When people hear about Artificial Intelligence the first image that pops in their mind is of robots who are capable of overtaking the human species at any given point in time.
- A greater characteristic of AI is machine learning. It enables the computer programs to automatically learn & adapt to new data without the help of humans.
- It is designed to make the tasks easy for humans to execute by working like them. The machines are wired using a cross-disciplinary approach which excels in every field. These fields include mathematics, computer science, psychology, linguistics, etc.
- Algorithms are the most basic part of AI systems. They are the codes that help to perform functions.
- When it comes to repetitive tasks it may be boring for humans, but the AI can perform such detail-oriented and huge tasks without any errors.
- It uses sophisticated machine learning algorithms to reach a conclusion.
- The future with Artificial Intelligence (AI)
- Strong AI- this type of system carries on tasks that are complex and human-like. They are programmed in such a way where they can reach a complicated decision, solve a problem or tackle the solution without human intervention. Examples are: self-driving cars and hospital operating systems
- Weak AI- they are designed to implement simpler tasks and are usually single task-oriented.
- They are great at performing detail-oriented jobs and reducing the stress on mankind.
- They have reduced time for data-heavy tasks.
- They deliver consistent results with minimal error.
- The AI-powered virtual agents are always available to interact with
- They are quite expensive in implementation & making
- Only those tech-savvy people who have expertise in machine learning can manufacture AI.
- Since AI is a human invention, there is only a limited supply of laborers.
- It lacks the inability to generalize one task from the other. It can only see what is shown.
- Finance- AI-based applications like Intuit Mint or TurboTax collect personal data and provide financial advice on its basis. Many AI systems like UpStox, Groww, and others provide the facility to trade stocks.
- Manufacturing- robots are now being incorporated into workflow through AI-powered systems. These robots can perform bigger tasks in industries and also smaller tasks like working with humans in warehouses. Also, digital marketing is an area that registers wide use of AI.
- Security- they are used to detect threats and anomalies in large organizations. They interpret the data and identify the malicious code to provide alerts to new and emerging attacks.
- Banking- chatbots are made available to the customers for bank services. The customers interact directly with the virtual robots called chatbots and perform transactions safely without human intervention. This has reduced the number of scams in the banking sector. Other features include decision-making for loans, setting credit limits, and looking out for investment opportunities.
- Healthcare- AI-powered systems are used to make faster diagnoses than humans. This helps in detecting diseases & malfunctions in the body. Another useful feature is the invention of online virtual health assistants & chatbots that help consumers to find medical information, schedule appointments, and understand other medical processes.
- Business- almost all the businesses worldwide run on the basis of AI-based systems. The algorithms are converted into CRM to get methods for serving the customers better. Besides this, there are many other ways in which AI helps in developing the business.
Potential plus Ethical use of AI:
Although AI has a wide functionality for business and development worldwide it does come with the chances of being misused too. After all, it is only what humans have created for humans. If there is no check or regularity on what is being fed into the system, it is potential of hijacking the entire humankind.
For better or for worse causes, the AI will only reinforce what it has already learned. It is only as smart as the data fed inside it. A human being selects what data goes inside the system. Thus, he needs to factor ethics into the real-time AI machines.
- AI constitutes different technologies that may be right for one company but wrong for another.
- The regulation may come at the cost of developing new systems
- There is rapid progress in the everyday methods on which AI is based. It is evolving swiftly. Thus, by the time a law could come into the picture, it would have become outdated for the concerned AI.