Updated: Aug 28, 2019
Credit by :Shail S.-Techpreneur.
Just the mention of AI and the brain invokes pictures of Terminator machines destroying the world. Thankfully, the present picture is significantly more positive. So, let’s explore how AI is helping our planet and at last benefiting humankind. In this blog on Artificial Intelligence applications, I’ll be discussing how AI has impacted various fields like marketing, finance, banking and so on.
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.
Netflix provides highly accurate predictive technology based on customer’s reactions to films. It examines millions of records to suggest shows and films that you might like based on your previous actions and choices of films. As the data set grows, this technology is getting smarter and smarter every day.
With the growing advancement in AI, in the near future, it may be possible for consumers on the web to buy products by snapping a photo of it. Companies like CamFind and their competitors are experimenting this already.
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.
The use of AI for fraud prevention is not a new concept. In fact, AI solutions can be used to enhance security across a number of business sectors, including retail and finance.
By tracing card usage and endpoint access, security specialists are more effectively preventing fraud. Organizations rely on AI to trace those steps by analyzing the behaviors of transactions.
Companies such as MasterCard and RBS WorldPay have relied on AI and Deep Learning to detect fraudulent transaction patterns and prevent card fraud for years now. This has saved millions of dollars.
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.
One such organization is Japan’s leading brokerage house, Nomura Securities. The company has been reluctantly pursuing one goal, i.e. to analyze the insights of experienced stock traders with the help of computers. After years of research, Nomura is set to introduce a new stock trading system.
The new system stores a vast amount of price and trading data in its computer. By tapping into this reservoir of information, it will make assessments, for example, it may determine that current market conditions are similar to the conditions two weeks ago and predict how share prices will be changing a few minutes down the line. This will help to take better trading decisions based on the predicted market prices.
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 Health Care 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.
Another such example is Coala life which is a company that has a digitalized device that can find cardiac diseases.
Similarly, Aifloo is developing a system for keeping track of how people are doing in nursing homes, home care, etc. The best thing about AI in healthcare is that you don’t even need to develop a new medication. Just by using an existing medication in the right way, you can also save lives.
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 accomplishment in the field of AI.
But what makes this game so special?
The actions taken by the opponent AI are unpredictable because the game is designed in such a way that the opponents are trained throughout the game and never repeat the same mistakes. They get better as the game gets harder. This makes the game very challenging and prompts the players to constantly switch strategies and never sit in the same position.
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 is also being used for NASA’s next rover mission to Mars, the Mars 2020 Rover. The AEGIS, which is an AI-based Mars rover is already on the red planet. The rover is responsible for autonomous targeting of cameras in order to perform investigations on Mars.
Artificial Intelligence Applications: Space Exploration
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.
Another example is the newly released Google’s virtual assistant called Google Duplex, that has astonished millions of people. Not only can it respond to calls and book appointments for you, but it also adds a human touch.
The device uses Natural language processing and machine learning algorithms to process human language and perform tasks such as manage your schedule, control your smart home, make a reservation and so on.
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.
Another such example is Twitter’s AI, which is being used to identify hate speech and terroristic language in tweets. It makes use of Machine Learning, Deep Learning, and Natural language processing to filter out offensive content. The company discovered and banned 300,000 terrorist-linked accounts, 95% of which were found by non-human, artificially intelligent machines.
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.
How you think AI will benefit us in the future?