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An Introduction To AI/ML
The scramble, across industries, to fit into the age of digitization, has witnessed the emergence and development of Artificial Intelligence (AI) and Machine Learning (ML). The purpose of AI/ML technology is to help in the compilation and analysis of important digital data to generate actionable insights. The involvement of AI/ML in industrial operations has modified the mode in which businesses perform, shooting up productivity and visibly boosting consumer satisfaction. According to a PwC study, the global economy can expect a potential contribution of $15.7 trillion by 2030 from AI.
Overview Of Current Uses Of AI/ML In Businesses
The opportunities to increase potential using AI technology for startups, new and old businesses are limitless. Even though the AI/ML technology is still at a developmental phase, different sectors have already been making use of and witnessing the cutting edge features it has to offer. This technology is being applied across sectors, and some of its uses include :
- Providing automated services
- Enhancing cybersecurity
- Offering personalized services and assistance
- Helping businesses through data analytics
- Predicting business outcomes and impacts
Why Is AI/ML Important?
Imagine having a superpower that allows you to predict the future. AI/ML technology is in its core computerized data processing that allows you to do just that. Predict the future and work out solutions to future problems. The best feature of Artificial Intelligence and its branch, Machine Learning, is that it can be taught to learn from previous actions and, using the data collected, provide better analysis and assistance. Even better, AI technology can improve with time. This exciting technology has monumental potential for changing the way economies operate, with businesses strategically investing in it and involving it to streamline processes. AI/ML technology has had a tremendous impact on sectors such as banking, finance, insurance, healthcare, telecommunications, entertainment, education, and energy.
AI/ML Examples And Use Cases
Let us take a look at the products and services that employ the AI/ML technology to its optimal potential :
- Healthcare – From detecting a potential sickness to chatbots that help with customer service, AI/ML technology uses data to perform and aid in the healthcare sector, making this sector one of the most relevant ones in the implementation of AI technology.
- Finance – In the financial sector, AI has been successfully used to provide robotic advice to customers irrespective of their financial status, decreasing human intervention in the process, using the data collected to aid businesses.
- Banking – From fraud detection to using chatbots to help consumers with banking decisions, loans and credit for example, AI/ML continues to play a monumental role in the industry.
- Entertainment – Optimized search results, curated movie, music and TV show lists, and archiving and classifying content are some of the services this technology has provided.
- Education – AI has aided in voice assisted learning, Intelligent Tutoring and instantaneous evaluations, aiding in better accessibility of learning tools that are cost efficient.
- Telecommunications – Virtual Aid for customers, better security using AI/ML, and predictive analytics are a few of the many uses of artificial intelligence in this sector.
Demystifying Artificial Intelligence For Business Owners
Understanding the areas where artificial intelligence could be used to improve operations in your sector is the first step to successful implementation of AI/ML. An understanding of the competitive zones within the sector is also crucial to identify the importance and future use of AI. Investment in the right technology and talented service providers will determine the utility and transformational capability of the technology in your business.
GeekyAnts- Blockchain and On demand app development company aims to provide tailored services, using the technology. With an experience of over 17+ years, They have worked with clients across the globe to produce successful projects such as an AI based assistant app for a music company, banking, investment, finance management and asset planning apps for businesses, mental healthcare solutions, gaming and educational platforms, and e-commerce apps, to name a few.
The future of AI/ML
Developments such as metaverse and better language models are testimonials to the fact that smarter, more enhanced AI technology is already here, with automated and predictive services estimated to offer tremendous impetus to productivity across all sectors. Global leading AI/ML Development companies are already utilizing the technology to offer useful services to businesses that are looking to enhance already existing models as well as startups implementing new and groundbreaking technologies.
