The Digital Arm: How AI backed technology is helping Industries
AI has integrated almost every aspect of our lives, be it keeping our houses warm or suggesting us what to buy. With the continuous advancement in the field of AI, its integration in our lives is bound to increase more. A 2015 Tech Pro Research survey indicated that 24 percent of businesses across industries are currently using AI or had plans to do so within the year, no wonder it fortes across multiple aspects of our lives. The market for enterprise applications of AI is expected to surpass $30 billion by 2025, with a tremendous focus on better, faster, and more accurate ways to analyze big data for a variety of purposes. The impact of AI on life is although, undeniable, already.
Manufacturing, first to use AI in assembly lines drastically reduced their operating costs by downsizing workers and reducing the loss due to human failure has now evolved to manufacturing of the delicate and sophisticated products like microcontrollers and digital chips. Many advanced plants can do everything from creating, assembling and packaging the product with minimal human intervention.
Also in life science, Johnson and Johnson's Sedasys system is now FDA approved to monitor a person vitals and inject anesthesia eradicating the need for a dedicated anesthesiologists. Systems like IBM’s Watson can diagnose a disease with more accurately than a human doctor. According to the recent reports, Apple would soon be joining other technology companies in the group, including Amazon, Google, Facebook and Microsoft, in the Partnership on AI, an industry group aimed at studying and formulating best practices for artificial intelligence (AI) technology.
IVR and automated chat bots have helped all the consumer good companies to provide customer support. AI can process natural language and can reply mimicking human speech thus enabling companies to replace hundreds of customer care executives with a single system. Moreover the emotionless AI will always be courteous to the customer, irrespective of the behavior.
Nowadays, stock trends can be predicted using AI to encourage the most favorable investment based on odds. Not only AI is making money but saving money by analyzing a potential customer’s behavior for fraud detection and bad credit.
Self-driving cars in its initial stages are paving the way for the better transportation. AI following traffic guidelines will definitely result in more cost effective, less accident prone way of transportation which companies will leverage for logistics as well as human travel. First commercial self-driving car is expected to be available as soon as 2018.
But AI is not all about replacing human workers with robots, it is also being actively used to assist humans in their usual activities .Siri, Alexa are great personal assistance developed to provide information to the end user.
AI is surely making strides in all the areas and possibilities are endless for its intervention in our lives. It surely seems like a cost-cutting mechanism as most of the early adopters don’t intend to throw people out of work, rather retain employees for elevated jobs while AI takes up the mechanical and monotonous work.
With increasing number of AI startups coming up every other day, it will surely be an interesting ride converting the humungous data into apt understanding, as the future shall reveal.