Five decades ago, the term “artificial intelligence” came to popularity as a portent of an automated future in which robots will simplify human lives. Today’s AI applications are very different from what we initially expected they would be, but they nonetheless significantly simplify a number of tasks without our even realizing it. One of the most practical AI solutions that have permeated our daily lives is quick product and search suggestions. We also come across robotic store greeters, mobile voice assistants, and cruise control in cars.
Artificial intelligence is advantageous to every sector of business, organization, and digital consumer as a result of the exponential growth in its applications and functionalities throughout time. See today’s top 10 advantages of artificial intelligence.
Top 10 Advantages of Artificial Intelligence
1. Increased productivity significantly:
AI is no longer a luxury in the commercial world; it is now a necessity. It helps in the management of time- and effort-intensive high-level computational tasks and responsibilities. Using AI-based apps, about 64% of corporate organizations boost growth and productivity. The AI system known as Legal Robot is an example of this. The system analyzes and interprets legal documents, identifies costly legal errors, and corrects them using National Language Processing – NLP, Deep Learning, and other Machine Learning techniques after integrating AI-based systems and platforms. It also collaborates closely with legal professionals. To make sure that industry standards are upheld, it is also helpful to compare contracts with those of other companies in the sector.
2. Solving difficult problems:
AI also has the ability to fix any problem. Artificial intelligence has developed over time from simple ML algorithms to include cutting-edge ideas like NLP and Deep Learning. AI can now tackle issues like fraud detection, medical diagnosis, weather forecasting, and more thanks to technological advancements.
PayPal’s AI solution is one example of artificial intelligence being successfully used to identify fraud. It employs this method to pinpoint fraudulent activity with great accuracy. In 4 billion different transactions, PayPal has safely processed more than $235 billion in transactions from 170 different users. After evaluating purchase patterns and, if any, instances of fraud from its databases, deep learning, and machine learning algorithms gather customer data from their purchasing histories.
3. Smarter decision-making:
While developing AI, the main goal was to improve business decision-making. Salesforce Einstein provides AI-powered customer relationship management. Einstein simplifies basic AI functions and helps organizations provide smart, customized user experiences. Machine Learning, Natural Language Processing, Deep Learning, and predictive modeling power Einstein. It helps huge companies gain insights, make better decisions, and predict market behavior.
4. Manages repetitious tasks:
Time and effort are wasted on laborious chores that need to be done repeatedly. Businesses can delegate these routine tasks to AI-powered machine learning solutions. Senior professionals will have more time to concentrate on their core services thanks to the reduced need for hiring, freed-up staff, and reduced hiring requirements. The virtual assistant developed by Bank of America, Erica, is an excellent example of this. Erica makes use of artificial intelligence and machine learning to meet the needs of the bank’s clients. Bill payments are made easier, credit reports are updated, and customers can complete simple transactions with its assistance, among many other functions. Its capabilities have recently been expanded and diversified to support better financial decision-making through the use of individualized expenditure insights and behaviors.
5. Boosts the economy:
Certain sectors of society believe that AI poses a threat to individual security, privacy, and the well-being of humans as a whole. Nevertheless, it is anticipated that AI would boost the world economy by more than $15 trillion. A recent PwC analysis projects that the development of artificial intelligence would increase global GDP by 14%, or $15.7 trillion, by 2030. The US and China, which together will have an economic impact on the world of close to 70%, are expected to lead the way in terms of the most significant applications of AI. The areas of robotics and healthcare will witness the most significance and use of AI, according to the same report. Gains in productivity are also anticipated to boost GDP by roughly $6.6 trillion. In the years to come, automated chatbots, tools, and repetitive task automation will continue to be significant contributors. This will improve job and earning chances, diversify revenue sources, boost productivity, and build the economy.
The majority of today’s major technology companies have already adopted AI strategies and applications for their operations and customers, with many more doing so gradually. Businesses now understand that delaying the adoption of AI and ML technologies will put them at a competitive disadvantage in the market.
