10 Ways Artificial Intelligence Is Helping Us
Did you know that Artificial Intelligence will contribute a whopping $15.7 trillionto the global economy by 2030!? In addition to economic benefits, AI is also responsible for making our lives simpler. This article onBenefits Of Artificial Intelligence will help you understand how Artificial Intelligence is impacting all domains of our life and at last benefiting humankind.
I’ll be discussing the benefits of Artificial Intelligence in the following domains:
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Artificial Intelligence can be used to automate anything ranging from tasks that involve extreme labor to the process of recruitment. That’s right!
There are n number of AI-based applications that can be used to automate the recruitment process. Such tools help to free the employees from tedious manual tasks and allow them to focus on complex tasks like strategizing and decision making.
An example of this is the conversational AI recruiter MYA. This application focuses on automating tedious parts of the recruitment process such as scheduling screening and sourcing.
Mya is trained by using advanced Machine Learning algorithms and it also uses Natural Language Processing (NLP) to pick up on details that come up in a conversation. Mya is also responsible for creating candidate profiles, perform analytics and finally shortlists applicants.
Artificial Intelligence has become a necessity in the business world. It is being used to manage highly computational tasks that require maximum effort and time.
Did you know that 64% of businesses depend on AI-based applications for their increased productivity and growth?
An example of such an application is the Legal Robot. I call it the Harvey Spectre of the virtual world.
This bot uses Machine Learning techniques like Deep Learning and Natural Language Processing to understand and analyze legal documents, find and fix costly legal errors, collaborate with experienced legal professionals, clarify legal terms by implementing an AI-based scoring system and so on. It also allows you to compare your contract with those in the same industry to ensure yours is standard.
One of the most important goals of Artificial Intelligence is to help in making smarter business decisions. Salesforce Einstein which is a comprehensive AI for CRM (Customer Relationship Management),has managed to do that quite effectively.
“The definition of genius is taking the complex and making it simple.”
Salesforce Einstein is removing the complexity of Artificial Intelligence and enabling organizations to deliver smarter, and more personalized customer experiences. Driven by advanced Machine Learning, Deep Learning, Natural Language Processing, and predictive modeling, Einstein is implemented in large scale businesses for discovering useful insights, forecasting market behavior and making better decisions.
Throughout the years, AI has progressed from simple Machine Learning algorithms to advanced machine learning concepts such as Deep Learning. This growth in AI has helped companies solve complex issues such as fraud detection, medical diagnosis, weather forecasting and so on.
Consider the use case of how PayPal uses Artificial Intelligence for fraud detection. Thanks to deep learning, PayPal is now able to identify possible fraudulent activities very precisely.
PayPal processed over $235 billion in payments from four billion transactions by its more than 170 million customers.
Machine learning and deep learning algorithms mine data from the customer’s purchasing history in addition to reviewing patterns of likely fraud stored in its databases and can tell whether a particular transaction is fraudulent or not.
Regardless of whether AI is considered a threat to the world, it is estimated to contribute over $15 trillion to the world economy by the year 2030.
