Top Real World Artificial Intelligence Applications [ In-Demand ]
Last updated on 07th Jun 2020, Blog, General
The entire tech world is debating about the consequences of artificial intelligence and the part AI is going to play in shaping our future. We see people out there debating all the time on whether Artificial Intelligence is good or bad for our future, how will it impact our lives?, is it really safe to be dependent on any technology so much? and so on. Well according to my point of view, it is us, humans who make any technology good or bad, we are the ones who decide what role it will play in our lives and thankfully everything right now is all good with Artificial Intelligence. AI is now heavily involved in our day to day lives and is only making our tasks easier. Artificial Intelligence (AI) which was once just a notion confined to Sci-Fi novels, movies and research papers, is now making a tremendous impact on society.
What is AI?
‘AI’ stands for Artificial Intelligence. Artificial intelligence (AI) is the simulation of human intelligence processes by machines, especially computer systems. These processes include learning (the acquisition of information and rules for using the information), reasoning (using rules to reach approximate or definite conclusions) and self-correction.
Hopefully, now you all have a basic understanding of what exactly AI is, so let’s get into discussing the most famous real-world application of AI.
Artificial Intelligence Applications : Marketing
Marketing is a way to sugar coat your products to attract more customers. We, humans, are pretty good at sugar coating, but what if an algorithm or a bot is built solely for the purpose of marketing a brand or a company? It would do a pretty awesome job!
In the early 2000s, if we searched an online store to find a product without knowing it’s exact name, it would become a nightmare to find the product. But now when we search for an item on any e-commerce store, we get all possible results related to the item. It’s like these search engines read our minds! In a matter of seconds, we get a list of all relevant items. An example of this is finding the right movies on Netflix.
Artificial Intelligence Applications : Banking
- AI in banking is growing faster than you thought! A lot of banks have already adopted AI-based systems to provide customer support, detect anomalies and credit card frauds. An example of this is HDFC Bank.
- HDFC Bank has developed an AI-based chatbot called EVA (Electronic Virtual Assistant), built by Bengaluru-based Senseforth AI Research.
- Since its launch, Eva has addressed over 3 million customer queries, interacted with over half a million unique users, and held over a million conversations. Eva can collect knowledge from thousands of sources and provide simple answers in less than 0.4 seconds.
Artificial Intelligence Applications : Finance
- Ventures have been relying on computers and data scientists to determine future patterns in the market. Trading mainly depends on the ability to predict the future accurately.
- Machines are great at this because they can crunch a huge amount of data in a short span. Machines can also learn to observe patterns in past data and predict how these patterns might repeat in the future.
- In the age of ultra-high-frequency trading, financial organizations are turning to AI to improve their stock trading performance and boost profit.
Artificial Intelligence Applications : Agriculture
Here’s an alarming fact, the world will need to produce 50 percent more food by 2050 because we’re literally eating up everything! The only way this can be possible is if we use our resources more carefully. With that being said, AI can help farmers get more from the land while using resources more sustainably.
Issues such as climate change, population growth, and food security concerns have pushed the industry into seeking more innovative approaches to improve crop yield.Organizations are using automation and robotics to help farmers find more efficient ways to protect their crops from weeds.
Artificial Intelligence Applications : Health Care
When it comes to saving our lives, a lot of organizations and medical care centers are relying on AI. There are many examples of how AI in healthcare has helped patients all over the world.
An organization called Cambio HealthCare developed a clinical decision support system for stroke prevention that can give the physician a warning when there’s a patient at risk of having a heart stroke.
Artificial Intelligence Applications : Gaming
Over the past few years, Artificial Intelligence has become an integral part of the gaming industry. In fact, one of the biggest accomplishments of AI is in the gaming industry.
DeepMind’s AI-based AlphaGo software, which is known for defeating Lee Sedol, the world champion in the game of GO, is considered to be one of the most significant accomplishments in the field of AI.
Artificial Intelligence Applications : Space Exploration
Space expeditions and discoveries always require analyzing vast amounts of data. Artificial Intelligence and Machine learning is the best way to handle and process data on this scale. After rigorous research, astronomers used Artificial Intelligence to sift through years of data obtained by the Kepler telescope in order to identify a distant eight-planet solar system.
Artificial Intelligence Applications : Autonomous Vehicles
For the longest time, self-driving cars have been a buzzword in the AI industry. The development of autonomous vehicles will definitely revolutionaries the transport system.
Companies like Waymo conducted several test drives in Phoenix before deploying their first AI-based public ride-hailing service. The AI system collects data from the vehicles radar, cameras, GPS, and cloud services to produce control signals that operate the vehicle.
Artificial Intelligence Applications : Chatbots
These days Virtual assistants have become a very common technology. Almost every household has a virtual assistant that controls the appliances at home. A few examples include Siri, Cortana, which are gaining popularity because of the user experience they provide.
