ARTIFICIAL INTELLIGENCE
Artificial intelligence is the science of making machines that can think like humans. OR
the theory and development of computer systems able to perform tasks normally requiring human
intelligence, such as visual perception, speech recognition, decision-making, and translation
between languages
“Here are some examples of how AI is used in everyday life:
Online shopping and advertising. …
Web search. …
Digital personal assistants. …
Machine translations. …
Smart homes, cities and infrastructure. …
Cars. …
Cybersecurity. …
Artificial intelligence against Covid-19.
OTHER EXAMPLE
Health
Transport
IMPLICATION OF AI–
AI has the potential to transform the way we work, communicate, and interact with technology, but
it also raises concerns about the displacement of jobs, bias and discrimination, and the potential
for misuse or abuse.
Secondly, since AI by nature is labour substituting, immediate consequences of AI, take the form
of inequality between labour and capital, and inequality within labor, i.e. between tasks with high
and low skill content, raising contentious public policy concerns.
BENEFITS OF AI
To become successful in any kind of business all you need is accurate collection of data ,easy
processing, adequate analytics, which further forms the backbone of decision making and is
required for vital insights. But, the kind of volume and variety of data which is generated cannot be
handled by humans at this large scale.
Hence eventually the significance of artificial intelligence comes into the picture which plays a
very vital role in segregating these huge datasets into useful and accurate pieces of information
which makes human lives much easier.
SOME BENEFITS OF AI
1.BETTER DICISION
Organizations increasingly use AI to gain insights into their data or, in the business lingo of today,
to make “data-driven decisions.” As they do that, they’re finding they do indeed make better, more
accurate decisions instead of ones based on individual instincts or intuition tainted by personal
biases and preferences.
As an example, Kavita Ganesan, an AI adviser, strategist and founder of the consultancy Opinosis
Analytics pointed to one company that used AI to help it sort through the survey responses of its
42,000 employees. The technology analyzed narrative responses and presented summarized
findings — an approach that let company officials effectively understand what workers wanted most
rather than offering them options to rank via check-the-box choices.
- Efficiency and productivity gains
Efficiency and productivity gains are two other big benefits that organizations get from using AI,
said Adnan Masood, chief AI architect at UST, a digital transformation solutions company.
Masood said AI lets organizations handle tasks at a volume and velocity that’s simply not possible
for humans to match — whether they’re using AI for search or to analyze data for insights, create
software code or execute specific business processes. - AI not only works at a scale beyond human capacity, Masood noted, but it removes timeconsuming manual tasks from workers — a productivity gain that lets workers perform higher-level
tasks that only humans can do. He pointed to the use of AI in software development as a case in
point, highlighting the fact that AI can create test data to check code, freeing up developers to
focus on more engaging work.
This lets organizations minimize the costs associated with performing mundane, repeatable tasks
that can be performed by technology while maximizing the talent of their human capital. - Improved speed of business
As fast as business moves in this digital age, AI helps it move even faster, said Seth Earley,
author of The AI-Powered Enterprise and CEO of Earley Information Science. “It’s all about
speeding up the clock of the enterprise,” he said. AI essentially enables shorter cycles and cuts
the time it takes to move from one stage to the next — such as from design to commercialization —
and that shortened timeline, in turn, delivers better and more immediate ROI. - New capabilities and business model expansion
Executives can use AI for business model expansion, experts said, noting that organizations are seeing new opportunities as they deploy data, analytics and intelligence into the enterprise.
For example, autonomous vehicle companies could use the reams of data they’re collecting to identify new revenue streams related to insurance, while an insurance company could apply AI to its vast data stores to get into fleet management. - Personalized customer services and experiences
AI analyzes and learns from data to create highly personalized and customized experiences and services,
said Brian Jackson, principal research director at Info-Tech Research Group.
He said the most visible examples of this come from the consumer world, as streaming services, such as
Netflix, and retailers use intelligent systems to study buying patterns, individual consumer data and larger data sets to determine what each customer prefers at any given time to suit their personal style, interests and needs.
However, AI delivers that personalization in numerous other areas, such as in healthcare, where it
customizes treatments, and in work environments to support an employee’s individual requirements. - Improved services
AI creates interactions with technology that are easier, more intuitive, more accurate and, thus, better all
around, said Mike Mason, chief AI officer with consultancy Thoughtworks.
He cited a real estate site that employs generative AI so users can refine their property listing searches
through conversational queries rather than clicking through boxes.
“The AI understands an unstructured query, and it understands unstructured data,” Mason explained. In
In other words, the technology can analyze a user’s request even when it’s given in plain, conversational
language; analyze all the descriptive elements within each listing, including narrative notes added by real estate agents; and present the user with a finely tuned and highly accurate list of properties that meet their requirements. - Improved monitoring
AI’s capacity to take in and process massive amounts of data in real time means organizations can
implement near-instantaneous monitoring capabilities to alert them to issues, recommend actions and, in some cases, initiate a response, according to experts.
For example, AI can use information gathered by devices on factory equipment to identify problems and predict needed maintenance. This prevents disruptive breakdowns and costly maintenance work performed because it’s needed rather than scheduled.
AI’s monitoring capabilities can be effective in other areas, such as in enterprise cybersecurity operations where large amounts of data need to be analyzed and understood. - Better quality and reduction of human error
Organizations can expect a reduction of errors and stronger adherence to established standards when they
add AI technologies to processes. Furthermore, when AI and machine learning are integrated with a
technology such as robotic process automation, which automates repetitive, rules-based tasks, the
combination not only speeds up processes and reduces errors, but can also be trained to improve upon itself
and take on broader tasks.
As a result of that error reducing and higher quality, “AI improves the value prop[osition],” Earley said.
The use of AI in financial reconciliation, for example, delivers nearly always error-free results, whereas that
same reconciliation when handled, even in part, by human employees is prone to mistakes. - Better talent management
Companies are using AI to improve many aspects of talent management, from streamlining the hiring
process to rooting out bias in corporate communications. Moreover, AI-enabled processes not only save
companies in hiring costs, but also can affect workforce productivity by successfully sourcing, screening and
identifying top-tier candidates. As natural language processing tools have improved, companies are also
using chatbots to provide job candidates with a personalized experience and to mentor employees.
Additionally, AI tools can gauge employee sentiment, identify and retain high performers, determine
equitable pay, and deliver more personalized and engaging workplace experiences with less requirements
on boring, repetitive tasks. - More innovation
As workers at all levels become more comfortable and confident working with AI, experts said they’re
starting to use AI tools to help them be more creative and more innovative.
In her book, Ganesan described how a restaurant chain used the technology to power a mobile app that
enables customers to craft their own cocktails based on their mood and food choices, with the tool
concocting the recipe and then sending it to a human bartender to mix and serve.
Other industries use AI to support R&D activities, such as in the healthcare space for drug discovery work
and the consumer product goods sector for new product creation. - Increased profitability
As they use AI in more areas of the enterprise — from personalizing services to aiding in risk management to
supporting innovation — organizations will see improved productivity, reduced costs, higher efficiency and
possibly new growth opportunities.
Taken together, that can deliver higher profitability, said Sreekar Krishna, U.S. leader of AI at professional
services firm KPMG. “On the revenue side, it’s potential is exponential: You can keep growing as long as
you’re bringing value to customers.” - Industry-specific improvements
In addition to the benefits listed above, AI can fuel the following industry-specific improvements:
- Retailers can use AI to better target their marketing efforts, develop a more efficient supply chain and
better calculate pricing for optimal returns. At retail companies, AI helps predict customer
requirements and appropriate staffing levels. - The pharmaceutical sector can use the technology to perform drug discovery data analysis and
predictions that can’t be done with conventional technologies.
AI HAS ALL THE ABILITY TO SURPASS HUMAN INTELLIGENCE AND CAN PERFORM ANY
PARTICULAR TASK MUCH ACCURATELY AND EFFICIENTLY.NO DOUBT AI POSSES
IMMENSE POTENTIAL TO CREATE BETTER PLACE TO LIVEIN . HOWEVER ANYTHING IN
EXCESS IS NOT GOOD NOTHING CAN MATCHED WITH HUMAN BRAIN
ROLE OF AI
Artificial intelligence (AI) is the basis for mimicking human intelligence processes through the
creation and application of algorithms built into a dynamic computing environment.
Ai adds intelligence
Ai evaluates deep data
Artificial intelligence
Machine learning
Access to Learning
Ai achieves incredible accuracy
Automated grading
Databases
Natural language processing
Personalize education
FUTURE OF AI
the future of AI promises significant advancements in every field, creating new opportunities and
challenges. As machines take over repetitive tasks, humans can focus on creativity and
innovation, leading to further breakthroughs and developments.
SIGNIFICNCE OF ARTIFICIAL INTELLIGENCE
AI technology is important because it enables human capabilities – understanding,
reasoning, planning, communication and perception – to be undertaken by software
increasingly effectively, efficiently and at low cost. Today, the amount of data that is
generated, by both humans and machines, far outpaces humans’ ability to absorb,
interpret, and make complex decisions based on that data. Artificial intelligence forms the
basis for all computer learning and is the future of all complex decision making.