Artificial intelligence has become a contentious issue in business, with skeptics worrying about the likelihood of AI superseding those that have jobs in automation and even the possibility of having to face a machine uprising. Farfetched apocalyptic scenarios aside, we are entering a new and exciting age where the benefits of AI are capable of revolutionizing industries such as healthcare, education, businesses, and finance.
How AI is helping industries
One of the main benefits that AI has to offer is its ability to automate mundane and monotonous tasks, thus providing workers with additional free time to focus on tasks that require more innovation and creativity. This shift in focus and attention can give businesses more opportunity for growth and more ways to develop their workforce. Many industries have benefited from the adoption of AI, including healthcare, education, finance, and transportation.
There is nothing more important to us than our health, which is what makes the uptake of AI in the healthcare industry especially exciting. Although we are still a long way off having a completely AI-dependent healthcare system, the achievements accomplished in its infancy promise an exciting future. Through the application of algorithms, AI is capable of scanning radiology images for tumors and can detect lung and skin cancer much more effectively than the most experienced radiologists.
The use of Virtual Health Assistants (chatbots) can take on the time-consuming role of appointment scheduling. These bots are even capable of prompting people to take medication on time, as well as providing sophisticated medical advice.
Detecting Alzheimer’s Disease
It now takes AI less than one minute to detect Alzheimer’s Disease by analyzing speech patterns and voice. Astonishingly, AI makes these predictions with great accuracy, reaching around 82%. Furthermore, it takes just 45 seconds for these sophisticated machines to detect whether or not the subject is suffering from Alzheimer’s.
Firstly, the AI pays attention to the subject’s speech by analyzing the length of pauses between words, since Alzheimer’s sufferers tend to make longer pauses between words. It then analyses a person’s proclivity to use pronouns over proper nouns – for example saying “he” or “she” instead of people’s actual names. The jitter and shimmer of a person’s speech (i.e. frequency and amplitude) are very challenging for a human observer to detect, while AI is able to analyze it with greater efficacy.
AI can play a significant role in education with its ability to maximize learning potential for students. This is achieved through its ability to monitor and identify how each student processes information and then providing tailored support based on their needs. These kind of systems are especially useful to those that have learning difficulties, where bespoke assistance can be delivered much more effectively than in a typical classroom environment.
Teachers will also be glad to know that AI can assist with admin tasks like marking papers, thus freeing up additional time for more hands-on teaching. Moreover, this can help facilitate the growth of many teachers by providing them with more freedom to focus on less menial tasks. The classroom environment promises to evolve rapidly in the distant future, providing new and exciting opportunities for both students and teachers.
The ace of spades for AI is its ability to use algorithms at exceptional efficiency and accuracy. In a nutshell, algorithms are used for calculation, data processing, and automated reasoning. For the finance industry, this means that AI can monitor the use of an account and freeze it automatically if any suspicious activity arises. Good news for the general public and banks, bad news for financial fraudsters.
Mortgage applications and credit scoring will benefit from more accurate predictions and assessments thanks to algorithms. Automated trading systems are able to shift through large amounts of data for better analysis at a hyper-accelerated rate all because of AI’s use of algorithms.
Banks can also leverage AI to determine the creditworthiness of a potential borrower. This was initially a tricky task, but the ability to gather quality data has made it significantly less difficult for banks to perform credit checks. The traditional credit scoring system is a thing of the past, and banks can now take in other factors to paint a clearer picture of one’s creditworthiness. Examples include demographic and geographic details, the makeup of an applicant’s social media list, and even the time of day they fill out an application form.
The German company Kreditech has been using big data to assess the creditworthiness of people since 2013. On a more multinational scale, UOB bank in Singapore had a large big data-driven risk management system put in motion. By leveraging AI technology, the bank was able to radically mitigate the calculation time of value at risk.
Perhaps more controversial is the use of AI and its potential to introduce self-driving cars into our society. Such an introduction will revolutionize the transportation industry forever. Although many will feel that one of life’s pleasures will be robbed from them, there’s a compelling argument that the introduction of self-driving cars will lead to increased road safety.
Fewer traffic accidents will occur, predictive software can accurately monitor traffic flow into cities and a more sophisticated traffic light system can help reduce congestion at key junctions.
AI undoubtedly offers an exciting future for us all due to the potential for automation and increased efficiency. For more information on AI and its ability to revolutionize industries, click here.