How Deep is the Permeation of Artificial Intelligence?
AI and ML Are Being Shaped into the New-Generation High-Tech Atmospheres That Are Slowly but Surely, Taking over the World
Artificial Intelligence or AI has sunk its roots deep into the world of technology. We’d read sci-fi novels implementing ghost tech that is surreal. Today, a lot of that sci-fi technologies are realistically possible (or inching closer to reality), since we’ve reached that platform of intelligence and ability.
AI has powered numerous platforms with revolutionized content.
AI-driven technology includes voice recognition, integrated data platforms, chatbots, robotic influence and advanced analytics. AI and ML are being shaped into the new-generation high-tech atmospheres that are slowly but surely, taking over the world.
Here’s a quick glance on multi-billion dollar industries that showcase how deep AI has permeated into each industrial and domestic tech:
Artificial Intelligence in Marketing:
- Artificial Intelligence Marketing (AIM) refers to AI being used with respect to rigorous marketing platforms.
- It makes use of Behavioral Targeting which gathers data from a user’s visited web pages and then selects a criterion of advertisements to be shown.
- AIM works on the principle of ‘collect’, ‘reason’ and ‘act’.
- After which it would automatically decide whether to pitch to a customer using an incentive driven mechanism.
- AI in marketing has not only gathered interesting profiles but the mechanism has also helped convert these customers into loyalists.
- The use of AIM triggers further cohesive bonds between entrepreneurs, businesses and consumers.
- These tasks take place without extra hands and leave no room for error, thus making it a calculative yet appreciative approach.
- AI for email marketing includes Optimail, Phrasee and Persado.
- Platforms like InsightPool and Conversocial work with influencers for social media marketing which makes it easier for customers to gain relevant signals and a keen insight into the customer-vendor interaction.
- Predictive Analysis is a type of data mining that uses statistical models to analyze historical patterns and to predict a future outcome. The deployment of AI-based predictive analysis has garnered attention and is being creatively put to use by certain enterprises. Supply Chain Optimization by Walmart, Forecasting Price Trends by Hopper and Staff Retention Predictive Analysis by IBM has set the benchmark for monitoring insights and leverage of data.
Artificial Intelligence in Finance:
- E-commerce is a rising giant in a number of fields like lifestyle, fashion, culinary arts, décor and utilities. With e-commerce, comes the expected breakthrough of online frauds. Cyber-crime is a critical issue. In the midst of different tasks and more than a million transactions, manpower is futile. For the very same reason, AI has made a breakthrough in the finance department.
- AI in Finance has delivered automation in the form of Fraud detection, Banking Chatbots and Algorithm Reading.
- Mastercard, which has launched its own detection tech called ‘Decision Intelligence’, is ranked as one of the best safety tools for fraud detection. It creates a behavioral graph of each customer’s spending usage which in turn, helps decrease fraudulent exchange of large numbers.
- Banking Chatbots in AI Finance, such as Plum and Cleo, are trendy in design with a simple interface and convenient mechanics. They help in tracking a consumer’s income, expense and withdrawals. They also address queries with a conversational air. This makes a consumer feel safer with exploratory research and other glitches.
- Bank of America introduced Erica, a voice-and-text enabled digital assistant bot to help customers make uninformed decisions. Capital One launched two Chatbots, Eno and Amazon Alexa Skill last year. The American Express Chatbot lets customers access the AmEx bot through Facebook Messenger.
- Algorithmic Reading in stock purchases and investment funds is what AI permeation is about. AI here collects data by organizing clutter, measuring data and streamlining efforts to blend trading patterns into successful readings. These patterns are then strategized to form live trades, wherein they evolve naturally to gain an insight into profits/losses.
AI in Healthcare:
- AI has made a significantly large dent in Healthcare by managing medical records and other data.
- AI has also created NurseBots or Virtual nurses like ly’s Molly which helps monitor a patient’s condition via machine learning.
- Boston’s Children Hospital, in 2016, drafted its own version of data for Amazon Alexa in healthcare. It helps give basic information to children and parents about illnesses and symptoms of a particular disease if questioned.
- AI for drug discovery is an immensely idolized software. Atomwise uses the Deep Learning technique to create the medication for life-threatening diseases such an Ebola. It worked on the principle of understandings, by scanning through existing medication which could be used to fight the disease.
AI for Automotive Industry:
- The linkage of AI and the Automotive Industry looks like it’s been finalized since the news of IBM Watson’s Partnership with General Motors OnStar was made public. Toyota’s $1 billion investment in AI-based self-driven technology has made headlines as well.
- Stakeholders in the automotive industry look to be capitalizing on the AI technology for its progress and seamless effectiveness.
- Uber has hired a large number of engineers and announced their plans of having a fleet of fully automated SUVs on the road by 2021.
- In October 2016, Tesla announced that all new Tesla vehicles will come with the equipped hardware needed for automotive driving. They seem confident about further plans of switching to a driverless mode after the legal proceedings have been dealt with.
- Companies are approaching cautiously towards the Driver-Assist Features and are building a strategy related to optimizing it. Automatic braking, Pedestrian and Cyclist alerts, Intelligent Cruise Controlling Systems and Collision-Avoiding tasks are being powered by AI.
Impact of Internet of Things (IoT) with AI :
- IoT is the concept of connecting any device to the Internet and to other connected devices. The concept revolves around the connection between sharing and how it impacts the environment around it. Devices with in-built sensors are connected to the IoT platform and it pinpoints the information which is important. All the other information which is rendered incapable of usage is discarded. The process involves drilling data and identifying the selling points, after which the data is aligned with supply thus ensuring the popular products do not go out of stock.
- IoT at home: IoT at home is capable of performing tasks like resetting alarms, checking for rough weather conditions, dutifully noting a variation in your schedule and accordingly fixing it. A super smart IoT device may even be powerful enough to connect to your coffee machine and have it ready for you! This principle works on sensor-orientation and voice recognition. It learns to automate itself according to your schedule.
Examples of IoT at home include WeMo Switch Smart Plug, Philips Hue Smart Bulb, Samsung SmartThings Hub, Kolibree Smart Toothbrush and Scanomat Top Brewer.
Recommended Read: Top 10 Takeaways From The Mary Meeker 2018 Internet Trends Report