Data is the New Science. Big Data holds the answers.Pat Gelsinger
In today’s data-driven environment, the old-fashioned techniques of business operations are steadily being phased out one by one. People have discovered a novel and successful methods of running their businesses efficiently and profitably, resulting in significant profits. All of this is only possible because of a fantastic technological advancement called Artificial Intelligence. There are many Web Development Company US & India that helps businesses develop their AI and big data strategies! This only makes it easier for companies to dive into a new angle in their business.
Artificial Intelligence is one of the frequently utilized technologies growing in importance, with a growth rate of 42.8 percent per year projected by 2021 – an increase from 10.2 percent in 2018. Because of this tremendous expansion, it has risen to become one of the most crucial job producers of the twenty-first century.
What is Artificial Intelligence(AI)?
Artificial Intelligence empowers machines to possess characteristics and intellect as that of a human. It is almost like having a robot friend who does all your work without your interference! What is even better about AI-based machines is that they improvise by themselves on exposure to real-world data.
Types of Artificial Intelligence
Artificial Intelligence comprises two main elements:
- Machine Learning
- Deep Learning
Machine learning is the process of using techniques, methods, and algorithms to create machine learning models. These models are trained to work by themselves without any form of human interference or programming. The amount of data that is presented determines the learning curve. If you want the model to work amazingly well, feed it a lot of data!
Deep Learning is the next step in the growth of Machine Learning. A concept inspired by the human brain’s neural network, Deep Neural Networks are used in this system. It contributes to more accurate outcomes when compared to a Machine Learning algorithm.
Now that we have a little insight into what AI and Machine Learning mean, you will be amazed to know that AI is used amazingly well in real life. How? Let’s find out!
Applications of AI in Real Life
Maps and Navigation
If you are highly dependent on Google Maps or other navigation apps to sort your way through travel, you’d be delighted to know that these apps work with the help of AI. How else would a machine know which area has the most traffic and the speed at which the traffic is moving?
Also, how do these navigation apps suggest the best traffic-free route?
They take into consideration user-reported incidents of accidents, road constructions, and any other cause of delay.
If you do not like driving yourself to a place and choose to travel by cabs instead, how do these ridesharing applications decide your exact wait time and the price to the destination as well? Machine Learning is the answer! Usually, the wait time of a rider is determined based on data collected from a million trips, also studying typical patterns that occur each day!
Digital Smart Assistants like Siri, Alexa, and Google Assistant has indeed made our lives simpler by doing as we ask them to do. But ever wondered what technology they work on? Artificial Intelligence.
These AI-driven personal assistants can take your voice requests and transform them into actions such as adding things to your shopping list or dialing a friend. Smart assistants will continue to improve and become increasingly more competent to help us in our daily lives, all thanks to AI.
You would be pretty shocked to learn that something as simple and uncomplicated like your mailbox employs AI too! Ever wondered how certain weird, irrelevant, and dangerous-looking emails are straight shown the way into the spam folder? Of course, artificial intelligence is the reason. Spam filters learn from various signals over time, from metadata of an email to specific words or sentences in an email. By using its machine learning algorithms, Gmail itself can successfully filter out 99.9 percent of spam.
Mobile check deposit services for customers are becoming increasingly popular, and many banks are utilizing machine learning to make these services available. Banking apps can now recognize and read your handwriting, allowing you to create a digital check from it. Additionally, artificial intelligence is utilized to identify which transactions are fake. Each new customer is assessed for risk using machine learning by FICO, the credit scoring service, which develops your FICO credit score and determines your risk level. This information is sent on to financial institutions so that they can assess whether applicants are risk-free borrowers.
What criteria does a financial institution use to determine whether or not a transaction is fraudulent? It is nearly impossible for humans to manually review every transaction due to the sheer volume of daily transactions. Instead, artificial intelligence is being utilized to develop systems that can learn which types of transactions are fraudulent. Artificial neural networks are being used to predict fraudulent transactions by FICO, the business that generates the well-known credit ratings used to establish creditworthiness. Factors that may impact the final output of the neural network include the frequency with which transactions have occurred recently, the magnitude of transactions, and the type of merchant involved.
Commercial Airline Flights
Did you really think that the pilots in the cockpit did all the flying by themselves? Pilots of airline Boeing 777 planes indicated in a 2015 poll that they spent only 7 minutes physically piloting the jet on a typical flight, with artificial intelligence (AI) equipment taking care of the rest. A report from Wired Magazine claims that Boeing is working on developing jetliners that are totally guided by artificial intelligence, with no human pilots at the controls.
Big Data is the new oil that will fuel your business like no other. It all depends on how well you use it. As an individual business owner, you may be unaware of how big data works and can study all your business data and suggest further strategies. When such a situation arises, it is best to hire Custom Software Company India & US. When you collaborate with companies who excel at their job, you can excel at what you do the best too!