With smart technologies making their way into every sector, we find that emerging technologies like Artificial Intelligence (AI) find numerous applications in healthcare, manufacturing, entertainment, and others as well. Here, we explore a few of the applications of AI in different sectors.
1. Healthcare
AI and ML technology have been particularly useful in the healthcare industry because it generates massive amounts of data to train with and enables algorithms to spot patterns faster than human analysts.
- An app called BiliScreen utilizes a smartphone camera, ML tools, and computer vision algorithms to detect increased levels of bilirubin in the sclera (white portion) of a person’s eye, which is used to screen people for pancreatic cancer.
- NuMedii, a biopharma company, has developed a platform called Artificial Intelligence for Drug Discovery (AIDD), which uses big data and AI to detect the link between diseases and drugs at the systems level.
2. Entertainment
A familiar application of AI in everyday life is seen with services like Netflix or Amazon, whereby Machine Learning algorithms analyze the user’s activity and compare it with that of other users to determine which shows to recommend.
3. Finance
- Chatbots, powered by natural language processing, can serve banking customers quickly and efficiently by answering common queries and providing information promptly.
- Fraud detection is an important application of AI in financial services. For example, Mastercard uses Decision Intelligence technology to analyze various data points to detect fraudulent transactions, improve real-time approval accuracy, and reduce false declines.
4. Data security
Cyber attacks are becoming a growing reality with the move to a digital world. There are also concerns about AI programs themselves turning against systems.
- Automatic exploit generation (AEG) is a bot that can determine whether a software bug, which may cause security issues, is exploitable. If a vulnerability is found, the bot automatically secures it. AEG systems help develop automated signature generation algorithms that can predict the likelihood of cyber attacks.
- PatternEx and MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL) have developed an AI platform called AI2 which claims to predict cyberattacks better than existing systems. The platform uses Active Contextual Modeling, a continuous feedback loop between a human analyst and the AI system, to provide an attack detection rate that is better than ML-only solutions by a factor of 10.
5. Manufacturing
- Robots in factories are often stationary but are still in danger of crashing into objects around them. A new concept called collaborative robots enabled by AI can take instructions from humans, including instructions that the robot has not been previously exposed to, and work productively with them.
- AI algorithms can influence the manufacturing supply chain by detecting the patterns of demand for products across geographies, socioeconomic segments, and time, and by predicting market demand. This, in turn, will affect inventory, raw material sourcing, financing decisions, human staffing, energy consumption, and maintenance of equipment.
- AI tools help in predicting malfunctions and breakdown of equipment and taking or recommending preemptive actions as well as tracking operating conditions and performance of factory tooling.
6. Automotive industry
- Tesla introduced TeslaBot, an intelligent virtual assistant integrated with Tesla models S and X, which allows users to interact with their car from their phone or desktop.
- Uber AI Labs is working on developing self-driven cars with the help of the best engineers and scientists. Uber has already tested a batch of self-driving cars in 2016.
Given the sweeping real-world applications of AI and ML and the constant advancements in the field, it is more likely that the technology will transform the way we work, enabling faster, more informed decisions, increasing operational efficiency, and innovating new products and services.
References
Hackerearth.com
forbes.com
