The mere mention of AI and the brain conjures up images of Terminator robots obliterating the planet. Thankfully, things are looking much better right now. Let’s investigate how AI is benefiting the environment and, finally, humanity. In this blog we will be exploring the applications of AI, and how AI has influenced a variety of industries, including marketing, finance, banking, and others in this blog on applications of AI.
Application of AI in Marketing
Your products can be sweetened through marketing to draw in more customers. We humans are pretty good at making things sound good, but what if an algorithm or a bot exists only to promote a product or a business? It would accomplish the task pretty well!
In the early 2000s, it was difficult to locate a product if we searched an online store without knowing its precise name. However, today when we search for an item on any e-commerce site, we get all relevant results. These search engines seem to be able to read our minds! We quickly receive a list of all pertinent items. Finding the ideal movies on Netflix is a good illustration of this.
We’re all addicted to Netflix and Chill because it offers highly precise predictive technology based on viewer responses to movies. It looks at millions of records to make recommendations for shows and movies you might like based on your past behavior and film preferences. This technology is evolving and becoming more intelligent every day as the data set expands.
With AI’s rapid development, it might soon be possible for online shoppers to purchase goods simply by taking a picture of them. Businesses like CamFind and their rivals are already experimenting with this.
Applications of AI in Banking
AI in banking is expanding faster than you might have anticipated! Many banks have already implemented AI-based systems for customer support, anomaly detection, and credit card fraud detection. This is exemplified by HDFC Bank.
The Electronic Virtual Assistant (EVA) chatbot was created by Bengaluru-based Senseforth AI Research for HDFC Bank.
Since its debut, Eva has answered more than 3 million customer questions, spoken with more than 500,000 different users, and conducted more than a million conversations. In less than 0.4 seconds, Eva can assemble information from tens of thousands of sources and offer straightforward solutions.
The idea of using AI to prevent fraud is not new. In fact, AI-based security solutions are available to improve security in a variety of industries, including retail and finance.
Security professionals are more successfully preventing fraud by tracking card usage and endpoint access. The behaviors of transactions are examined by organizations using AI to track those steps.
For years, organizations like MasterCard and RBS WorldPay have relied on AI and Deep Learning to identify suspicious transaction patterns and stop card fraud. Money to the tune of millions has been saved.
Application of AI in Finance
Businesses have relied on computers and data scientists to predict future market trends. The key to successful trading has accurate future predictions.
Because they can quickly process a large amount of data, machines are excellent at this. Additionally, machines can be trained to recognize patterns in historical data and forecast whether those patterns will recur in the future.
Financial institutions are using artificial intelligence (AI) to enhance their stock trading performance and increase profit in the era of ultra-high-frequency trading.
One such company is Nomura Securities, the top brokerage house in Japan. The company has been grudgingly working toward a single objective, namely, using computers to analyze the stock traders’ insights. Nomura is getting ready to launch a new stock trading system after years of research.
The computer of the new system houses a sizable amount of price and trading information. By drawing from this pool of knowledge, it will be able to make judgments. For instance, it might conclude that the market’s current conditions are similar to those from two weeks ago and forecast how share prices will change in a few minutes. Based on the anticipated market prices, this will enable traders to make better trading decisions.
Application of AI in Agriculture
The world will need to produce 50% more food by 2050 because we are literally eating everything, which is a worrying statistic. We must use our resources more wisely if we want this to be feasible. So, while using resources more sustainably, AI can help farmers get more from the land.
Concerns about food security, population growth, and climate change have prompted the industry to look for more creative ways to increase crop yield.
Automation and robotics are being used by organizations to assist farmers in developing more effective weed control strategies for their crops.
A robot called See & Spray, created by Blue River Technology, uses computer vision technologies like object detection to track and carefully spray.
Blue River Technology has created a robot called See & Spray that precisely monitors cotton plants while using computer vision techniques like object detection to spray weedicide on them. Herbicide resistance can be avoided with precise spraying.
In addition, an application called Plantix from the Berlin-based agricultural tech start-up PEAT can use images to detect potential flaws and nutrient deficiencies in the soil.
Through images taken with the user’s smartphone camera, the image recognition app detects potential flaws. Then, users are given advice, techniques, and other potential remedies for soil restoration. According to the business, its software can detect patterns with an estimated accuracy of up to 95%.
Application of AI in Healthcare
Many businesses and healthcare facilities are turning to AI to help save our lives. There are numerous instances where AI in healthcare has benefited patients in different parts of the world.
