Ways In Which Artificial Intelligence Will Empower Business
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In 2021, innovation is progressing at the speed of light. Deep learning and machine learning breakthroughs have allowed computers to process and interpret data in ways we could never have imagined.
Most people today still correlate artificial intelligence (AI) with science fiction, but as AI advances and becomes much more prevalent in our everyday lives, this perception is fading. AI is now a well-known term for entrepreneurs and even for normal people.
AI technology has been acknowledged as a modern phenomenon in mainstream culture. To be more specific, the modern scientific field of AI was established in 1956, but substantial progress was seen towards creating an AI system by making it a technical reality that took decades.
In every region, AI plays a significant role. The automation of cognitive and physical functions is included in artificial intelligence. It helps people run errands faster and more efficiently, as well as make better decisions. It enables decision-making automation without the use of human intervention. AI can help to increase automation, resulting in less focused human work and more routine tasks.
As idealists try to understand how artificial intelligence is going to change our planet, they frequently speak of driving cars or robots walking among us. But it has been essential for small and large firms that artificial intelligence is doing much more important work in the business world. Such functions are not quite as exotic or thrilling as you can see in a film, but they are revolutionary. And they are completely changing how a business functions.
Examples include weather forecasts, email spam filtering, Google search predictions, and voice recognition apps such as Apple's Siri. Machine-learning algorithms allow these technologies to react and respond in real-time, which is what they have in common.
AI in Various Sectors
When we talk about start-ups, the country has been innovating various unique solutions with AI in various fields like educational, health, financial, sales, and many more. Customized AI software facilitates reasonable, long-term decisions leading to the growth of businesses and assists them in adopting a rapidly evolving market dynamics. Thus, in this article, we will look at the different industries where AI has been used, as well as a framework of cognitive skills that has been developed for coming years to meet a variety of business goals.
Let us look at few case studies which prove how Artificial Intelligence will Empower various Businesses in India:
Government Portal: On July 26, 2014, India's Prime Minister Narendra Modi unveiled the MyGov website, which is a game-changing initiative. It is a one-of-a-kind key institutional project that involves the public. MyGov uses an AI-enabled Chatbot to ensure easier communication during COVID-19 pandemic.
Farming: An AI-based decision support platform combined with weather sensing technology has been established as part of a pilot project in three districts — Bhopal, Rajkot, and Nanded — to provide farm-level weather warnings about weather forecasts and soil moisture information that helps farmers make the decisions concerning water and crop management.
To accurately forecast and advise local farmers about when seeds should be planted, ICRISAT created an AI-power sowing app that uses local crop yield and rainfall data. This has resulted in a 10-30% rise in farmers' yields. AI-based systems can support collaborations with rural financial institutions aim of providing farmers with access to capital.
Natural Calamities: An AI-based flood prediction model which was introduced in Bihar is now being extended to cover entire country, ensuring that about 200 million people across 2,50,000 square kilometres get 48-hour flood alerts and warnings beforehand. These messages are available in nine languages and are tailored to individual places and villages using infographics and maps to ensure that everybody receives them.
Education: As per the new school curriculum, the Central Secondary Education Board (CBSE) has incorporated AI as a new subject to ensure that students get fundamental information and skills of computer science, mechanical learning, and artificial intelligence. This year's "Responsible AI for Youth" programme has been started by the Ministry of Electronics and Information Technology (MeitY), in April. It was followed by a basic course in AI which was completed by over 11,000 government school students.
Medical: The Tamil Nadu e-Governance Agency (TNeGA) has created an AI-based mobile app that will enable many people to be screened for cataracts. This aims to eliminate preventive blindness in the state by resolving the resource limitation in cataract detection.
Manufacturing: Researchers at IIT Kharagpur have developed a low-cost Industry 4.0 approach for real-time metrological analysis based on AI. This manifests itself in a method that can be used to examine each job in a batch in real-time and at a low cost. The AI-enabled programme can also improve the image quality recorded by the low-cost camera to the same level as a high-quality camera output and process the image in real time. It also automates the approval or rejection of manufacturing jobs and provides the results in real time to managers.
Railways: To ensure that meals are served in hygienic conditions, the Indian Railways collaborated with Delhi-based start-up WOBOT to create an AI-powered system. Elevated High-definition CCTV cameras have been mounted to track food preparation in real time to ensure that chefs follow hygienic guidelines in the kitchens. The AI system aids in the detection of rodent activity and hygiene issues. It is set up to ensure that high hygiene requirements are met.
Banking: One of the primary beneficiaries of AI-based frameworks is the banking industry. The EVA (Electronic Virtual Assistant) launched by HDFC is a common example. EVA has handled over 3 million customer inquiries since its inception. It facilitates in detecting credit card frauds, delivering customer service, and analyzing potential industry patterns thanks to its ground-breaking AI technology.
Entertainment: In the entertainment industry, artificial intelligence (AI) has become a major player. Netflix, for example, has already developed recommender programs that evaluate your viewing history and make recommendations based on your preferences.
Through computer-generated characters, 3D modeling, and the ability to analyze movie-goer profiles, comments, and likes to create a targeted marketing campaign for their film, AI has revolutionized the entertainment industry as well.
In the not-too-distant future, AI is a necessary component of nearly every industry. It is a valuable tool for any industry that polishes insights and streamlines the processes when used correctly. How so ever effective AI is, it does not appear overnight. Enterprises must have the right information, strategy, technologies, expertise, and use cases to make it a game-changer and create value. They must also, concentrate on actual business goals to solve problems. It is time that businesses explored the numerous benefits AI automation can bring about and start adopting them at the earliest.