Published on September 19th, 2019 | by Emergent Enterprise0
Top 10 Real-World Artificial Intelligence Applications
The relationship between AI and business is going to be a quickly changing one as different industries determine the best ways to use it. Zulaikha Geer shares an overview at dzone.com of how a variety of businesses are implementing artificial intelligence. The truth is, AI is taking on many tasks that humans can’t do like monitor and evaluate large volumes of data or don’t want to do such as call center duties. No need to fear it as long as it is deployed with good discernment.
Just the mention of AI and the brain invokes pictures of Terminator machines destroying the world. Thankfully, the present picture is significantly more positive. So, let’s explore how AI is helping our planet and at last benefiting humankind. In this blog on Artificial Intelligence applications, I’ll be discussing how AI has impacted various fields like healthcare, finance, agriculture, and so on.
Marketing is a way to sugar coat your products to attract more customers. We humans are pretty good at sugar coating, but what if an algorithm or a bot is built solely for the purpose of marketing a brand or a company? It would do a pretty awesome job!
In the early 2000s, if we searched an online store to find a product without knowing it’s exact name, it would become a nightmare to find the product. But now when we search for an item on any e-commerce store, we get all possible results related to the item. It’s like these search engines read our minds! In a matter of seconds, we get a list of all relevant items. An example of this is finding the right movies on Netflix.
AI in Marketing
One reason why we’re all obsessed with Netflix is that it provides highly accurate predictive technology based on customer’s reactions to films. It examines millions of records to suggest shows and films that you might like based on your previous actions and choices of films. As the data set grows, the technology gets smarter and smarter every day.
With the growing advancement in AI, it may be possible in the near future for consumers on the web to buy products by snapping a photo of it. Companies like CamFind and their competitors are experimenting with this already.
AI in banking is growing faster than you think! A lot of banks have already adopted AI-based systems to provide customer support and detect anomalies and credit card fraud. An example of this is the HDFC Bank.
HDFC Bank has developed an AI-based chatbot called EVA (Electronic Virtual Assistant), built by Bengaluru-based Senseforth AI Research.
Since its launch, Eva has addressed over 3 million customer queries, interacted with over half a million unique users, and held over a million conversations. Eva can collect knowledge from thousands of sources and provide simple answers in less than 0.4 seconds.
AI in Banking
The use of AI for fraud prevention is not a new concept. In fact, AI solutions can be used to enhance security across a number of business sectors, including retail and finance.
By tracing card usage and endpoint access, security specialists are more effectively preventing fraud. Organizations rely on AI to trace those steps by analyzing the behaviors of transactions.