In this blog, you will get to know the different real time applications of AI in different fields such as banking, finance, marketing, etc. You will also become aware as to why Artificial Intelligence is the next revolutionary thing in common life.
Artificial intelligence is the technique by which machines do the simulation of human intelligence which is programmed by humans. The two most common ways by which this is done is using Machine learning and Deep learning. Since there is so much discussion about AI and how it is impacting daily lives, the following points will give you a distinct feature.
The banking sector is revolutionized with the use of AI. AI based systems are used to provide credit card fraud, provide customer support. The stated example is HDFC bank. HDFC bank has developed a chatbot called EVA. EVA has given 3 million customer queries. AI solutions are used to increase security in a variety of business sectors like retail and finance.
2) Artificial intelligence in marketing.
A lot of advancement is being done in the field of marketing using AI. Consumers on the web can purchase products by taking a photo of it. Many firms like Camfind are already experimenting on this fact.
Agriculture is another very prominent area where AI has a big role. Climate change, food security issues, and population growth are big issues facing agriculture worldwide. For instance, a firm called Blue River Technology has created a robot known as See & Spray. It uses object detection like computer vision technologies to control and spray weedicide on cotton plants. Precision spraying prevents herbicide resistance. Another firm PEAT is developing an application known as Plantix which checks defects and nutrient deficiencies in the soil using images. The image identification app sees defects through images taken by the user’s smartphone camera. Users are then given soil restoration tips, techniques, etc.
There are plenty of applications of artificial intelligence in healthcare. To give an example, there is an organization called Cambio Health Care has developed a decision support system for preventing heart stroke. This will give the doctor a warning that there is a patient having a heart stroke. Another firm is Coala life which has a digitalized device for finding heart diseases. One more company is Aifoo, which is developing a system to track how people are doing in hospitals, nursing homes.
5) AI in finance.
Companies engaging in stock market trading are increasingly using AI to increase profit and increase stock performance. One big firm is Nomura securities. It is introducing a new stock trading system. This new system takes a vast amount of price and trading data in its system. Using this information, it makes an assessment of how share market prices will behave in the future. So, trading decisions can be better taken in the future, based on future prices.
There is a tremendous application of AI in the gaming industry. There is a firm called DeepMind, which has developed an Alpha Go Zero software, which has defeated the other game called Lee Sudol. Another example is the First Encounter Assault Recon, which is a first person shooter video game.
7) AI in space exploration.
AI is used extensively in space exploration. Space exploration is used to analyze lots of data. Astronomers used AI to sift through lots of data from the Kepler telescope for identifying a solar planet system. Another instance of AI being used is Mars 2020 Rover. It is also known as AEGIS and is already on MARS. The rover is used to target cameras for performing investigations on MARS.
8) AI used in self driving vehicles
AI is instrumental in the case of self driving vehicles. Firms like Waymo are deploying their AI based public ride hailing service. The AI system collects data from cameras, GPS, vehicles radar, and cloud services to produce control signals which operate the vehicle. Advanced Deep learning algorithms predict which objects close to vehicles are likely to do. Waymo cars become safer. Another example is Tesla’s self driving car. AI is used to implement image detection, computer vision and deep learning for making cars which automatically drive and check objects.
Chatbots is an extremely popular form of AI application, which is by using the Virtual Assistant. Every household has a virtual assistant which is used to control domestic appliances. One major example is Amazon Echo, in which the device uses NLP and speech recognition for doing a wide range of tasks. It is used for booking cabs, making phone calls, check weather conditions, order favorite food. Secondly, there is a new device called Google’s duplex, which is used to book appointments.
This device uses machine learning algorithms and natural language processing for processing human language and doing tasks like making a reservation, controlling your smart home and managing your schedule.
10) Social Media.
In Facebook, Artifical Intelligence is used for facial verification and machine learning is used to detect facial features and tagging friends. It is used to extract every image by using a bunch of deep neural networks. Then, there is Twitter AI which is used to filter out hate speech and derogatory content.
11) Artificial creativity
Museet is an AI system which is used to compose classical music on the likes of Bach and Mozart. It is a deep neural network, which is used to generate 4-minute musical compositions with 10 instruments. One more artificial product is content automation tool known as Wordsmith. It is a natural language generation platform, which can change your data into narratives.