AI is no longer a far-fetched concept from science fiction novels – it’s become an integral part of everyday life. From autonomous vehicles to virtual assistants, the applications of AI are quickly expanding across multiple industries and sectors. So what exactly does Artificial Intelligence (AI) stand for? Let us delve into its depths and uncover the mysteries behind this fascinating technology!
Seeking Alpha gives a very apt description of the same in their article-
“At a basic level, artificial intelligence is the concept of machines accomplishing tasks which have historically required human intelligence. AI can be broken down into two distinct fields:
Applied AI: Machines designed to complete very specifics tasks like navigating a vehicle, trading stocks, or playing chess – as IBM’s Deep Blue demonstrated in 1996 when it defeated chess grand master Gary Kasparov.
General AI: Machines designed to complete any task which would normally require human intervention. The broad nature of General AI requires machines to “learn” as they encounter new tasks or situations. This need for a learned approach is what gave rise to modern Machine Learning”.
AI is about to cause a revolution in the e-commerce sector! The advanced search technologies and image recognition features incorporated as part of machine learning will guarantee enhanced accuracy, along with intuitive experiences. Additionally, this could be just the start of AI transforming different industry verticals – watch out for what else it has in store over 2024!
AI in India
India leads the pack when it comes to AI adoption, surpassing other countries surveyed in Capgemini research. Telecom and retail companies are reported as having the highest rates of artificial intelligence use while banking and finance industries aren’t far behind – State Bank of India’s chatbot ‘SIA’ being one shining example.
A survey by Forrester revealed – “89% found chatbots to be useful or very useful for personalizing customer interactions”
Indian businesses have realized how powerful leveraging technology can be for them – particularly utilizing natural language processing capabilities that understand non-English dialects spoken by customers across different regions. It’s clear that with increasing technological advancement coupled with its diverse culture, India is well on track to bridging digital divide gaps; so much so that experts dub this trend ‘The Age Of Intelligent Machines’.
According to Semrush, the forecasted annual growth rate of AI between 2020 and 2027 is 33.2%.
AI in Healthcare
Healthcare is set to become more accessible in 2024 thanks to the transformative power of AI. In India, which currently ranks 145th on healthcare access index, cognitive computing could mean big changes – be it accurately predicting disease prevalence or providing cost-effective diagnosis solutions.
It’s no surprise that several tech startups are already capitalizing on this opportunity: Niramai utilizing AI for breast cancer detection and Ten3T offering remote health monitoring services by detecting irregularities before doctors do!
Google has made the bold move of dabbling in Artificial Intelligence by acquiring Bengaluru-based AI startup, Halli Labs. Setting a trend for future tech investments and innovation, Google signed off on this venture just months after its founding! Additionally they’ve paired with Aravind Eye Hospitals to use cutting edge image recognition algorithms as a method of diagnosing diabetic retinopathy at an early stage – revolutionising eye health care across the globe!
Read more on AI in Healthcare
AI in Banking and Finance
Artificial Intelligence has had a major impact on the banking and finance industry, showing up in five key applications –
- Chatbots for customer service
- Anti-Money Laundering Pattern Detection
- Protecting identities from fraudsters
- Recommendation engines to suggest personalised services
- Algorithmic trading
which enables high speed transactions with precise analysis. Staying ahead of their competitors by implementing these AI tools is now essential for organizations working within this sector.
Sreerama KV Murthy, CEO of Quadratic Insights commented on the subject saying
“There is substantial attention being paid in bank boardrooms nowadays on deployment of AI and ML…… A few banks have already initiated the process of building centralized data lakes and institutionalizing advanced analytics capabilities, either internally or through captive vendors”.
India is blazing a trail in open banking, as its Unified Payment Interface (UPI) lets banks access comprehensive customer data to create smarter services and applications. This paves the way for Artificial Intelligence (AI), which gives financial institutions an edge when transforming their data into strategic advantages – leading more of them towards AI adaptation!
AI in Retail
AI in retail is becoming an increasingly useful tool for businesses, offering personalized and powerful solutions that improve customer experiences across the product and service cycle. AI technology is now being applied to multiple areas of the industry, such as Sales and CRM applications; manufacturing capabilities; customer recommendations and payments services; delivery, goods tracking and logistics processes; as well as post-sale customer service interactions.
AI’s ability to crunch through large amounts of data quickly helps retailers streamline operations and optimize workflows, making it an asset for many leading businesses.
AI in Logistics
The Indian logistics industry has seen a recent surge in the adoption of technology. AI such as robotics, IoT, and RFID are now being used to effectively manage warehouse operations, automated storage and retrieval systems, maximize storage space, and to keep tabs on shipments through real-time tracking.
AI is also making its way into the retail sector – AI can be used to predict customer demand to optimize inventory deployments and improve AI-driven pricing strategies that suitably utilize AI algorithms for predictive analysis of market forces. Companies like Amazon are taking futuristic approaches to push technological boundaries – their well-known ‘Amazon Prime Air’ program is determined to make delivery of small parcels via drone a reality.
AI in Manufacturing
The introduction of AI and Robotics into Indian manufacturing has presented numerous opportunities to optimize customer care and increase operational efficiency. AI usage can already be seen in the form of chatbots, predictive analysis, preventive maintenance and Internet of things (IIoT) – all of which have the potential to revolutionize process optimization.
Furthermore, 2024 promises to bring further advancements as cloud-based technologies are adopted more readily. There is no doubt that AI and robotics will continue to shape how we interact with products throughout 2024 – from shopping to manufacturing.
