Artificial Intelligence

1. What is Artificial intelligence?

Artificial intelligence or AI is a machine simulating human intelligence to trigger learning and problem-solving. To explain in brief, a machine that can mimic functions associated with the human mind is called AI. It was coined in 1956 in the context of making sense of human intelligence in the form of a system.

Machines powered with AI learn from new situations and inputs to carry out human-like tasks. With AI, computers are accomplishing amazing tasks by processing large amounts of data and studying their patterns. Some examples of artificial intelligence in today’s world are Google Glasses, and self-driving cars- these systems rely heavily on NLP and Deep Learning.

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2. How does Artificial Intelligence work?

AI is a careful process of reverse engineering human capabilities and human traits with the computational power of machines. AI uses Machine Learning to imitate human intelligence. Here, the computer learns to respond by creating a propensity model. This model uses historical data with algorithms to learn, thus making predictions. AI’s scope prevails beyond this, however propensity model is a common use and functionality of marketing. It's the collaboration of various functions such as mathematics, economics, neuroscience, linguistics, philosophy and more.

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3. What are the Advantages and Disadvantages of Artificial Intelligence?

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a. Below are the advantages of AI

1. Minimizing human error: AI uses algorithms and records of gathered data in its models for analyzing. With data-backed decision making, accuracy with minimal error, AI thus minimizes human error.
2. Available 24×7: Machines don’t need rest, they can work without any breaks or fatigue, on the other end humans can only work efficiently for only 6-8 hours.
3. Helps in repetitive work: The monotonous task can be taken over by AI, thus more crucial decision making left for humans. Tasks could be as complex as document scanning and collecting data to as simple as a thank you mail.
4. Chatbots powered with AI: Many organizations are using digital assistants or chatbots for communication with users. They help in answering queries, collect data, are constantly learning and evolving.
5. Faster decisions : A human will take time in decision making, but the same decision making by an AI-powered machine or a system is fast (with other technologies). The main reason here being Humans tend to think practically and emotionally compared to machines which are programmed to give prompt responses.

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b. Some disadvantages of Artificial Intelligence

2. High Costs of Creation: AI is growing and evolving every day. Computers fall short of their capabilities often because of the scale at which AI operates. Updating complex software and hardware becomes a costly affair, accompanied by regular maintenance and repairs. AI’s creation thus brings with it a huge cost.
3. Dearth of talent: The demand for AI is growing, but the resources in terms of humans are scarce and so at a higher cost. This inflates the overall cost leading to an increase in the implementation price.
4. Lack of practical products: AI is still at a nascent stage, up till now chatbot and recommendations engine exists, but the use of AI still lacks getting extended. Thus with limited scope for time being, pulling more money for developing capabilities becomes difficult, reducing the pace at which otherwise AI could have grown.
5. No Emotions: Machines are able to facilitate faster decision making, but they are irreplaceable for humans. Team management is something that only humans can master which is essential to foster long term growth of any organization. Decision making at times should be backed by emotions and practicality, thus human intervention is important. Without emotions decision making can be hampered leading to negative effects instead. 
6. Might be misused: Artificial Intelligence has a huge scope and we can already see changes around us.AI has great potential, but when in the wrong hands, when it is still growing can have cascading negative effects that can cause serious damage. 

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4. What are the uses of artificial intelligence?

Artificial intelligence today isn't only a hypothesis. It, indeed, has numerous practical applications. Today businesses over the globe are utilizing AI to improve their procedure and earn higher incomes and benefits. Some applications of artificial intelligence are:

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a. Chatbots: 

AI keeps on being a debated issue in the innovation space just as expanding its origin into different domains, for example, healthcare, business, and gaming. AI-powered intelligence-controlled chatbots in ventures will likewise observe a deluge of individuals get increasingly alright with how AI can really profit organizations versus, say, remove their occupations. 

Chatbots, specifically, are consistently on, delivering smart and flexible analytics through discussions utilizing standard informing apparatuses and voice-initiated interfaces. This significantly decreases a time to gather data for all business clients, speed up the pace of business and streamlines the manner in which experts utilize their time, planning organizations for the developing information needs of the not so distant future.

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b. Artificial Intelligence in eCommerce:

AI innovation gives a serious edge to e-commerce business organizations and is getting promptly accessible to organizations of any size or spending plan. Leveraging machine learning, AI systems naturally labels, sorts out and visually look through content by marking highlights of the picture or video. 

AI is empowering customers to find related products whether it is size, shading, shape, or even brand.  With visual capabilities, the software can assist users in finding the product they desire.

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c. To improve workplace communication:

AI helps improve the internal communication of an organisation. With AI, each employee can be empowered with virtual assistants, helping them manage their tasks and reduce time on repetitive or less important tasks. They can also help as support in decision making in terms of information gathering, best possible solution and more. Also, AI can help HR, right from data collection, to filtering candidates and more.

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d. AI in Healthcare

AI will be changing the healthcare industry in the coming decade. AI is helping as support during critical medical events and also storing data in real-time. AI can very well be a replacement for doctors and nurses, but it can them more productive, accurate and successful in their jobs. It can take the cognitive burden from the providers and reduce stress for doctors.

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e. AI in SCM

Supply chain management can be boosted with inclusion of AI. It can help with improvements with consumer data. Backed by data provided, organizations can facilitate quicker delivery time, reduce bottleneck, reduce inventory cost and storage and more.

Thus uses of AI are immense, and every industry is benefitting from it. Application of AI are growing, it is being used in the sports industry for betting, manufacturing can be streamlined, etc.

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5. What is the future of Artificial Intelligence?

Individuals appear to have enjoyed this debate throughout these recent years. The fate of computerized reasoning is more interesting than ever. Some debates talk about human reliance on AI will build the complex, while resting-state robots are the future and they will duplicate people completely. One thing remains constant, AI is growing faster and it is unpredictable.

Some Forecast that Future AI could be like: 

Forecast 1: Simpler workplace:

In contrast to some other forecasts, this one says that AI will just improve your workplace. It will make the complicated task more simple and employees will be able to use this saved time to concentrate on key assignments. AI-powered innovation will bring numerous changes, and without a doubt, this innovation will change the elements of our lives.

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Forecast 2: Universal Usage:

AI is becoming a daily part of our lives. Humans have become totally subject to this innovation. Alexa and Siri are already changing how we perform our daily routines.There is no restriction to this innovation in the event that it needs to make the customer experience simpler.

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Forecast 3: AI and robotics will combine:

Many have anticipated that by applying this innovation in robots many new developments can be made. There are numerous impacts on people. For example, robots in the medical stream will be able to operate on complex procedures and operations with simplicity because of AI.

Regardless of how keen future artificial intelligence become, they will never be equivalent to human insight: the psychological improvement required for all unpredictable knowledge relies upon communications with nature and those cooperations depend, thus, on the body—particularly the perceptive and engine frameworks.