Intelligent humans have engineered artificially intelligent machines to aid and assist in different walks of life. AI is increasingly augmenting human capability and decision-making ability in various fields. Several sectors have reaped significant benefits by using AI. Let us discuss some of the most vital applications of Artificial Intelligence (AI).
Coala Life is an AI application. Its algorithms enable the physician to detect cardiac arrest and respiratory disorders on a remote basis. Such a home-based advanced AI system has proved a boon for heart and lung patients.
Atomwise aids in advanced genetics and molecular biology to determine the sequence and strains of pathogens and develop effective drugs. It can analyze billions of compounds and protein structures for drug prediction and discovery. Atomwise has made substantial studies in the field of Ebola and multiple sclerosis.
The healthcare sector uses advanced Artificial Intelligence programs to detect tumors. IBM’s Watson’s clinical decision support team assists oncologists in spotting head and neck cancers.
AI has proved very beneficial in reducing medical costs and patients visits to clinics and hospitals. Pager deploys machine learning and provides patients with needed nursing and doctors’ advice via video chat. For minor aches, pains, and injuries, patients do not need to travel to hospitals. In the era of the coronavirus, it is an added boon. Patients can get prescriptions via video consultations.
AI is reducing medical costs, augmenting drug discovery, saving time for doctors and medical staff, advancing diagnostics, and much more.
All these benefits of AI are making advanced healthcare more affordable and accessible even to the common person.
Artificial Intelligence systems based on deep learning, computer vision, and image detection form the core of driverless cars. The AI algorithms in these cars can precisely predict the objects in the car’s vicinity, so these driverless vehicles maneuver smoothly on roads avoiding pedestrians and following traffic rules.
Many vehicle manufacturing companies have invested time, money, energy, and effort in producing ultra-modern autonomous self-driving cars using AI technology.
Cruise Origin by Cruise an autonomous electric vehicle that traversed around 1,000,000 miles in San Francisco with no accidents.
Waymo is another AI enthusiast purveying logistics and ride-sharing facilities. In Phoenix, Waymo runs a ‘Waymo one’ ride-hailing service to ferry people to the destinations. On the other hand, ‘Waymo Via’ is Waymo’s most ambitious project focusing on logistics and point-to-point delivery.
Luminar Technologies produces the most advanced LIDAR-based vehicle vision-based products, completely transforming the realm of self-driven cars. The AI technology is supremely advanced to predict people, objects, and obstacles 250 meters in advance. It provides the vehicle ample time to avoid them and move smoothly on its way.
Banking and Finance
These two sectors have utilized AI machines’ capabilities for a variety of purposes. Banks have deployed AI applications to detect fraudulent card transactions, analyze loan applications, scrutinize customer spending patterns to devise products. It can better suit the current cost flow needs for the improvisation of the banking environment. Banks have increased their revenue up to 46% by using AI-powered mobile banking apps.
Bank of America uses chatbots to inform customers about their balance, payments, new products, and ways to save more money.
The financial markets are prone to frequent ups and downs. Predictive analysis of the stock patterns is quite helpful in guiding investments and averting risks. Market fluctuations and speculations can be predicted by AI in advance, signaling the required behavior to protect investors’ interests.
The Robo-Advisors have gained prominence in the financial markets. They are automated AI advisors who use algorithms, deep learning, and neural networks.
Betterment is a Robo-Advisor pioneer who uses AI to study investor preferences and build a personalized investor portfolio for maximizing returns.
AlphaSense is another AI-powered system applying natural language processing. It can scan millions of data points within seconds and generate actionable reports that have helped more than 800 financial institutions.
Numerai is an AI crowdsource hedge fund that releases abstracted and rare financial data transforming the cryptocurrency deals in a game-changing way.
Harnessing natural language processing abilities is the power that drives the widespread use of chatbots and virtual assistants. Siri, Cortana, Alexa are typical examples of virtual assistants that perform versatile functions such as ordering food, operating household devices, scheduling appointments, booking reservations, and much more.
The E-commerce industry deploys artificially intelligent chatbots to communicate with clients and solve their problems, guide decisions, and product choices.
Netflix’s recommendation engines harness deep learning and machine learning. It studies user interest and recommends videos, movies based on past preferences. The collaborative AI approach analyzes collective user interests according to categories and suggests movies to viewers having shared preferences and choices.
