When the first terminator movie was released, most of us didn’t even know what AI was. However, today, there is no aspect of our life that is not controlled by it. If you look around, you will see numerous embodiments of AI, and one of them is your smartphone.
With time, AI has disrupted and developed almost every industry sector. Though it is not true for this article, one may say that an AI has written the article you are reading. Yes, it is true. There are some AI-backed writing assistants today that can generate articles like this one.
But this is not it. There are infinite examples of AI today. We will explore some of those in the article below! We will also uncover some primary advantages of artificial intelligence. So, let’s begin!
A Brief-up About AI!
Some of you may already know what AI is, but for those who don’t, here it is. In simple terms, AI is a computer program that enables computers to think and learn independently. We can say that it is a simulation of a human brain.
Applications of Artificial Intelligence!
The applications of artificial intelligence are off the charts. Here are some of the primary ones!
The number one and most prominent example of artificial intelligence is a virtual assistant. If you know about Siri, Google Assistant, Alexa, and Cortana, you can easily comprehend what a virtual assistant is.
These virtual assistants allow users to interact with them in a more personal way. You can ask them questions, request them to control the devices of your house, offer them tasks, and even use them for entertainment like music, jokes, etc.
Content creation is one of the most recently developed applications of AI. You can create remarkable content using AI, NLP, and machine learning models, including scripts, code, articles, blogs, ad copies, web content, jokes, and more. In 2021, the market for AI writing assistants was $389.1 million, which is expected to reach $1,779.3 million by 2030.
The numbers denote that the market has tremendous potential. ChatGPT is the best example of AI-backed content creation. It has finely disrupted the content market since its release in 2022. Other than ChatGPT, there are many other writing assistants, like Jarvis, Quillbot, Google Bard, etc.
No industrial sector has been immune to AI, including the automobile industry. Autonomous vehicles are clear proof of the same. Though the first driverless car was unveiled in the 1980s, the launch of the Tesla autonomous car and cars from Toyota, Audi, and Volvo caught massive attention.
Autonomous cars work using complex machine-learning algorithms and processes to map the environment and operate the vehicle.
Social Media and Marketing
If you use Instagram, Facebook, etc., you might have noticed that after some time, you see similar types of posts and videos in your feed. This is where AI plays its role. Marketing teams of businesses use behavioral analysis and pattern recognition to find out what post each of their users see.
Based on the analysis backed by AI and ML, the feed of your social profile changes. This analysis is also used to target ads to the users on social media at the right time.
Customer service is an indispensable part of every business, and AI has helped businesses significantly. AI has helped companies serve their customers with top-notch customer support with the help of chatbots.
AI-powered chatbots can help customers with routine queries like balance checking, order status, etc., without any human intervention. Further, AI also helps customers resolve issues with automated instructions if they opt for self-service. The best thing for businesses using AI is customer service during off hours.
Other than these, AI finds its applications in numerous fields like manufacturing, logistics, finance, gaming, and agriculture. To enhance functionality, AI can be coupled with technologies such as
- Machine Learning
- Natural Language Processing (NLP)
- Cloud Computing
What are the Advantages of Artificial Intelligence?
If we analyze, AI has empowered both product-based and service-based businesses and industry sectors. All thanks to its powerful functionality and benefits that will be elaborated below!
Modern-day technologies like IoT can monitor devices and share their performance data at all times. However, the data produced by the devices is useless if not analyzed. AI can use the data produced by devices like sensors connected to heavy machinery in industry and provide valuable insights on analysis.
The in-depth data analysis can help industries prevent downtime and streamline the workflow.
Unbiased and Superfast Decisions
AI is not controlled by any emotion but by a program running at its core. Therefore, unlike humans, AI will never produce any unbiased output.
On top of that, the data analysis speed of AI is off the charts, meaning the intended operation happens faster with zero risk of error.
Businesses spend a lot on hiring, training, and managing employees. Though human intelligence is incomparable, AI can help businesses save heaps of money by employing AI for some of their operations.
For example, instead of a team, AI software can help analyze data faster. Besides, some of the repetitive tasks like employee onboarding, creating online accounts, document analysis, and employee off-boarding can be automated via RPA (Robotic Process Automation), which is a subset of AI.
All-time Service Availability
This benefit of AI is specifically for businesses that need to be available for their customers 24x7. As your workforce cannot be available to take user queries at all times, AI can be a great alternative. As teased above, businesses can invest in AI-backed chatbots that can handle user queries when human resources are unavailable.
As per stats, 68% of users enjoy the speed at which the chatbot answers their queries. Moreover, the use of chatbots boosts customer satisfaction by 30%. These stats make chatbots an excellent resource for extended service availability.
Since the introduction of AI-backed virtual assistants, people have become more reliant on them. As per stats, 54% of people are in favor of the fact that digital virtual assistants make their life easier. Why? Well, virtual assistants offer convenience as users have to do nothing but speak the task.
Virtual assistants can set the alarm, play a song, call a person, and can even control the IoT-backed devices in your house.
Are There Any Drawbacks of Artificial Intelligence?
While there are countless advantages of artificial intelligence, there are some things where it is criticized a lot!
One of the pinching drawbacks of AI is that it can be a reason for unemployment. With the use of powerful AI machines, the need for human labor will decrease, and unemployment will increase.
The cost of building, programming, and maintaining AI is high. This high cost can lead to slower and less adoption.
- The use of AI may make humans less creative as they will be relying on it for everything. Moreover, as AI learns from the data it is fed, the results will more or less be the same, with no out-of-the-box thinking.
In short, AI is a powerful technology that has numerous applications and benefits. However, it is necessary to ensure your needs before going for it as it is cost-intensive. Moreover, ensure you get AI solutions developed by a professional firm as it involves data sharing and needs to be strong as per the security angle.
To get the best AI solutions for your business, get a quote from Octos Global Solutions