Last updated on March 22nd, 2024 at 07:15 am
COVID-19 has inverted the ways we lived. The jolts can be felt across workplaces, particularly where it has forced organizations to reduce activities, including leisure, restaurants, oil & gas, and airlines. Throughout COVID-19, the technology industry remains strong. The pandemic spurred technological innovation and enabled many to continue work despite lockdowns & other pandemic mitigation measures.
Benefits of AI?
- Automation: AI gives a better understanding of machines to interpret a situation or perform necessary action. Tasks can be automated with minor human intervention through AI/ML. While automation takes place, the roles requiring human attention automatically become more productive with more time to focus on them.
- Speed: AI is efficient in expediting much work when compared to humans. AI lets us complete tasks flexibly before deadlines. This reduces human labor & provides great speed & efficiency.
- Accuracy: AI eliminates maximum chances of error. The machine always acts according to a fixed AI algorithm; there are fewer errors in every given scenario. In short, AI defines new limits of accuracy & precision with lesser risks.
- Exploration: AI has helped to discover many new sites, for example, volcanic sites, ocean beds, etc. Humans being vulnerable to these sites, can’t reach and survive these scenarios. Robots are meant to go to these places and collect data.
- Data Collection & Analysis: Data analytics is the future technology in today’s business world. Industries & businesses analyze valuable chunks of data & extract helpful information.
Applications of AI?
AI is applicable in every conceivable field & recent advancements are increasing the relevance of AI in every sphere. Here are the top applications of AI:
- Speech Recognition: AI allows us to convert spoken words into digital content. Speech recognition has various uses like voice-enabled messaging, content writing, voice-controlled remotes, & appliances. Speech recognition is also used for authorization & validation.
- Natural Language Processing: NLP enables a machine to understand the human text. Virtual assistants like Siri, Google Assistant, Alexa, are all an example of chatbots working on the principle of NLP.
- Stock Trading: There are AI platforms that allow automated stock trading. With the algorithms, these bots understand the fluctuations in the stock market & predict high-return stocks with more accuracy. The future scope of AI/ML in the finance sector is fuelled up due to the increasing craze for cryptocurrency.
- Robots: Besides developing intelligent robots, AI has created robots that assist humans with routine tasks like cleaning, gardening, serving, etc.
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