What is Artificial Intelligence
Artificial Intelligence (AI) comes under the category of computer science. It is a machine that is programmed to work as a human. Artificial Intelligence is made of up two words Artificial which means man-made and Intelligence which is the brain so it can also be called a man-made brain. It is a machine that is programmed to think like a human. The first thing that comes to our mind while we talk about AI is robots. Robots automate a lot of work in their respective industries. AI is nowadays being developed to be implemented in almost all industries like manufacturing, healthcare, finance, and education sector.
Applications and Examples of Artificial Intelligence
The applications of Artificial Intelligence are endless as it is used in almost all industries. Let us have a look at how AI is going to transform each industry. Below is the list of applications and examples of AI:
Artificial Intelligence in Manufacturing
Artificial Intelligence in manufacturing sector is used to automate manufacturing processes. By making use of AI the manufacturing process speeds up, having fewer human errors, and also more capacity to work. Manufacturing Industry is making use of predictive maintenance for making sure all the equipment in the process is working and there is no malfunction.
Predictive Maintenance makes use of advanced AI algorithms that is machine learning and artificial neural works to detect the malfunction of the asset. This way there is a reduction in costs and can get exact data about the malfunction.
There are many other processes that are being automated in the manufacturing industry like packaging, and other industrial work. In the future, manufacturing industry can as well see smart manufacturing factories (smart factories) that are going to automate the entire manufacturing process this way there can be a lot of work done with less labour cost.
Artificial Intelligence in Healthcare
Artificial Intelligence in healthcare industry is used in many processes like a robotic surgeon that allows a robot to do a surgery in a precise manner. AI is used to automate the billing process; AI could analyse the data of the patients thus giving more accurate results compared to that of the doctor. While the doctor may take time to check the data and also to understand it while the AI bots can help the doctor understand better ways.
The Healthcare sector is looking for a change where robots will help them to assess a patient’s data, do surgery. Drug creation takes a lot of time to research and develop, whereas a robot can make the process faster and more accurate. Wearable health trackers can track a human heartbeat and monitor the patient’s data this way the doctor can get more accurate data.
Artificial Intelligence in Banking and Finance
The use of cognitive technology with Artificial Intelligence brings the benefit of digitisation of banks and helps them to compete with Fintech players. Artificial intelligence is the future of banking (the importance of AI technology through industry) because it brings the power of sophisticated data analytics to deal with fraudulent transactions and improve compliance.
AI is mainly used to identify fraud. AI could understand the threat in any transaction and could prevent any sort of fraud from happening. Also, could see AI being implemented in customer support. AI builds a better customer relationship with the banks as the AI bots can manage and understand the customers in a much better way.
Artificial Intelligence in Telecom
AI in the telecommunication industry could be used to predict and detect network anomalies. This allows them to fix the issues before it impacts the customer negatively. AI in most of the industries is used to understand the customers in a better way. One more thing could be Optimizing mobile tower operations as mobile towers requires a lot of onsite inspections to keep a track of mobile towers and AI can be used in this aspect AI cameras can be fixed in the towers and can give a more accurate and detailed report. This way there is no need for onsite inspection as AI is giving much better and error-free data.
Artificial Intelligence in Retail
AI has become a very important technology being implemented in the retail industry. AI digitalizes the retail store by customizing the customer experience and creating more interaction between the consumer and the business. In the future, we can see more retail shops with AI technology enables.
Artificial Intelligence in Education
AI is already being implemented in the educational institutions that develop skills and testing programs. There are various robots that are developed to take classes for the students, and also for evaluating the papers of the students. This way the results will be less biased that could happen and also more accurate.
Artificial Intelligence in Automotive
AI is constantly developing and improving the automotive industry. AI is going to bring a change in autonomous cars. Autonomous cars or self-driving cars as the name suggest is a vehicle capable of sensing its environment and moving safely with no human input.
Self-driving cars can be a great development in the automotive industry. This will change the way the automotive industry is looked upon. AI is also used to automate the building process. This way AI can copy the design into its brain and make a self-driving car with very less or no one look after for. This way the labour cost is less and also gives better and accurate results.
