Based on our location, Apple Siri analyzes thousands of movie showings and surfaces recommendations for the best times and theatres. Facebook instantly recognizes my friends in photos and suggests tags with nearly 98 % accuracy. It is made possible by artificial intelligence concepts such as natural language processing, deep learning, and machine learning. When applied to every reaction in our personal lives, it makes us more innovative and productive.
In this session, we will discuss the top 10 benefits of artificial intelligence so let’s get started.
Increased Automation By Artificial Intelligence
at number one we Have increased automation artificial intelligence can be used to automate anything ranging from tasks that involve extreme labor to the process of recruitment that’s right there is a number of ai based applications that can be used to automate the hiring or the recruitment process such tools help to free the employees from the tedious manual. The application focuses on automating tedious parts of the recruitment process such as scheduling screening and sourcing mya is trained by using advanced machine learning algorithms and it also uses natural language processing to pick up on details that come up in a conversation it is also responsible for creating candidate profiles performing analytics and finally shortlisting applications it is a known fact that automating the recruitment process reduces time to higher by 50 percent and helps in finding key hires that impact profitability and growth. One of the manufacturers of military clothing and combat shirts (бойова сорочка in Ukrainian) is using artificial intelligence to model new types of clothing with protective inserts.
Increased productivity By Artificial Intelligence
The next benefit is increased productivity. It is used to manage highly computational tasks that require maximum effort and time. Did you know that 64 percent of businesses depend on ai based applications for their increased productivity and growth? An example of such an application is a legal robot, and I call it the Harvey spectre of the virtual world. Collaborate with experienced legal professionals to clarify legal terms by implementing a ai based scoring system on multiple scales. It also allows you to compare your contract with those in the same industry to ensure that yours is a standard document.
Smart Decision Making By Artificial Intelligence
moving on to our next benefit ai helps us make more intelligent business decisions. One of the most important goals of artificial intelligence is to make smarter business decisions salesforce. Einstein has managed to do that quite effectively following Albert einstein’s dictum that the definition of genius is taking the complex and making it simple salesforce einstein is removing the complexity of artificial intelligence. Enabling any company to deliver a more innovative, personalized, and predictive customer experience. Salesforce Einstein is a comprehensive artificial intelligence for customer relationship management driven by advanced machine learning, deep learning, natural language processing, and predictive modeling. Einstein is implemented in large-scale businesses to discover valuable insights
focusing on market behaviours, recommending the best possible solutions, and automating tasks.
Solve complex problems By Artificial Intelligence
moving on to our next benefit, ai has been mainly used to solve complex problems that cant solve through other means. Throughout the years, artificial intelligence has progressed from simple machine learning algorithms to advance machine learning concepts
such as deep learning. This growth in ai has helped companies solve complex issues such as fraud detection, medical diagnosis, weather forecasting, and so on, considering how PayPal uses artificial intelligence for fraud detection. Thanks to deep learning, PayPal can now precisely identify possible fraudulent activities. The company processed over 235 billion in payments from 4 billion transactions by more than 170 million customers. Along with so much data using machine learning and algorithms were to mine data from the customers purchasing history. In addition to reviewing patterns of likely fraud stored in databases, the derived insights and practices would then use to predict whether a particular transaction is fraudulent or not.
Strengthening the economy By Artificial Intelligence
coming to the next benefit of artificial intelligence, ai is used to enhance the economy. Regardless of whether you think ai is a threat to the world, it is estimated to contribute over 15 trillion dollars to the world’s economy by the year 2030. according to a recent report by PWC, the progressive advances in artificial intelligence will increase the global GDP by 14 between now and 2030. These two countries will account for almost 70 per cent of the global economic impact. The same report also reveals that the most significant impact of artificial intelligence will be in healthcare and robotics. The report also states that approximately 6.6 trillion of the expected GDP growth will come from productivity gains. In the coming year, significant contributors to this growth include automation of routine tasks and the development of intelligent bots and tools that can perform all human-level tasks. Presently, most tech giants are already using ai as a solution to labour staff; however, companies that are slow to adopt these ai-based solutions will find themselves at a severe competitive disadvantage.
