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Believe it or not, almost everyone from us is leveraging advanced technologies like artificial intelligence and deep learning in our daily life. Whether it will be in the form of Siri or you are making a query through Google-like search engines. This isn’t the kind of AI we saw in Tony Stark’s inventions, this is much more than that. This AI gives the product like Watson which helps humanity by finding a cure for diseases like cancer.
The digital spaceship is fueled by technologies like artificial intelligence and big data leading us towards the automation where most of the business operations are optimized incorporating it with machines. The technology of automation is estimated to touch $190.61 billion by the end of 2025 transforming healthcare into the manufacturing sector.
Streamlining manufacturing processes
The key motive behind the automation in manufacturing industry was to achieve the optimized production processes. Most of the industrial processes incorporating human hand are identified as risky with low throughput.
Now, most of the companies are using AI applications to create effective process automation strategies which can be well understood by taking up an Artificial Intelligence Course that helps enhance your skills as well as knowledge.
BMW, like other automotive giants, is using the data-driven technology in their business model. From critical decision making to designing, service, sell and so on, like operations are managed with this technology. The company has already marked its presence in AI enabled autonomous vehicles with the vision of Level 5 autonomous vehicles by the end of 2021.
Similarly, a UK based news company named Press Association is planning to introduce robots for writing local news. They have shaken hand with Urbs media to drive a project called RADAR (Reporters and Data and Robots).
This partnership is built on the basis of providing 30,000 news story per month whose data source would be government, NGO, public service, authorities etc. These collected data will be introduced to the natural language generation model for creating news articles.
The retail giant Walmart is leveraging new ways to boost their business strategies and providing enhanced consumer support. The company is implementing AI, deep learning, IoT for providing the personalized online shopping experience to customers.
While it’s rival Amazon is also revolutionizing the retail market with its innovative AI inventions like automated cashier-less store Amazon Go where you don’t need to pay for any product just get inside and take whatever you want. This AI enabled store used face recognition and deep learning enabled algorithms and automatically deduct the price of the taken goods from user’s credit card.
Predictive analysis
One of the major advantages of AI can be felt with predictive analysis which helps an organization in predicting the future outcomes. In manufacturing industry companies relies on predictive maintenance to check the health of the machinery and other assets. The asset monitoring informs the team about which part of the machine is working well and which ones need to get replaced.
Apart from maintenance, this technology helps organizations in estimating future risks and create strong strategies to mitigate complex future scenarios.
In the trading sector, predictive analysis processes stock market data to predict the ups and downs in share stock prices. Thus, companies can invest in shares which are going to rise and sell falling stocks. They also use this technology to make other market predictions such as to maintain inventory, understanding market demand, and supply etc.
The insights collected from the processed data are also very beneficial in the critical decision-making process. The useful visual data in the form of statistics and figures provide a clear picture of complex scenarios so that companies can deal with such cases in an easy and effective way.
In the banking sector, AI has emerged as a powerful tool to recognize the fraudulent transactions. The machine learning algorithms are responsible for analyzing patterns in user’s activity to catch the theft or fraud cases. Here, big data analytics also assist intelligence by providing sensitive information about customers such as name, address, assets, account statements and so on.
