Artificial Intelligence Permeation and Applications

Published: 2021-09-02 21:20:14
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Category: Modern Technology

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AI works its wonders in a vast number of fields. This technological advancement has created opportunity in all spheres of life. It is still in its development phase and has yet to overcome ethical, legal, emotional, economic and social challenges. The developer’s tools and technologies help to exploit the full potential of AI. It comprises of machine learning algorithms. The kind of AI we see on television like Westworld, Ex Machina etc. are way off. How it is transforming and revolutionizing day to day things is widely talked about.

AI will solve all problems that can be encountered on earth.
It will become our best friends, advisors and caretakers.
– Facebook’s Deep text invades your privacy by going through your posts, private messages, photos and videos to understand why you are posting and accordingly deliver you the necessary advertisement. For eg: If you are talking about pizza you may have the advertisement if a pizza popping up. Essay due? We'll write it for you! Any subject Min. 3-hour delivery Pay if satisfied
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– Vi a personal trainer knows how to deliver the necessary encouragement to maximize your running performance by integrating with Google health kit, the weather and your location.
-Wordsmith can glance into your MS Excel or Google Sheets using their free API and can write detailed analysis on the numbers in seconds.
-Andrew, a meeting scheduling assistant helps schedule meetings and reminds you to check important emails.
Predicting the future based on high-level data analysis-Ray Kurzweil has made 127 predictions out of 147 correct about mechanical development. Predicting whether someone will remain single or get separated. For predicting future we will need to have absolute knowledge of the universe, we would need to know what is going inside the brain of the other person as not taking one consideration could land into a wrong prediction.
Virtual reality, enlarge reality, blended reality will come into play. We would be governed by technology.
Unparalleled human-machine combination: We would be assisted by robots.
We would be able to achieve our wildest fantasies in virtual reality possible transferring our minds to clouds and living there. One could possibly live there for years, maybe without any restrictions of time.
Boring professions would be taken by robots.
Humans will have to create new professions.
The social structure of the society will change drastically in the way that everyone will be concerned more about themselves rather than the needs of the other. Maybe people forget the need to serve others.
It will become a daily interaction tool and will help double growth rates and productivity.
AI system will be able to learn on its own using past experience.

AI applications
1) Artificial Intelligence in Marketing:
Technology has created opportunity for marketing for a very large market of people. It has changed how people relate to information, technology, brands, and services. Advertisement most sought goal which is relevance at a larger scale is achieved because of artificial intelligence. The strategies have made popularity of brands easier and have provided solution to customer’s problems on the marketing platforms. It works on collecting data, applying logic to it in terms of patterns, profiles, search cycles and behaviors and taking the necessary actions in terms of advertisement and marketing. On the basis of this it decides which mechanism to use to attract a loyal customer. It strengthens bonds between entrepreneurs, business people and consumers. This is a very accurate and calculative approach. It also increases the targeted flow to the website.
I) Return on investment will improve: Payment process are quicker because of high-level image recognition. Better decision making algorithms are provided on the basis of collected data which is based on patterns, profiles, search cycles and behaviors leading to better database and design. Security problems in online transactions are solved.
II) Predicting the sales: The digital marketing trends are implemented when AI predicts the future trends of the market. The fluctuating market can cause change the way the business works.
III)Effortless Search Sessions: The uses current sessions work well but can be quite perplexing. With AI working on digital marketing search engine and session get more efficient because they track user’s patterns, profiles, search cycles and behaviors which help in predicting future behavior and decision which could lead to finding accurate and better keyword. It could guide us to the usage of semantic keywords.
IV) Delivering to the right target audience gets easy: A brands importance is increased when you deliver it to the right people. AI-based digital marketing helps you achieve just that.It helps you get the best target audience for the brand by finding people on the basis of interests, demography and other aspects.
V) Improvement in advertising: AI-based marketing create advertisement according to the audience’s choice and interest.AI designed for email marketing includes optimail, phrasee and persado. Platforms like insightPool and conversocial give deep insight and work with influences for social media marketing.AI-based predictive analysis is a type of data minding which analyses historical patterns and predict future patterns based on statistical models. Supply Chain Optimization by walmart, forecasting price trends by hopper and staff retention predictive analysis by IBM.
2) Artificial Intelligence in Finance:
Finance is a part that governs everyone lives .The future of money just got more exciting because of artificial intelligence .The prospects for smarter trading, reduced risks , less damage , personalized experiences are heightened. – E-commerce has gained its popularity in various amounts of field. With this online fraud increases drastically. In order to combat this AI has made a breakthrough in the finance department.
-Banking chat bots like Plum and Cleo helps in making a customer secure by addressing any queries they have. They help in tracking a consumer’s income, expenses and withdrawal.
-Algorithmic reading helps in investment funds and stock purchases by collecting and measuring data and figuring out patterns which are then analyzed to form live trades which are then used to calculate profit and loss
-Mastercard has launched its own tool called ‘Decision Intelligence’ which keeps tracks of a customer’s spending usage which helps decrease fraud.
AI helps the finance sector in the following ways:
I) Fraud Detection And Management: AI helps in tracking customer’s spending usage which helps decrease fraud by figuring any odd behavior that may have taken place such as using a card in one part of the country and within a few hours using it in some other part or withdrawing an unusual amount of money. Also it learns from it experience and makes even more wise decisions
II) Assessment of risks: In any business a person always wants to know what are the risks that are going to be involved. AI helps in gaining experience from past data. Since it is data driven and data dependent it helps in understanding the loan repayment habits of a customer, the number of loans taken at what point in time, number of cards etc. which can be used to find a reasonable interest rate for a large number of people.
III)Financial Advisory Services : AI based robots work for single down payments at a time when people look forward to reduced commission on investments. Bionic advisory combine both human and AI calculations to provide efficient options as opposed to what they individually provide. It also helps in assisting in financial decision-making .
IV) Trading and investments depend on how much insight one has into the future.AI figure out past patterns and on the basis of that it predicts the future patterns. It can also cater to individual need by knowing each person’s wants and on the basis of that AI assists in making decisions on when to buy, keep and sell stock. One can also receive alerts on when the market is expected to fall and on the basis of that make a decision whether to stay in a market or not.
V) Managing Finance: AI based wallet has developed on PFM (personal financial management).Wallet helps one make smart decisions while spending money by giving you data on your spending graph.

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