Artificial Intelligence (AI)
Artificial Intelligence (AI) has the power to change the world and will change the way humans interact with machines forever. This technology when used in conjunction with Natural Language Processing, famously known as NLP, can be a deadly combination and deliver some really wonderful user experiences where the user may not even realise that he/she is communicating with an artificial person and not a real one. Often, these two technologies go hand in hand to deliver a solution which is intelligent enough to understand user requirements and interact with them in the language of their choice.
One of the most commonly used AI systems coupled with NLP is the creation of “ChatBots”. All of us today are well versed with Siri, Cortana & Google Now, the so called Virtual Assistants used by different Mobile OS providers to assist users and customers/users often talk to them through voice/text commands. The word artificial demands algorithm development which can be very simple as may be used in these Virtual Assistants or extremely complex which may be used in driverless cars. Oh Yes! Driverless cars are already a reality and there are companies who are aggressively testing prototypes of such vehicles. While fiction movies often portray AI as robots with human-like characteristics, AI can encompass anything from Virtual Assistants to Chatbots to Predictive Analytics to Driverless cars to autonomous weapons and so on. At a broad level, objective of Artificial intelligence is to create technology that allows computers and machines to function in an intelligent manner and when bundled with machine learning capabilities allows them to learn on their own when they are used over a period of time. Have you ever wondered how the e-commerce sites suggest you a different product while you are searching for something else and many a times you end up purchasing suggested products, thanks to AI, which tracks the buying pattern, analyses your past searches, refers your personal data like age, sex, preferences etc to come up with personalised recommendations.
From assisted healthcare to automated customer service, we are experiencing the power of intelligent machines all the time. Drones are being used for government security purposes and public safety. When fed with advanced Machine Learning algorithms or Deep Learning algorithms, these Artificial Intelligence applications become capable of detecting and erasing human interventions from data-driven decisions. Recently one of the major private banks in India introduced a humanoid to interact with customers, resolve their queries and even guide them to respective counters depending upon the service they select. Many organizations are using this technology to service customer queries thereby reducing costs, improving productivity and delivering enhanced customer experience.
Big data is a goldmine for businesses, but companies are practically drowning in it. AI certainly comes to the rescue in such casess ince machine-learning technologies can collect and organize massive amounts of information to make predictions and insights that are far beyond the capabilities of human intervention. Not only does it increase organizational efficiency, but it dramatically reduces the likelihood that a critical mistake will be made. AI can detect irregular patterns to help in spam filtering or payment fraud, and alert businesses in real time about suspicious activities. Most of the banks today use this technology to prevent fraud by inserting additional level of authentication in case of any suspicious activity encountered during online banking. By the end of the decade, AI may become common in everyday life, whether it’s self-driving cars, more accurate weather predictions, or space exploration. AI will also have a strong impact in healthcare advancements due to its ability to analyse massive amounts of genomic data, leading to more accurate prevention and treatment of medical conditions on a personalized level. Most businesses are at very early stages of adoption, however there are a growing number of examples where this technology is being used to optimise back office and consumer-facing systems and processes.
But don’t expect a complete machine takeover any time soon as AI lacks intuition. There’s something called the gut instinct which can’t be replicated via algorithms, making humans an important piece of the puzzle. The best way forward is for humans and machines to live harmoniously, leaning on one another’s strengths. Advertising is a perfect example, where machines are now doing much of the purchasing through programmatic exchanges to maximize returns on investment, allowing advertisers to focus on creating more engaging content. Similarly, while the machine churns the data and does predictive analytics and proposes few options, it is the humans who select the best option based on their experience and judgement. In a nutshell, Artificial intelligence is poised to have a disruptive effect on consumers, organizations, and governments around the world. It encompasses multiple technologies including machine learning, deep learning, and computer vision, natural language processing (NLP), machine reasoning, and strong AI. These technologies have live cases and applications in almost every industry and promise to significantly change existing business models while simultaneously creating new ones.