Have you ever imagined that machines could learn and make decisions on their own? So much so that the machine learning applications in today’s world could actually order food on your behalf, attend and resolve customers’ queries efficiently, and more.
Here are a few interesting stats for you to dig.
- According to PWC, business leaders said that they believe Artificial Intelligence is going to be fundamental in the near future.
- As a matter of fact, 72% of the PWC survey respondents have termed the phenomenon as “business advantage”.
- If we are to cite another report, according to Adobe, 15% of enterprises are already harnessing the potential of Artificial Intelligence.
- And 31% of corporate organizations are of the opinion that they are planning to rope in this technology real soon.
- The U.S. education sector will grow by 47.5% from 2017 to 2021, according to the Artificial Intelligence market survey.
- More than a billion dollars of Uber Eat’s quarterly gross sales are brought in by Artificial Intelligence.
- The global AI spending in the entertainment and media industry is projected to reach $9 billion by 2025, up from $1.5 billion in 2019.
If we are to consider the aforementioned statistics, it seems that the presence and application of Artificial Intelligence are currently connected with everything around us. Living a life without an AI would be impossible in the near future.
Let’s delve deeper and explore the credibility of Artificial Intelligence in today’s date and many years to come.
The potential of Artificial Intelligence in Business
The role and significance of AI in businesses across the globe are undeniably commendable. According to reports, one of the most celebrated beverage brand, Coca Cola is said to generate a lot of data in order to tap into the consumers’ interest. In order to put all accumulated data into practice, the brand has embraced the latest technology by capitalizing on AI-driven bots and trialing augmented reality in bottling plants.
To cite another instance, the 150 years old brand Heineken is gradually embracing the benefits of AI as well. They are said to have a state-of-the-art infrastructure and the application of AI that allow the company to extract a vast amount of data to drive marketing decisions, improve operations and customer service.
In addition to two of these notable instances, frameworks designed for machine learning such as Google’s TensorFlow, and Keras are likely to be roped in by small and medium scale businesses to fuel organizational growth down the road.
It is said that the application of Artificial Intelligence ensures a low error rate, as compared to humans. It goes without saying that machine-driven data and analytical reports are going to be more accurate as compared to the ones that are extracted by humans.
For example, if you are working as a digital marketer or a marketing strategist, you won’t prefer to be a part of the tedious task that requires you to keep track of the sales graph and profit margin manually. As a result, workplace stringencies and other limitations associated with manual effort will lead to syntactical errors in the longer run.
With the emergence of AI tools such as Uberflip, Acrolinx GmbH and Paraphrasing Tool , extracting market reports and keeping track of imported data from a web page have become much easier and effective for employees.
Thus, it seems that the use of Artificial Intelligence in business will not only improve functionality, but it will also deliver a competitive advantage over the ones that are still lagging behind the AI game.
The role of AI in the entertainment industry
The entertainment sector is undeniably a diverse sector comprising multiple segments in the form of movie, web series, music and dance, TV series and more.
Well, have you ever wondered how Netflix matches your choice and preference to the content you would watch? Thanks to Artificial Intelligence used by the brand in order to personalize user experience and the order in which the online content is displayed.
With the advancements brought forth in the domain of AI, the U.S. Entertainment and Media industry is projected to reach the mark of $759 billion by 2021.
In another example, the advertising agency MaCann Erickson Japan reportedly launched an AI creative director called AI-CD ß. The company’s first robotic creative director works in collaboration with eleven other human employees dedicated to extracting ideas and themes for customer satisfaction and ad campaigns.
According to Wipro, the presence and functionality of AI in Media and Entertainment industry is contributing to the current infrastructure. It aims to transform the future in the following ways:
- Live 360° video streaming with Augmented Reality powered user experience.
- Augmenting user experience with map-based services and real-time notifications.
- Real-time streaming for users, transmitters and broadcasters.
- Automated content augmentation essay writing helps in tagging, translating, summarizing and processing media content.
- AI applied to video content helps carry out video analysis, monitor and capture emotions instantly to generate user-oriented content.
Thus, with these notable instances of the use of AI in the entertainment and media sector, it is likely that personalization of user experience and streamlining advertising and marketing efforts across different channels are going to get easier to execute.
AI has made their presence felt in the healthcare & education sectors as well
Artificial Intelligence and Robotics are transforming healthcare at a rapid pace. According to the American Cancer Society, a high proportion of screening mammogram yield inaccurate or false results, thus, leading to one in two healthy women being told that they have cancer. The use of Artificial Intelligence to analyze and extract verified information has enabled reviewing and translation of mammograms 30 times faster with 99% accuracy.
In another instance, IBM’s Watson Healthcare is assisting medical institutes and other healthcare organizations in applying cognitive technology in order to unlock a huge amount of power diagnosis and health care.
Not only that the healthcare industry is benefitted from the use of artificial intelligence, but the technology is selling like hot-dogs in the domain of education and learning as well.
Prof. Jaime Coelho, assignment help expert and data analyst associated with a leading E-learning platform is of the opinion,
“The use of AI in education has taken our industry by storm. As part of our latest initiative, we have embraced the Intelligent Tutoring System to drive more conversions and help students with faster response and completely digitized tutoring experience on the go.”
Talking of the concept of Intelligent Tutoring System, developing a one-on-one tutoring portal that can accelerate faster learning has always been a coveted goal for the AI researchers since 1970s and 1980s.
Cut to the chase, in 2019, AI like the Third Space Learning and Duolingo Chatbot are being used in order to enhance learner’s experience. David Brown, a student of Computer Science says,
“E-learning platforms powered by the robotics and Artificial Intelligence have been a boon for me. I can extract answers to tricky programming questions or generate accurate and automated solutions to programs based on JAVA and C++ in a faster and more effective way. It doesn’t matter if I am miles apart. Solving complex programming assignments is only a matter of a few clicks.”
With discoveries as significant as the ones mentioned above, it goes without saying that the emergence of AI in educational sector has allowed distance learning to spread its wings to reach maximum target audience within the minimum frame of time.
To Wrap Up
Now that you are aware of the reach and potential of artificial intelligence in the various commercial, academic and healthcare sectors, identify your domain and put a step forward to rope in AI tools to accelerate your aspirations.
Here are a few applications backed by artificial intelligence you can try today.
- Import.io: Allows you to import data from any web page.
- Grammarly: An intelligent proofreading tool designed to identify and fix all writing errors with perfection.
- Unmetric: Let’s you analyze the content of other brands and develop new ideas and opportunities.
- Cogito: Real-time conversation analysis and guidance system that detects human signals and recognizes emotional intelligence.
- Optmyzr: AI, machine learning and automation platform for paid marketing.