Applications of Artificial Intelligence are Revolutionizing Several Sectors

Artificial Intelligence is the simulation of human intelligence processes like learning, reasoning and self-correction with the help of computer systems. It has been around since the 1950s but only recently this technology has find its real-world applications. AI is dramatically advancing and has transformed our world socially, economically and politically. Today both tech giants as well as start-ups has increased their investment in AI and these advancements have been helped by factors like access to big data, which is generated from diverse sources like e-commerce, businesses, governments, science and social media. Other factors behind AI advances include improvement in machine learning algorithms and enhanced computing power and the rise of cloud-based services. Today, artificial intelligence can perform several tasks like efficiently identifying patterns in the data, enable businesses to gain more insight out of their data.

With the AI uses massive amounts of data can be analyzed to map climate change, poverty, automate agricultural practices and irrigation, personalize healthcare and learning, predict consumption patterns, streamline energy-usage as well as waste management.

Some of the applications of artificial intelligence:

Healthcare – Healthcare sector is applying machine learning to make faster and better diagnoses compared to humans. Artificial intelligence improves reliability, predictability, and consistency with quality and patient safety. The use of AI in healthcare sector will prevent medical errors by offering clinical decision support during critical medical events as well as also help document those events electronically in real time. However, AI should not have free reign and must only be used as a decision augmentation tool. It can't replace doctors and nurses but can make them much more competent and happier on the job, as it will reduce their cognitive burden, thereby reducing stress and increasing confidence.

Business - Highly repetitive tasks usually performed by humans in businesses has been replaced with robotic process and they have also integrated machine learning algorithms into analytics and customer relationship management platforms in order to serve customers in the better way. Several e-commerce companies and other online businesses have incorporated chat-bots to provide quick and pro-active services to customers. Several job positions have been automated in academics and IT consultancies with the help of AI.

Banking - The use of AI in banking sector is growing and a lot of banks have adopted AI based system to detect anomalies, provide quick support to customers and to prevent credit card frauds. Banks are using AI to trace card usage ad endpoint access, and security specialists are effectively preventing fraud. Bank uses AI to detect unusual activity on accounts so that they can prevent fraud and they often ask their clients and customers to authorize the transaction to ensure that only the right account holder is operating the account.

Artificial intelligence play a major role in diverse sectors like healthcare, agriculture, personal care, banking and transportation. Though, AI currently is in its very basic form but it is still greatly influencing the human life. Today automated cars, virtual assistants, image recognition software, computer driven online conversations and several other automated tasks have been possible due to AI.