In fact, in the “big box” world, retail is extremely slow to adopt artificial intelligence technologies. Since retail adoption clearly depends on the impact of AI in related industries such as manufacturing, supply chain logistics and CRM. AI is transforming the supply chain management industry. AI-powered applications are useful for procurement optimization, intensification, supply chain planning, warehouse management, logistics and transportation.

AI in Education

Artificial intelligence can be of great benefit to education. Technology will influence education in many ways, including supporting curricula, games, and software. Moreover, technology can improvise the entire educational process from class to student certification. Help students and organizations transform their activities and achieve excellence in their practice. Also, AI tutors can be another option that will provide students with a great space to improve their learning by following these AI tutors. Additionally, AI is also being used in education to develop new strategies to help people learn.

Synap is an online platform that allows students to create and share multiple-choice tests to help each other learn. The company combines predictive algorithms with the latest research in neuroscience to create customized learning plans for each student, resulting in a program that can ask the right questions exactly when students are most likely to remember the question. It is not uncommon for one in four UK medical students to use the app in 2016. To know more about how AI works do check out our blog!

3 Prominent Industries AI is Transforming

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Have you ever come across the fancy work “AI” which has seen to be revolutionizing the business and industry for quite some time?

I am sure, most of us have come across that and wondered what it actually is? What could it do to us? How could it transform businesses? Why is there a growing concern for the job market with respect to AI?

There are a lot of such questions which lacks precise answers, but there are certain transformations that AI has enabled in the past and it has tremendously changed the way a business functions. Many people think it’s too complex to comprehend and try to stay away from it. But intentionally or unintentionally “Artificial Intelligence” is coming into everyone’s home and off course it’s among us in various aspects and we’re in touch with a lots of AI systems these days. Please don’t panic about the exaggeration shown in terminator and other movies of AI taking over the whole world. We aren’t anywhere near that for now. All that AI focuses on now is to mimic the human brain to learn, reason, adapt take decisions and complete the assigned tasks. There are various algorithms used which enables the functioning of AI systems. Artificial intelligence is in-fact the superset comprising of machine learning and deep learning as its subsets.

I understand that a question would pop up, what does that mean? How is it related? We’ve got you covered in this.

History of AI

The term AI was coined in 1956. Arthur Samuel is regarded as ‘The father of Machine learning’. Neural Networks were the start point in 1950-1970, which later gave rise to Machine Learning in 1980-2000 and finally deep learning emerged which is used since then to design a AI system

Motivating factors for mass adaptation of AI:

  • Huge data volumes
  • Advanced algorithms
  • Improved computing power and storage
  • Automating repetitive learning and discovery through data
  • Addition of intelligence to existing systems
  • Adaptation via progressive learning algorithms
  • Incredible accuracy

Types of AI systems

The primary classification of AI is into Strong AI and Weak AI.

How AI works?

1. Manufacturing

Artificial Intelligence will transform the manufacturing industry, congratulating it on overcoming many of its inherent challenges; technologies will be useful in full automation, decision-making, integration and information flow; and completely transforms production processes. Production will grow by 40% by 2035. Benefits will include: rapid data-driven decision making, contributing to improved operating results, improved process efficiency and reduced operating costs, and outstanding product development and scalability.

Machine learning solutions can speed up inventory planning because they do a good job forecasting demand and scheduling supply.AI-powered demand forecasting tools provide more accurate results than traditional demand forecasting methods (ARIMA, exponential smoothing, etc.). These tools enable companies to better manage inventory levels, which reduces the likelihood of out-of-stock and out-of-stock scenarios.

Industrial robots, also known as manufacturing robots, automate repetitive tasks, prevent or reduce human error to a small extent, and shift the focus from human labour to more efficient areas. The applications of robotics in factories are varied. Applications include assembly, welding, painting, product inspection, assembly and placement, forming, drilling, glass making, and grinding.

Industrial robots have been present in manufacturing plants since the late 1970s. With the addition of artificial intelligence, industrial robots can monitor their accuracy and performance and automatically learn to improve. Some production robots are equipped with computer vision, which helps the robot to move accurately in difficult and random environments. Cobot is another robotics application that uses computer vision to work safely with people to complete a task that cannot be fully automated.

2. Automobile

This is especially true in the case of transportation: people need to sleep, eat, use the toilet, take breaks, etc. With autonomous vehicles, transportation will no longer be limited to 8 hours a day, 5 days a week. Tesla is a prime example of self-driving cars, producing not only cars, but also self-driving trucks. Another lesser known example is Rolls Royce and Intel. Together, they created an intelligent cognitive system that opens the door to autonomous ships.

 Self-driving cars can save time, limit energy consumption and significantly reduce more than 1.25 million road traffic deaths each year. Indeed, with a high proportion of fatalities caused by human error, self-employed start-ups in the UK can save hundreds of thousands of lives each year. Oxbotica is the manufacturer of Selenium, an artificial intelligence-based software system that, once installed, allows multiple vehicles, not just cars, to understand and manage their immediate surroundings. in late 2018, its vision sensors were used aboard NASA’s rover.

3. Healthcare

Artificial intelligence is changing the healthcare industry like never before from robotic operations to protecting personal data from cybercriminals. The healthcare industry has been hit by medical costs and inefficient processes.

Artificial Intelligence Workflow Assistants help doctors free up to 17% of their time. Virtual assistants reduce hospital repeat visits by giving nurses nearly 20% of the time by last name. Plus, AI is helping pharmaceutical companies research life-saving drugs in less time, saving time and cutting costs. More importantly, AI is being used to improve healthcare in countries around the world. According to a 2016 CB Insights report, approximately 86% of healthcare organizations worldwide will use artificial intelligence. By 2020, spending on AI projects in the healthcare sector will reach $54 million. Healthcare implementations will be useful in medical record management, laboratory analysis, X-rays, CT scans, data entry, treatment design, virtual nursing, and more.

 AI in healthcare is huge, and technology is transforming the industry by offering the best healthcare solutions. The combination of artificial intelligence and the Internet of Medical Things (IoMT) makes healthcare workers more efficient with research and teaching. Apps powered by artificial intelligence technology help people to actively lead healthy lives. AI is revolutionizing healthcare by empowering doctors and hospitals to deliver better care, more patients, and faster.

 Babylon Health has developed an artificial intelligence chat application available to the UK National Health Service (NHS) that people can use as their first point of contact when they are not feeling well. The app answers patients questions about their symptoms 24/7, providing free instant medical advice on what to do next. It is also possible to sign up for a video consultation and, if necessary, talk to a doctor, prescribe medicines and application can save the patient from unnecessary visits to the doctor.

Conclusion

 The advancements and trends include;

  • In 2014 Deloite predicts a growth of $1 billion to $50 billion.
  • IBM invested $1 billion in their Watson technology.
  • Around 2,948 investors invested in 423 new Machine Intelligence firms.

The AI evolution is already here and it is to take its respective place within our society and environment. It will for sure re-define the roles and responsibilities in the job market. We should buckle up and embrace the Artificial Intelligence transformation to cope up with the upcoming trends to stay updated and take part in the AI revolution.

Welcome to the AI era!