Benefits of Artificial Intelligence: How it Contributes to Our Society and Economy
September 29, 2022
Artificial Intelligence has been around for a great deal of time now. The benefits of AI gradually improving our everyday life. The technology is being used for robots that greet at shopping centers or online search engines for offering suggestions.
AI simulates human reasoning in artificial intelligence systems. It is the ability of the computer program to think and learn. Everything can be taken to be AI if it involves a program that does something that we usually think depends on human intelligence.
Innovations in the Artificial Intelligence space have led to several benefits across multiple industries. Processes are effective and efficient, convenient technologies are extensively available, and forecasts are more accurate.
In this guide, we are going to walk you through the benefits of AI.
What is Artificial Intelligence?
From autonomous cars to Cortana, AI has been progressing rapidly and it shows no signs of slowing down. AI encompasses almost everything.
AI or Artificial Intelligence is an interdisciplinary branch of computer science, which develops smart machines. Machines can perform complex tasks, even the ones that depend on human intelligence. AI has many approaches, such as machine learning and deep learning for making the job easier to complete. The large improvement of the two capabilities has led to a paradigm shift in almost every sector.
Benefits of AI for Businesses
There are numerous benefits of using AI in a business. Let’s discuss them in detail.
Datasets are important for AI to improve society because they provide a way to break down the complexities and subtleties involved in recognizing reality.
Automation is one of the most common benefits of AI. Technology has made a great impact on transportation, communications, service industries, and consumer products.
With automation, businesses can enjoy increased productivity and higher production rates in the sectors mentioned before. However, it also ensures more efficient use of raw materials, reduced lead times, improved product quality, and better safety. Automation helps in freeing resources, which can be used for more crucial things.
Improved Customer Experience
AI-powered solutions help businesses to respond to grievances and queries of customers quickly and address them more efficiently. Chatbots combined with conversational AI with Natural Language Processing generates personalized messages for the customers that helps in finding the ideal solution for their requirement. AI tools help in reducing the strain on the staff of customer service. Ultimately, it helps in improving productivity.
Smarter Decision Making
The technology helps with smarter decision-making. AI coordinates data delivery, creates data consistency, analyzes trends, quantifies uncertainties, and provides forecasts to make the best decision for your company. As long as AI is unable to imitate human emotions, it is going to stay unbiased and can help make the right decision for supporting business efficiency.
Research and Data Analysis
AI coupled with ML is used for analyzing data more efficiently. It helps in creating predicting algorithms and models to process data and gauge the prospective outcomes of different scenarios and trends. Further, AI’s advanced computing capabilities speed up the analysis and processing of data for research and development, which could otherwise have taken a lot longer. This is one of the biggest benefits of AI in R&D activities performed by specialists.
Solves Complex Problems
The progress of AI technologies from basic ML to advanced DL models has made it easier to solve complex problems. From personalized customer interaction and fraud detection to medical diagnoses, AI is helping businesses across industries to find the right solutions to address the problems, adequately. Better efficiency in solving issues means reduced expenses and improved productivity.
Manages Repetitive Tasks
It can take a lot of time to perform recurring tasks. Moreover, when performed by humans, it can be monotonous and reduce their productivity with time. Robotic Process Automation powered by AI can automate interactions across various businesses. It helps in intimating human actions within the digital systems in the HR, marketing, IY, or sales departments for executing any business process without requiring manual effort.
Another great advantage of artificial intelligence is that it can help in reducing the chance of manual errors. Robotic Process Automation tools can take advantage of the data processing and entry jobs as it makes the systems more efficient and less likely to create any issues because of the data processing mistakes. It is good for businesses that can’t afford to make even the smallest errors.
Improved Business Efficiency
AI helps ensure 24-hour service availability and delivers the same consistency and performance throughout the day. The benefit of artificial intelligence is that it takes care of all repetitive tasks. So, you can improve your business’s efficiency and reduce stress on your employees. Your employees will be able to perform complex business tasks requiring manual intervention.
Strengthens the Economy
Irrespective of whether artificial intelligence is taken to be a threat to the world, it might contribute more than $15 trillion to the world economy by 2030. As per PwC’s report, the progressive advances in AI are going to increase the global GDP by up to 14% between now and 2030.
The most considerable economic growth from AI will be in North America and China. The two countries are going to account for about 70% of the global economic impact. Most technology giants are already in the process of using AI as a solution to laborious tasks. Nevertheless, the companies that are slow to adopt AI-based solutions are going to find themselves at a competitive advantage.
