Tuesday, August 3, 2021
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5 Key Elements of Artificial Intelligence 

Artificial Intelligence, also known as AI, has been a buzzing word since the 1950s, but artificial intelligence development companies have been very slow since the 1950s because of many reasons.

AI has many advantages because of its wide range of applications in various fields and industries. AI enables us to take advantage of its fast computing, large data storage, and a massive amount of data that can pass to predict the future, to identify the errors in the machines, automobiles, manufacturing units, and many more.

Before we dive deep into AI and its applications in different industries, we need to understand what AI is, and what techniques we can use for multiple industries.

What is Artificial Intelligence?

In simple language, artificial intelligence is software that can emulate the behavior and actions of a human in a way that humans understand and respond to the computer.

Having said that, it is still a far stretch from reality to imagine a bot/robot replicate everything as humans, but do not let this deviate from the fact that we are still using a lot of AI devices in our daily lives today, namely,

  • Cortana
  • Siri
  • Alexa
  • Google Assistant, etc. 

All these AI devices can talk and respond just like a normal human does. The great thing about these AI devices is that it can tell you about news, play songs for you, show cricket scores, suggest to you which stocks are good to invest in, inform you about the weather, and many more at your convenience.

Some key elements that you need to understand in AI are:

  • Machine Learning
  • Anomaly Detection
  • Computer Vision
  • Natural Language Processing
  • Conversational AI

Machine Learning (ML)

Machine learning is the basic foundation of AI. Most AI solutions depend on machine learning algorithms. Let us look at how machine learning improves the lives of farmers in agriculture.

A company called The Yield in Australia is looking at maximizing the production of food while lessening the wastage using machine learning technology. 

The company uses data and sensors to inform farmers about the weather, soil, plant conditions, and several other useful information about farming to increase the production of food.

By 2050, the world needs to double the production of food according to the UN. According to the UN, the population of this world will be 9.8 billion, which means adding almost 2 billion people to the current population. This is really worrisome, especially when already 1 billion people are suffering food scarcity on the planet.

Machine learning could well become a game-changer for the world in terms of food production. New strategies and approaches are very much needed to feed the massive 9.8 billion by 2050.

Anomaly Detection

Anomaly detection is pretty much like finding a bug in the system and warning the administrator about it. We can use anomaly detection for error detection in any system to stop a certain malfunction.

Usage of Anomaly Detection in Real Life

For instance, have a look at banking transactions — if the bank wants to give a loan to a particular person, then machine learning would look at all the banking transactions of that person, and decide based on their past credentials. For example, the following are some details the machine learning system will look at to grant a loan:

  • Person’s age
  • No. of children
  • Household income
  • Previous loan repayments
  • Credit score, etc.

The above are a few factors that machine learning will take as attributes in an algorithm to conclude if the bank should grant the loan. If there is an anomaly in banking transactions or any fraudulent acts, then machine learning will alarm the bank about granting loans and stop granting bad loans. 

Computer Vision

Computer vision is another subset of AI that deals with image processing and visual processing. It takes the data and compares it with the existing data and defines what is the data based on the matching of the data.

This is very useful when a person is visually impaired or has a disability with vision. A perfect example of this is seeing AI apps for iOS mobiles. The app takes the picture through the device’s camera and identifies the object or person with the past data and describes it to the visually impaired person.

The app can even read the text and explain it to visually impaired people. This app opens up the world for visually impaired people to look at the world and feel the essence of it virtually through its technology.

This app is really a technological demonstration of AI and how it can change the world in incredible ways.

Natural Language Processing (NLP)

Natural language processing is also called NLP, and it can understand the natural language that people speak and write in everyday life. This, basically, is software that understands the written and spoken language.

The main application of this software is in VR games. For instance, Starship Commander is a VR game that allows the players to interact with the in-game characters and system to play alongside the characters to give that special feel to the gamers and make them feel that they are playing in that fantasy world. 

NLP is part of AI that takes the gaming industry to another level and allows gamers to enjoy the game to the fullest. It has really been a while since a game that can give a real feel to gamers, and AI is moving towards that goal and trying to change the gaming industry forever.

Conversational AI

The conversation is an essential part of human life, and it is one of the vital aspects of any business contact. Without communication, you cannot imagine running businesses successfully. 

It involves a lot of things right from the Q and As of starting a business, and where to start, what is needed to start, which items or tools are needed to get going, like these, there are several questions that go through our mind to contact a business person.

To answer these questions, we need people. The problem with people is that they are not available all the time. In that case, the bots are really helpful for businesses and for people who are searching for answers, and for people who are worried about missing out on potential customers.

As a matter of fact, businesses have been implementing bots for a while now, but the issue is, they are not conversational, which makes your customer annoyed with the service. 

In today’s time, no one wants to listen to a bot that mouths off a straight-up academic manual. The customer wants a conversation that is meaningful and not some robotic gibberish.

Again, AI can help businesses solve this issue with a pleasant set of software that can look after conversational customer service issues. Today customer service is a top priority for many businesses. 

With an increasingly charged-up market, it is important that you look after your customers and their problems with a tender heart, else, they will jump into your competitors’ products within seconds.

Okay, those are the five key elements of artificial intelligence solutions and how they are going to change multiple industries with their innovative technology. 

In the next article, we will go a bit deeper into these fields.

On that note, I bid you a farewell.

For more details, Book a Discovery Call With One of Our AI/ML Expert today.

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