The buildup and hyperbole that surrounds the artificial intelligence landscape can be hard to sift through to extract meaningful information. But despite the exaggeration of its abilities, AI has contributed by far the most towards developing advanced tech solutions for different industries including healthcare, finance and even music. IT heads in different companies are trying to veer their firms into adopting advanced AI-powered solutions to streamline their operations. AI has made tremendous progress into developing systems like chatbots, patient diagnosis tools, mobile ID verification for fraud detection and powering hardware like self-driving cars.
With respect to growth, 2018 was the year of AI and its growth. In fact, its growth has been tough to keep up with as it is progressing at unprecedented rates. However, predicting where the market is expected to go is a little hard as the changes in AI technology are uncertain. It is also easy to overestimate its potential and capabilities. Making suggestions like AI can put people out of jobs in a few years is overreaching since AI is still not able to perform tasks that require intellectual, emotional, creative or artistic abilities.
Some of the AI Technology systems that will dominate the year 2019 include:
Virtual assistants are not a new term for many readers as one of their lesser versions are present in our smartphones. On a broader level, however, they are being developed and integrated into customer service and chat support functions. A virtual agent is able to communicate with customers intelligently and respond to their questions, complaints and queries as humans do. They can provide round the clock assistance to clients and customers. Virtual assistants are enabling businesses to reduce their costs on hiring customer service agents, in addition to communicating effectively with customers. There are systems available that also collect data from customer interactions to evaluate and generate meaningful insights for marketing, sales and product development. Some virtual agents are also being utilised as smart home managers.
Natural Language Generation
An emerging branch of Artificial Intelligence in recent years is NLG or natural language generation. It is focused on the aspects of AI that are focused on converting raw data into text that is understandable for the reader. The software is able to extract meaningful information and ideas from the stream of information a company holds and communicate it to a company’s management to use it accordingly. In the industry, its applications are vast as data interpretation is required across a number of different enterprises. Currently, it is being used for generating accurate weather forecasts, to summarise and interpret financial data and compile medical records and data.
Robotic Process Automation
RPA or Robotic Process Automation is used to automate repetitive and mundane human tasks such as data entry. It allows businesses to save costs on labour and utilise human capabilities in more creative and engaging roles. They also prove useful for roles or processes where hiring human labour is costly, particularly for a startup. They are being used by enterprises to automate digital advertising processes, customer services and business support functions.
Machine Learning Applications
Again, machine learning is a subset of artificial intelligence. ML comprises of complex algorithms that are used for data analysis and develop ways for a computer to learn. It is also being used to develop APIs (Application Programming Interface) and training tools in addition to algorithms. With the help of big data, ML is able to predict accurate outcomes from complex data. One of the most interesting applications of AI includes an audience segmentation and targeting tool that is able to determine the most revenue generating group of audience for a particular business to target.
Fraud Detection and Prevention
Cyber defence tools enabled by AI are gaining immense popularity among businesses as they are fast, effective and accurate. All such systems are designed to protect businesses from cyber attacks, in addition to keeping crimes like identity theft and credit card fraud at bay. With analytical tools like transaction monitoring systems, financial institutes can detect any suspicious activity on a client’s account instantaneously and move to block the transaction effectively. Through fraud detection systems that use mobile capture and ID document verification to detect if a customer is using fraudulent details. With the help of AML screening through AI enabled software, banks can screen out any Politically Exposed Persons or PEPs.
AI has been able to optimise the capabilities of a hardware. It has been able to design graphics tools and CPUs that particularly adept at performing AI-related tasks. Then there are silicon chips that are designed with the help of AI that can be inserted into mobile devices to help them work better and more efficiently.
Healthcare and Medical Treatments
AI has been able to lend a tremendously helpful hand to the healthcare sector. Not only is it helping in organising and maintaining medical data and patient files, but it is also helping doctors make quick and accurate diagnoses. There are systems available for patient diagnosis that can detect life-threatening diseases like cancer and heart conditions. They can go through thousands of CT scans and MRIs at a time to help doctors and radiologists make timely diagnoses of diseases. They have been particularly helpful in areas where doctors are in less abundance and or the hospital’s resources do not allow for more manpower.
People may have not heard of AI being used to generate actual meaningful content for user consumption. However, more recently, it is being used to generate everything from blogs and articles to videos and infographics. Tools like Quill and Wordsmith are being used to create news stories and articles based on data available over the internet. Moreover, some SaaS tools are also able to create videos from the written content.
This is not hard to imagine our future. Where we will witness of major changes in life. AI will be soon dominate the medical technology soon, will create more job elimination in service area.