Artificial Intelligence: mind-blowing facts you didn’t know!

The concepts of Artificial Intelligence (AI) and Machine Learning (ML) have been around for a significant amount of time now. As each year passes, the buzz is increasing as we are able to use and integrate these technologies more and more in our daily lives. With their increasing involvement in our professional and personal life, it is crucial that we know some tidbits about these technologies and their importance and impact.

1. Smart Assistants- The most popular and widely used form of AI is digital smart assistants like Siri, Alexa, and Google Assistant.  These voice-activated personal assistants can understand and translate your orders, such as setting reminders and creating shopping lists etc. It is obvious that with advancements in technology, these smart assistants will get smarter!
2. Banking and Finance- Surveys and reports from the world’s leading institutes have shown that AI has become a revenue driver, and the companies earning from AI and ML hope to invest more in them[1]. Along with business growth, these technologies enable the organization to enhance its customer experience, conduct a streamlined hiring process, reduce the possibilities of human error, and improve brand loyalty. These investments too will grow as the technologies expand.
3. Neural Networks- Neural networks are AI-enabled systems that try to replicate the human brain’s network of neurons. They may not be appropriate for selecting mates, but they are useful in other situations. This technology can assist us in making decisions and can mimic a person’s mental process. These are widely used in trading, business analysis, and planning, as well as error predictions.
4. Artificial Senses- AI with some human senses, such as hearing and sight, have been developed, which is not surprising given that our smartphone assistants can comprehend voice instructions and our cameras include assistive AI that focuses the lens. With recent developments, smart devices may even be able to detect smell and touch.
5. Job Killer? – The use of artificial intelligence in our daily lives will steadily diminish manual labour, and systems and processes will become increasingly automated. Some people might lose their jobs because of this. However, as the need for AI grows, so will the requirement to maintain it, resulting in the creation of more jobs too soon.

Apart from the few listed applications, Artificial Intelligence and Machine Learning are used in multiple industries and sectors from healthcare to manufacturing, and so on. This technological development will only expand in the coming times, and AI, as technology has immense potential to grow and contribute to society.

Edite by Liam Butler
Copy-edited by Claire Thomson

[1] https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/global-survey-the-state-of-ai-in-2020