Benefits Of Artificial Intelligence and Machine Learning In Firms.

Artificial intelligence (AI), the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings. The term is frequently applied to the project of developing systems endowed with the intellectual processes characteristic of humans, such as the ability to reason, discover meaning, generalize, or learn from past experience. Since the development of the digital computer in the 1940s, it has been demonstrated that computers can be programmed to carry out very complex tasks — as, for example, discovering proofs for mathematical theorems or playing chess — with great proficiency. Still, despite continuing advances in computer processing speed and memory capacity, there are as yet no programs that can match human flexibility over wider domains or in tasks requiring much everyday knowledge. On the other hand, some programs have attained the performance levels of human experts and professionals in performing certain specific tasks, so that artificial intelligence in this limited sense is found in applications as diverse as medical diagnosis, computer search engines, and voice or handwriting recognition.

Machine learning is an application of artificial intelligence (AI) that provides systems the ability to automatically learn and improve from experience without being explicitly programmed. Machine learning focuses on the development of computer programs that can access data and use it to learn for themselves.

The process of learning begins with observations or data, such as examples, direct experience, or instruction, in order to look for patterns in data and make better decisions in the future based on the examples that we provide. The primary aim is to allow the computers learn automatically without human intervention or assistance and adjust actions accordingly.

👉🏼Benefits that Banking Sector is getting from AI/ML.

• Enables overall superior customer experience.

The biggest problem is that there would be a long queue if there is no online support provided by banks and other firms. Chatbots and other virtual assistants solve this problem almost entirely, allowing customers to do everything bank-related from the comfort of their homes.

• Fraud prevention.

According to a McAfee and Center for Strategic and International Studies (CSIS) report, financial fraud and cybercrime cost Banks and FinTech around $600 billion globally, which is 0.8% of the world GDP.

So, how AI/ML is preventing frauds?

• Better auditing
• Mitigates Cybercrime
• Creates a compliant internal structure

👉🏼Artificial Intelligence and Machine Learning in the Healthcare sector.

Artificial intelligence (AI) has already revolutionized numerous industries, including healthcare.

Impacts on HealthCare sector.

• AI-driven tools help reveal early disease risks.
• Robot-assisted surgery
• Precision medicine
• Treatment Plans
• Medication management

👉🏼Artificial Intelligence and Machine Learning in the ecommerce sector.

The use of artificial intelligence in online shopping is transforming the E-commerce industry by predicting shopping patterns based on the products that shoppers buy and when they buy them.

• Chatbots and other virtual assistants

E-commerce retailers are increasingly turning towards chatbots or digital assistants to provide 24×7 support to their online shoppers. Built using AI technologies, chatbots are getting more intuitive and are enabling a better customer experience.

• Intelligent Product Recommendations
• AI-enabled Email Marketing sends out marketing emails for products (or services) that are of interest to the recipient. Apart from reading more human than automated, these email marketing tools make an intelligent user analysis based on their response and are more aligned to individual customer needs.
• AI-based data analytics tools for the E-commerce sector that provide a host of benefits such as business intelligence, customer profiles, and online sale analysis.

In the future, it can happen that most of the working in any firm that is currently done by humans will be replaced by AI and ML.

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