6. Defence applications worldwide:
The “Defence Applications Worldwide” benefit of artificial intelligence is another one. Defence is the main application of advanced robotics research. This shouldn’t come as a surprise because the majority of new technology is initially introduced to the military before being made available to the general public. While the majority of applications fail during testing, some have been so potent as to completely change the world. A prime example of the latter is the AnBot. AnBot is an AI-based police robot that the Chinese created at the National Defence University. While patrolling, it has a top speed of 11 mph. AnBot can also use electrically charged tools for riot control in times of danger or attack. It is 1.6 meters tall and searches databases to identify people with criminal histories. By stopping or preventing any suspicious or undesirable activity that occurs in the region, AnBot has considerably increased security.
In comparison to companies that don’t offer customization, brands that offer a high level of personalization can increase revenues by over 10% and produce a return on investment of between 5 and 8 times. When done manually, personalization is a time-consuming and difficult operation, but when done with AI, it is greatly streamlined. Using relevant products to target clients has never been simpler.
Thimble by Thread, a fashion brand located in the UK that uses AI and ML approaches to provide personalized recommendations to each consumer, is one of the best examples of such a solution being put into practice. Most people who purchase clothing desire a personal stylist, especially one who is offered without charge. With over 650,000 customers, giving individual stylists is neither practical nor economical. Threat developed Thimble, which asks clients questions and gathers information about their tastes and fashion, to address this issue. Thread examines this data using the ML algorithm Thimble to uncover patterns in behavior and pinpoint unique buying styles. Using the knowledge gained from this data describing user tastes, it then makes outfit and accessory suggestions.
8. Reduces the danger that humans provide to machines:
AI also “removes the risk from humans” which is one of its advantages. One of AI’s potential benefits is that it allows people to push themselves to their limits without suffering the consequences of doing so. AI robots can do a number of physically dangerous tasks that could have long- or short-term negative effects on a human. This contains activities like visiting other planets, disarming bombs, exploring the seas, and mining coal and oil.
Take the explosion at the Chernobyl nuclear power facility in Ukraine as an example. Any person who approached the fire to put it out was exposed to such a high level of radiation that they passed away instantly or had long-term effects. In the end, first responders had to use helicopters to deliver sand and boron from a distance. The number of lives lost and the collateral harm to humans could have been decreased with the use of an AI bot.
9. Assists in disaster management:
Forecasting weather and environmental conditions is now easier thanks to AI solutions and applications that are powered by AI. Farmers have made significant decisions about planting and harvesting thanks to accurate weather predictions. Moreover, it makes shipping safer and simpler. The fact that it also foresees natural disasters that would claim millions of lives is most significant.
After extensive investigation, IBM partnered with the Weather Company and obtained a ton of data. In order to improve prediction accuracy, IBM could also make use of the Weather Company’s predictive models, which provided extra weather data that was then fed into the Watson platform powered by AI. The Weather Company subsequently revealed in 2016 that their forecast models were utilizing daily third-party data usage of over 100 TB.
This combination and cooperation gave rise to IBM Deep Thunder, a cutting-edge AI-powered system. It used hyper-local predictive forecasts with a resolution of 0.2 to 1.2 miles to supply clients with data that was considerably customized. For electricity corporations, transportation companies, logistics organizations, and retail chains in particular, this was significant.
10. Improves our quality of life:
At first, many believed that AI would take the shape of personal robot slaves that would perform all of their tasks. However, AI is now much more practically a part of our life. Artificial intelligence (AI) is now everywhere, from AI-powered smartphone assistants like Cortana, Alexa, and Siri to cross-device OTT services like Amazon and Spotify to purchase recommendations from Amazon. It also aids in the prediction of more serious conditions like leukemia and ALS.
Businesses all over the world are lining up to use artificial intelligence solutions due to the wealth of advantages it offers. As a result, there will be a rise in the demand for qualified AI specialists, making it one of the most promising and secure career pathways available right now.