Amazon’s Echo is an example of how Artificial Intelligence can be used to translate human language into desirable actions. This device uses speech recognition and NLP to perform a wide range of tasks on your command. It can do more than just play your favorite songs. It can be used to control the devices at your house, book cabs, make phone calls, order your favorite food, check the weather conditions and so on.
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Artificial Intelligence Applications : Social Media
Ever since social media has become our identity, we’ve been generating an immeasurable amount of data through chats, tweets, posts and so on. And wherever there is an abundance of data, AI and Machine Learning are always involved.
In social media platforms like Facebook, AI is used for face verification wherein machine learning and deep learning concepts are used to detect facial features and tag your friends. Deep Learning is used to extract every minute detail from an image by using a bunch of deep neural networks. On the other hand, Machine learning algorithms are used to design your feed based on your interests.
Artificial Intelligence Applications : Artificial Creativity
Have you ever wondered what would happen if an artificially intelligent machine tried to create music and art?
An AI-based system called MuseNet can now compose classical music that echoes the classical legends, Bach and Mozart.
MuseNet is a deep neural network that is capable of generating 4-minute musical compositions with 10 different instruments and can combine styles from country to Mozart to the Beatles.
MuseNet was not explicitly programmed with an understanding of music, but instead discovered patterns of harmony, rhythm, and style by learning on its own.Another creative product of artificial intelligence is a content automation tool called Wordsmith. Wordsmith is a natural language generation platform that can transform your data into insightful narratives.
Tech giants such as Yahoo, Microsoft, Tableau, are using WordSmith to generate around 1.5 billion pieces of content every year.
Artificial Intelligence in Education:
AI has already been applied to education systems primarily in some tools that are helping us to develop skills and testing systems. As AI educational solutions continue to mature everyday, the hope is that AI can help in filling needs gaps in learning and teaching thus allowing schools and teachers to do more than ever before. AI can drive efficiency, personalization and streamline admin tasks so as to allow teachers the time and freedom to provide understanding and adaptability—uniquely human capabilities where a machine would struggle. And by leveraging the best attributes of machines and teachers, the vision for AI in education is one where they work together for a better outcome for students. Since the students of today will need to work in a future where AI is the reality, it’s also important that our educational institutions expose students to use and adapt the technology.
Artificial Intelligence In Human Resource Management:
Artificial Intelligence and Machine learning are going to drastically and irrevocably change how HR Management and recruitment work in every company and this is going to be something to watch for. HR is likely to be one of the first areas of business that will benefit from AI for two simple reasons. Firstly there are tons of top quality data in HR, and secondly, HR is one part of any company that is both essential and yet feels the pressure of time.
Artificial Intelligence will essentially take out all of the “worst” elements of each and every HR professionals job like mundane screening for recruitment, time-consuming paperwork, and annoying data entry and will also deliver powerful tools and insights which are an added bonus to make their work more efficient. HR’s automatic generation of top quality data and the incredible benefits of AI make it one of the first places to experience the 4th industrial revolution.
Artificial Intelligence In E-Commerce:
Shopping online creates rich data footprints regarding the individual preferences, spending habits and preferred channels of individual consumers. Major e-commerce companies have been using advanced technologies like AI or machine learning. AI enables any e-commerce website to recommend products uniquely suited to shoppers and enables people to search for products using conversational language or images, as though they were interacting with a person.
Machine learning helps companies in demand forecasting, product search ranking, product and deals recommendations, merchandising placements, fraud detection, translations and much more.
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How AI impacts E-Commerce business:
- Improve customer recommendations with items frequently bought together or bought as an alternative.
- Automate your customer service experience through chatbots to provide more information to your sales team.
- Send automated engagement emails and responses based on customer interactions and information.
- Learn more about your customers and how to market to them with big data analytics and analysis.
- Listen to what people have to say about your brand online to help you respond to comments, reviews, and questions.
Artificial Intelligence in Navigation and Travel:
Travel is AI’s next big leap, believes Craig Webster, a professor of hospitality management at Ball State University in Muncie, Indiana. Businesses in the travel industry are taking advantage of AI in order to perform a variety of administrative and customer service tasks.
Virtually all our travel choices – window or aisle, higher-floor hotel rooms, vegetarian – everything gets recorded, and more and more of that data will be following us in the real world. “AI algorithms will know the people you usually travel with, how much money you spend on different things, even which Instagram photos you recently liked – the fancy meal in Paris versus relaxing in the Maldives,” says Gilad Berenstein, whose company, Utrip, uses AI to plan highly customized itineraries. “So when you show up at a hotel, they’ll meet you in the lobby with your favorite drink or set the music in your room to your favorite artist – the possibilities are endless.”
Even when apps like Google Maps calculate traffic and construction in order to find the quickest route to your destination, that’s AI at work.
We see all around us now how AI powers many programs and services that help us do everyday things such as connecting with friends, using an email program, or using a ride-share service and so on. With the rise in AI technologies every day, soon we will depend on AI heavily for our day to day tasks. However, in this list have only included a few fields where AI application can be seen in the real world. I hope you guys enjoyed reading this article.