How do ARTIFICIAL INTELLIGENCE impacts Modern Day Businesses!

Artificial intelligence is a branch of computer science that aims to create intelligent machines that work and react like humans. These may include speech recognition, learning, planning and problem solving. Machines can often act and react like humans only if they have abundant information relating to the world. Artificial intelligence must have access to objects, categories, properties and relations between all of them to implement knowledge engineering. Initiating common sense, reasoning and problem-solving power in machines is a difficult and tedious task. This is same as making an artificial human brain that is running on a computer.

There are primarily two types of AI

i) Weak AI:  They represent AI that is designed to do only specific tasks or functions. Typical examples are Apple’s Siri, Amazon’s Alexa

ii) Strong AI: They represent AI that when presented with actionable data, can make decisions on its own because of human-like reasoning abilities.

Applications:

Artificial Intelligence finds applications in various fields in today’s world. In the field of Autonomous driving vehicles, we have popular names like Google and Tesla which are building self-driving vehicles powered by AI.

In the healthcare industry, artificial intelligence is helping doctors to develop a machine which would help in finding a cure for cancer. Soon artificial intelligence will be replacing surgeons and perform better surgeries.

Financial institutions have also started using Artificial Intelligence to protect against fraud by identifying patterns and triggering warnings.

In the consumer retail sector soon, we are going to have the concept of Personalized Dynamic Pricing where both online and offline stores will map prices according to customer behaviour. The offline outlets will have electronic pricing displays, which will change based on customer’s identity.

Another major area which might find large scale usage of artificial intelligence is natural resources, energy. Bu using AI, turbines and solar panels will align themselves at optimal angles to generate maximum electricity. It will also help in optimum usage of fuel reducing emissions and greenhouse gases thus saving costs.

Demand for AI professionals is growing steadily and to keep up with the rapidly changing technology all big companies today have an artificial intelligence project and are hiring people to get the work done.

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