Recently, Artificial Intelligence has evolved from a plot in a science-fiction movie to an important part of our daily lives. With the emergence of AI in the 1950s, we have experienced incredible growth in its potential. Today, we are using AI-based assistants, such as Cortana, Siri, and Alexa for interacting with your smartphones or other devices. It is also being used to predict deadly diseases, such as Leukemia and ALS.
Some platforms monitor your browsing habits to suggest the products that they think you are going to like. Even though AI keeps being a constant threat, it keeps helping us in any way.
Usually, precise weather forecasting can make things like vacation planning a lot easier. Even the smallest improvement in predicting the weather can significantly impact our daily lives. In fact, it can also help with disaster management.
With accurate weather forecasts, farmers can make crucial decisions about harvesting and planting. It also makes shipping safer and easier. What’s more important is it can be used to predict natural disasters that can impact the lives of many.
After researching for several years, IBM joined hands with the Weather Company and secured tons and tons of data. The partnership helped IBM access predictive models of Weather Company that provided loads of weather data, which can feed into the AI platform of IBM to improve predictions.
How does Artificial Intelligence Contribute to Different Industries?
Artificial intelligence is a progressive technology and there are numerous benefits of AI in various industries. All industries are getting the impetus about how advantageous using the technology can be. Apps based on AI technology are already trending in different fields. Technology is bringing a digital transformation to the world.
By using AI, different industries and sectors will streamline operations and make them efficient. By introducing the technology to your business, you will enable you to reap the benefits of AI. Many businesses and companies are already leveraging it.
Let’s find out how AI can revolutionize the following sectors and industries.
Artificial Intelligence can be extremely beneficial in the education sector. The technology helps with the development and setup of many learning programs. It can also be used to develop games and software programs. With Artificial Intelligence, it is possible to redesign and reform the whole education system and techniques of teaching. It begins by issuing certificates and degrees in schools and colleges.
Not only institutions but also students can benefit from AI-based applications. By using them in the education field, you have the potential to change the teaching and learning process. This helps in improving the whole process. it improvises and changes learning activities for making all students better learners.
Artificial Intelligence caters to the requirements of students having special needs.
You might have already heard about self-driving cars. It shows how what we could only imagine has become a reality. Nothing is just science fiction anymore. A recent report suggests that about 33 million cars with self-driving capabilities are going to be on the roads by 2040. We have to thank artificial intelligence for this development.
Many organizations in the world provide cutting-edge autonomous vehicles. These self-driving cars use data science techniques and AI to lead the way. The vehicles offered by these companies collect over petabytes worth of data every day to consistently ascertain the best driving techniques, efficient routes, and safety measures.
Artificial Intelligence also plays a significant role in the field of business intelligence. It is the technology that introduced the concept of prediction in this industry. With AI-powered tools and apps, business intelligence is making smarter decisions. Moreover, artificial intelligence uses its data efficiently and effectively to get improved results.
Using AI, it is possible to fill up the technical gaps for users who are not that tech-savvy.
Travel and Transportation
AI has become a mega-trend in the travel and transportation industry. Not only does it suggest the company with the shortest route for the drivers but also helps in making travel arrangements remotely. Companies are using AI to get around. Furthermore, many travel companies implemented AI into their system to capitalize on their smartphone usage. This is because research has shown that 82% of people use their smartphones for researching local landmarks and restaurants.
Surely, you must have heard about Google Maps but you might not have heard of AI in many areas. It can scan roads by using an advanced algorithm to look for more efficient routes and tell you about upcoming traffic conditions in real time regardless of whether you are on a bus, train, or foot.
Artificial Intelligence helps in overcoming internal challenges for improving the manufacturing industry. By using AI, manufacturing plants enjoy complete automation, decision-making, integration, and channelizing effectively and effortlessly. Technology can have a great impact on manufacturing operations and help them progress better.
An estimate by experts shows that AI can help in increasing production by 40% by the end of 2035. Benefits of AI are data-determined decisions, making the process effective, enhancing production, and reducing operational costs. Also, it can help with better scalability and improved product development.
Often, we take things for granted. Have you ever thought about how a bag full of flour makes it to the grocery store? There are a lot of steps behind it.
