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The Changing World: The Advent of Artificial Intelligence

With the world moving and developing at a fast pace, #artificialintelligence has gained its share of popularity. An important fact to understand before discussing artificial intelligence is that Artificial Intelligence is not a technology. Technology, as defined in Britannica, is “the application of scientific knowledge to the practical aims of human life, or as it is sometimes phrased, to the change and manipulation of the human environment”. On the other hand, Artificial Intelligence (AI), also known as machine intelligence, was introduced with an overall goal to create technology through which computers and machines can function intelligently. Artificial Intelligence, as defined by the Merriam Webster dictionary, is “a branch of computer science dealing with the simulation of intelligent behavior in computers”. AI focuses on how human intelligence is simulated in machines, thereby programming them to think, rationalize, and mimic human actions. It includes tasks ranging from simple to complex along with an exhibition of traits like learning and problem-solving. AI is not just limited to robots as portrayed in films. Just like the two sides of a coin, AI too has its advantages and disadvantages. The advancement in this field has benefitted many industries and organizations across various sectors. From being used in healthcare for the treatment of patients in the operating room to computers that play chess to self-driving cars to flagging suspicious activities in the banking and finance sector, AI has proved to be useful. AI has also made it easier to estimate the supply, demand, and pricing of securities, thereby streamlining and making trading much easier. AI designed to carry out a particular job is classified as Weak AI. It includes video games or computers playing chess. Another good example of such AI gaining popularity these days is personal assistants like Google Assistant, Alexa, and Siri. As opposed to this, a strong AI is used to carry out tasks that are more “humanistic”. Some examples of this AI are self-driving cars or applications in hospital operating rooms.  As interesting as all these sounds, AI also has some alarming risks. If machines become so highly developed, they may replace man completely someday. The speed, efficiency, and agility of machines will one day lead to unemployment on a large-scale. Also, they are a threat to people’s privacy. It will not be long before someone somewhere might weaponize Ai for their benefit or in the name of some “cause”.    However, AI holds a bright  #future and has been changing our lives each passing year. The time where AI would be handling financial analytics is not far. One such example is Google Analytics that can read the monetary results, relating them to specific business decisions through the right programming, and advising you on the most logical next step. AI is also being used in online help centers for their websites, directing the visitors for further steps. Although still an emerging technology, using human knowledge through AI, that lacks human fatigue, will help business organizations to strengthen their brand loyalty, reduce operational costs, improve efficiency, increase the revenue flow, and improve customer experience. It will help in making faster business decisions that are based on real-time assistance.  (i)      

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