The word Artificial Intelligence (AI) was coined by John McCarthy in the year 1955. AI can be defined as the process of creating
intelligent machines through computer science. It has taken over most of the technologies, hence listed in the top among them. From
Apple’s Siri to Alexa, from Google Home to self-driven cars, artificial intelligence has come a long way. On the other hand it
is bound to say that the available AI is called narrow AI. It can do a certain amount of work like speech recognition or self driving
cars. Scientists say that in the near future there will be introduction of strong AI which will eventually outperform all the human
tasks. AI puts all its focus on three intellectual skills: learning, reasoning and self-correction.
Artificial Intelligence basically whirls around the adoption of algorithms. An algorithm can be described as a number of explicit guidance under which a computer works. As compared to humans, the AI till date lacks the most powerful human mechanism which is ‘common sense reasoning.’ The general AI commits mistakes much different than humans in ways that seem unfathomable. This technology is admissible to any creative task. The new techniques of AI are too prevalent and too many to be listed here.
However, let’s discuss some of the main sectors where Artificial Intelligence has penetrated and is making an impact:
Healthcare: Machine learning is capable of providing data-driven clinical decision support. AI is boosting the healthcare by promoting preventive medicine and discovery of new drugs. In short it can be said that this technology is backing the doctors. In recent times Microsoft has established an AI which is helping the doctors to develop the right medicine for cancer. The AI ‘Hanover’ is said to memorize all the papers related to cancer and produce the exact combination and mixture of drugs which will benefit patients. A report from CNN says that a surgery was performed with the help of a self-governing robot at Children’s National Medical Center (Washington). The team administered the whole process and concluded that it performed better than human surgeons. The IBM Watson, an AI created by IBM has beaten human intelligence in many fields but has drastically failed in the approval in the healthcare sector.
Retail: Past few years have been the advancement period for AI. It has successfully grown in many sectors even in retail. The question arises how can AI be beneficial to the retail industry and the retailers. Retail AI is designed to learn about its customers, their choices and their actions. This helps the retailer to define what his customer demands and at what time. This benefits the retailer to obtain immediate cash flow and also helps in the betterment of customer experience. AI like chatbots are introduced in the retail sectors for the betterment of customer service. Companies like Burberry and Tommy Hilfiger have introduced chatbots for helping the customers to go through their stock. Most of the leading brands today are using AI through the process of machine learning. The future of AI in retail will be more computerized and distinguishable which will lead to less stressful and chaotic choices.
Banking: Artificial Intelligence has shaken up the ‘always changing’ banking industry. It has altered all aspects of the banking industry. To begin with, banks have brought in AI as a form of customer support and even in the front office. Introduction of biometrics has ensured security in the banks. Banks have also ensured customer service support with the help of AI. In one of the most recent cases in NatWest, U.K, granted access to customers to open their bank account with just a selfie. AI also helps in risk management during transactions of loans as it requires efficiency and confidentiality. It can simplify and check the process by considering relevant information of the borrower. Moreover, AI in banking sector helps in reducing manual workload, gather and analyze data, prevent fraud, increase employee productivity. Already twelve Indian banks are using AI technologies which covers SBI, Bank of Baroda, Allahabad Bank, Andhra Bank and many more.
Education: In an age of technological revolution, it was very important to upgrade the system of education. In the last decade, AI was introduced in education also in the form of online lectures and video conferencing. Now even textbooks are digitized for particular lessons or subjects. This helps in creating a knack among the students and keep them focused in studying. It is said that students performance increase in education if they visualize chapters that are in the textbooks. AI has been introduced in education as ed-tech platforms by some of the leading companies like Byju’s, Enguru, Khan Academy, Next Curriculum and Notesgen. Unacademy is an evolving AI based ed-tech platform which allows teachers to give live lessons. This AI technology helps students who are unwell to cope up with their syllabus or urges to study different subjects than those available in the institutions.
Though artificial intelligence has given the human race advancement technologically, people fear that this would eventually lead to loss of human employment.For example self-driven cars may demolish the use of taxis or uber and manufacturers may restore human labor with machines. The scientists from Oxford University stated that there is a relatively high chance of AI taking over all humanitarian tasks within the next forty-five years.