Agriculture is one of the most complicated industries for getting things right. Artificial Intelligence helps in predicting customer demand and supply chain behavior on a regional level while deciding on the raw products needed for a certain yield.
With this technology, it is possible to identify the macro weather patterns that can have an impact on the harvest. For example, too much rain or heat can destroy crops.
A predictive estimate from CBInsights shows that 86% of health organizations are going to use artificial intelligence technology in the near future. Implementing technology in the healthcare industry will surely prove to be useful in various ways. For instance, it can be used for managing medical records, analyzing tests, X-Rays, virtual nurses, data entry, and many more.
Artificial Intelligence is a gifted technology when used in healthcare facilities. Experts believe that a lot can be expected from the blend of artificial intelligence and the Internet of Medical Things. The technology is going to do wonders in terms of diagnosis as it detects disease early and also helps with research. Apps powered by AO are helping people to ascertain that people live healthier lives.
Customer Service and Call Centers
One of the top benefits of AI is realized in the customer service sector. There has been significant use of AI in various industries, including retail, banking, and the insurance industry. The AI-powered technology solution will help organizations deliver real-time and personalized customer service. The technology can also make the employee experience more efficient and enjoyable.
Call centers and customer service teams can benefit from AI. We are already searching for ways to get in touch with the support team and solve customer problems faster. Helping customers find information easily and helping them solve a problem will result in a smoother experience and ensure higher customer satisfaction.
Cybersecurity is a rising concern across the world. With everything being digitized, organizations are finding it challenging to deal with the current issues of cybersecurity. The implementation of artificial intelligence in the cybersecurity sphere can induce a massive change. With this, it will become possible to find hackers even before they launch an attack. AI can adapt and learn the threats in the present business environment. So, implementing AI technology can only be ensured with advanced security. Therefore, experts are leveraging the advantages of Artificial Intelligence in cybersecurity to reduce the number of frauds and hacks to a certain extent.
In the construction industry, AI can open many new avenues. AI’s advanced forms are making related operations a lot simpler. With this, it is possible to reduce human effort. Moreover, artificial intelligence is efficient in collecting and processing data and predicting outcomes. AI technology can be beneficial in different stages of the planning process, construction underway, and post-completion of the project.
The software development world is surely going to see a significant disruption from AI with new tools and libraries, which will enable the generation of code that uses natural language. Moreover, technology makes sure that you can automate anything you want. Using insights from AI-based tools can open up new arenas of innovation in how the software is being built and how it can support a growing business.
Financial institutions are taking advantage of Artificial Intelligence to provide improved recommendations to customers and make more thoughtful decisions. Experts believe that AI and the finance industry are a great match. The most crucial factors driving the financial sectors are accuracy, real-time data reporting, and processing data in large volumes. The technology is ideal for these tasks and this is the reason the financial industry is acknowledging its efficiency and accuracy and implementing machine learning, adaptive intelligence, algorithm trading, automation, and chatbots in their financial process.
Currently, there are Robo advisors, which many financial investing platforms provide. These advisors use the power of AI for building a unique and personalized profile for an investor based on their financial goals.
One of the biggest advantages of Artificial Intelligence is in the gaming industry for making quick enhancements. AI has changed the gaming world completely with responsive video games, learning from players in real time, and creating games in a short duration. Previously AI was a recreational hobby but it has now become an invaluable tool for many.
With AI, it is possible to create complex simulations easily. When it comes to video games, the technology will help developers create massive online worlds for gamers to explore. What’s more important is that developers can use the technology to simulate real-world policy questions and scientific experiments.
Have you ever come across an image of the same product on an e-commerce platform you are searching for on some other e-commerce site? In case your answer is yes, you have to thank AI for this.
Organizations implement machine learning algorithms to develop stronger customer relationships. The algorithms can help in customizing customers’ experiences but the technology can also help organizations to increase sales.
Amazon is one of the most powerful e-commerce platforms and is known to have implemented AI into each and every step of the customer’s life cycle. In fact, it has built the whole business depending on AI with many AI subprojects.
Final Thoughts: AI is Here to Stay for Long
When you look around, you will notice that our society is changing by utilizing the benefits of AI in day-to-day activities. As you visit a healthcare center, you will find an AI-powered machine checking your pulse or when you visit an online store, you will find a recommended list customized by an AI tool. These are only a few examples of the advantages of Artificial Intelligence in our daily activities. The future has a lot more to offer. And with time, more and more industries will embrace this technology to improve their working processes.
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