Friday, July 12, 2024
HomescienceHow artificial intelligence can add value to society and business

How artificial intelligence can add value to society and business

The demand for artificial intelligence (AI) practitioners and budgets for AI initiatives have never been higher. Digital transformation brought about by drivers such as the global pandemic has significantly accelerated the development of artificial intelligence and machine learning technologies. More and more companies are looking at how to unlock the value of artificial intelligence and make it useful in the real world, often to the benefit of their business and their customers. Organizations looking to launch their own initiatives will have a good idea of ​​the real opportunities and challenges in the field of artificial intelligence.

The Value of Artificial Intelligence

When we refer to the value of artificial intelligence, we are referring to two aspects: its benefits to society as a whole and its benefits to businesses. Some AI use cases are purely about maximizing business efficiency, while others have a positive impact on the lives of end users (in fact, there is often overlap between the two).

social benefit

Artificial intelligence can improve the user experience of technology, enhance customer-enterprise interaction, and create a more personalized and faster user experience. We see this in the use of fraud detection technology, personalized virtual assistants, customized search suggestions, and many other AI interactions. 

In the best cases, AI can even help save lives. Smart cars with driver assistance features are a popular example of using artificial intelligence to improve road safety. But take the application of artificial intelligence in medical imaging technology as an example. Using machine learning techniques, algorithms can analyze MRIs to detect cancer. Doctors use the results to target radiation therapy more precisely and reduce damage to tissue. In some cases, AI’s contribution can be a matter of life or death.

 In another example, researchers are applying artificial intelligence to extreme weather forecasting. For example, if they can predict the intensity of a tropical storm based on satellite imagery, they can inform rescue teams and potential evacuees of a plan of action before it’s too late. Key sectors such as healthcare, automotive, aerospace, and defense are harnessing the power of AI primarily to enhance safety measures, solidifying its role as an indispensable element within their operations. Ultimately, AI has the potential to exert an immensely beneficial influence on numerous facets of society, ranging from time-saving applications to life-saving advancements.

How artificial intelligence can add value to society and business

Benefits to business

Organizations are also turning to AI to maximize internal efficiencies. They are using artificial intelligence to grow their business, increase revenue and reduce costs. For example, in the energy sector, companies use AI to predict energy consumption in advance, which helps them regulate required production and save significant amounts of money. Companies are also using artificial intelligence to optimize internal workflows. Algorithms can manage mundane tasks previously performed by humans, saving considerable effort and time. 

For example, a bank’s chatbot can answer customers’ daily questions almost instantly, speeding up the customer experience and reducing company overhead. Artificial intelligence also helps streamline the machine learning process. If a team needs to develop training data for their machine learning model, algorithms can provide initial hypotheses on the data labels. This makes the data annotator’s job much easier: they only need to verify or correct existing labels instead of starting from scratch. 

These algorithms are also useful for providing quality control during the AI ​​development process, ensuring that labeled training data meets the expected accuracy. Whenever a business relies heavily on data, even minor adjustments to a particular process can contribute significantly to its overall value.

The future value of artificial intelligence

AI development is moving from a model-centric approach to a data-centric approach as teams realize the critical role of high-quality data in model performance. But even more exciting is seeing advances in human-centered AI: AI that learns from and works with humans. This evolution aims to bridge the gap between humans and machines, which will be the true value of artificial intelligence. 

As the team works on human-centered solutions, one key theme remains important: Responsible AI is the way forward. Ensuring that AI works as intended is ensuring that it provides value to the business or society it serves. Building AI with a responsible lens is critical to mitigating bias and maximizing representation, which ultimately means creating systems that work better for everyone.

conclusion

In conclusion, “The Value of Artificial Intelligence” is a topic of paramount significance in our rapidly evolving technological landscape. Artificial Intelligence has emerged as a transformative force, bringing immense benefits to businesses, society, and individuals alike. Through its capacity to automate tasks, analyze vast datasets, and predict future trends, AI empowers organizations to operate more efficiently, make data-driven decisions, and deliver exceptional customer experiences. This, in turn, leads to increased profitability and competitiveness in the global market.

FAQs

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular