The Importance of Artificial Intelligence & Its Uses

Artificial Intelligence aka Machine Intelligence refers to the intelligence demonstrated by a machine as compared to humans or animals. It also related to the study of the intelligent agents that are developed as per the advancement in the field of science. Computers, laptops, and mobile phones stand at the basic level of AI. Different hi-tech machines and robots are described as artificial intelligence. In the present-day scenario, AI is used in different fields like medical, sports, science, cinema etc. It is also used by entrepreneurs and companies for scaling the business. Using the artificial intelligence and business strategies has been helping many companies worldwide. But prior to it, one needs to understand what AI is?

The Working Structure of Artificial Intelligence

Artificial Intelligence works by combining data with fast and frequentative algorithms that allow software to grab the concept from the patterns of the data automatically. This field has a wide web comprising multiple theories, technologies, and the following subfields:

• Machine Learning

Machine learning extends the use of predictive statistics by making use of the enormous computational power that is available nowadays and by taking into account all available information; not just a small, representative sample of that. It can solve both Classification tasks such as binary variable classification (high risk/low risk, spam/not spam) and Regression problems of continuous variables (sales forecast, house prices).

Their main ingredients are Neural Networks which consist of layers of neurons that allow them to map information appropriately and find hidden patterns that the human brain and classic algorithms cannot. They can have deep architectures with many stacked neuron layers that are called Deep Neural Network.

Cognitive Systems

It is a subfield of AI that strives for a natural interaction between humans and machines, like people using computers, laptops in their daily lives. They depend on Deep Neural Networks and have cleared the path for the development of applications that allow human-computer interaction (e.g. voice recognition, text-to-speech conversion and natural language processing). Technologies such as Recurrent Neural Networks (RNN), Long-Short Term Memory (LSTM) and Generative Adversarial Networks (GAN) are highly recommended.

• Computer Vision

It works on recognizing a pattern or image. When machines can recognize and understand images. They can capture the same in the real time as well. For example, the smallest version of this can be found in mobile phones. The feature of Geo-Tagging works on this concept. Also In Healthcare it helps scientists and medical professionals in interpreting X-ray readings or MRI Scans. Here, are used more Convolutional Neural Networks (CNN), Single Shot MultiBox Detector (SSD), You Only Look Once (YOLO) algorithms.

How Is Artificial Intelligence Being Used?

Due to the capabilities of AI, every industry requires it in the present-day scenario. Examples include fake news detection, music composition, photo and video tagging, text summarization and face recognition, among which others are just in infancy stages while others are more polished, already finding their way into industrial uses.

Here’s a quick look at some fields where AI is used widely.

Fintech — In Finance, quants use it for algorithmic trading, risk modelling and portfolio management. Banking examples include Fraud Detection, Loan Default Prediction Anti-Money Laundering and ATM cash withdrawal forecasts.

• Healthcare- AI applications can provide personalized X-ray machines and its readings. They also provide unique help in the fight of cancer treatment.

Manufacturing- AI can analyze the data related to a specific product like its details, components, name of the manufacturer, etc. Two illustrative Manufacturing examples are autonomous driving cars and drones.

Retail- AI provides virtual shopping capabilities that provide personalized shopping recommendations as per the user’s recent searches or information related to it. Also it provides Churn Prediction, Sentiment Analysis, Customer Segmentation and automated virtual assistants (Chatbots).

Sports- AI is also used in the field of sports. It helps in providing the image of the ground from different angles and helps in determining the strategy of the game, field set up or any other renovation required.

The idea of creating new artificial intelligence and developing the existing ones is for the betterment of the human life. It will reduce the errors and accomplish different tasks in no time. In many countries, the successful invention and operation of the self-driven cars, robotics in different fields, self-operated CCTV, vehicle lock, and other things is a sign that in the near future, the mankind may or may not rely completely on the artificial intelligence.

The uses of AI in any sector of our personal and professional lives are literally only limited by our imagination. The impact of AI is already measurable and will only increase in the future. It lies in companies’ and people’s interest to make the most out of it in order to make this world more sustainable, efficient and livable.

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