Advantages of Artificial Intelligence
Artificial Intelligence is ubiquitous, and AI applications are a part of our everyday lives. Whether or not we are aware, most of our day-to-day interactions involve artificial intelligence models – from waking up to our smartphone to navigating through google maps to watching Netflix’s latest recommended movie; AI systems are everywhere.
Today, digital assistants like Apple’s Siri and Google’s assistants have become powerful enough to understand context cues, hold a conversation with you, and provide you with the right information in the nick of time by crawling through the internet. Further, natural language processing and speech-to-text recognition software are complex computer programs that have a profound impact in the world of entertainment, law enforcement, and education. For instance, police officers can leverage automated transcription using AI to scour through hours of body-cam footage to identify key evidence. These are only a few of the million applications of artificial intelligence in the real world.
Before we dive into the actual advantages of Artificial Intelligence, let us first understand what artificial intelligence is.
Artificial Intelligence, as the name suggests, is a concept that provides computers with the ability to think and learn on their own, as human beings do. It simulates human intelligence onto machines to eliminate the involvement of human effort for said tasks and applications. AI-powered complex machines compute solutions for some of the most challenging problems traditionally solved only by human beings. For instance, meteorological predictive analytics combines complex data analysis and artificial intelligence models. Similarly, self-driving cars rely heavily on artificial intelligence for decision-making.
However, AI isn’t all ‘Jarvis in the Iron-Man’ cool; it can be designed and, in most cases, is designed to help human beings eliminate repetitive, mundane, and laborious tasks such as data consolidation, data entry, data processing, information reconciliation, invoice processing, etc., by teaching computers how to perform the same activities.
Machine learning, deep learning, neural networks, a form of artificial intelligence that mimics the neuron functions of the human brain, reinforcement learning, robotic process automation, and the internet of things fall under the subset of artificial intelligence as a concept.
While there has been much debate about the philosophical standpoint vis-a-vis the ethics of Artificial Intelligence, there is no denying the plentitude of advantages brought forth by this technology.
- Increases efficiency: Artificial intelligence can understand and mimic keystroke patterns and language cues to process data entry operations and instructions faster than human resources. Furthermore, by commissioning AI systems to handle claims processing, invoice reconciliation, etc., the organization can process more volume in a shorter period, simultaneously reassessing the person’s role within the organization to add more value to the business.
- Increased Reliability – Machines don’t tire. Period. Even the world’s strongest hustler wouldn’t be able to crunch data for 48 hours at a stretch. However, machines can perform as many tasks as you want without tiring, leading to increased reliability and faster information processing.
- Aids data-driven decision-making – Thanks to machine learning, reinforcement learning, and artificial intelligence advancements, computer systems can be programmed to consolidate and analyze large volumes of data to identify patterns and provide predictive models based on existing projections. Such analyses aid the management in taking key decisions at the right time with the right contexts.
- Zero Risks – Whether diffusing a bomb, going to outer space, or to the depths of the ocean to collect information, there is zero human risk involved in sending out a machine to gather the required information. At the same time, thanks to AI’s data gathering capabilities, the quality of data gathered will be of much better quality and significance.
- Eliminates decision bias – While this is a topic of much debate, AI systems base their decisions on objectivity and rules defined in the program against human beings who may be swayed by emotion and intuition. In some cases, the elimination of such bias proves to be extremely crucial.
- Reduction of human error – Considering AI systems run their programs based on the initial set of algorithms and logic provided, as long as the logic is intact, there will be zero errors from the machine’s side. This isn’t the case with human beings.
Artificial intelligence is here to stay, and the market for AI is going to grow at a rate of 54% annually, according to Statista. What are you waiting for? Explore jobs in AI and make your mark in this in-demand sector right away.