A company by the name of Cambio Health Care created a clinical decision support system for preventing strokes that can alert doctors to patients who may be at risk of having a heart attack.
Another illustration of this is Coala Life, a business that makes a digital device that can detect cardiac diseases.
Similar to this, Aifloo is creating a system to monitor how people are doing while receiving care at home or in nursing facilities. The best thing about artificial intelligence in medicine is that you don’t even need to create a new drug. You can also save lives simply by using an existing medication correctly.
Application of AI in Gaming
Artificial intelligence has become a crucial component of the gaming industry over the past few years. In fact, the gaming sector boasts one of AI’s greatest successes.
One of the most important achievements in the field of AI is DeepMind’s AI-based AlphaGo software, which is renowned for defeating Lee Sedol, the world champion in the game of GO.
Shortly after winning, DeepMind developed an improved version of AlphaGo called AlphaGo Zero that outperformed its forerunner in an AI-AI match. AlphaGo Zero is a more sophisticated system than the original AlphaGo, which DeepMind trained over time with a lot of data and human oversight.
First Encounter Assault Recon, also referred to as F.E.A.R., is another first-person shooter video game that uses artificial intelligence.
Applications of AI in Space Exploration
Analysis of enormous amounts of data is always necessary for space exploration and discovery. The most effective method for handling and processing data of this size is artificial intelligence and machine learning. After extensive investigation, astronomers were able to identify a distant eight-planet solar system by sifting through years’ worth of data collected by the Kepler telescope using Artificial Intelligence.
The Mars 2020 Rover, NASA’s upcoming Mars rover mission, will also make use of AI. AEGIS, a Mars rover powered by artificial intelligence, has already arrived there. In order to conduct research on Mars, the rover is in charge of automatically aiming cameras.
Applications of AI in Autonomous Vehicles
Self-driving cars have been a hot topic in the AI sector for a while now. The introduction of autonomous vehicles will undoubtedly transform the transportation industry.
Before launching their first AI-based public ride-hailing service, companies like Waymo conducted numerous test drives in Phoenix. To create the control signals that drive the vehicle, the AI system gathers information from the radar, cameras, GPS, and cloud services of the vehicle.
Advanced Deep Learning algorithms are capable of making precise predictions about what nearby objects are likely to do. Waymo cars are now more efficient and secure as a result.
Tesla’s self-driving car is another well-known example of an autonomous vehicle. To create vehicles with automatic object detection and driving, artificial intelligence uses computer vision, image detection, and deep learning.
Applications of AI in Social Media
Since social media has become a part of who we are, we have been producing an incalculable amount of data through chats, tweets, posts, and other activities. And AI and machine learning are present everywhere; there is a lot of data.
Facebook and other social media sites use AI for face verification, which uses machine learning and deep learning principles to identify facial features and tag your friends. The use of numerous deep neural networks in deep learning allows for the extraction of every last detail from an image. On the other hand, your feed is created using machine learning algorithms based on your interests.
Twitter’s AI, which is used to identify hate speech and terroristic language in tweets, is another illustration of this. To filter out offensive content, it uses machine learning, deep learning, and natural language processing. 300,000 accounts linked to terrorism were found and blocked by the company, and 95% of those accounts were found by artificially intelligent machines rather than non-humans.
Applications of AI in Synthetic Creativity
Have you ever considered what would happen if a machine with artificial intelligence attempted to produce art and music?
Bach and Mozart-like classical music can now be created by an AI-based program called MuseNet.
MuseNet is a deep neural network that can create musical compositions lasting four minutes, using ten different instruments and combining styles like country, Mozart, and the Beatles.
MuseNet did not start out explicitly programmed to understand music. Instead, it learned on its own to recognize harmony, rhythm, and style patterns.
The content automation tool Wordsmith is yet another innovative application of AI creation. A platform called Wordsmith uses natural language generation to turn your data into illuminating stories.
In conclusion, AI has become a game-changing technology that has revolutionized various industries and has enabled organizations to achieve their goals more efficiently and effectively. From healthcare to finance, manufacturing to transportation, AI has found its applications in diverse sectors of the economy, and its potential continues to grow with each passing day. Through its ability to analyze large volumes of data, identify patterns, and make predictions, AI has not only increased productivity and profitability but has also helped solve some of the world’s most pressing problems. As AI continues to evolve, its impact on society will only continue to grow, and it is clear that the future is bright for this groundbreaking technology. The possibilities of AI are endless, and it will be exciting to see how it shapes the world in the years to come.