Did you know that by 2030, artificial intelligence will have a staggering $15.7 trillion economic impact on the world? AI has improved the economy, but it has also made life easier for everyone. You may learn more about how artificial intelligence is influencing many aspects of our lives in this essay on the advantages it brings to humanity.
Increased Automation
Artificial Intelligence can be used to automate anything ranging from tasks that involve extreme labor to the process of recruitment. That’s right!
There are a number of AI-based applications that can be used to automate the recruitment process. Such tools help to free the employees from tedious manual tasks and allow them to focus on complex tasks like strategizing and decision making. An example of this is the conversational AI recruiter MYA. This application focuses on automating tedious parts of the recruitment process such as scheduling screening and sourcing.
Mya is trained by using advanced Machine Learning algorithms and it also uses Natural Language Processing (NLP) to pick up on details that come up in a conversation. Mya is also responsible for creating candidate profiles, perform analytics and finally shortlists applicants.
Increased Productivity
Artificial Intelligence has become a necessity in the business world. It is being used to manage highly computational tasks that require maximum effort and time.
Did you know that 64% of businesses depend on AI-based applications for their increased productivity and growth?
An example of such an application is the Legal Robot. I call it the Harvey Spectre of the virtual world. This bot uses Machine Learning techniques like Deep Learning and Natural Language Processing to understand and analyze legal documents, find and fix costly legal errors, collaborate with experienced legal professionals, clarify legal terms by implementing an AI-based scoring system and so on. It also allows you to compare your contract with those in the same industry to ensure yours is standard.
Smart Decision Making
One of the most important goals of Artificial Intelligence is to help in making smarter business decisions. Salesforce Einstein which is a comprehensive AI for CRM (Customer Relationship Management), has managed to do that quite effectively.
As Albert Einstein quoted:
“The definition of genius is taking the complex and making it simple.”
Salesforce Einstein is removing the complexity of Artificial Intelligence and enabling organizations to deliver smarter, and more personalized customer experiences. Driven by advanced Machine Learning, Deep Learning, Natural Language Processing, and predictive modeling, Einstein is implemented in large scale businesses for discovering useful insights, forecasting market behavior and making better decisions.
Solve Complex Problems
Throughout the years, AI has progressed from simple Machine Learning algorithms to advanced machine learning concepts such as Deep Learning. This growth in AI has helped companies solve complex issues such as fraud detection, medical diagnosis, weather forecasting and so on.
Consider the use case of how PayPal uses Artificial Intelligence for fraud detection. Thanks to deep learning, PayPal is now able to identify possible fraudulent activities very precisely. PayPal processed over $235 billion in payments from four billion transactions by its more than 170 million customers.
Machine learning and deep learning algorithms mine data from the customer’s purchasing history in addition to reviewing patterns of likely fraud stored in its databases and can tell whether a particular transaction is fraudulent or not.
Strengthens Economy
Regardless of whether AI is considered a threat to the world, it is estimated to contribute over $15 trillion to the world economy by the year 2030.
According to a recent report by PwC, the progressive advances in AI will increase the global GDP by up to 14% between now and 2030, the equivalent of an additional $15.7 trillion contribution to the world’s economy. It is also said that the most significant economic gains from AI will be in China and North America. These two countries will account for almost 70% of the global economic impact. The same report also reveals that the greatest impact of Artificial Intelligence will be in the field of healthcare and robotics.
The report also states that approximately $6.6 trillion of the expected GDP growth will come from productivity gains, especially in the coming years. Major contributors to this growth include the automation of routine tasks and the development of intelligent bots and tools that can perform all human-level tasks.
Presently, most of the tech giants are already in the process of using AI as a solution to laborious tasks. However, companies that are slow to adopt these AI-based solutions will find themselves at a serious competitive disadvantage.
Managing Repetitive Tasks
Performing repetitive tasks can become very monotonous and time-consuming. Using AI for tiresome and routine tasks can help us focus on the most important tasks in our to-do list. An example of such an AI is the Virtual Financial assistant used by the Bank of America, called Erica. Erica implements AI and ML techniques to cater to the bank’s customer service requirements. It does this by creating credit report updates, facilitating bill payments and helping customers with simple transactions. Erica’s capabilities have recently been expanded to help clients make smarter financial decisions, by providing them with personalized insights. As of 2019, Erica has surpassed 6 million users and has serviced over 35 million customer service requests.
Personalization
Research from McKinsey found that brands that excel at personalization deliver five to eight times the marketing ROI and boost their sales by more than 10% over companies that don’t personalize. Personalization can be an overwhelming and time-consuming task, but it can be simplified through artificial intelligence. In fact, it’s never been easier to target customers with the right product.
An example of this is the UK based fashion company ‘Thread’ that uses AI to provide personalized clothing recommendations for each customer.
Most customers would love a personal stylist, especially one that comes at no charge. But staffing enough stylists for 650,000 customers would be expensive. Instead, UK-based fashion company Thread uses AI to provide personalized clothing recommendations for each of its customer. Customers take style quizzes to provide data about their personal style.
Each week, customers receive personalized recommendations that they can vote up or down. Thread’s uses a Machine Learning algorithm called Thimble that uses customer data to find patterns and understand the likes of the buyer. It then suggests clothes based on the customer’s taste.
Global Defense
The most advanced robots in the world are being built with global defense applications in mind. This is no surprise since any cutting-edge technology first gets implemented in military applications. Though most of these applications don’t see the light of day, one example that we know of is the AnBot.
The AI-based robot developed by the Chinese is an armed police robot designed by the country’s National Defense University. Capable of reaching max speeds of 11 mph, the machine is intended to patrol areas and, in the case of danger, can deploy an “electrically charged riot control tool.”
The intelligent machine stands at a height of 1.6m and can spot individuals with criminal records. The AnBot has contributed to enhancing security by keeping a track of any suspicious activity happening around its vicinity.
Disaster Management
For most of us, precise weather forecasting makes vacation planning easier, but even the smallest advancement in predicting the weather majorly impacts the market.
Accurate weather forecasting allows farmers to make critical decisions about planting and harvesting. It makes shipping easier and safer. And most importantly it can be used to predict natural disasters that impact the lives of millions.
After years of research, IBM partnered with the Weather Company and acquired tons and tons of data. This partnership gave IBM access to the Weather Company’s predictive models, which provided tons of weather data that it could feed into IBM’s AI platform Watson to attempt to improve predictions. In 2016 the Weather Company claimed their models used more than 100 terabytes of third-party data daily.
The product of this merger is the AI based IBM Deep Thunder. The system provides highly customized information for business clients by using hyper-local forecasts – at a 0.2 to 1.2-mile resolution. This information is useful for transportation companies, utility companies, and even retailers.
Enhances Lifestyle
In the recent past, Artificial Intelligence has evolved from a science-fiction movie plot to an essential part of our everyday lives. Since the emergence of AI in the 1950s, we have seen exponential growth in its potential. We use AI based virtual assistants such as Siri, Cortana, and Alexa to interact with our phones and other devices; It is used to predict deadly diseases such as ALS and leukemia.
Amazon monitors our browsing habits and then serves up products it thinks we’d like to buy, and even Google decides what results to give us based on our search activity. Despite being considered a threat AI still continues to help us in many ways. Just like how Eliezer Yudkowsky, co-founder and research fellow at the Machine Intelligence Research Institute quoted:
“By far, the greatest danger of Artificial Intelligence is that people conclude too early that they understand it.”
How do you think Artificial Intelligence will help us create a better world?
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