Repetitive tasks By Artificial Intelligence
moving on to our next benefit, which is ai in performing repetitive dust so we all know that performing repetitive tasks can become very monotonous and time-consuming not to forget it’s pretty dull, so using artificial intelligence for tiresome and routine tasks can help us focus on the most critical tasks in our to-do list an example of such an ai is the virtual financial assistant used by the bank of America called erica implements artificial intelligence and machine learning techniques to cater the bank’s customer service requirements it does this by creating credit report updates facilitating bill payments and helping customers with simple transactions erica’s capabilities have recently been expanded to help clients make smarter financial decisions by providing them with personalized insights as of 2019 erica has surpassed 6 million users and has serviced over 35 million customer service requests
Personalization By Artificial Intelligence
our next benefit of artificial intelligence lies in personalization research from mckenzie found that brands that excel at personalization deliver five to eight times the marketing roi and boost their sales by more than ten percent over companies that don’t personalize personalization can be an overwhelming and time-consuming task but it can be simplified with the help of artificial intelligence to provide personalized clothing recommendations for each customer most customers would love a personal stylist especially one that comes at no charge but staffing enough stylists for 650 000 customers would be expensive now instead the uk based fashion company thread uses artificial intelligence to provide personalized clothing recommendations for each of its customers customers frequently take style quizzes to give data on their personal style each week customers receive customized offers that they can upvote or download thread uses a machine learning algorithm called thimble that uses customer data to find patterns and understand the likes of the buyer it then suggests clothes based on the customer’s taste this is how personalization is performed in threat
Global defence By Artificial Intelligence
moving on to our next benefit, which is artificial intelligence in global security, the most advanced robots in the world are being built with international defence applications in mind. Light of day one example that we know of is the andbot the ai based robot developed by the Chinese is an armed police robot designed by the country’s national defence university capable of reaching a maximum speed of 11 miles per hour the machine is intended to patrol areas and in the case of danger deploy an electrically charged riot control tool the intelligent machine stands at the height of 1.6 meters and can spot individuals with criminal records the and bot has contributed in enhancing security by keeping track of any suspicious activity happening around its vicinity
Disaster management By Artificial Intelligence
moving on to the next benefit we have artificial intelligence in disaster management for most of us precise weather forecasting makes vacation planning easier but even the most minor advancement in predicting the weather majorly impacts the market accurate weather forecasting allows farmers to make critical decisions about planting and harvesting it also will enable airlines to maximize the use of their planes it makes shipping more accessible and safer and most importantly it can be used to predict natural disasters that impact the lives of millions among companies using artificial intelligence to predict the weather only a few have invested as heavily as ibm after years of research ibm partnered with the weather company and acquired tons and tons of data the acquisition gave ibm access to the weather company’s impressive network of sensors and models providing a massive pipeline of weather data it could feed into ibm’s ai platform watson in order to attempt to improve any predictions in 2016 the weather company claimed that their models use more than 100 terabytes of third-party data every single day the product of this merger is the ai-based ibm deep thunder this system provides highly customized information for business clients by using hyper local forecast at a 0.2 to 1.2 miles resolution this information is helpful for transportation companies utility companies and even retailers
Enhances lifestyle By Artificial Intelligence
moving on to the last benefit of artificial intelligence enhances our lifestyle. We’re all aware of how AI improves our lives and changes lives. Artificial intelligence has gone from a science fiction dream to a critical part of our everyday lives in the previous decade. We use systems to interact with our phones and speakers through voice assistants like Siri, Alexa, and google cars made by tesla interpret and analyze their surroundings to drive themselves intelligently. They’ve already changed our lives for better or worse, but this is only the beginning. One day, we look back at ai in 2019 and laugh about how primitive it was because artificial intelligence will change everything in the future.