Artificial Intelligence or AI is not a buzzword anymore. It is an everyday reality that is transforming all aspects of business.
Artificial Intelligence is basically the emulation of human intelligence by using machines that can learn on their own, predictive modelling and self-correction. These are three major aspects of Artificial Intelligence that is – Machine Learning, Natural Language Processing (NLP) and Deep Learning (Neural Networks).
AI has made its mark in every sphere of life and its applications are wide-ranging from rule-based machine learning to visual classification. While you may have heard about the disruptive and transformative power of AI, you may not know how.
Here are some scenarios that have successfully applied AI and will continue to evolve its use.
1. AI in astronomy
Artificial Intelligence is the ideal tool for space exploration and can be very useful in astronomy. A powerful new computer software called Morpheus will be able to analyse astronomical image data to identify and classify all the stars and galaxies in the vast datasets from astronomy databases. This is a deep-learning framework that uses a variety of AI technologies developed for applications such as image and speech recognition.
In fact, a young astronomer called Anne Dattilo who is a senior at the University of Texas, found two planets in the orbit of stars more than 1200 light years away. This project is powered by an AI program.
2. AI in healthcare
In the last decade, Artificial Intelligence has found some of the most use cases in healthcare.
In fact, the use of AI and the Internet of Medical Things is slowly revolutionizing medical healthcare and consumer health applications. AI can detect diseases such as cancer quite accurately and in the earlier stages. The American Cancer Society can review and translate 30 times faster with 99% accuracy reducing the need for biopsies and also the cases of false diagnosis.
AI combined with consumer wearables can oversee early stage heart diseases, monitor and prevent life-threatening episodes earlier and at more treatable stages.
There is something called power diagnosis that is enabled by using programs such as IBM’s Watson for Health. These programs can review and store far more information faster than any system in the world and be used for powerful general-purpose learning algorithms to improve the accuracy and speed of diagnosis.
3. AI in finance
Perhaps after healthcare it is in banking and finance that AI has seen such a revolutionary way of meeting customer demands and finding smarter, more efficient and safer ways to access, spend and save their money.
From making difficult credit decisions by using smarter underwriting to preventing fraud, managing risks, contract analysis, conserving manpower, aid in anti-money laundering processes, quantitative trading, forecasting in real-time for major markets AI is used widely in the banking and financial services sector.
As a result, nearly all banking processes have become more intelligent, efficient and personalized.
4. Online gambling and casinos
One of the most clever uses of AI is in online shopping, eCommerce and industries like online casinos where data plays a vital role. From banning gambling addicts from entering the site to personalize online gambling experience and offer special discounts and bonuses, AI can take the online casino to the next level.
In fact, in 1961 Edward E. Thorp and Claude Shannon developed the first prototype of a wearable machine and used it at Vegas casinos. Thorp used mathematics to win at roulette the way he had done with blackjack.
Fast forward to 2020, many big casinos are already using AI-powered machines in their online casinos to reduce the risk of cheating and enable a fair gaming practice.
AI in online casinos will also minimise the importance of luck as everything becomes fair play. There are machine learning programs that can detect suspicious behaviour of online players and find out who’s cheating.
5. Automotive industry
Who hasn’t heard of the self-driving car. But before driverless cars, the function of driver assist is helping countless drivers practice road safety. The driver assist function helps by monitoring several sensors and alerting drivers to a dangerous situation. It can also take emergency control at such a time.
At the same time, connected vehicles do a lot more for both autonomous cars and the ones with driver-assist. They help with predictive maintenance of cars, spot minute changes that indicate an imminent component failure, and offer hundreds of other maintenance tips that can improve the life of your car and its safety.
Automotive insurance is another area where AI plays a role. With AI-powered driver risk assessment insurance companies can now find out issues that can impact a driver’s ability to drive safely based on numerous data points including health problems to mental health challenges.
AI solves human problems faster, with better accuracy and in a cost-effective manner. With more innovation and research in the future, almost every business will leverage the use of AI to gain a competitive edge.