AI was once reserved for sci-fi shows, and books but now we live in an era where this is our reality. AI is not dystopian anymore, it is everywhere in our present reality and has become an integral part of our lives. Social media apps, online search engines, mobile phone apps, and everything you can think of in the online world use AI in some way or another. AI has been around for a long time but became more accessible to the general public after the chatbot ChatGpt was released late in 2022. We all have heard about AI but have only experienced its magic firsthand with products like ChatGpt, Gemini, and several others that took the market by storm.
The AI revolution is so undeniable that businessman and our beloved Shark from Shark Tank, Mark Cuban went on to say “I am telling you, the world’s first trillionaire is going to come from those who master AI and all its derivatives and apply it in ways we never thought of.”
Just to refresh your memory, AI uses machine learning to create intelligent machines that can carry out tasks that are usually carried out by humans, giving machines human-like intelligence and intuition. Today, around 77% of devices use AI. AI has brought in a paradigm shift and has brought a great deal of change in the technology world as well as in many industries such as healthcare, automotive, agriculture, hospitality, and agriculture, etc. Many companies are leveraging AI to cut costs, become more efficient, enhance computer satisfaction, raise sales, and obtain a competitive edge in the marketplace.
What is Applied Artificial Intelligence?
Applied Artificial Intelligence is when Artificial Intelligence is applied to real-life solutions to solve real business problems. Advanced information processing or applied AI, tries to create commercially viable smart systems for example say a stock trading platform or expert medical diagnosis systems.
By applying AI techniques to solve real-world issues, including deep learning, computer vision, machine learning, and natural language processing(NLP), Applied AI systems function in actual settings and do jobs that usually require human cognition and intelligence. This application of Artificial intelligence is relatively new, but it is predicted to segue into routine business predictions and take them to the next level.
Are AI & Applied AI Different?
Surprisingly, Yes! Applied AI is the practical application of AI to real-world problems or solving particular problems and tasks, whereas artificial intelligence applications refer to specific software programs or systems that are trained on huge data to give responses to your queries like a search engine would but more personalized and tailored to your asking. On the other hand, Applied AI operates well without much extensive data, making it more accurate and efficient since it can operate without much data, and can adjust without manual coding or a protracted learning curve.
How can businesses benefit from Applied AI?
Quick Decision Making
Applied AI reduces errors and predicts outcomes by using( you guessed it!), machine learning algorithms allowing you to make quick decisions by taking away the guesswork.
Reduces Bias
Applied AI like Application Tracking System (ATS) in recruitment knows its way around human bias helping you avoid it efficiently, and can reduce human errors, and as a result, make it more efficient and accurate.
Enhanced Productivity and Efficiency
Applied AI saves time and money by automating major tasks increasing productivity and efficiency.
Predictive Maintenance
Applied AI can analyze sensor data and predict potential equipment failures way before they occur in the manufacturing, energy, and transportation industries. This proactive approach can reduce downtimes, minimize maintenance costs, ensure security, and ensure optimal performance of important assets saving much time, money, and important resources.
Fraud Detection & Risk Management
You know by now that Applied AI is an expert in detecting patterns and anomalies in systems predicting fraudulent activities or potential risks in financial transactions, insurance claims, and cybersecurity threats. Applied AI can help businesses mitigate these risks and safeguard their assets, maintaining trust with customers.