A lot of us have heard of the term artificial intelligence or AI. It has become one of the most commonly used terms in the modern age and for good reason. AI and machine learning are two of the fastest-growing fields in the world. In a post-pandemic world that pushed us into a new era of digitization, these machines need to have a mind of their own. AI can be loosely defined as the ability of a computer system, in conjunction with powerful software, to make decisions on its own.
Gone are the days when this was simply a part of our imagination or something we saw in the movies. In 2022, AI has become a widely accepted and commonly used tool to drive change and development. It has birthed an entire line of study and is considered one of the fastest-growing fields in the entire world. AI is not some lab experiment that is still untested. Applied artificial intelligence is a derivative of AI which takes ‘applied’ to the real world.
Since AI is constantly learning and adapting based on the information it is getting, the uses for this are endless. So, everyone should learn AI courses or take on an artificial intelligence MBA program to better grasp the opportunities offered by this technology. Applied AI uses tools such as computer vision, natural language processing, and machine learning to leverage big data and provide insight into the way the world works.
Applied AI: Real-world uses
According to a report published by Mckinsey Global, close to 56% of survey respondents reported that AI had been adopted in different capacities across their organization. This shows that applied AI is actively growing and making its place across different industries. But this begs the question, where does applied AI actually work and what does it do?
Below is a list of just a few applications of applied AI, let’s get into it.
Applied AI will find its way into a slew of software applications that leverage machine learning and computer vision among others. For example, cellphone cameras now can selectively focus on objects in the background or foreground. Google’s computational photography is heralded as some of the finest in the industry because once a photo is taken, the software in the camera app fixes any issues in the photo. This results in some of the finest cellphone photography on the planet.
Using Applied AI, pharmaceutical companies can run tests in simulated environments using digital twins. A digital twin is a digital replication of a real person or place. The effects of a drug or treatment can be run using AI which would allow researchers to see how different drugs work. The best part about digital twins is the ability to replicate them and deploy a test as many times as needed. Moreover, AI can operate on its own so a test can be started and it can run for as long as need be, generating data that AI can then make sense of as well. This not only allows for safer trials; it also allows researchers to run through a variety of situations before human trials begin.
One of the simplest uses of AI comes in the form of chatbots. These virtual assistants are tasked with responding to customer queries without a human on the other end. The information is fed into these systems and then the AI will respond based on the information that the customer provides. It could ask a few pre-determined questions to understand what is going on and then proceed to answer accordingly.
Using AI and machine learning, aerospace manufacturers can run simulations to see how their aircraft will fare in different situations. They can run different models to replicate different real-world scenarios to see how their designs work. This would save them millions of dollars in R&D.
AI and finance are a match made in heaven. For instance, if someone wants an investment portfolio catered to their aspirations and income, AI is their best friend. Moreover, AI is the perfect tool to monitor data and perform fraud prevention. You can have AI constantly sift through transactions across the system and instantly flag a suspicious transaction. This would allow a financial institution to catch them instantly. This would allow for efficient fund management. Furthermore, AI can identify trends and patterns which would help in better risk management and investment recommendations.
Many large retailers have been testing autonomous delivery for a long time. Having a robot or drone deliver a package is incredibly convenient for the customer and retailer. Autonomous deliveries are still in their infancy with a variety of challenges and limitations but the progress is encouraging and going in the right direction. Using Multimodal Fusion which leverages the power of AI, it becomes possible for autonomous deliveries to be made using an array of software and sensors.
Online platforms such as Zillow use AI and user data to recommend listings relevant to what they want. It allows you to find a property in your budget, preferred location, and design choice. Moreover, AI can conduct market analysis to see how certain trends are performing and also generate reports on volatility or risk.
Benefits of Applied AI
Using Applied AI, it becomes incredibly simple for businesses to increase accuracy, save on costs, and make data-driven decisions. Among its many benefits, a few of them are:
In the world of business, time is money. Using AI, you can work around the clock without slowing down or getting tired. This translates to a lot more work done in lesser time. Computers can do more and do it for longer compared to humans.
Using applied AI, an organization can relieve employees of certain responsibilities and use their effort in other matters. Meanwhile, automated process is doing their job on their own and exactly as is required of them.
- Decision making
Big data has the ability to provide detailed insights into market trends, customer behaviors, and a variety of other factors relating to your industry. At times, this can be a lot of data, some of it unclear. Using AI, a researcher can run a comprehensive set of tests on the data to identify patterns, generate models, and run tests on the aforementioned data. This has birthed the field of data science, a discipline that essentially works on making sense of data.
Applied AI is a computer program and computer programs don’t get tired. They don’t run late and they don’t need to clock out on time. Using AI in your system, it becomes a lot easier for you to get more work done because it can operate 24/7, 365 days a year. With more work being done, it becomes immediately possible to generate more revenue. This could be utilizing improved data insights that impact decisions or simply doing a lot more work by working around the clock.
- Decision making
Using AI and machine learning, applied AI can essentially make decisions akin to the human mind. It can use its own knowledge and processing power combined with human-like judgment to make more informed decisions. This allows for end-to-end automation along with enhanced ecosystems for smart devices.
Applied artificial intelligence is the real-world use of a term that is becoming incredibly common nowadays. AI exists in almost all parts of our life, in all shapes and sizes. A simple chatbot answering customer queries or a complex array of hardware and software deciphering information, AI can change the world as we know it. Using machines to think like human beings in conjunction with their immense processing power is a recipe for success that is being used around the world. You can learn Artificial Intelligence offered by various institutes. There are online courses that help in upskilling and reduce the skill gap.
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