Can business afford to oversee Artificial Intelligence anymore?

Artificial Intelligence has come a long way from being a concept in science fiction movies to a reality that is transforming various aspects of our lives. In recent years, Artificial Intelligence has rapidly advanced, thanks to the development of machine learning algorithms, the availability of massive amounts of data, and the increased computing power of modern computers.

Machine learning algorithms has made it possible to train machines to perform a wide range of tasks that were once the exclusive domain of humans, such as recognizing speech or images, understanding natural language, and making decisions.

The recent launch of Chat GPT and Bard AI are changing the ways business would think about AI and ML. As we move towards a more connected world, where the internet of things (IoT) is becoming ubiquitous, the need for advanced AI and ML technologies is growing.

Artificial Intelligence is being used in a wide range of industries, including healthcare, finance, manufacturing, transportation, and more. In healthcare, for example, AI is being used to analyze large amounts of patient data to help doctors diagnose and treat illnesses more effectively. In finance, AI is being used to analyze market trends and make predictions about where to invest money. And in manufacturing, AI is being used to optimize production processes and improve efficiency.

One of the most significant impacts of AI and ML is their ability to automate repetitive tasks. This frees up employees to focus on more complex and creative work, leading to increased productivity and job satisfaction.

The growth of Artificial Intelligence:

The Gartner Report, as per recent Gartner Report, 37% of Organization have implemented AI in some form. The Percentage of Enterprises Employing AI Grew 270 Percent Over the Past Four Years

Adoption of Artificial intelligence in Reality:

  • AI in finance and Audit: AI is used in finance for Contract analysis, enabling quick identification of key terms and clauses that may impact financial performance or legal obligations. Trading with AI enabled Bots ( Algorithmic trading)-, AI enhances the efficiency and effectiveness of algo trading, where computer algorithms automatically execute trades based on predetermined rules and conditions.
  • Industrial Risk management using smart IOT devices: Manufacturing and Heavy industries have started adopting AI- based solution like ( IT uses smart IoT devices to monitor heavy industrial machines, power consumption & wastage within an organization. All at the click of a button. Additionally, the device provides early warnings in the event of machine failure and other power-related issues.
  • AI in News Organization: In March 2023 AajTak ( India Today group) launched Sana – the AI enabled news anchor capable of delivering news in multiple languages. Sana is now regularly giving news updates and responding to  audience queries through her Ask me Anything program. AI-powered content generation is a significant application, creating written content such as news articles and social media posts. Personalization is another critical application, where data and algorithms are used to deliver customized content based on user preferences and behavior. AI-powered recommendation engines can suggest articles of interest to a particular user.
  • The Rise of AI driven Virtual Assistant: AI-driven virtual assistants have revolutionized technology interaction, making our lives more convenient and efficient. These assistants understand natural language, recognize speech, and respond to real-time queries. As businesses face increasing complexity, Smart Virtual Assistants are used to manage workloads and handle multiple consumer inquiries simultaneously. The Virtual Assistant Market , the global Virtual Assistant market size is expected to increase from US$13 billion in 2021 to US$245 billion by 2030, exhibiting a CAGR of 38%.
  • AI – Implementation by ecommerce giants: Amazon and Flipkart use AI to improve efficiency, enhance customer experience, and drive growth. Both employ AI-powered Recommendation Systems for personalized recommendations and promotions, and improve product search with NLP algorithms and image recognition technology. AI is also used for logistics and supply chain optimization, with Flipkart optimizing delivery routes and schedules and Amazon using AI-powered robots in its warehouses. Additionally, AI is used for fraud detection and prevention to protect customers and retailers from fraudulent activities.

Challenges of Artificial Intelligence:

Although AI has made great strides, machines are still unable to match human thinking complexity. Nonetheless, there are challenges related to the use of AI and ML. Algorithmic bias is a major concern, as AI systems may replicate existing biases in data or algorithms. There are also concerns about AI’s impact on jobs, as automation of tasks may lead to job displacement.

In conclusion:

AI and ML are transforming our lives and work, offering enormous potential benefits. Despite challenges, we must work together to harness these technologies for the greater good while minimizing risks. This creates a world where AI and ML are used ethically and responsibly, benefiting society.

Read more about how Artificial Intelligence has impacted Market Research today.