Artificial intelligence and its application
Sankhyana Consultancy Services Pvt. Ltd.
Data Driven Decision Science
What is Artificial Intelligence?
Artificial intelligence is the simulation of human intelligence processes by machines, especially computer systems. Specific applications of AI include expert systems, natural language processing, speech recognition, and machine vision.
What is Artificial Intelligence Really Doing?
AI systems work by combining large sets of information with intelligent, iterative processing algorithms to find out patterns and features within the data that they analyse.
Each time an AI system runs a round of information processing, it tests and measures its own performance and develops additional expertise.
Because AI never needs a possibility, it can run through hundreds, thousands, or maybe uncountable tasks extremely quickly, learning a good deal in little or no time, and becoming extremely capable at whatever it’s being trained to accomplish.
But the trick to understanding how AI truly works is knowing the concept that AI isn’t just one worm or application, but a whole discipline, or a science.
The goal of AI science is to create an ADP system that's capable of modelling human behavior so it can use human-like thinking processes to resolve complex problems.
To accomplish this objective, AI systems utilize an entire series of techniques and processes, additionally with an unlimited array of various technologies.
By staring at these techniques and technologies, we can begin to essentially understand what AI does, and thus, how it works, so let’s take a glance at those next.
Advantages of Artificial Intelligence:
· Reduction in Human Error
· Takes risks instead of Humans
· Available 24x7
· Digital Assistance
· Faster Decisions
· Daily Applications
· New Inventions
Disadvantages of Artificial Intelligence:
· High Costs of Creation
· Making Humans Lazy
· Unemployment
· No Emotions
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· Lacking Out of Box Thinking
Applications of Artificial Intelligence:
AI is a dynamic tool used across industries for better decision-making, increasing efficiency, and eliminating repetitive work.
Here we have some of the Artificial Intelligence Applications.
1. Healthcare
One of the foremost deep-lying impacts which AI has created is within the Healthcare space.
A device, as common as a Fitbit or an iWatch, collects lots of information just like the sleep patterns of the individual, the calories burnt by him, heart rate, and lots more which may help with early detection, and personalization, even disease diagnosis.
This device, when powered with AI can easily monitor and notify abnormal trends. this will even schedule a visit to the closest Doctor by itself and so, it’s also of great help to the doctors who can get help in making decisions and research with AI.
It has been wonted to predict ICU transfers, improve clinical workflows, and even pinpoint a patient’s risk of hospital-acquired infections.
2. Banking and Finance
One of the early adopters of Artificial Intelligence in the Banking and Finance Industry.
From Chatbots offered by banks, for instance, SIA by depository financial institution of India, to intelligent robot-traders by Aidya and Nomura Securities for autonomous, high-frequency trading, the uses are innumerable.
Features like AI bots, digital payment advisers, and biometric fraud detection mechanisms cause a higher quality of services to a wider customer base.
The adoption of AI in banking is constant to rework companies within the industry, provide greater levels of useful and more personalized experiences to their customers, reduce risks as well as increase opportunities involving financial engines of our modern economy.
3. Education
When it involves the education sector, AI has brought key changes in revolutionizing the standard methods of teaching. Digital technologies are often effectively incorporated for grading assignments moreover on providing smart content through online study materials, e-conferencing, etc. Further, AI is additionally being proficiently utilized by admission portals like Leverage Edu to assist students to find best-fit courses and universities as per their preferences and career goals. There are innumerable other applications of computing in education like online courses and learning platforms and digital applications, intelligent AI tutors, online career counselling, and virtual facilitators, amongst others.
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