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Robots are particularly well-suited
for manufacturing as they excel
at repetitive tasks. When asked to
complete the same task again and
again, humans can easily become
bored and distracted leading to poor
products or even worse accidents.
As such, robots can often perform
these tasks better than their human
counterparts.
As technology develops, industrial
robots are gaining more capabilities
like increaseddexterity and reasoning
skills. So much so that CNN predicts
that by 2025, 45% of manufacturing
jobs will be undertaken by robots.
AI in healthcare
Many areas of healthcare are
already benefiting from AI. Artificial
intelligence in healthcare can use AI
algorithms to scan radiology images
for cancerous tumors and can produce
far more efficient readings than even
the best radiologist. This technology
has allowed doctors to shorten
diagnostic timeframes, which means
that patients can receive treatment
much faster and subsequently have
a higher chance of survival.
Within the healthcare industry, AI is
being used to examine large datasets
to understand and make informed
decisions about diseases and help
doctors create optimized treatment
plans. Chatbots, in the form of Virtual
Health Assistants, are also being
employed to schedule appointments
and reduce admin tasks at doctor
offices. AI can even be used for at
homecare services like reminding
patients to take their medication,
answer basic medical questions and
call an ambulance in an emergency.
Artificial Intelligence
in education
Schools and other learning
environments are adopting AI to
create personalized learningmethods
to assist students; especially those
with learning disabilities. AI devices,
like Intelligent Tutoring Systems,
can analyze how the student
processes and learn information.
By using this information teachers
can create a tailored plan to meet
students learning needs. AI can also
be used to streamline admin tasks,
like grading papers, so teachers
have more time to focus on what
they do best.
As AI becomes integrated into
more classrooms, the traditional
classroom structure could be
radically transformed. More efficient
learning environments, tailored to
meet each students’ unique needs,
may soon be possible. Leading to a
world, where every student gets the
help they need to do their best.
Artificial Intelligence
in banking & machine
learning in finance
Machine learning algorithms can be
used to detect and prevent credit
card fraud. AI devices scan card
transactions to identify an “abnormal”
activity and flag anything out of the
norm. This is why your card often gets
declined if you try to use it overseas
or to purchase a big-ticket item.
AI systems are far more capable
than humans in their ability to
accurately detect fraud as robots are
experts at scanning large amounts
of data. As this technology evolves,
it should reduce the number of false
declines which currently affect card
users and businesses.
Financial service professionals can
also use AI algorithms to conduct
credit reports, process mortgage
applications, manage money and
transactions, and trade on the stock
market. For example, Automated
Trading Systems quickly analysis
large amounts of data to create more
in-depth and accurate insights into
the stock market so that traders can
make quicker decisions. Customers
and accountants can access apps
like Pegg to manage and automate
financial transactions from any
location, at any time.
Benefits of Artificial
Intelligence
Like any emerging technology, AI and
automation have a few drawbacks.
One of the biggest barriers for SMEs
when it comes to integrating this
technology into their work processes
is the initial cost. Some AI applications
can be very expensive. However,
as AI technology becomes more
mainstream, costs should decrease,
and specialist equipment should
come with payment plan options.
Currently, AI and automation
technology is also rather limited in
capabilities. Robots are unable to
handle complex human emotions, react
appropriately to unexpected events
or come up with creative solutions.
As such, they’re not suitable for all
Image 4:
Artificial Intelligence applications for businesses
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