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Artificial Intelligence: What It Is and How It Is Used Now

In: Artificial Intelligence, Business

Mostly known as a technology that is “snatching the job” of creative millennials, artificial intelligence (AI) technology has been regarded as a word of the decade in the technology space. A study found that around 14% of the jobs in 32 countries are at risk due to automation (source).

Be it any field, AI is going to take over it sooner or later and we have started witnessing it already.

Many of the recent AI-based tools such as artificial intelligence chatbots are creating exceptional results in the form of auto-generated texts and digital images with close reference to the description provided. A study confirmed that AI assistance can save 27.8% of the time while studying or researching a topic

The results are so satisfactory that AI technology can replace an individual’s job by providing better results in just a few clicks. But just as with any other technology, AI too has two sides to the coin. Here’s a brief on the Pros and Cons of AI in the future.

Owing to such widespread use cases and increasing demand, AI companies are advancing at an exponential rate. A wide range of industries, including finance, retail, manufacturing, as well as healthcare has adopted AI in their work. Certainly, the future of AI is to automate tasks that humans are traditionally doing manually. This has projected an enormous increase in the productivity of selected economies by 2035. Here’s how AI will alter economies by 2035.

Hence, such solid projections portray that it’s just the beginning for AI technology and it’s here to disrupt every industry.

But what is AI and is it actually here to take up these jobs? Keep reading to discover the AI takeover.

What is Artificial Intelligence? 

Artificial Intelligence is the impersonation of human intelligence by data-backed and qualified information systems. The system used herein is an advanced computer system along with machine learning features.

Artificial Intelligence

Image source: here 

For example, AI can be used to scan images for potential defects in a product before it goes into production or to analyze medical scans to determine if patients need more care than current medications.

AI tools are used in replacing humans requiring repetitive work or decision-making skills with machines. This trend has been especially pronounced among millennials who have been unable to find employment despite their high levels of education and skill set.

In an interview with Forbes, one millennial described how artificial intelligence was replacing her job as a paralegal: “It’s like when we were kids and our parents would say ‘don’t pick up the phone,’ and then flip over the phone and say ‘pick up the phone.’

In simple words, it’s a process that starts with teaching the machine what humans already know and then sitting back and seeing the machine do the exact job with increased accuracy and efficiency. Here are a few fields where AI has already established its dominance.

Major Artificial Intelligence dependent areas

Cognitive computing: 

Al helps to solve complex problems by using the power of machine learning and artificial intelligence to not only process data and make decisions but also improve their performance.

Automation: 

Human efforts and manual tasks will soon be a thing of the past, well most of them. AI can mimic human decision-making and then perform actions just the way humans do.

Content moderation: 

Content moderation on social media platforms such as Facebook and Twitter is a major use case of AI. This allows companies to manage their online reputation without having to staff people full-time for this purpose.

Productivity:

A high productivity system inculcated in the day-to-day work pipeline acts as a catalyst that can take your work output to the next level. Here is a statistics from a study that highlights the potential AI holds-

Future of AI report
Image Source: here

Use Cases of Artificial Intelligence 

Artificial Intelligence

Image source: here 

AI as Personal Assistant: 

‘Jarvis’ needs no introduction. AI learns about your habits based on data collected from your phone, calendar, and emails. This means that it will become more effective as time goes on and you use it more often. 

AI as Market Research: 

Marketing research is a game of picking up high ROI opportunities and AI can help curate the options as per the use cases. Basically, this can help companies discover new trends and products or services that customers might not have thought of themselves. 

AI as Marketing: 

AI can help marketers create effective marketing campaigns by reducing costs associated with traditional methods such as newspaper ads or radio commercials. Marketing campaigns run on steroids when paired with AI tools and technologies. We can target specific demographics and segments using AI.

AI as a Management tool: 

Management teams use artificial intelligence to improve efficiency throughout their day-to-day operations. This includes things like scheduling meetings with clients/customers based on previous discussions, tracking employee performance levels against goals set at the beginning of each quarter, etc. 

Well, these were independent use cases of AI, but there’s a lot more to add when the question comes to what artificial intelligence delivers for the business. Read about a few of them here.

Pros and Cons of AI in Future

Let’s also look at the flip side of the coin and compare some well-known pros and cons of AI as an addition to our various work industries.

ProsCons
Can work endlessly 24*7Lack of qualified professionals
Enables automationNo room for creativity
Reduction in human errorsA dearth of relevant data
Enhances production qualityReplace manual jobs
Helps in predictive maintenanceIncreased dependency on machines

The Bottom Line 

Owning to all such exceptional use cases and advantages of AI, using AI can create a massive competitive advantage for the organization. But it’s not just enough to invest in detailed algorithms and cutting-edge technologies.

An internal organizational rewiring including a shift in the organizational hierarchy for decision-making and reporting is equally necessary to make the most out of AI. 

All of these concerns can be taken care of by just one tool that makes work life easier by using AI magic. Pluaris by Nowigence is a “Personal Knowledge Management” tool.

It’s a data science-backed product that accurately answers questions by extracting information from numerous sources on the internet. Think of it as a human analyzing the content with the accuracy and speed of a machine. So if you’re someone who is keen to exploit AI technology for their own good, Pluaris is your one-stop solution to get the best out of AI for your business.

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