The Future Of Artificial Intelligence: Applications & Implications

Whether we are aware of it or not, Artificial Intelligence is being used in our daily lives and has already ingrained itself into our culture. Everyone now uses AI in their daily lives, from chatbots to Alexa and Siri. Rapid advancement and evolution are taking place in this field of technology. But it wasn’t as simple and straightforward as it seemed to us. To get AI to this point, many years of arduous labour and contributions from numerous people were required.

Being such a cutting-edge technology, AI also deals with a lot of debates concerning its future and effects on people. It could be risky, but it’s also a fantastic opportunity. AI will be used to improve our daily lives with multiple applications. In addition, new cyberattack techniques will be developed to exploit specific AI technology weaknesses.

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Where Do We Stand in the World of AI Today?

It is clear that we will soon be largely dependent on Artificial Intelligence for our daily jobs because it is constantly improving. AI has now made a number of routine chores simpler, like connecting with friends, using email, and renting a car. However, it is difficult to condense its advantages and effects on our daily life.

Applications of Artificial Intelligence

1. Chatbots and Customer Service

Chatbots powered by artificial intelligence can analyse user language and answer in a human-like manner. As the use of messaging apps among younger millennials and Gen Z has increased, businesses have started utilising chatbots to offer customer assistance.

On their websites, several businesses employ chatbots that use previous interactions to provide answers to frequently asked queries by customers. These bots keep getting smarter over time as they gather more data and learn from each response. An example of an AI-driven chatbot solution for numerous businesses worldwide is Zoho’s Zobot.

2. Enhanced Coding Productivity

In addition, Artificial Intelligence employs a number of algorithms that can directly assist programmers in finding and fixing software issues as well as in creating the code. In order to help engineers write clean, bug-free code, several forms of artificial intelligence have been developed to make suggestions. This has increased efficiency and productivity. The AI system will be able to make helpful suggestions by analysing the structure of the code. This will increase productivity overall and reduce downtime during production.

3. Better Application Deployment During Software Development

The various phases of software development must be taken into consideration when discussing application deployment control. This indicates that control over software versioning is essential and extremely helpful during the development stage. And because AI is all about foreseeing potential difficulties, it has evolved into a crucial and extremely effective tool for spotting and anticipating concerns at this level. As a result, they can be avoided and/or rectified without encountering any significant difficulties. This allows developers to enhance the performance of the programme earlier rather than later.

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4. Human Resources 

AI is being used to analyse employee data and put them in the appropriate teams, allocate tasks based on their competencies, get feedback about the workplace, and even attempt to forecast if they are going to leave their firm.  

Another benefit of AI is it makes hiring easier for the talent team. NLP allows AI to quickly scan through hundreds of CVs to determine whether a match exists. This is advantageous since recruiting cycles would be significantly shortened and free of biases or human errors.

5. Artificial Intelligence Future in Healthcare

AI will be essential in helping to prevent about 86% of errors in the healthcare sector. The use of AI in healthcare will help democratise the industry for the good of both patients and healthcare professionals. While also reducing costs and improving accuracy through predictive treatment. Artificial intelligence and predictive analytics can be used to better understand the different elements (birthplace, dietary habits, local air pollution levels, etc.) that affect a person’s health. Future healthcare systems powered by AI should be able to predict when a person is most likely to develop a chronic illness and offer preemptive treatment to stop it before it gets worse.

The development of applications powered by AI to assist doctors in diagnosing and treating patients is the subject of numerous sorts of research, and this technology will undoubtedly revolutionise how patients receive better medical treatment. As robots communicate with patients, monitor their health, and assess whether or not a doctor’s appointment is still necessary in the future, you can anticipate a completely new future for healthcare. Doctors, nurses, scientists, and the list goes on will always be needed. However, AI will make our life easier by improving the actionability of the clinical and healthcare data we produce.

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6. Future of Artificial Intelligence in Banking

The global business value of AI in Banking is forecast to reach $300 billion by the end of 2030, this is as per the IHS Markit’s AI in Banking research. With lower costs, higher productivity, and better customer experiences, artificial intelligence is poised to dominate sectors like business intelligence and security in the coming ten years. AI wealth management systems will spread like wildfire and revolutionise the banking industry, saving both consumers and wealth managers a great deal of time.

The banks of the future will employ AI to personalise consumer experiences in addition to personalising their services and goods. If you walk into a bank office without having to show an ID card, you are still greeted by name and are fully aware of the history of all of your bank accounts. This is a perfect example of personalization.

7. Ethical implications

Machines are great at processing transactions quickly and accurately, but they fall short in many areas that require complex thoughts or emotions, as many experts point out. They just don’t have the emotional intelligence that humans do.

Take chatbots as an example. In most cases, they cannot provide a good experience for the user because they cannot use emotional intelligence to provide a better customer service experience. They tend to fall short in situations where a human touch is needed or the solution to the problem is complex and requires creativity.

Apart from that large corporations, including Amazon, Facebook, and Google, are utilising artificial intelligence to crush their rivals and essentially take over the market. The government supports ambitious AI programmes in nations like China as well. “Whoever wins the race in AI will probably become the dictator of the planet,” declared Russian President Vladimir Putin.

How do we ensure that the monopolies we create distribute wealth fairly and prevent a few nations from outpacing the rest of the world? And with the Future of Artificial Intelligence balancing such power is a significant difficulty.

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