What is Artificial Intelligence and how can we benefit from its use?

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Humanity has come a long a way since the invention of first computer bu Charles Babbage in 1822. J. Presper Eckert and John Mauchly invented "The ENIAC" at the University of Pennsylvania and began construction in 1943 and was not completed until 1946. It occupied around 1,800 sq ft and used about 18,000 vacuum tubes, weighing almost 50 tons.

Artificial Intelligence. What it is all about?

Artificial Intelligence as the name suggest is the science of developing machine learning and making more human like robots who can at least manipulate data on their own. This is really amazing when we think about it in common use. You yourself can imagine having a robot which can cook food of your choice without any human interference. This this is still very far from reality but when it comes to data interpretation and predictive analysis tools which are being use in retail, logistics and other field has made life much easier for companies.

Scope

We are continuously hearing that companies are trying to implement process which can incorporate AI. This is helping them cut cost and complete a task more faster with accuracy of 1000 times as a human can do. Retail especially e-commerce business require AI for predictive analysis since companies are trying to woo customers and spending a lot on their acquisition. It is useful for a company to know in advance what a particular customer would like to buy next and when is most like he is going to make the purchase. 

This helps a company to design a promotional campaign according to such customers. In banking sector also same thing applies since cross selling has become a norm and banks must know the need of their account holder. Banks must know at what time they can sell an insurance or any other financial service without loosing time.

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Risk

Every positive invention when used in excess has always caused losses in some or the other way. AI is no exception and and has made several companies cut cost. Several people have lost jobs in last few months all over the globe. In America alone thousands have lost their jobs because of automation of process and same trend is being noticed in India as well. Companies like Infosys, Cognizant and many more have announced cut in number of employees especially where AI has been incorporated such as sales and marketing.

Even though this is bad news for some, in future when professionals will start enhancing their skills they may find a comeback with better pay packages and this will ensure they have better opportunity to create a viable and economical future.

Future

Drones have already taken place of courier boys and companies like Amazon and Walmart are experimenting in delivering products at customer door step with help of drones. Medical supplies even critical human body parts are being delivered using drones. It can also save lives in war zones where Robots can be installed in life threatening situations.

 

This will certainly change the lifestyle and definitely benefit humanity in long run, however we must be aware that too much dependence on technology has given birth to lot of diseases and other issues.


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