Without any doubt, Artificial Intelligence (AI) is everywhere around us. Whether you use a social media channel or play now Blackjack with a live dealer with cryptocurrencies, artificial intelligence is involved in some way. Before proceeding to the real-world applications of AI, let us take a cursory glance at what AI means.
AI – The Technology of the Future
AI is any technology that simulates human thinking to process information and deliver output. It is a feature of many computer systems and involves predictive analysis via algorithms to generate accurate results.
Any AI must learn the same way humans do. In this case, the machine is fed vast amounts of data and uses preset algorithms to turn it into actionable information. Additionally, AI reasoning involves machine programming to achieve the desired outcome. Finally, the AI must be able to fine-tune the algorithms constantly, adapting its predictions to deliver the most accurate predictions in fast-changing circumstances.
Real-world Applications of Artificial Intelligence
If you still find the concept of AI vague, read on to see just how close it’s been to you all this while:
1. Internet Marketing
If you use any online service, such as a social media or a streaming app, then you’ve seen firsthand what AI can do.
Every time you receive media suggestions on Netflix, ads on social media, or recommendations of any sort, AI is at work. For instance, Netflix suggests content to you based on your viewing history and other factors, while you get ad recommendations based on what you’ve been searching on the internet.
AI notes your search engine queries, page views, visited websites, and overall online activity and culls the data to make accurate predictive analysis on the services or products that you’re most likely to be interested in.
2. Customer Service
The global AI market is worth nearly $150 billion. This comes as no surprise when you see the giant strides it has made across several industries, most notably easing the customer service experience.
Chatbots are virtual assistants equipped with natural language processors to provide real-time, sentient conversations with customers. As a result, many businesses and service providers have improved their products and services with more streamlined customer feedback and improved customer service ratings.
3. eLearning and Education
AI’s predictive technologies have also found their use in the education sector. With voice assistants, students can access additional study materials or assistance. This cuts the costs of printing temporary handbooks and optimizes learning.
In addition, personalized learning can be used to monitor students’ habits and data to efficiently generate apt study guides, reminders, flash notes, and lesson plans.
4. Banking and Finance
83% of organizations regard AI to be crucial to their operations. This is strongly the case in banking and finance, where they use AI technologies to detect credit card fraud. Additionally, machines are programmed to identify certain patterns in historical data to make accurate forecasts. This data is subsequently culled and used to build financial advice apps.
This is perhaps the most well-known application of AI. All forms of online, console, or mobile gaming use AI technologies to increase in-game difficulties and generate a wide range of scenarios. First-person shooters and sports games particularly rely on AI to optimize the gaming experience.
While artificial intelligence (AI) might have once been a distant dream, it is now a reality. As an evolving technology, its prospects are rather impressive, as its use can be applied in several fields. With advancements in data analytics techniques, we can expect to see more innovation in the field of artificial intelligence and its twin, machine learning.