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Key Benefits of Artificial Intelligence

Below are the benefits of Artificial Intelligence:

1. Reducing Human Intensive Labour

AI has been instrumental in reducing human-intensive labour by leveraging on Smart Automation. As per the Oxford Economics Report in June 2023, more than 2.25 million Robots are deployed worldwide (Threefold increase from last decade). Now in many factories, all the heavy lifting, carrying, transporting and other mundane activities are carried out by AI-enabled robots. This saves a lot of human efforts which can be better utilized in more productive activities.

Example: Amazon deploys more than 100,000 AI-based Kiva robots in their fulfilment centre. The use of AI-enabled robots not only reduces human efforts in performing physically intensive work like carrying large inventory quantities from one shelf to another but also enhances safety at the workplace. These Cyborgs can load and unload one full trailer of stocks in less than 30 minutes which took more than a couple of hours for human workers.

2. Increasing Efficiency in Pharma Industry

AI has been a boon to the Pharma and Healthcare Industry. As per the study by MIT, merely 13% of the drugs pass the clinical trial stages, further, it costs Pharma companies millions of dollars for any of its drugs to pass the clinical trials. Therefore Pharma companies in order to ensure better utilization of their R&D Budget deploy AI to increase the chances of their drugs clearing the clinical trials. Different Machine Learning algorithms aid scientists in finding the right composition of different salts in the drugs by analysing historical data related to Genes, chemical reactions, and other attributes.

Example: Novartis, A leading Pharma Company, has been using Machine Learning Algorithm to find out which compound is best at fighting the diseased cells under examination. Previously, this procedure involved the manual microscopic investigation for each sample which was both time consuming and prone to human errors. With Machine Learning based algorithms, they can run real-time simulations and get more accurate results sooner.

3. Transforming the Financial Sector 4. Quicker and Easier Customer Service using AI Chat-Bots

An earlier version of Chat-Bots interactions was very time consuming and frustrating. The bots used to run into loops and could assist only in pre-defined tasks. The AI-powered chat-bots using Natural Language Processing have a better understanding of human interactions and can learn on its own and hence are far more adept in providing an adequate response to the customers.

Example: Bank of America virtual assistant Erica is one such example of AI-enabled chat-bot. It has already helped 7 million clients since its roll out in June 2023. Erica uses Artificial Intelligence, Predictive Analytics and Artificial Neural Network to serve more than 50 million client requests it received last year. The request ranges from normal banking tasks like Bank balance information, Bill Payment to complex tasks like Investment planning and budgeting suggestions.

6. Predicting and Enabling Quicker Response to Disaster

Artificial Intelligence has turned out to be a silver lining for us in the face of calamity. Now-days, Artificial Intelligence applications are being deployed to pre-empt natural disasters using different pattern recognition algorithm. It is also being used to mitigate the losses after such disasters by aiding in disaster relief work. AIDR (Artificial Intelligence for Disaster Response) is widely used for this purpose.

Example: AIDR was deployed in rescue effort post the earthquake in Nepal (2023). Volunteers and rescue workers were able to reach out to the affected victims quickly with the help of AIDR. AIDR uses Social Media analytics to categorize all the tagged tweets. The insights from these tweets not only helped rescuers to reach the affected area quickly but also helped them in categorizing areas based on urgency to better channelize the rescue effort.

Conclusion

Artificial Intelligence has immense potential and it has started to show tangible results across all the sectors. In terms of utilizing potential, we have just scratched the surface and there is a long way to go before we harness the true power of AI.