Chances are that you’ve heard a lot about Artificial Intelligence, or simply, AI. It’s also highly likely that you’ve used it at some point, either on your phone, while interacting with a customer service agent, or through the use of various applications.
AI or machine intelligence is used to describe machines and programmes that are able to successfully emulate cognitive functions, conversation, problem-solving, learning, and other human skills. These abilities are then applied in various sectors and industries and have a huge range of different uses. The increase in the popularity and ability of AI means that it is finding use cases in a growing number of different markets. From HR to logistics, retail to finance, healthcare to customer service, and even creating news articles, AI is everywhere and we haven’t even begun to understand its full potential.
But what about some of the most interesting and exciting implementations of AI? Which sectors is it set to disrupt in ways we could never imagine? Here are just a couple of examples.
Human bias and emotion-based decisions are flaws that can cost us millions, if not billions, collectively every single day. If you are someone that invests in the stock market or foreign exchange market, allowing yourself to be ruled by emotion can be catastrophic. When it comes to fast-paced, 24-hour markets like the international foreign exchange market, it’s not always possible to sit in front of a broker platform constantly to execute trades as and when you need to.
Instead, AI has found a way of ensuring that traders never miss a beat. By pre-programming in your parameters, the AI bot will execute trades for you when certain criteria are met. The best forex robots will allow traders to save time but also eliminate any human error and bias.
Even the best and most professional hiring manager can find themselves making hiring decisions on the basis of emotions. The problem with this is that every emotion comes with a certain amount of bias. While we may feel like we are making the right decision based on our gut, in actual fact we may be wrong. AI can sift through CVs and match them with predefined job criteria. It can ask questions, conduct initial interviews, and remove any unconscious gender, race, age, or other biases from the employment process.
India’s roads are chaotic enough without even thinking about the possibility of robot-powered cars. But realistically, AI-driven vehicles could be implemented in a way that is safer and less risky than having a human being behind the wheel. AI will stick to the speed limit and road regulations and eliminate human emotions from driving. While they could have been a sci-fi dream a few years ago, we could expect to see self-driving cars on the road in the not too distant future. They are already being tested out in the virtual world, ready for real-world use.
There are some really fascinating potential uses of AI in the green and sustainable energy sector. Particularly in manufacturing, AI sensors could be attached to the inside of gas turbines. Information gathered by these sensors can then be fed into AI data processing systems that then react to the changing environment. Based on the readings, fuel valves can be adjusted and emissions can be kept at an optimum level.
There are a number of different applications of AI within the healthcare sector. AI chatbots can act as the first line, answering questions from patients regarding their ailments. This can speed up waiting times or avoid ER’s getting clogged up with those suffering from a cold or a sprained wrist. AI also has the power to process insurance claims, provide quotes, and lessen the administrative burden on insurance companies. This can speed up processing times and even lessen the cost for users.
Furthermore, AI tools are also being used to advance drug development through the analysis of reams of scientific literature. Last but not least, AI is also being trailed with patients suffering from dementia, Alzheimer’s, and those undergoing certain types of physiotherapy. The AI application can take them through various steps and stages, assisting with a range of different conditions.
As mentioned above, we have only really just begun to understand the power and possibilities that AI has. It will be many years before we fully comprehend just how much this technology can disrupt our lives. Until then, keep your eyes open for instances of AI around you because you might be surprised where and how it pops up. Who knows, AI could have written this very article!