Artificial intelligence has been a major area of concern over the years, making it important to understand how it works. Since the invention of computers and machines, humans have been able to conduct complex tasks fast and rapidly. Most of the developed systems are designed to help increase speed and reduce the time taken to execute a particular task. Artificial intelligence is a branch of computer science that aims at creating machines and computers intelligent like human beings.
What exactly does artificial intelligence refer to?
According to John McCarthy, artificial intelligence is the science and engineering of designing intelligent machines with emphasis on intelligent computer programs.
Artificial intelligence involves making a computer, computer-controlled robots, or even software and programs which think intelligently like humans.
To achieve artificial intelligence, researchers and developers have to study the human brain to understand how humans learn, decide whenever trying to solve a problem. Based on their understanding, a machine or computer program is designed to mimic the human brain.
What are the goals of artificial intelligence?
- Come up with expert systems- Systems in a position to demonstrate intelligent behavior, observe situations and advise its users
- Instigate human intelligence in machines- Designing systems able to understand, think, learn, and behave like human beings.
5 vital challenges addressed by artificial intelligence
News, polls, and investment figures claim artificial intelligence and machine learning is the future of human beings. The revolution has brought efficiency in various fields and has helped solve quite a number of challenges.
Here are five challenges solved by artificial intelligence and machine learning;
1. Medical diagnosis: Artificial intelligence will advance patient’s health at minimum costs. The occurring artificial intelligence machines are making perfect diagnoses, recommending the best medicines, point out high-risk patients, and predict expected readmissions.
Humans can barely achieve this without errors, yet artificial intelligence software can achieve this within hours. This is an advancement in the health sector; we could not leave out in this article.
This explains the rapid adoption of artificial intelligence systems in most healthcare facilities all over the country. It has become possible to serve patients with minimum legal, technical, and medical background as long as you have a system in place. Artificial intelligence has really been useful in offering quality healthcare services.
2. Customer segmentation and lifetime value prediction: Most organizations face a problem during churn prediction, customer lifetime value prediction, and customer segmentation. To effectively execute these marketing functions, a business is supposed to manage data from various sources like email campaigns, website visitors, and lead generation data.
Without data mining and artificial intelligence systems in place, this may be practically impossible. However, with such systems in place, it is possible to get accurate predictions and incentives on these functions.
Using machine learning, it is possible to eliminate the guesswork in date driven marketing, making it’s easy to carry out segmentation. Existing systems are in a position to observe customer behavior during the trial period and predict how many will subscribe to the paid version. It becomes easy to make decisions and win customers day by day.
3. Advanced financial analysis: Due to the quantitative nature and large volumes of financial data within a financial year, it becomes complicated to carry out financial analysis. A slight mistake during the analysis can portray wrong financial position of the organization, which can be consequential.
Luckily, there are various artificial intelligence systems in place to help in financial analysis. The current systems in place include portfolio management, fraud detection, and loan underwriting, and algorithmic trading.
Artificial intelligence enables continuous assessment of nuances and abnormalities throughout a financial year to help you come up with a precise model. Application of AI in financial analysis will solve many problems and, at the same time, do away with many accountants.
Expected future trends include Chatbots and conversational models for customer service.
4. Predictive maintenance: Manufacturing industry experience trouble when observing patterns in plant data and as a result, spend a lot of corrective maintenance practices.
There is a high chance before corrective maintenance is carried out; production is disrupted. In such a scenario, a manufacturing firm is not in a position to process customer orders on time, which is not good for business.
However, a few firms have been able to avert this by monitoring factory data using artificial intelligence systems. These systems make it possible to detect when you require predictive maintenance. This reduces the risks of unexpected failures and machine failure.
Machine learning architecture can be designed on the bases of historical data, flexible environmental analysis, and workflow visualization. To effectively predict future failures, such systems are designed asset sensor measurement technology.
5. Transportation and education: You’ve probably heard about self-driven cars and maybe have plans underway to get one in the course of the year. Self-driven cars are among the expected trends in artificial intelligence in 2020, and you can expect a change in lifestyle.
Humans will have a better to work and communicate. This revolution is also expected to reduce road congestion and accidents. However, obtaining a self-driven car is a huge investment, and you need to set aside a few thousand.
Additionally, artificial intelligence will improve how we learn. Universities all over the world have plans underway to adopt artificial intelligent teaching assistants to offer support. Such systems are expected to answer student queries with 99% certainty. The good thing with artificially intelligent assistants is that they are ever available whenever students need help. This will eliminate the need for tutorial classes.
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