Technology is continuously evolving. Advancements in tech have become a sight of every day — say, the real-time applications of artificial intelligence and machine learning in daily life. Have you ever paused to think how technology is useful to humans? Say, for instance, statistical data science or machine learning algorithm and their real-world applications? Well, all of us might have encountered this question in some way or the other.
Using data science techniques businesses make optimal decisions. AI and ML help develop improved systems that aid life goes smoother. However, upgraded the tech be, as human beings our sole concern is how beneficial it can be to us, to make our processes swifter and easier. So today, we will address this concern by exploring the potential of real-world applications of artificial intelligence and machine learning.
Let us begin by exploring the applications of artificial intelligence and machine learning by domain –
AI and ML in Commutation
The applications of artificial intelligence and machine learning in the field of transportation can be best cited using the example of route optimization. The artificial intelligence and machine learning algorithm help in the analysis of factors such as weather conditions and traffic patterns to arrive at an optimal route. Another important example is that of predictive fleet maintenance. Pro-active failure prediction and repair are done under this technique.
Smart and intelligent transportation management systems can be developed using AI that helps in cases like shipping volume prediction. The logistic industry is also closely tied to transportation. AI in logistics aid in predicting consumer demands, product modification, finding bets routes, and re-routing when and where necessary. The logistic systems can be made more efficient and fail-proof by using a machine learning algorithm, that enables analyzing a bulk amount of data and drawing optimal solutions to logistical problems.
Some other instances where applications of AI and ML is key and that might be very much relatable to you:
- Reducing your waiting time for an Uber car.
- Price determination in ride-sharing apps for travel.
- Suggestions to take the fastest route with lesser traffic.
AI and ML in marketing
Customer interactions have become more advanced with the applications of artificial intelligence and machine learning. With voice commands, virtual assistants, and chat-bots, understanding customer preferences has become easier. Machine learning, artificial intelligence and data science helps in generating a customized and personal experience for targeted customers.
Understanding market trends, unveiling consumer patterns, and improving marketing campaigns are easier with AI tools. By evaluating data sets, favorable and valuable real-time insights can be drawn, which helps in transforming the entire marketing strategy. Management in the marketing domain has also become easier with AI and ML. Systems have improved, decision-making based on tactical analysis of data has become swifter.
For your easy understanding, here are some instances where you might have witnessed the functioning of AI and ML in marketing -
- You might have come across live chat-bot services when you enter a website. Say, data science and ai course online.
- Personalized recommendations that you get on your shopping app are another important application of AI and ML in marketing.
- There is another important area of dynamic pricing. If you have browsed through shopping sites like amazon, you would have noticed this.
AI and ML in finance
Determining future trends of stock prices and market share is now easily possible with AI and ML applications. Concepts such as ultra-high-frequency trading are gaining great momentum these days. The usage of machine learning algorithms helps faster and automated decision making, optimizing credit risk evaluation, and improving techniques for fraud prevention. Identification of money-laundering patterns and prediction of future trends in finance are also possible with AI applications.
Artificial intelligence also helps in providing customer recommendations at the forefront of investments. AI also helps in banking by appraising customer credit histories. It helps track risks associated with the allocation of loans and fraud threats. Multiple financial markets can be analyzed and tracked using machine learning algorithms too. ML has an important scope even in automated trading platforms.
We will run through what are the main opportunities for artificial intelligence in the financial sector here:
- Alerting you when there are discrepancies in financial activity associated with your bank account.
- Opening a new account and managing services online with the help of virtual assistants and chat-bots.
- Giving you financial advice using AI financial forecasting tools to help deal with your shares better.
AI and ML in healthcare
Artificial intelligence and machine learning have important applications in the healthcare sector. Starting from smart medical diagnostics to care delivery and chronic care management. Machines and medicines are highly influenced by AI. With smart devices, medicine dispatch and patient monitoring systems have improved. Risk prediction is another important scope. Electronic health records are used to predict and evaluate these potential risks.
Clinical decision-making is also highly influenced by artificial intelligence applications. Robotic surgery with the assistance of AI, precision administration of medicines, swifter drug discovery are also important pointers. Identification of disease patterns and chronic conditions of health can be done using a machine learning algorithm. The processes in the administrative wing of hospitals have also become more automated with the help of machine learning.
- Not just in the medical domain, overall healthcare is also highly influenced by AI. Say for instance the smart band you wear or a step tracker wearable.
- Smartphones have transformed into powerful diagnostic tools with image scanning and processing.
- Identification of anomalies in clinics using digital diagnosis is an important application of ML in healthcare.
AI and ML in agriculture
Both artificial intelligence and machine learning play a key role in the field of agriculture. Extreme conditions always tend to cast a negative impact on crops. So, the protection of agriculture using automated robotic technology inbuilt with AI is gaining huge momentum. For this, the main scope lies with prediction. It includes the prediction of favorable climate, security concerns associated with food, and targeted demand or population to serve.
Using techniques like image recognition, that work with machine learning technology, crop defects can be easily identified. Based on this solutions can be devised that result in fruit-bearing results. Sustainability of crops, disease prediction, and nutrient evaluation of soil is also important scopes. Farmers are now coming into the digital forefront. With apps and SMS alert systems, they now have the opportunity to identify potential barriers and opportunities associated with farming.
- Detecting pests with AI-enabled systems to protect crops.
- Robots in the agricultural field to improve and coordinate repetitive tasks.
- Drones work with a machine-learning algorithm to help predict weather conditions for farming.
The applications of artificial intelligence and machine learning are not limited to the aforementioned fields. AI and ML are extensively used for news classification in the media field, sentiment analysis for customer management, spam filtering, and email classification. Online fraud detection, online customer supports, video surveillance using advanced ML are also significant applications.
Ed Tech platforms like Skillslash offer you distinctive programs in AI and ML for freshers as well as professionals. Skillslash has been recognized as the best data science institute in Bangalore with a record for top-notch placement assistance, and time and again proved that if you can work hard and dream big, you definitely can achieve. So, all that is left to do is stay updated, Skill yourself and aim for better because AI and ML are going to take hold of the future!