HOW AI IS CHANGING INDUSTRIES (PART I)

AI is truly set to change the way businesses and industries function. It has unrealized potential that is set to change the world and has the backing of both Governments and companies. AI is the next stage of computing. It enables machines to have a mind of their own and perform tasks without instructing them everything like you would need to in a code. Artificial intelligence can shape the way we perceive ideas and everything around us. AI forms the very core and foundation of computer learning. They harness data and use their intelligence to interpret it. They are able to make decisions in milliseconds. It is a research-intensive and trial-and-error field brimming with possibilities for the future. AI has far-reaching implications and uses in industries of all fields especially in countries like the US, UK and Australia.

It is not just the big tech that can proliferate using AI. Small business owners have a lot to gain from the utilization of AI. It can be a means of expanding businesses overseas and offloading more and more tasks to computers. It is also useful with automation and streamlining processes. There are a lot of start-ups in the field of AI technology looking to have a piece of the pie and capitalize on the ever-growing demand for integrating AI into businesses. AI start-ups also receive pouring money as investments even from big names like Tesla and IBM.

Deep machine learning has the power to learn user trends and behavior mainly because of the proliferation of connected devices and faster computer processing.

The main industries that have a high demand for AI are transportation, manufacturing, healthcare, education, media and customer service. AI can work by replacing manual and cost-intensive workforce. Mechanized machines can react differently to altered situations using AI and that will certainly offset a lot of input costs. There are now even AI-specific courses in colleges aimed at equipping bright young minds with the latest technical know-how.

It creates employment opportunities too and promotes learning of coding which is quintessential in a rapidly tech-driven world. AI will also lead to a boom in demands for data centers and processors around the world along with an increase in advanced semiconductors that need to be efficient and quick to compute data. A lot of apps are being built where AI plays a central and pivotal role. Tesla is using AI to develop its autonomous self-driving technology and Neuralink is exploring to enhance the capabilities of the human mind.

In a world where privacy is becoming increasingly important for both the users and governments, AI can improve transparency and introduce mechanisms in place that give importance to user data and consent.

Small businesses are the ones that have a whole lot to gain from the supposed rise of AI in all areas. AI can be utilized in a multitude of ways to enhance its operations. Using AI, businesses can manage and improve products, automate services and be proactive with customer data. There are a plethora of ways by which small businesses can utilize AI to reduce dependency on human staff. Chatbots serve as an effective way to tend to user queries and complaints as they are faster at finding solutions and just need codes to be written. After that, there is no need for any human intervention. It just requires time-to-time monitoring. Depending on business needs, chatbots are capable of performing many tasks, from troubleshooting issues to starting conversations with potential customers. If a customer’s needs are too complex, however, the chatbot can recommend and arrange human interaction.

PRO TECH TIP: Keep location off all the time and only use it when absolutely required like navigation. For eg- you don't need Instagram to use your location all the time while using the app, only when it needs to know where you are for an Instagram story

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