Artificial intelligence, or AI, refers to programmed machines that think like humans and perform tasks using their knowledge. AI can be very beneficial – virtual assistants such as Alexa and Siri are prime examples of it. Over the years, it’s become more advanced and capable of doing much more.
AI is capable of benefiting the finance industry in several ways. A key one is the evaluation of risks. AI can analyse vast amounts of data to accurately predict how worthwhile a particular investment may be. All sorts of factors are considered when determining whether an investment into a company, business or person is worth making. AI can help with all that.
Fraud is another area of finance that can be improved. AI can analyse data to determine patterns and pick up irregularities – i.e. potential incidents of fraud – more efficiently than before.
AI’s most obvious way to revolutionise manufacturing is by taking the manufacturing out of human hands. Removing the human element is already happening to a degree, with computers and robots taking over jobs previously held by people. It could go further, with humans needed for fewer and fewer steps of the traditional manufacturing process.
AI could also improve what’s being made, streamline the development process and reduce the number of errors. It can even predict what the demand for a particular product will be.
The fundamental way in which AI can benefit marketing is through the use of data. Obtaining information about particular demographics is an intrinsic part of marketing campaigns. You have to know who people are and what they want, so you can determine who is more likely to buy your product or service.
Through AI, marketers should be able to pinpoint potential customers more quickly and efficiently. They can also use AI to retain those customers and encourage them to keep spending over time.
AI can improve the process of finding games by studying data and putting games that match a player’s taste in front of them.
It can also improve the games by making them more personalised and responsive to a player’s actions and decisions. As you play, the AI system can get to know your playing style and adapt things accordingly to enhance your gaming experience.
With AI, people are already capable of accessing all kinds of information. If AI continues to develop, it could not make data more easily accessible. It can also affect how data is stored and used to benefit companies, businesses and organisations.
It can significantly affect information technology by accelerating all processes involving data. These include how people view and use data and how data is handled and processed behind the scenes. AI can also make it much easier for systems to crunch large amounts of data.
We’re only just beginning to see how AI can benefit different industries. Soon, it’s likely that more and more sectors will rely on AI to improve efficiency and streamline processes.
You may be interested in: How to Build a Dedicated AI Team in 7 Strategic Steps