When put into simple terms, artificial intelligence is the ability of computer programs or machines to learn and think themselves. AI is also a field of study revolving around making computers "smart" and more useful. Artificial intelligence can be used in a variety of industries and has been the reason many of those industries have improved.
Impact Of AI In Various Industries
We regularly hear about artificial intelligence, deep learning, Spark ml (machine learning) and the increasingly important impact of them. Many will argue that we are still not to the point we need to be in terms of AI predictions and accuracy. The good news is that the pace in which artificial intelligence is improving is getting faster and faster. As more and more data is collected during the use of AI in certain industries, the more accuracy and leverage we will have for its use.
While there are many industries being impacted by the growth of AI technology, some industries are seeing more dramatic changes from its implementation than others. Below are some of the top industries and how they are being transformed by the use of AI.
The healthcare industry is one of the most affected by artificial intelligence. A new and interesting trend some are seeing within the healthcare industry is the addition of digital technology companies such as Microsoft, Apple, Google and IBM. They are each bidding to transform the healthcare industry by mining medical records in order to offer better and quicker health services to patients.
For the time being, however, the focus of AI in the healthcare industry is placing more emphasis on empowering physicians as opposed to replacing them. The healthcare industry is expected to be the quickest growing industry for data generation because of the advancements of machine learning. AI has also proven to be extremely helpful with medical imaging, medication management, drug discovery and robotic surgery.
The automotive industry is also seeing significant changes due to artificial intelligence. In the 1970s, the quest for cars that can drive themselves began. However, it was simply a pipe dream until the development of cloud computing, high processing power capabilities, artificial intelligence and GPS were developed.
Even though fully autonomous cars are not available on the market, many big vehicle manufacturers are claiming their self-driving vehicles will be available in the coming years. For now, companies like Toyota have revealed a new device concept called an AI companion. It can act as a travel guide, co-pilot and even offer drivers back massages while they are driving.
Currently, the manufacturing industry has seen the biggest impact in artificial intelligence coupled with automation. AI has played a crucial role in the improvement of enterprise software. Some of the areas in which it has improved the industry include interpreting data flow across multiple departments, predictive maintenance, improving material management and much more.
Robotic technology already has a huge presence within manufacturing automation and this trend is increasing exponentially. Adding robots into the manufacturing process increases productivity by leaps and bounds. With the advancements in AI technology, many warehouses are beginning to replace many of their human workers with advanced robotics.
A rapid growth in algorithmic trading has proven how successful AI automation can be. Online trading accounts automated with driven technology makes up almost 75-percent of the financial market's volume at this time. It has a significant presence on the trading floor. Machine learning helps many major banks cut down on the time they spend performing mundane tasks such as interpreting agreements for commercial loans and mortgages. Previously, these tasks would take up thousands of hours each year.
With machine learning, the same tasks can be done within a matter of minutes. Machine learning and artificial intelligence have also greatly improved customer service in the finance industry and others. This has been accomplished through the use of chatbots, a reduction in claims processing times and predictive analysis about customer's spending habits.