Future of Artificial Intelligence
As the above applications and examples show how Artificial Intelligence is going to transform each and every industry, there is a huge future for AI being used and implemented in all the industries. The world will be seen as less artificial and more intelligent things around. Like the robots that have the capability to automate each and every industry, thus making it into a smart city. A city that makes use of technologies in a day to day life is called a smart city. Technologies like Artificial Intelligence, Internet of Things(IoT), machine learning, robotics, and many more that is going to transform the world.
AI is a very powerful technology to be neglecting and it is going to change the way we look at technologies. In the future, we can see more automated things around us also robots capable to work as humans without any intervention or lookout by humans. This will revolutionize the tech world.
Early Stages of AI bots:
It is still an early stage for robots to work on all the process by itself. Currently, it requires a human watch out who looks after the work being done by the robots. This is still an early stage where technologies are improving, as time goes by we can see bots working by itself without any human who needs to look out for the work being done.
We can see many industries already making use of AI for business as they want to stay ahead in the race. Tech giants like Google, Amazon, Apple, and Facebook are already making use of AI for their respective process which is being automated. In the future, we could see many companies doing the same to get ahead in the global tech world. AI has proved to be giving success to the tech giants.
Small businesses haven’t been making much use of AI as it costs more than what they can afford. In the coming years, we could see the world making use of AI and it would cost less. For Example, Mobile phones or internet plans initially when it was introduced it was not affordable but as the years went by internet plans went cheaper. Talking about phones when the phone is released it might cost you more but waiting for a few years the price decreases, the same goes for AI. Over the coming years, we can see a reduction in the cost of robots that could make small or medium-sized business owners afford this technology.
Advantages and Disadvantages of Artificial Intelligence
There are various pros and cons of making use of AI technology. It also depends on how people want to make use of it. Let us have a look at the pros and cons of AI.
Advantages of Artificial Intelligence:
There are various pros of AI that can revolutionise each and every industry, so let us look at some of them
- Less Human Error — Humans tend to make an error in some of the other areas. By making use of Artificial Intelligence we can reduce or even completely eliminate the errors. This way there won’t be any errors in the process thus reducing the time that would otherwise be needed to rectify the errors.
- Automating The Process — AI is slowly being implemented to automate each and every aspect of the industry. Automation reduces human work and increases the efficiency of the work. This way there is a great possibility that more work will be done with less labour cost.
- Takes risks instead of humans — There are works that could be risky for human life. This type of work can be handled by the AI bots and making the industry process move more smoothly. For example, there are industries like construction, military, power plant where there is always risks of losing people’s life. By making use of AI bots we can save the lives of people.
- Available for 24/7 — This is one of the major advantages of AI, AI can be available to work for the entire day (24hrs). This way there can be more processes happening, in the end, increasing the efficiency and production of the industry. This is why there could be greater production of supply.
- Solve complex problems — AI is always known to solve complex problems and help humans. AI bots could be used in technology companies or research labs to solve complex problems. This way the work can be done at a greater pace.
- New Inventions — AI is always going to be used along other technologies to invent new things. Technologies like machine learning, cybersecurity, Internet of Things (IoT) all can be combined with AI to make it a powerhouse giant or to invent something new.
Disadvantages of Artificial Intelligence:
Every technology has its own disadvantages as well. When u see a bright side there is always a dark side with it. So let’s have a look at the cons of Artificial Intelligence.
- Cost of Artificial Intelligence — The cost of AI is too high. AI bots require the latest software and hardware built in it. The maintenance cost of AI is too high. Regular updating of the software and hardware is always going to be costly. The bots require to be well maintained making it a costly asset to have.
- Causing More Unemployment — Since AI is automating each and every aspect in the industry there is less work for humans thus causing unemployment for people who used to work in the process. This could be a major cause of concern for the people as the jobs available will be very less. It would end up more people and less work which is going to be a major cause of worry.
- Making human work-shy: Technologies is always making humans lazy. When initially phone was developed people started becoming lazier and believed a lot on the tech. The same goes for AI when the technology will arrive people will take advantage of the technology and become lazy in their day to day life.
- No Experience Over the same jobs — AI is programmed to do the same sort of work again and again. AI is not getting any experience over doing the same job for years, whereas a human can get a lot of experience over that period and can handle various jobs at that time. AI is always going to be programmed to a single kind of job which could be a major cause of concern for the industry.