HOW IS AI BEING USED TODAY?

Industries are using machines to perform human work speedily and without any flaw. Various companies are leveraging the power of AI to impart innovation to the world. It helps in maximizing revenue while providing comfort to the customers.

• Ott Platforms :- These are digital platforms built to entertain the audience that offers content to the customers according to their preference. AI analyzes the behaviour patterns, choices, and interests by predictive technology to increase the engagement level that boosts the returns. Customers get suggestions based on their previous likes and reactions.
• Chatbots :- Chatbots replace the need for a human to converse with customers. It is software built to interact with visitors to answer their questions. AI-powered chatbots stimulate the conversation and make your customers comfortable. Several enterprises use this to provide a pleasing experience to their end-users and enhance their brand value.
• Virtual Assistant :- Virtual assistants like Siri, Google Assistant, Echo searches, and provide information about everything and anything. Anyone can call, message, play their favourite music, get the answer to any question, book appointments, and much more with these high-performing AI software. Gadgets are becoming advanced to respond to customer requests and follow their commands.
• Electric Vehicles :- Automobiles are becoming smart with artificial intelligence. One such company is Tesla that is not only acclaimed for being environment-friendly but also for innovative features. Not only gadgets, but the automobile industry is also upgrading its technology with AI.
• Cyber-security :- Cybersecurity is progressing with AI, and walls around data are getting higher to protect confidential information from abnormal cyber activities. Airports are implying AI technology to identify visitors, detect unusual signs, and prevent danger. Many commercial enterprises employ AI systems to secure the financial information of their stakeholders, investors, and customers.

HOW IS ARTIFICIAL INTELLIGENCE TRANSFORMING THE WORLD?

AI is revolutionizing the way the world operates. The potential for innovation with this emerging technology is endless. Each industrial segment of the world is now looking to move ahead by taking advantage of AI.

• Minimizes human error :- Humans are prone to make errors, but AI tools decrease the probability of errors and increase accuracy. AI operates on previous information and makes decisions according to the same. Organizations can maximize productivity by reducing the number of mistakes in their routine operations, whether simple or complex. Digital systems streamline the process and make it flawless.
• Full-time availability :- AI is available 24*7 and provides seamless services. A human mind gets tired after some hours of work and needs breaks to refresh and work again, which affects the quality. An AI machine can operate continuously without any hassle and work efficiently and effectively. It helps to provide continuity to your business at the time of emergency and grow without any disruption.
• Manage repetitive jobs :- Many tasks are redundant and become monotonous to perform after some time. AI can perform these routine tasks and ensure accuracy. It helps to focus on crucial areas that are critical for the success of an organization. The AI built system provides functionality to every core department such as HR, Finance, IT, to carry out regular tasks and implement them successfully in less time.
• Smart Decisions :- The decision-making process of AI is better than humans as it is unbiased, analyses trends, coordinates various data points, considers every variable before concluding. The structure of AI can simplify complex problems and provide the right solutions to your business problems. It helps in overcoming challenges and achieving goals while optimally utilizing the resources.
• Enhance user experience :- Chatbots are a great example of how AI provides a delightful experience to your customers. It efficiently deals with the queries and clarifies the doubts of the end-users. You can know about their problems and solve them to satisfy their needs. AI tools enhance the online experience for customers, so they visit again and allow you to build a better connection.

HARSH TRUTHS ABOUT AI

AI is not entirely perfect, and there are certain disadvantages to this futuristic technology. The other side of AI is dark and can have some critical consequences:-

• Unemployment :- The unanswered universal question related to AI replacing human jobs is a scary thought to think. GPT-3, the autoregressive language model, can write songs, ad copies, poetry, research papers, and much more than we can imagine. Amazon Go, an advanced shopping store in Seattle, operates without a workforce. The risk of humans losing their jobs to AI is a high probability that can lead to a surge in the unemployment rate and might have additional adverse effects on the economy.
• High-cost of execution :- Implementing AI build software involves high costs, and the same goes into developing one. It took hundreds of millions of dollars to build SIRI. The maintenance cost of updating and regulating it according to the changing business needs is not less. Server breakdown of any AI-based software will cost you a fortune to fix the system for recovering the misplaced codes and reinstalling the system.
• Lack of EQ :- One of the significant attributes machines do not possess is emotional intelligence. Humans are gifted to connect with other humans and empathize with them to understand their emotions. AI built machines are not able to comprehend a varying range of feelings any human goes through. Team management is a must to create and maintain a strong bond with your customers.
• Unvarying :- Machines are only suitable to provide solutions for familiar problems. They work on the input given to them for processing the output. The decision-making process doesn't improve with time, like humans who become wiser with age and experience. An engineer needs to re-develop the machine to keep up with the changing environment. The ability to categorize something as ethical or unethical is absent in this advanced technology.
• Short on creativity :- Humans tend to be creative and use their imagination for innovation, and AI is also a result of that artistry. AI cannot think on its own, and it will always need an engineer to program it for fulfilling a specific purpose. AI can only assist in creating something unimaginable rather than coming up with the idea of it.

