AI has become the threshold of technological advancement. It is something that is becoming prominent in all the major sectors across the world. As such, there are many advantages and equally justifiable misgivings associated with AI.
However, we are not going to debate the uses or dangers of AI. We all understand and accept that AI is changing the world. Let’s assume it’s for the better. Then why is AI beneficial? We have brought a new article to highlight the importance of AI.
Table of contents
AI and its origin
AI is a new frontier of technology that boasts self-reliance and the ability to mimic human behavior. AI utilizes rigid algorithms to build a dynamic computing environment to imitate human intelligence. Using techniques such as machine learning, deep learning, and NPLs, AI can act like a human being. Although, it isn’t yet able to think like one.
The Human fascination with AI is not new. We have been intrigued by the possibility of creating machines that can surpass the human mind. However, the term AI first saw the light of day in the year 1955 when it was first coined by John McCarthy. Later on, he, with others, organized a conference named Dartmouth Summer Research Project on AI. This small step worked as the precursor to the creation of machine learning, deep data mining, and predictive and prescriptive analytics.
Use cases of AI
We can use AI in many different sectors. From daily scenarios such as financial services fraud detection, retail purchase predictions, product recommendation, and customer support to rare tasks such as project management or art creation, we have seen the various application of AI over the years. This myriad of applications is what makes the technology so important.
Given below are a few use cases for AI:
- Fraud detection:- Financial sectors use AI in fraud detection. They use it for the initial scoring of credit to understand creditworthiness. They also use AI to monitor and detect fraudulent card transactions.
- Virtual customer Assistant:- AI has become quite famous in the customer service industry. It predicts and responds to customer queries, raises tickets, files complaints, and solves simple issues.
- Healthcare:- AI is also employed in the healthcare sector, where it helps scientists research new drugs. The tech is also used as software for the administration part of the healthcare industry.
- Education:- AI has been changing the landscape of the education industry. AI is far better at managing curriculum and deciding the course of studies. The tech can present a program that is far more suitable for a student, and what’s more, it can present a customized curriculum for each student separately.
11 reasons why AI is important
Depending on the various applications of AI, it is no surprise that tech has become far more important than it seems. AI can make the world a better place. It is ideals such as these that help AI to be beneficial to humankind. Given below are a few reasons that not only justify the use of AI but also state its importance.
1. AI is accurate
AI is far more accurate at its tasks than a human can ever be. It is precisely so because AI can read and analyze data faster and more accurately. It does so by using techniques such as deep data analysis, machine learning, NPLs, and neural networks. Hence, every time a human engages with AI, the interaction makes it more advanced and accurate.
2. Reliable and Quick
AI works with algorithms and rules. These are rigid yet reliable. Since AI performs repetitive tasks, has voluminous data, and requires accuracy, it has to be reliable and quick in operations. Which it is, hence underlying the importance.
3. Intelligent Products
AI isn’t a piece of machinery or a tech gadget. Interestingly enough, it is a set of codes bound by algorithms and rules that relies on machine learning and NPLs to become smarter over time. Hence, it isn’t sold as a stand-alone product. Rather such products that integrate with AI are branded smart devices that can enhance your lifestyle. At its core, AI is a program that becomes more and more valuable with the amount of data it handles. Any integration is merely an outer shell, as the core remains in the coding.
4. Deep data learning
With the increase in computing power and Big data, deep data analysis and learning is no longer a fantasy. AI is now capable of scanning through records to understand and recognize patterns and predict future trends. This tech is often used in the financial sector to counter theft and also as a fraud detection system. Deep data learning has allowed AI to become more resilient.
Hence, they can undertake many tasks which want possible before. And all the AI needs is huge amounts of data to analyze and learn from. The best AI image generators and AI chatbots are great examples of how AI can do the unthinkable with deep data learning.
5. Gains the most out of Data Analysis
It is no mystery that an AI is far better at analyzing data than a human ever will. It can extract the whole potential of data within minutes and sort it as per importance. Arguably the role of data and its importance has never been such crucial to development until now as we finally have the perfect means to utilize huge lumps of data that are simply flying across the internet.
6. Devoid of human error
Humans are prone to mistakes. It can happen due to boredom, lack of interest, insufficient alertness, or even intentionality. But AI-powered systems are devoid of human error.
AI does not get bored while handling repetitive tasks. It is never uninterested in a job. It always maintains the optimal state of alertness, and finally, it can’t make intentional mistakes as it doesn’t have free will (as of yet). Hence, if you value precise decision-making and precision in tasks, then you can never go wrong with an AI. That’s why AI could replace humans if it wanted to.
7. Can work 24/7
Similar to our previous point, an AI is unlikely to take coffee or lunch breaks. Meaning, AI is fully capable of working 24/7, and that too with the same efficiency while producing the same output.
AI lacks emotions. Although it can be a major disadvantage at times, one thing is for sure. That is, the program is unbiased in its decisions. It always selects the most optimum course of advancement and never allows for personal bias and negativity to mar its judgment.
9. Fast Operations
Since AI can process and compute data faster, it can make decisions equally fast. It is something that the human bureaucracy lacks. Sometimes even a small decision can take up an infinite amount of time all due to procrastination, laziness, or any other issues. But there are no such issues with AI. Once it is done with data analyses, it can present the outcome instantaneously.
10. Healthcare application
AI is not only beneficial to a business but also to other sectors. One such sector that has been using AI since the very beginning is no other than the healthcare field. AI-powered machines have made life easier for doctors and forever changed some medical procedures. It is also quite competent at handling patient records and creating a complete medical history which is very useful for both doctors and patients. Finally, AI has been active in the medical research field where it aids professionals in discovering newer or better medicines.
11. Best at handling recurring tasks
Lastly, one should know that AI is quite capable of handling monotonous tasks. AI can process such tasks much faster and that too without error. And when the AI is handling such tasks, businesses can use the freed-up labor to perform any critical or creative task. AI helps businesses in a lot of ways than we can imagine.
To help you in solving your doubts regarding the importance of AI, here are some more answers:
Yes. AI is important for the future. The progress of human society is heavily dependent on how fast and efficient we are. AI helps to make us more efficient than we could ever imagine. So, AI is very important for the future of humanity.
The ability of the AI to analyze millions of medical records to reach conclusions much faster than a human, in itself, is a big advantage. It helps medical professionals save thousands of hours manually doing the job. Moreover, AI does it extremely accurately as well, which a human can’t.
It is very unlikely that the importance of artificial intelligence is going to get lower any time soon. We are making huge progress in almost every sector with the help of the latest AI technologies. Who would want to stop that?