Magic Of Artificial Intelligence

aopz pz ovd nvvk hu Hp jhu il npclu luvbno khah gibberish above makes no sense right? it is just like raw data look at it and you'll find yourself even more confused than when you didn't know about it. This is a real goldmine though given a large amount of it suddenly gets really good for pattern recognition, finding correlations, and cautions to extrapolate data gaining an insight which would have been near impossible for a mere human to find. the holy grail is here and it is Artificial intelligence. Today, many companies have heavily invested in Artificial intelligence and Big Data with a belief that these technologies would help them bring about a digital revolution. By using artificial intelligence capabilities and data analysis such as neural networks, deep learning companies in all sectors look forward to optimizing and automating their processes to increase scale and profits.

According to a recent study by IDC, Artificial Intelligence is valued at $13 billion in market investment in 2017. By 2021, it is expected to rise to $58 billion. The company has predicted that 40% of digital transformation projects will be based on Artificial Intelligence by 2019. In addition, 75% of business tools will use this technology by 2021. This is how good an Ai can be given enough data.

It will bring a change so great that it will be indistinguishable from magic for us. As is stated in Clarke’s Third Law: “Any sufficiently advanced technology is indistinguishable from magic. Even today we come across these algorithms unknowingly use them for our convenience searching things in a jiffy, getting great movie recommendations, or even ads that are relevant for us.

Artificial Intelligence in Different Sectors:

1. Autonomous vehicles:

Autonomous vehicles have the potential to reduce traffic congestion saving billions of hours per year, reduce energy consumption, and save quite a significant number out of the more than 1.50 million deaths that are attributed to road traffic accidents each year.

Working of Autonomous Vehicles-

Let us take it from the top and figure out a system like this might work if we consider a human driving a car the inputs of the throttle, brake, and various other control mechanisms can be electronically controlled through computer chips. built inside the car whenever a human is driving the surroundings to become the general guiding system for the human to interact within various conditions. Suppose, at an intersection, there are pedestrians the human would instinctively slow down apply brakes and decrease the application of throttle teaching to a computer system is a significantly hard problem but since we have troves of data from the various sensors on the vehicle which could be used to identify any obstructions, signs and other things. A system with computer vision and a reliable algorithm. Giving the system enough sensory perception with cognitive abilities to drive like a human.

e.g. of a self-driven vehicle
Photo by Bram Van Oost on Unsplash

2. Financial Services:

The financial services industry is one of the first major sectors to deploy AI in day to day business activity. Citibank, for example, has been working since 1980 for the first-generation expert systems. this interest is very logical as the sector heavily relies on massive amounts of data. There is data about millions of transactions occurring in the financial services business every day making it a very hard problem to detect fraud. For fraud detection, many companies like Plaid have created algorithms that look for patterns in consumer behaviors spending, location, and trigger of warning whenever there is a significant deviation from these patterns. The financial industry has gotten pretty well in detecting these kinds of frauds such as credit card frauds and even some money laundering schemes.

This industry has also adopted artificial intelligence and geared towards generating billions of dollars in profit in trading and credit decisions it uses the huge amount of data present in the market and the user-specific data that is acquired from the user even something as trivial as battery percentage is collected when combined with all the information gives a pretty good measurement of the creditworthiness of a client. These systems when teamed with different kind of data concerning the daily activity in the stock market crate powerful trading bots which trade millions of dollars in securities within microseconds(this system is called high-frequency trading).

e.g. high frequency trading
Photo by Kelvin Ang on Unsplash

3. Retail & Consumer Relations:

Automation in the customer services market is a huge goal for a lot of large companies like IBM. The company has announced it is developing systems to harness cognitive computing technologies to identify and act on emerging trends in customer communications. The dynamics of the retail industry have shifted massively towards AI-driven approaches to consumer relations and making the whole industry more approachable and relevant providing deep value to the consumers.

The retail industry has been applying AI to create better inventory management systems as well for efficient operations of the retail outfits. The AI can accurately forecast demand which can be used to effectively manage the logistical operations as well as make the business operations and strategies relating to marketing and sales more efficient. The retail sector can also use tools like Visual Curation, Guided Discovery, Interactive Chat, Dynamic Outreach to engage with the customers giving them a more valuable and fulfilling experience.

Photo by Tbel Abuseridze on Unsplash

4. Agriculture Sector:

The uses of AI in the agricultural sector are in its mere infancy they show a huge amount of promise in creating great yields for the farmers and nutritional food for the consumers in this sector the main uses of AI fall into three general categories agricultural robots, crop, and soil monitoring and predictive analytics of crop yields. Companies leverage technologies like computer vision and deep learning to analyze samples of parts of the plant using those images and referencing them with a known dataset to detect any kind of disease, infestation.

The data gathered by various sensors all around the farm as well as the satellite data together is used in the training model which can be a good predictor of the yield of a certain kind of crop this knowledge in advance could be very useful to maximize the yield of the farmer on a given amount of land used. Algorithms can be applied to the dataset of Ph values, soil features, rainfall pattern, and this data can be used on robotic drones to create a pattern of targetted pest control and fertilizing of the crops this would greatly reduce cost and manpower as everything can be done remotely.

Photo by Colin Watts on Unsplash

5. Healthcare:

The advances in healthcare that AI can bring about can literally be life-changing. The Healthcare system relies on a huge amount of patchy data to give a diagnosis to a patient, a doctor has to give a drug to the patient who might not react well to it creating a life-threatening situation for the patient but since it is impossible for the pharmaceutical companies to not create a broad medicine this is a risk you face every time you visit a doctor. AI has the potential to create personalized medicines for every person keeping in mind their pre-existing conditions, genetic makeup. The research and development in gene therapy are being forefronted by the use of AI. The massive amount of data encoded in our genes is the way to unlock a disease-free world.

The field of diagnosis can also get a major revamp because of the AI-driven tools creating more precise and accurate results of a test can be the difference between life and death for a lot of people, this will provide the clinicians and doctors to act on disease even before they surface with symptoms creating a great predictive tool.

In the long run, we can create a great brain-machine interface unifying them and the machine gaining enormous amounts of knowledge from our birth.

Conclusion:

Artificial Intelligence has the capability to be the bedrock of human ingenuity, resilience, and even might be the last invention of humanity. It has the potential to change the whole way of life and livelihoods of a lot of people. Industrial revolution 5.0 will be the fastest and the greatest change in human history. Artificial intelligence will be at the forefront of it, changing every sector of the economy and every part of the world in ways that we cant even begin to imagine.

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