TYPES OF BIG DATA

There are three types of big data:

• Structured :- Structured data is an organized form of data that is accessible, storable, processible, and retrievable in a fixed format. You will find the majority of structured data in numeric form. Companies can analyze this form of data with search algorithms and obtain valuable information. The data that you see stored in databases and spreadsheets is an example of structured data. Another example can be the employee table in an enterprise that contains information in an arranged way like employee id, name, department, gender, salary, etc. The rapid advancement in technology has produced highly functional tools to operate with structured data without any trouble.
• Unstructured :- The unstructured data is available in varied forms. There is no predetermined structure or fixed format assigned to this type of data. This data is present in a vast amount, but it is not easy to process such complex data. Companies find it a time taking task to retrieve significant insights from unstructured data. Emails, surveillance data, image, audio, and video files are examples of this type of data. The unorganized format of unstructured data makes it hard for enterprises to derive value out of it. Businesses ranging from small scale to large scale store the wealth of unstructured data but don't acquire advanced tools to extract relevant data. Organizations collect information from various sources such as social media, questionnaires to understand consumer behaviour and make changes in their brand strategy.
• Semi Structured :- Semi-structured data contains both kinds of formats. The elements that form the structure of semi-structured data are recognizable as fixed and non-fired. It is neither in the form of a tabular arrangement entirely as it doesn't envelope itself under a single database. XML, CSV, JSON, Zipped documents are examples of this kind of data. Organizations don't store this data in pre-established fields but include components that can separate the respective information into hierarchies. It consists of tags and elements to form a group of data. Organizations find it easy to handle such heterogeneous data as it is flexible that implies the modification of schema for seamless operations.

CHARACTERISTICS OF BIG DATA

The features of big data describe the definition and broad aspect of this concept. Different attributes of big data emphasize the importance of this field in the business world today. Following distinguishable features are listed below:-

• Volume :- One of the crucial aspects of identifying data as big data is the quantity of the data. The magnitude of big data is enormous as it includes valuable information to drive insights out of the same. The size of the data exceeds the volume of terabytes and petabytes. Different sources like social media platforms, business operations, machine networks, customer interaction, and much more produce a massive quantity of data each day.
• Variety :- Variety here refers to the heterogeneity of data. There are diverse sources to collect data and analyze them. Traditionally it was limited to databases and spreadsheets, but now there are various originates like social media posts, emails, texts, images, and much more. This feature of big data helps companies to retrieve the latent information and take advantage of them in their favour.
• Velocity :- Velocity is the metric to measure the exponential growth of data with time. It keeps track of the speed of the generation of facts and figures in real-time. Companies can keep an eye on every activity as the information flows into the pool of big data. Data processing is a part of the velocity of big data that determines the time taken to solve customer problems. It refers to the time gap between the origination of a problem statement and the conclusion of that statement with an effective solution that meets customer demands.
• Variability :- The nature of big data is invariable as it comprises different sources. There is a wide range of information that forms part of big data. The inconsistent speed at which the data generates itself also hampers the processing of data. Sometimes the link and relation between data change frequently, which leads to the uncertainty of data values. Enterprises detect the data inconsistencies to find insightful information for business growth.

ADVANTAGES OF BIG DATA

Big data aims to increase the profitability of the business by providing valuable information. Companies implement the actionable insights derived from this voluminous data with advanced analytical tools for prolonged growth.

• Cost-effectiveness :- The big data analytical tools help organizations to cut down the operation costs. Various tools streamline the process of management of a vast quantity of data. Deriving value out of big data results to cost optimizations that give a competitive edge to businesses today. Big data analytics helps to predict future problems and alert organizations to take necessary measures to prevent them. It helps to keep an eye on the trend and analyze the same for actionable insights.
• Boosts Revenue :- Organizations can trace the footprints of data to maximize the value of sales. Organizations can sell their products and services by customizing them as per customer requirements. It helps to reform business strategies and decisions for productive growth. Big data enables companies to change according to customer needs and wants. It assists enterprises to expand into different territories and become a leader in the marketplace. It makes it easy for companies to understand trends and increase profitability.
• Enhance Customer Experience :- Big data analytics help companies innovate, remodel, and improve their products and services. It offers them ways to enhance customer experiences and increase the retention rate. Companies can customize their products and satisfy the customer needs better than their competitors. You can ascertain insights and leverage them in your favor to be ahead in the competition. Providing what customers want at the right time is one of the beneficial tools companies use to personalize the products and services.
• Detect Errors :- Many industrial sectors analyze big data to mitigate the risk and prevent future losses. Financial firms observe the pattern of customers and track suspicious activities. It helps to decrease the probability of fraudulent activities. Companies can structure the strategy as per the analysis and avoid losses. This advantage helps to build goodwill in the market and retain customers for a longer time. Stakeholders can trust the organization on the capability to rectify errors with the utmost effective solutions. Ultimately it strengthens the bond between an organization and its customers.

These technologies have paved the way towards achievements helping in maximizing revenue while providing comfort to the customers.