Before we know its future, do we know what AI is?
What is AI?
AI is short for Artificial Intelligence. So as per wikipedia, Artificial intelligence is intelligence demonstrated by machines, as opposed to natural intelligence displayed by animals including humans.
In simple language, Artificial intelligence (AI) is the ability of a computer program or a machine to think and learn. It is also a field of study which tries to make computers “smart”. … In general use, the term “artificial intelligence” means a programme which mimics human cognition.
Future of AI in various business industries.
By AI/Machine Learning we can do the following amazing things:
Industry professionals say the use of AI/ML can increase speed, efficiency, workload, and safety to enable more complex technology like autonomous vision-based navigation and data ecosystems.
Artificial Intelligence is the future of banking as it brings the power of advanced data analytics to combat fraudulent transactions and improve compliance. AI algorithm accomplishes anti-money laundering activities in few seconds, which otherwise take hours and days. AI also enables banks to manage huge volumes of data at record speed to derive valuable insights from it. Features such as AI bots, digital payment advisers and biometric fraud detection mechanisms lead to higher quality of services to a wider customer base. All this translates to increased revenue, reduced costs and boost in profits.
(3) Customer Relationship
AI-based CRM can study different sales scenarios where the deals were rejected and closed. They provide useful insights and make intelligent recommendations during various stages of sales funnel to advise sales reps on the next best course of action to close the deal.
The use of AI in education can help automate the grading and assessment of activities like multiple choice questions, fill in the blanks, etc.
Artificial intelligence in finance is transforming the way we interact with money. AI is helping the financial industry to streamline and optimize processes ranging from credit decisions to quantitative trading and financial risk management.
AI in healthcare is an umbrella term to describe the application of machine learning (ML) algorithms and other cognitive technologies in medical settings. Using patient data and other information, AI can help doctors and medical providers deliver more accurate diagnoses and treatment plans.
And in many more industries including HR, industrial Automation, Insurance, Manufacturing, Marketing, Media, Prosthetic, Public Welfare, Security and Safety, Surveillance, Tourism AI going to change the future.
At the end I must say that “In the world of AI, Data is everything.”