Amazon uses several AI algorithms to assist customers in their shopping decisions. When you search on Amazon the AI systems shows ‘product you may like,’ ‘similar products,’ ‘products bought in combinations.’ These offers result from the AI algorithms, which throw various options before you by learning from your previous actions.
Twiggle is an AI-powered E-commerce site. It explores AI deep learning and natural language processes coupled with an in-depth knowledge of the retail industry. Businesses using Twiggle’s AI-powered model registered a 9% increase in ‘add to cart’ and a 12% rise in ‘click through’ rates.
The massive quantity of data gathered by social media platforms results from AI algorithms, deep learning, facial recognition, computer vision, and others. Different social media platforms battle to increase their customer base by providing a personalized experience and cultivating group culture based on shared likes and preferences.
Facebook uses AI models for facial recognition. It has invested heavily in the AI field, buying Face.com to steer ahead of other social media platforms. Facebook claims that its neural network-based AI algorithm, ‘DeepText,’ can understand the intent of customer posts with human-like accuracy. It has become the basis for Facebook to throw targeted ads and earn handsome revenue. The DeepText has not only quality potential, but it can voluminously read thousands of posts spanning 20 different languages within seconds. Such performance is beyond human capacity.
Twitter, Snapchat, Pinterest also use AI for enhancing customer experience and build a following. Additionally, AI has come in handy in policing hate speech, pornography, and terrorist content on social media. In short, the existence and growth of social media channels rest on AI.
The arena of marketing depends on the ability of the marketer to match with customer emotions and preferences. The success of marketing campaigns relies on providing targeted ads to customers at the right time. Targeting and timing are the keys to reap rich dividends from advertisements on television, social media platforms, print, and other channels.
An essential fact about AI is that it is accessible to small and medium-sized businesses. The affordability and accessibility of AI systems encourage marketing firms to spend more on AI to generate customer insight reports, arrange constructive business meetings, study customer buying patterns, and make suggestions.
Amplero is an AI-powered marketing system. Big business giants like Sprint, Microsoft, TaxAct utilize Amplero machine learning capabilities for marketing experimentation and building dynamic customer profiles.
Drift is a well-known AI marketing technology trusted by more than 100,000 businesses such as Toast and Zenefits. The Drift technology simplifies time-consuming marketing tasks, answer customer questions, book business meetings, and much more. More importantly, it completes the sales cycle speedily, converting prospects into leads and finally into customers using the Drift Assistant.
Government and Military
Today the governments are concerned about maintaining law and order, securing borders, and continuous surveillance within and without. They have exploited AI systems for massive management. The armed forces use AI for analytics, logistics, threat detection, surveillance, and penetrating enemy positions. AI-powered drones, AI robots, automatic jet fighters, sophisticated missiles are part and parcel of modern weaponry.
Every nation is concerned about maintaining the confidentiality of its operations. AI helps to fight against cyber-attacks, spam, and hacking. Virtual fighting and securing cyberspace has become very essential. Various AI projects, experiments form the core of staunch military powers.
The US military has MAVEN, OFFSET program, DARPA, and SQUAREX experiment program.
The Chinese military extensively uses AI. President Xi Jing Ping has called for “Treading the path of military-civil fusion style innovation.” In China AI-powered machines and facial recognition AI techniques help the local bodies in vigilance.
Russian military uses enhanced AI capabilities for data collection and penetrative search to combat US programs.
Cybercrimes and cyber threats are routine activities in the cyber world. However, with increased AI assistance, it is possible to fight these threats confidently. The AI machines employ deep learning and natural language processing to consume vast amounts of data within seconds. They apply reason to identify malicious files, suspicious IP addresses. Efficacy, coupled with augmented decision-making power, assist security analysts in making critical decisions within the time for fighting impending cyber-attacks.
Qradar by IBM harnesses cognitive computing, machine learning, and deep learning algorithms to read between the lines and pinpoint hidden threats for ringing an alarm in advance. It proves very beneficial for cyber analysts to beef up cybersecurity.
The fields mentioned above are not the only ones that use AI-powered systems. Ranging from legal advice to traveling, warehouse management to artificial creativity, gaming to space exploration, AI systems are in vogue. Humans are exploiting AI capabilities on an even more extensive and wide expanding scale.