Just a few years ago, artificial intelligence was used to describe an area of research reserved for those into sci-fi, or the overly optimistic scientists. The thought of having a machine that could think for itself and communicate with other machines was just too good to be true. However, things have changed drastically and a new dawn is upon us.
The intelligence of machines is increasing at an unprecedented level and the application is spreading to several industries; almost every major sector has experienced a proliferation of these smart devices. The main advantage of AI is that it simplifies and facilitates the automation of several mundane, monotonous tasks that encumber us. And these tasks, if we begin to count are found everywhere.
This article borders on some of the most common and most important applications of artificial intelligence, especially in our daily activities.
1. Artificial Intelligence is Used in the Financial Industry
Peter Thiel is renowned for his hypothesis on how the advancement of AI will not take away human jobs, rather, will synergize with humans to even improve productivity. In his popular book, zero to one, he shared his experience of how the strategy was used at PayPal and how it can find relevance almost anywhere.
His prediction is turning out to be extremely accurate. Stock analysis and market prediction have been made easier and more effective, thanks to novel machine learning algorithms. Another important area where the effect is being felt is that of customer support. The strength of AI is in dealing with large data sets and banks can leverage this ability to set up automated chatbots that help customers in their time of need.
Will artificial intelligence engender robots who will then become so smart as to administer drugs or give you injections, taking the job of doctors and nurses? Definitely not! At least, not anytime soon. However, AI is applied to one of the most stressful aspects of visiting a hospital; filing and sorting paperwork.
For so long, people have complained about how bureaucratic the hospital is structured and how much protocol is observed even for the smallest exams. What AI can offer is efficiency, coupled with fast response times. AI systems will help the administrative department handle their data management and logistics with improved efficiency.
AI is also referred to as the Doctor’s companion, combing scores of past records to highlight patterns in illnesses or diseases. This can help the medical practitioner better understand the cause of these diseases and proffer better treatment options.
3. AI Applies to the Energy Market
While the traditional electric grid is still very far from being smart, the concept of microgrid has birthed several advanced technologies and one prominent tool that is used for load forecasting and prediction is artificial intelligence. With the help of machines that are trained to execute specific tasks, the load profile of consumers in a certain metropolis can be analyzed and reports on their behavior can be generated.
The success of AI in the energy market has brought about several companies that offer decentralized electricity. They guarantee their customers the best price since they are considering a number of factors and this means that they also get to provide value without compromising on their profit.
4. Transportation Industry
In a year, an average commuter spends roughly 40 hours seated in traffic. This translated to losing a work-week, or $960 in wages. Of course, no one loves to experience these jams, but hitherto, nothing transformative could be done. But with the advent of AI, traffic analysis is now being carried out to ascertain the cause of jams. Also, if a jam is identified by the bot, an alternative route is aptly suggested.
5. Retail and Online Shopping
Window shopping has changed drastically from what it used to be and we can attribute this paradigm shift to one man and one company; Jeff Bezos of Amazon. As early as a decade ago, his aim was to simplify online shopping, providing customers with relevant recommendations based on past purchases. This was the beginning of the use of AI. The company has also gone further, using advanced neural networks to monitor the prices of goods on other rival sites and offering their customers the best price anywhere.
It might surprise you to learn that AI is also applicable to agriculture, recruitment agencies, online learning, government parastatals, etc. There is almost no field that you can think of where AI is not yielding results!