Even in todays world, most people are not very familiar with the concept of artificial intelligence (AI). As an illustration, when 1,500 senior business leaders in the United States were asked about AI, only 17 percent said they were familiar with it.1 A number of them were not sure what it was or how it would affect their particular companies. They understood there was considerable potential for altering business processes, but were not clear how AI could be deployed within their own organizations.
Despite its lack of general familiarity, artificial intelligence (AI) is a technology that is transforming every aspect of life. It’s a flexible tool that allows people to rethink how they integrate data, analyse it, and use the insights to make better decisions. Our goal with this thorough review is to explain AI to policymakers, opinion leaders, and interested observers, as well as to show how AI is already changing the world and raising major challenges for society, the economy, and government.
How to reap maximum benefits from AI
- Encourage greater data access
- More investments in AI research
- promote new models of digital education and AI workforce development so employees have the skills needed in the 21st-century economy,
- maintain mechanisms for human oversight and control, and
- penalize malicious AI behavior and promote cybersecurity.
AI applications in different sectors:
AI isn’t a far-fetched concept; it’s already here, and it’s being integrated and implemented across a wide range of industries. Finance, national security, health care, criminal justice, transportation, and smart cities are all examples of this. There are countless instances when AI is already having a substantial impact on the world and complementing human capabilities.
AI in finance
It has been reported that 80 percent of banks recognize the benefits that AI can provide. Whether it’s personal finance, corporate finance, or consumer finance, the highly evolved technology that is offered through AI can help to significantly improve a wide range of financial services. For example, customers looking for help regarding wealth management solutions can easily get the information they need through SMS text messaging or online chat, all AI-powered. Artificial intelligence can also detect changes in transaction patterns and other potential red flags that can signify fraud, which humans can easily miss, and thus saving businesses and individuals from significant loss. Aside from fraud detection and task automation, AI can also better predict and assess loan risks.
AI in healthcare
Artificial intelligence has a wide range of uses in the healthcare industry. Artificial intelligence (AI) is being utilised in healthcare to create sophisticated machines that can detect diseases and cancer cells. Artificial Intelligence (AI) can assist in the analysis of chronic illnesses using lab and other medical data in order to ensure early diagnosis. For the discovery of new medications, AI uses a mix of historical data and medical knowledge.
AI in agriculture
Artificial Intelligence is used to identify defects and nutrient deficiencies in the soil. AI can analyse where weeds are growing utilising computer vision, robotics, and machine learning techniques. Artificial intelligence bots can assist in the harvesting of crops at a bigger volume and faster rate than human labour.
AI in education
Some of these applications in this sector include:
Administrative Tasks Automated to Aid Educators
Artificial Intelligence can help educators with non-educational tasks like task-related duties like facilitating and automating personalized messages to students, back-office tasks like grading paperwork, arranging and facilitating parent and guardian interactions, routine issue feedback facilitating, managing enrollment, courses, and HR-related topics.
Creating Smart Content
Digitization of content like video lectures, conferences, and text book guides can be made using Artificial Intelligence. We can apply different interfaces like animations and learning content through customization for students from different grades. Artificial Intelligence helps create a rich learning experience by generating and providing audio and video summaries and integral lesson plans.
Voice Assistants
Without even the direct involvement of the lecturer or the teacher, a student can access extra learning material or assistance through Voice Assistants. Through this, printing costs of temporary handbooks and also provide answers to very common questions easily.
Personalized Learning
Using AI technology, hyper-personalization techniques can be used to monitor students’ data thoroughly, and habits, lesson plans, reminders, study guides, flash notes, frequency or revision, etc., can be easily generated.
Want to learn more about AI and how it is transforming the world from industry leaders? Check out http://gaisa.sg happening at new Delhi on September 14th and 15th,2022.
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