Opportunities in Artificial Intelligence

 “It is difficult to think of a major industry that AI will not transform. This includes healthcare, education, transportation, retail, communications, and agriculture. There are surprisingly clear paths for AI to make a big difference in all of these industries.”

This is a famous quote by Andrew NG who is one of the most famous data scientists the world has ever seen. He has rightfully quoted what Artificial Intelligence can achieve in the coming future.

Introduction

Artificial Intelligence (AI) is an area of computer science that helps in the creation of intelligent systems that function exactly like human beings. One of the basic principles of AI Systems is learning by example. In simple words, such systems learn from their interaction with a set of humans and use it for their interaction with the next set of humans. For example, speech recognition software that is often found in your mobile is a classic example of AI. You talk and the system understands what you are talking irrespective of your dialect and does as it is told. This is achieved mainly because this software would have been fed with countless data points of interaction with other human beings which is quite useful for it to interact with you.

But AI is much more than that. The scope of AI is vast and it is going to revolutionize the future by providing countless opportunities for the human race to not just survive but also to live a comfortable life. AI is going to impact various sectors on a large scale for its betterment. It is completely up to the humans to tap into these opportunities and start leading a better life. Here are five sectors that will be impacted significantly by AI -

1)     Opportunities in the Finance Sector

AI can assist the Finance Sector in multiple ways. One such opportunity that it can provide is in spotting various fraud patterns based on historical records and warning the banks of potential frauds. AI can also start to help the investors in a substantial way by helping them invest intelligently in shares or mutual funds after a thorough analysis using past data of the company and the industry. But the biggest opportunity that AI can provide to the finance sector will be in the form of Chatbots. Apart from reducing the costs for the banks in hiring customer service agents, Chatbots help effectively in answering any questions that a customer asks through the internet. Even better is the fact that it learns constantly from every question that is asked thereby improving its intelligence for the next interaction.

2)     Opportunities in the Healthcare Sector

According to a study, it is estimated that most of the deaths in hospitals across the world are caused by medical errors. This can be avoided if AI either assists these doctors or even completely replace them. AI can analyze the patient’s medical history and assist the doctors by telling the right techniques or medicines to the patient. Healthcare apps are another popular means in which AI can impact the healthcare sector. These apps, when combined with AI systems such as Siri, Google Assistant or even Alexa, can save a lot of time and energy for the doctors by answering basic questions for which doctors are not necessary. These apps can also provide medicine alerts asking the patients to take medicine at the right time. AI is also helping the doctors in medical imaging analysis such as X-Rays or MRIs by providing analyses that human eyes can miss.

3)     Opportunities in the Automobile Sector

The automobile sector is one of the few sectors wherein research has been going on for years on implementing AI into it. Driverless car as a concept has been in the pipeline for quite a few years now. But this is just the tip of the iceberg. AI plays a larger role in the automobile industry. For example, it can help in alerting the drivers in case of any possibility of failures that can affect the functioning of the car. With thousands of calculations happening per second, it can spot any minute changes in the way a component is functioning thereby alerting the driver much before the malfunction actually happen. Another way AI can assist the automobile industry is by making the process of filing and claiming insurance much quicker. AI helps the insurance companies by providing all the relevant data from the historical records of the driver and to predict effectively whether the claim is genuine or not.

4)     Opportunities in the Agriculture Sector

India is the land of agriculture, which means there are millions of opportunities in improving it and making it more efficient. AI will have a key role in this process. It is popularly believed that the environment is the biggest provider of data to us starting from temperature, wind conditions, amount of nitrogen in the soil, etc. It is these data that will be tapped by the AI Systems to analyze and help the farmers in making better and informed decisions. It is believed that AI can go to a level of predicting the crop that needs to be grown at a particular point in a year in a particular area of land. Apart from these, AI Systems can also help in improving the overall quality of the crops. AI Systems detect and target weeds much before they actually start infesting thereby helping the farmers in taking adequate precautions much before the impact. Similar to the banking industry, Chatbots will become an important asset for these farmers which will answer intelligently all the questions posed by them. 

5)     Opportunities in the Retail Sector

Experts have predicted that AI is the only way that retail businesses can thrive in such cut-throat competition. With consumers becoming choosy day by day and with everyone offering similar products, it becomes vital for businesses to innovate and AI will be the saving grace for such businesses. AI helps the businesses to understand their customers and their requirement better and provide a shopping ecosystem which the customers will like and will end up purchasing. AI will also help in the effective management of inventory by predicting the demand for products so that the businesses can keep adequate stocks to meet the demands. Another way the AI systems actually help in improving the sales is by telling where to place what products in a store. Augmented Reality is a subset of AI that will take the retail industry to the next level. For example, just by looking at your face color, an AI System can actually predict what color makeup will be good on your face

Conclusion

Artificial Intelligence is an ever-evolving system and there will be never an end to its growth. In its path of growth, it will offer us, humans, many opportunities for us to tap and utilize. Thus the onus is on us to make our lives better by using AI effectively and intelligently.

References

https://igniteoutsourcing.com/automotive/artificial-intelligence-in-automotive-industry/

https://hackernoon.com/how-ai-is-transforming-the-future-of-healthcare-industry-f6020cc18323

https://becominghuman.ai/artificial-intelligence-disruption-or-opportunity-2b34ade1796d

https://news.itu.int/challenges-and-opportunities-of-artificial-intelligence-for-good/

https://towardsdatascience.com/artificial-intelligence-opportunities-challenges-in-businesses-ede2e96ae935