Does your life revolve around AI?
Whenever we talk about Data science, Artificial intelligence is something that comes to our mind. Artificial intelligence(AI) is trying to make a machine think and act like a human.
Do you think there will be a day where human-like robot will do most of our work?
Development in AI the past couple of decades has been spectacular. The pandemic has just accelerated the growth in the majority of the companies. Artificial Intelligence almost exists everywhere now.
With or without our knowledge we are part of it in our daily life. You might think it is a overstatement but allow me to break it down to you.
From simple music apps like Spotify to complicated self-driving cars like Tesla, it plays a role in it. Without a doubt, AI has just reduced the time and cost involved to solve Real-world problems with maximum accuracy.
Demand for AI has been massive in many fields like Data analytics, it is growing day by day and it is predicted to grow at an accelerating rate.
On average there has been 50-60% hike in salaries of candidates who transitioned into AI roles. Are you currently working in AI or have plans to switch roles?
How is AI used?
AI combines a large amount of data provided and processes all the data in an iterative manner and learns automatically by the different patterns in the data.
The field of AI is vast and includes machine learning, neural network, deep learning, computer vision, and natural language processing.
Let's see some places where it is being used:
We all have used Amazon and Flipkart. AI has proven to be beneficial to E-commerce in a lot of ways. “Ever got your problem solved without even interacting with a person?”
The introduction of chatbots has minimized the human interaction with the customers and gives the quick solution at their palm. The fake reviews are easily filtered out.
We can search in a an easy manner and get great recommendations and we all have saved or spent a few bucks because of it.
We have all seen ads of the same product in different places after we search for it in one place right?
Better recommendation to customers based on reviews has been valuable.
Importantly, AI has helped e-commerce platforms to predict the demand of products subject to different time frames which makes sure that products do not go out of stock for too long and maximizes sales.
When it comes to health we would never take a risk regarding it. Hence,taking precise action on the disease at the right time is extremely vital.
AI has been advanced to help doctors do that in an efficient manner.
"Ever tried googling your symptoms and finding out what might be the cause?”
Symptoms of any particular disease or a rare disease also can be fed into an AI system, it analyses thousands of cases and papers and provides results that match with the symptoms. They also provide a complete set of treatments that should be given to the affected person.
The vital signs of any person can be monitored continuously and analysed to deliver actionable insights.
There are thousands of scammers now, We would have only received few calls and would have either scolded them or simply just hang up.
Minimization of fraudulent transactions in banking sector has been successfully achieved thanks to AI. It has various tools that can prevent such fraud.
It also helps users to manage their portfolios and risk management. Implementation of chatbots to do a lot of automated process seamlessly has been very helpful.
“ Have you missed a credit card payment?”
Auto payment options and reminders of all the payment subsequently ensures users know about it and pay on time.
It can easily assess the loan eligibility of a person at any age by calculating risk factor associated with providing a loan.
Mainly, the security has been upgraded and prevents a lot of online threats by finding a simple irregularity in the transaction like, if you sign in from a new device and try to transfer a huge amount it automatically is denied and calls you for confirmation.
Let's say Ross decides to watch a series on Netflix for 20 min as a break from his studies.
when the series starts he gets an option “skip intro” which he will press cause it is the same thing and time-consuming.
He finishes the episode and before he can actually think of getting back to resume his studies “auto play” feature kicks in and the next episode is being played with the same “skip intro” button. We know what Ross would have done there…
It is as simple as that, an average person would not take more than 60seconds to search for a new series or movie.
Netflix implemented AI recommendations when they saw this as a vulnerability and it boosted back Netflix's performance.
“Times, where your friends forced you to watch something, are gone?”
They have stated that their views are comprised of 75% of their recommendation.which itself keeps the users engaged and increase the profit on daily basis.
You can see how AI plays a small role but definitely has some impact.
In all the examples stated above, they are really small things in our daily life that we don't even spend time concentrating on.
But these small things are the very reason for a huge turnover over billions to many giant organizations.
If these organizations are making billions. don't you think the person who creates these things gets a good amount of profit too?
Yes, AI might be better than humans in many ways but it lacks originality.it can't think out of thin air like us and it can't think out of the box like you, my friend.
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