Business Transformation with AI By Gautam Gupta, YASH Technologies

Business Transformation with AI

Gautam Gupta, YASH Technologies | Monday, 23 December 2019, 11:28 IST

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Gautam GuptaWhat is Artificial Intelligence (AI)

“Computers will overtake humans with AI within the next 100 years. When that happens, we need to make sure the computers have goals aligned with ours.”  Stephen Hawking

Artificial intelligence or AI means – a computer system that mimics human decision-making abilities to solve complex problems by using human and machine reasoning. Functions and operations which only humans could perform are now in the realm of AI-based applications (web, mobile, and device-based). Besides, logical and cognitive thinking is also effortlessly executed by modern technology.

There are no doubts that AI, machine learning, and deep learning have transformed the way software functions. They offer benefits like support, interactivity, combined with a human touch in their performance and preciseness. 

The evolution of AI over the years serves as an excellent example of how steady progress over time leads to “ game-changing” movements. It appeared on the horizon in 1956. However, it took decades of intense and sometimes frustrating work for it to make significant progress where developing an AI-based system became a reality. AI with deep learning and machine learning is now beginning to impact every industry with the vital contribution of companies, computer scientists, and software developers. Now, AI is all around us – both in personal (Alexa, SIRI) and professional forms (robots and chatbots).

Machine Learning (ML)

Primarily used to process vast amounts of data quickly, machine learning is one of the most common forms of artificial intelligence used in business development. It can swiftly analyze the data as it comes in, recognizing patterns and irregularities.

  • Supervised learning: It is a type of learning where we program the machine to use data that is well-labeled. In other words, a part of the data is already labeled with a precise answer.
  • Unsupervised learning: It is learning where the machine uses information that is neither classified nor labeled. It allows the algorithm to act on that information without guidance.
  • Reinforcement learning: In this type of learning, the output depends on the state of the present input. Also, the information that follows gets determined by the output of the previous input.

AI is the fashion now, and like all tech trends, it is in a constant state of evolution. Let’s look at the various applications of AItoday and in the near future.

  • AI in healthcare: The most impactful objectives of AI in healthcare are to improve patient experiences and reduce costs. Businesses are leveraging the benefits of machine learning for better and quicker diagnoses than manual.From patient-centric AIapps that measure the risk of diseases to newer technology for checking health records at home, AI is ushering in an era where people will be able to receive superior care
  • AI in business: AI is powering security suites, processing documents faster, analyzing data, and much more. The core job is automation and augmentation. In its various applications, it betters and expeditesseveral core business processes, reduces costs, and even analyzes vast and complex sets of data. Robotic Process Automation is substituting various manual and highly repetitive tasks. Chatbots are getting incorporated into websites to offer quick assistance to consumers.
  • AI in education: AI is changing the education domain. Study materials are now accessible through smart devices and computers. AI is also facilitating the automation of manual administrative jobs and enabling education institutions to reduce the time needed to complete demanding tasks,  such as continuously updating course content. With continuous developments in the field, it is becoming easy to offer comprehensive ranges of courses online.With the help of AI, now students across the world can learn from anywhere and at any time.
  • AI in finance: The finance sector is embracing AI and isdeveloping and executing AI initiatives for the speed, accuracy, and efficiency that they bring. As a technology, AI offersconsumers ( for example) a personalized financial concierge that mechanically lets them choose an appropriate style of spending, saving, and investing, centered on their habits and objectives.
  • AI in legal: The discovery process in statute and sifting through documents often gets overwhelming for humans. Automating this process ensures better use of time. Start-ups are also building question-and-answer assistants that can examine programmed-to-answer questions by probing the taxonomy and ontology related to a record
  • AI in manufacturing: This industry has been at the forefront of integrating robots into its operational processes. It has enabled Industrial robots being used to perform repetitive tasks, while the human workforce is taking on more complicated jobs.

Influence of AI on Industries

Across the world, industries are recognizing the business benefits and road to profitability from AI-based systems. It is drivingpowerful ways to help businesses get closer to their users and share information and knowledge in a more personalized and secure exchange.

More and more organizationsare adapting deep learning-powered applications (speech recognition interfaces, for example) for their businesses, making the benefits of AI even more prominent and pronounced across industries. Digital voice assistants such as Amazon Alexa, Apple’s Siri, and Google Assistant are becoming popular.It ensures a fundamental change,the effects of which are visible across businesses. In the future, we may see all stakeholders (be it, customers, partners, employees) plan and expect to connect with brands across various industries through voice-enabled interfaces.

Parting thoughts

Rocky or rosy, the future of AI appears exciting and it will be very much a part of our lives. Further developments in this domain will introduce organizations and users to several business applicationsand diverse consumer uses. AI has massive possibilities to re-model the economy drastically. However, only the passage of time will reveal its exact impact.

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