It's clear that AI is advancing at a rapid pace, and its rapid proliferation has happened in a brief span of a few years. The new technological applications of AI are currently being leveraged to simulate, extend, and expand human intelligence. The ongoing development of AI science and the continuous in-depth simulation of human consciousness and thinking attract attention for AI in various fields. Several CTOs keep AI investments in their 2022 and beyond agenda to become a much-discussed technology in small or medium businesses, not just global technology companies. We can soon expect that AI applications will continue to arise in several aspects of everyday life with the ever-growing development of science and technology. For instance, the recommendations you receive on your Netflix account, as well as the chat assistants on Amazon and Food Delivery Partners worldwide, are all part of the ever-growing inclusion of AI applications in the various facets of human lives.
While speaking of AI, Larry Page, the co-founder of Google, states, "Artificial intelligence would be the ultimate version of Google - the ultimate search engine that would understand everything on the web. It would understand exactly what you wanted, and it would give you the right thing. We're nowhere near doing that now. However, we can get incrementally closer to that, and that is basically what we work on." In this statement, he agrees with the massive growth of AI applications and their role in innovating innovative technologies.
In this blog, we bring you the various applications of AI that most of us use in our everyday lives and maybe don't even realize its presence.
Artificial Intelligence in Speech Recognition
Gone are the days when you had to make the long walk to a stereo to turn it on and play a song. Now you can opt for devices that have an in-built speech recognition software. The prime examples are Amazon's Alexa, Apple's Siri, Google's Google Assistant, and Microsoft's Cortana.
Not only can the forenamed devices make your life easier, but they can also help you secure your gadgets from unauthorized access. With voice-recognition locks enabled on your smartphones, laptops, and tablets, you can ensure that only you have access to those devices. The next time you ask Google Assistant or Siri to open a webpage, play a song, or make a call for you, remember that its Artificial Intelligence technology working its magic in the background.
Artificial Intelligence in Customer Service
The innovative applications of Artificial Intelligence have been bringing about a transformation in customer service as well. From waiting minutes on end for your turn on a customer service helpline to receiving the required assistance from chatbots within a minute, AI has made the landscape of customer service more dynamic and feasible. This is why an increasing number of organizations are investing in AI technology to make their customer service faster, smoother, and more accessible.
Take the Amazon chat assistant, for instance; the moment you open the chatbot, you can choose from a list of queries, including queries about all of your orders and generic questions. The time it takes for you to raise a complaint or request gets significantly reduced, as does the total customer service cost to the company. The application of AI in customer service is still in its nascent stage and on its way to making the overall experience better for all the concerned parties.
Artificial Intelligence in Computer Vision
As its name suggests, Computer Vision is a technology that enables computers to capture visual information and arrive at meaning and interpretation from there. Computer vision is increasingly being employed to train systems and machines to scan, comprehend, and act on visual inputs such as pictures and videos quickly.
The most effective application of computer vision has been found in manufacturing. With the ability of computer vision-enabled machines to detect manufacturing defects in products on a mass scale and at a superhuman speed, quality management is made more accessible and more seamless. According to estimates by IBM, the market for systems using computer vision will have grown to the tune of USD 48.6 billion by 2022.
Artificial Intelligence in Recommendation Engines
The applications of Artificial Intelligence in business are not restricted to the manufacturing industry; AI has also been instrumental in shaping the entertainment industry. Through the advent and utilization of recommendation engines, the processing of user information on a mass scale and at high speed can be used to draw patterns of user behavior and user experience.
Have you ever wondered how YouTube and Netflix recommend videos to you? Why are the recommendations you receive different from those obtained by your siblings or colleagues? The answer lies in the varied search patterns and preferences of other users used by recommendation engines to arrive at recommendations.
The applications of recommendation engines have been recorded to drive enhancements in revenues and click-through rates. This way, companies can predict what to sell to you based on the information collected and analyzed from your previous consumption of information or purchase history without having to devote substantial human resources to the cause.
Artificial Intelligence in Automated Stock Trading
One of the most crucial engineering applications of Artificial Intelligence is Automated Stock Trading, from advanced analytical models to analyze and predict stock patterns to robotics that can assess large amounts of data in a small amount of time. AI has high potential in improving the availability of information to different stakeholders in the stock market and enhancing the overall operational efficiency of the market.
According to a report released by Coalition, a research firm based in the United Kingdom, nearly 45% of the total revenue in cash equity trading is generated by electronic trades. And the influence of Artificial Intelligence in the stock market is not limited to just equity trading; several hedge funds also apply AI technology to build profitable portfolios; bringing the power of information and analysis to Automated Stock Trading and allied trading alternatives.
Many believe that AI will continue to learn and advance with time. The technological development of AI will join hands with digitization to build a future with endless possibilities. However, many market players haven't explored AI's potential entirely yet, and some industries more than others are already reaping the benefits of the technology immensely. In the next blog of the AI series, we'll talk about some of the specific industries that are riding the AI wave vigorously. Stay tuned!
Read other Extentia Blog posts here!