How Industries are harnessing AI and ML

How Industries are harnessing AI and ML

AI and ML: 2020 will surely go down in history. Along with the pandemic came economic crises and technological challenges on a massive global scale, leaving businesses scrambling to adapt.

Amidst the chaos, businesses turned to video conferencing platforms like Google Meet and Zoom to stay connected. Technologies like Artificial Intelligence (AI) and Machine Learning (ML) enhanced human efforts to take on everything from health to cybersecurity.

The world is evolving at an unimaginable rate, with Artificial intelligence at the forefront to produce technology that is destined to dramatically change the way we solve problems and interact with our surroundings.

Though AI was first introduced back in 1943, most people still do not have a clear picture of this technology. And the following blog will surely help you learn more about it.

Artificial Intelligence – AI and ML

Lately, the term Artificial Intelligence has been gaining a lot of popularity due to its recent advances in the field of Computer Science.

AI is a wide-ranging tool that enables people to rethink how we integrate information, analyze data, and improve decision-making based on the resulting insights. And it is already transforming every walk of our lives.

For instance, today a machine is capable enough of imitating and performing human activities because of its intelligence. This is one of the major applications of AI

No wonder, AI is influencing multiple business spheres like automotive, economy, health care, e-commerce, and also entertainment.

Over time, artificial intelligence is going to become more sophisticated and invincible. But how far did AI already dive into our lives? And to what extent artificial intelligence has impacted our society, business sectors, economy, overall, the whole world?

Well, the wait is over. Let’s get straight into the world of AI and its impact on our lives.

Many businesses go for artificial intelligence (AI) technology as it helps them reduce operational costs, increase efficiency, grow revenue, and enhance user experience. Currently, leading companies across various industries are empowered with AI, such as banks analyzing countless data points in mere seconds to detect fraud and call centers to deploy chatbots to improve customer interactions.

Artificial Intelligence’s greatest power is that it can perform simple repetitive tasks exceptionally well. It rescues people from doing boring and monotonous duties.

Industries that use Artificial Intelligence

  • Transportation: The day is not far when autonomous cars will ferry us from one place to another. Although it could take a decade or more to perfectly leverage this application.
  • Manufacturing: Today, AI-powered robots work alongside humans to perform tasks such as predictive analysis sensors to keep equipment running without any bumps.
  • Healthcare: With AI, diseases are more quickly and accurately diagnosed. Drug detection is sped up and streamlined. Also, virtual nursing assistants monitor patients while big data analysis helps to create a more detailed patient experience.
  • Education: Textbooks are digitized with the help of AI. These days, virtual tutors assist human instructors and with the help of facial gauges, one can determine students’ emotions easily.
  • Media: Journalism is harnessing AI, too. The Associated Press employs the natural language abilities of Automated Insights to produce thousands of reports annually- that is nearly four times more than the past years.

Now that we have seen how much AI impacts our lives. Let’s now learn about a subset of AI, that is leaving no stone unturned in shaping multiple industries and driving them to the path of success.

Machine Learning – AI and ML

Machine Learning is a current application of AI, which is based on the idea that when a machine accesses the data, it could learn, interpret and gather actionable insights on its own.

In simpler words, machine learning allows the user to feed a computer algorithm a massive amount of data and have the system analyze and make data-driven decisions and suggestions based on the input data. And it has the ability to identify corrections and incorporate them to improve its future decision making.

Nowadays, Machine Learning has become prominent across all industries, as it gives enterprises a view of trends in customer behavior and business operational patterns, as well as helps in the development of new products.

Most ruling companies, such as Facebook, Uber, and Google, use ML as a central part of their operations.

Industries that use Machine Learning

  • Government Bodies: Systems that make use of machine learning enable government officials to use data and predict potential future situations and adapt to altered situations faster. Machine Learning can help in improving cyber intelligence, cybersecurity and support logistics management, and reduce failure rates.
  • Healthcare: The rapid growth of wearable sensors and devices that monitor everything from pulse rates to steps walked and sugar levels and also sleeping patterns have generated a significant amount of data that enables doctors to assess their patient’s health and give an overall result.
  • Marketing and Sales: Machine Learning has set its footprints on this sector as well. Companies have successfully implemented AI and ML to increase and enhance consumer experience.
  • eCommerce- E-commerce and social media sites use machine learning to analyze your previous orders and suggest other products and services, based on your past purchase. Many experts predict that the future of retail will be driven by AI and ML as deep learning business applications capture, analyze and use data to personalize individuals’ shopping experience and develop customized targeted marketing campaigns.

Conclusion:

This was all about how Artificial Intelligence and Machine Learning are driving all the sectors towards success. Hope you’ve gained the necessary information regarding these leading technology trends.

Read More: How can AI be used to increase collaboration at the workplace

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