AIe’s greatest benefit to many enterprises and companies today is processing large datasets and information. Further, there are already more extensive opportunities for forecasting, drawing up patterns, and suggesting ways to solve various problems. Many businesses need this capability. We can even say that all areas of activity can benefit from AI because any area faced with arrays of data must be processed, but human resources does not allow this processing to be done efficiently and are not always able to offer the best solutions. Therefore, to say that AI is a valuable technology is to say nothing.
All these algorithms and work methodologies imitate human intelligence and open up opportunities for many areas of activity that would be impossible without it. In this article, we’ll take a look at how different industries are using AI, take a look at some of the brightest examples of how AI is unlocking potential, and show you how AI is changing the world we live in.
Areas of use
What AI for banks does is a prime example of how it can be used in a huge number of processes that need to be optimized to not only take communication with customers to a new level but improve internal workflows.
Among all the opportunities that this technology provides, the following can be distinguished:
- Granting loans now takes no more than 10 minutes and does not require dozens of experts to announce their opinion, since AI bases its decision on numerical statistical methods.
- Communication with customers takes place with the help of chatbots that can operate around the clock. The company’s specialists need to solve only more complex issues.
- Fraud detection is performed by analyzing transactions and identifying strange activities.
- AI can account for the planning of ATM loading, which, in turn, eliminates the need to spend huge amounts of money on ATM cash collection.
- When registering new customers and opening bank accounts, the entire data entry process is now automatic, and AI can identify and verify the identity.
However, this is not the full potential. Soon, banks will use the capabilities of the neural network to determine not only what should be offered to each client among a huge number of products, but also evaluate their emotions and reactions to services and products to improve customer service. Moreover, banks will be able to determine the best locations for opening branches where they are needed most. This will be determined by examining the load on various branches, street traffic, and other data.
Chatbots are frequently employed in this industry, as they may minimize the load on personnel, reduce the number of necessary resources, and give a personalized approach for each client. Moreover, this technology analyzes all sales data from previous years. It analyzes all the data, finds problematic and positive areas, and provides ready-made solutions that will help stimulate sales. In addition to evaluating past performance, the prognosis can be made for the future, and companies can draw up detailed business plans that will not only help them find investments but also help them achieve their goals in a shorter period.
In this sector, AI creates a favorable environment for both teachers and students. Teachers have the opportunity to get rid of the huge amount of student work that needs to be checked, because AI does this automatically, and then provides ready-made results. In addition, the most effective training materials are compiled.
For students, the possibilities are even greater, because AI can identify areas of knowledge where there are gaps and provide relevant information. Furthermore, based on their preferences and professional goals, students can obtain the learning materials they require, as well as online courses and even recommended universities, more rapidly.
This technology has produced great progress in this sphere of action since there have been alterations in numerous areas. First, there have been changes in medical equipment, which can now operate independently of specialists and doctors. Moreover, computational abilities now help to make diagnostics faster and more accurate, as well as provide a treatment and action plan based on the individual characteristics and health indicators of each patient.
Special digital applications have begun to appear that allow each user to report their problems, and the system will offer options for where and whom to contact based on this data.
This area makes extensive use of predictive capability, which is very necessary for the field of stock trading. AI monitors the dynamics of market changes and, by analyzing all the data, can provide a prognosis based on which all people will be able to choose the right solution.
There are a huge number of risks that can cause significant harm. This area is constantly experiencing various crises related to weather conditions, the environment, technology, and much more.
Currently, AI is mostly utilized for safeguarding crops. Machines have been developed that can monitor crops and, in the case of certain risky conditions, such as the appearance of weeds, spray the crop with herbicide-resistant chemicals.
In this field, AI provides the potential for the creation of new virtual worlds and augmented reality worlds that can give all users a better experience.
Developers of even the simplest games can now improve the quality of graphics, give a more natural look to many parts of the game, animate characters, and much more. Moreover, thanks to AI, it is now possible to quickly and efficiently develop various variations of a plot so that the video game becomes a more exciting process for each player. If earlier the number of possibilities for the development of the plot was limited, now, thanks to algorithms, new answers will be formed depending on the actions of users.
We can say that AI is revolutionizing every field of activity, providing an unlimited number of possibilities. Moreover, the matter is not limited to these areas of application. The full potential of the features has not yet been unlocked and in the future, we will see new fresh features that will further improve various processes.