What is Artificial Intelligence (AI)?
Have you ever checked Google Maps for the least jammed route because you are getting late for work? Or do you ever wonder how Uber gives you an estimated time of arrival and is almost always right? Or are you also in love with all the recommendations Netflix gives you? The applications and machines all around us responding to the changes and environment and making decisions as per their surroundings and users is what artificial intelligence is. Finding it hard to grasp? Well, simply put: It is basically intelligence demonstrated by machines in contrast to natural intelligence displayed by humans and animals. Just like most innovations in technology, AI has also played a vital role in changing the dynamics of modern world, from our personal and individual lives to bringing structural changes in various industries.
The transport industry has experienced massive changes and has considerably revolutionized over the past years. The use of AI has played an important part in changing the dynamics of the industry. For instance, Uber ensures reduced time consumption and proper planning with it taking less jammed routes and giving an estimated time for arrival. This is one of the many reasons why people prefer Uber over public means of transport or traditional cab services.
In the future many more alterations are anticipated. Uber and Lyft both are by now working on self-driving technology. Tesla is already leading the market with the introduction of its autopilot feature. Currently, it has driven over 300 million miles on autopilot and all of its existing vehicles on the road are only a software update away from fully autonomous driving capability.
These revolutionary changes in the dynamics of the transport industry will result in time saving and consequently an increase in productivity. It will also lead to a reduction in costs for the consumers. Soon enough, the cost of travelling in a self-driving car will be equivalent to taking a bus and driving a car will be synonymous to riding a horse or travelling in a carriage.
AI research has revolutionized the advertising industry to a lot of extent and many major changes are expected in the future as well. Advertisers can already predict which type of ads will have an emotional impact on the customers’ behavior (example over here would have been great!). With time, ads will become more customized as per the needs and choices of the customers.
Gradually AI algorithms will learn individual behaviors and the data collected by advertisers will continue to grow. These algorithms are building personality profiles of every human being. For instance, have you ever wondered why FB, Youtube and Google bombard with you ads that are based on your past searches? For instance, if you looked or searched for “Hotels in Vienna” anywhere online, you will start seeing ad from Airbnb, Trivago and other companies from the same domain in no time. Even though you may have searched it for your uncle or brother, Google and other search companies will think it is you who will be heading to Vienna and hence, will show you highly personalized ads that would be relevant to the searches you did!
Related product recommendations, search results and social news feed items are all instances of places where advertisers are embedding smart ads that use AI to target individual consumers.
The impact of AI in the field of advertising must be given due importance. It has made the industry more competitive and every advertiser is struggling to appear in every search of its target customer. It is very likely that before we will know it, these advertisers and their algorithms will know our choices and preferences better than our own selves, now isn’t that something to be worried of?.
The role of AI has been crucial when it comes to determining the factors behind the evolving of finance industry. Machines can learn and observe past trends and determine their significance in the decision making process. The finance industry has used AI in determining the default risk of a borrower by collecting information about his existing loans, past borrowing behavior or and other related data. Moreover, AI has also helped in reducing and detecting fraud. Every time there is an unusual transaction in your account, the bank informs you, this is because the algorithm has sensed that something different than usual has taken place.
In the future, AI will further change the dynamics of the financial and banking industry. According to theAs per the Pwc Report, “we can look forward to more robo-advisors. As the pressure increases on financial institutions to reduce their rates of commission on individual investments, machines may do what humans don’t- work for a single down payment”.
Another evolving field is bionic advisory, which combines machine calculations and human insight to provide options that are much more efficient than what their individual components provide.
AI is not only time saving, but will also lead to reduced costs for the industry. If not anything, it will at least reduce the possibility of a human error, which could have incurred an expense of a huge sum of money.