Did you know that artificial intelligence will contribute a whopping $15.7 trillion to the global economy by 2030!? In addition to the economic benefits,
Artificial intelligence is also responsible for simplifying our lives.
This article on the benefits of artificial intelligence will help you understand how AI affects all areas of our lives and ultimately benefits humanity.
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Increased automation
Artificial intelligence can be used to automate everything from extreme work tasks to the recruitment process. That’s right!
There are several AI-based applications that can be used to automate the hiring process.
Such tools help free employees from tedious manual tasks and allow them to focus on complex tasks like strategy and decision making.
An example of this is conversational AI recruiter MYA. This app focuses on automating tedious parts of the recruitment process such as scheduling, sorting, and sourcing.
Mia is trained by using advanced machine learning algorithms, and he also uses natural language processing (NLP) to pick up details that come up in the conversation.
Mya is also responsible for creating candidate profiles, performing analyses and finally candidate lists.
Increased productivity
Artificial intelligence has become a necessity in the business world. It is used to manage highly computational tasks that require maximum effort and time.
Did you know that 64% of businesses depend on AI-powered applications to increase their productivity and growth?
An example of such an application is Legal Robot. I call it the Harvey Specter of the virtual world.
This bot uses machine learning techniques like deep learning and natural language processing to understand and analyze legal documents, find and correct costly legal errors, collaborate with experienced legal professionals, clarify legal terms by implementing an AI-based scoring system, and so on. It also allows you to compare your contract to those in the same industry to ensure your contract is standard.
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Smart decision making
One of the most important goals of AI is to help make smarter business decisions.
Salesforce Einstein, which is a comprehensive AI for CRM (Customer Relationship Management), was able to do this quite effectively.
As Albert Einstein quoted:
“The definition of genius is to take the complex and make it simple.”
Salesforce Einstein removes the complexity of AI and enables organizations to deliver smarter, more personalized customer experiences.Driven by advanced machine learning, deep learning, natural language processing, and predictive modeling, Einstein is applied in large-scale businesses to discover useful insights, predict market behavior, and make better decisions.
Solve complex problems
Over the years, artificial intelligence has moved from simple machine learning algorithms to advanced machine learning concepts like deep learning.
This growth in AI has helped companies solve complex problems like fraud detection, medical diagnosis, weather forecasting, and so on.
How PayPal uses AI to detect fraud. Thanks to deep learning, PayPal is now able to identify possible fraudulent activities very accurately.
PayPal processed more than $235 billion in payments from four billion transactions from more than 170 million customers.
Machine learning and deep learning algorithms mine data from a customer’s purchase history in addition to checking for reasonable fraud patterns stored in their databases that can tell if a particular transaction is fraudulent or not.
Strengthens the economy
Regardless of whether AI is considered a threat to the world, it is estimated that it will contribute more than $15 trillion to the global economy by 2030.
According to a recent report by PwC, advanced advances in artificial intelligence will increase global GDP by up to 14% between now and 2030,
Equivalent to an additional contribution of $15.7 trillion to the world economy.
It is also said that the most significant economic gains from AI will be in China and North America.
These two countries will account for nearly 70% of the global economic impact.
The same report also reveals that the biggest impact of artificial intelligence will be in healthcare and robotics.
The report also states that about $6.6 trillion of expected GDP growth will come from productivity growth, especially in the coming years.
The main contributors to this growth include the automation of routine tasks and the development of bots and smart tools that can perform all tasks at the human level.
Currently, most tech giants are already in the process of using artificial intelligence as a solution for laborious tasks.
However, companies that are slow to adopt these AI-based solutions will find themselves at a serious competitive disadvantage.
Manage repetitive tasks
Performing repetitive tasks can be very monotonous and time-consuming. Using AI for tedious and routine tasks can help us focus on the most important tasks on our to-do list.
An example of such artificial intelligence is the virtual financial assistant used by Bank of America, called Erica.
Erica applies AI and ML techniques to meet the bank’s customer service requirements.
It does this by creating credit report updates, facilitating bill payments, and assisting customers with simple transactions.
personalization
A McKinsey study found that brands that excel at personalization provide five to eight times the return on marketing ROI and increase their sales by more than 10% over companies that don’t customize. Personalization can be overwhelming and time-consuming, but it can be simplified with artificial intelligence. In fact, it’s never been easier to target customers with the right product.
An example of this is the UK-based fashion company ‘Thread’ that uses artificial intelligence to provide personalized clothing recommendations for each customer.
Most customers will love a personal stylist, especially one that comes at no cost. But staffing enough stylists for 650,000 customers would be expensive.
Instead, UK-based fashion company Thread uses artificial intelligence to provide personalized clothing recommendations to each of its customers.
Customers take style quizzes to provide data on their personal style.
Every week, customers receive personalized recommendations that they can vote up or down.
Thread’s uses a machine learning algorithm called a thimble that uses customer data to find patterns and understand a buyer’s love.
He then offers clothes based on the customer’s taste.
Global Defense
The world’s most advanced robots are built with global defense applications in mind.
This is not surprising since any innovative technology is first applied in military applications.
Although most of these applications do not see the light of day, one example we know of is the AnBot.
The AI-based robot developed by the Chinese is an armed police robot designed by the country’s National Defense University.
The machine is capable of reaching maximum speeds of 11 km / h, is designed to patrol areas and, in case of danger, can deploy an “electrically charged riot control tool”.
The smart machine stands at a height of 1.6 meters and can identify people with a criminal record. AnBot has contributed to improving security by tracking any suspicious activity occurring in its environment.
Disaster Management
For most of us, accurate weather forecasting makes vacation planning easier, but even the smallest advances in weather forecasting have a big impact on the market.
Accurate weather forecasting allows farmers to make critical planting and harvesting decisions.
This makes shipping easier and safer. Most importantly, it can be used to predict natural disasters that affect the lives of millions.
After years of research, IBM partnered with Weather and acquired tons and tons of data.
This partnership gave IBM access to the weather company’s predictive models, which provided tons of weather data that it could feed into IBM Watson’s artificial intelligence platform to try to improve forecasts.
In 2016, the weather company claimed that their models were using more than 100 terabytes of third-party data every day.
The product of this merger is AI-based IBM Deep Thunder. The system provides tailored information to businessescustomers using hyper-local forecasts – at a resolution of 0.2 to 1.2 miles. This information is useful for transport companies, utility companies and even retailers.
Improves lifestyle
In the recent past, artificial intelligence has evolved from the plot of science fiction movies to an essential part of our daily lives. Since the advent of artificial intelligence in the 1950s, we have seen exponential growth in its potential. We use AI-powered virtual assistants like Siri, Cortana, and Alexa to interact with our phones and other devices; It is used to predict deadly diseases like ALS and leukemia.
Amazon tracks our browsing habits and then submits products it thinks we’d like to buy, and even Google decides what results to give us based on our search activity.
Even though it is considered a threat, AI still continues to help us in many ways. Just as Eliezer Yudkovsky, co-founder and research fellow at the Machine Intelligence Research Institute, quoted:
“By far, the biggest danger of artificial intelligence is that people conclude too early that they understand it.”
