WHAT IT'S ALL ABOUT...
AI – the buzzword that immediately takes your imagination to a future world controlled by machines and robots... but the reality is that artificial intelligence is already being used in our day-to-day lives.
This blog will explore 7 everyday life examples of AI...
1. Social media
If you’re one of the 3.4 billion social media users, chances are, every time you scroll through your feed, your decisions are being influenced by AI …
AI gathers data from sources like your web search history, the profiles you stalk–I mean visit most, and your reaction to similar posts to present you with a personalised feed that’s unique to your own interests, likes and curiosities.
Facebook is currently using AI to recognise faces of its users. Whenever you upload a photo, algorithms that function similar to the human brain get to work to identify who’s in the photo. Whilst Instagram harness AI to understand the sentiment behind emojis which allows them to auto-suggest the perfect emoji based on the context of the surrounding text.
And Snapchat wouldn’t be Snapchat without AI. The platform uses AI to track facial movements and provide users with the iconic facial filters which were largely responsible for the app rising to fame back in 2015.
AI is proving to be a valuable asset for governments as they face increased pressure to do more with fewer resources.
Back in 2016, benefit fraud cost the UK government over £2 billion. Investigators had the pain-staking task of manually identifying, tracing and cracking down thousands of false benefit claims which led to less time and resources to spend on more strategic tasks.
Fast-forward a few years, and AI is working to save time and increase efficiency.
AI algorithms identify abnormal patterns across applications such as the same phone number being used on more than one application, or applications written in the same writing style. It then flags these applications as suspicious so that a human investigator can take over and determine whether or not these claims are legit.
On top of this, applicants’ social media profiles can also be examined using algorithms to determine whether the stories that people report about their given situation are true. For example, a person who posts pictures of themselves doing competitive water sports in Magaluf is unlikely to need disability allowance.
This is helping to crack down on crime and increase social equality by ensuring that benefits only go to those who need them the most.
AI is thriving in the finance industry and there’s no wonder why. In an industry where accuracy and precision are everything, there is little room for mistakes and AI is working to bring greater clarity and peace of mind to the sector.
AI is driving the risk-assessment process that helps banks decide which applicants to accept for credit and loans. It’s the technology that rules and reigns when it comes to fraud detection. And it’s even used in trading to predict future patterns in the market.
One recent advancement in AI is the development of the robo-advisor, an automated portfolio manager that uses AI and algorithms to scan the data in the markets and predict the best stock portfolio for customers. Looking at the data for answers saves times, eliminates human error and is working to produce excellent results for clients.
The introduction of AI in the transport sector means that the driverless cars which were once only featured on the screens of your favourite 90s sci-fi blockbuster will soon be coming to a car dealer near you.
In Tokyo, autonomous taxis are already operating and these are leading to reduced operating costs, and improved accessibility across the city. In the US, autonomous trucks are also being used to reduce costs associated with maintenance and administration.
As forward-thinking players in the transport space carry out the final preparations to make driverless cars safe for the average consumer, it’s only a matter of time before this becomes mainstream.
But before we move onto the next point, let’s look at another example of AI in the transport sector that’s perhaps closer to home.
Have you ever been set to begin your commute only to receive a notification warning you that traffic is heavy and suggesting an alternative route? You guessed it – AI is used to send data from sensors and cameras on the roads to the cloud, where patterns can be spotted to identify abnormalities and predict what this means for commuters.
Not only is this reducing the amount of traffic, but it’s also leading to improved road safety and more reliable journey predictions.
The retail sector as we know is changing and this is largely down to AI.
Gone are the days of having to purchase in-store – now consumers can easily browse on their
AI is working to help retailers understand what customers really want. From using algorithms to “remember” fashionista’s style identity and suggest similar items, to providing personalised skincare advice by simply prompting customers to upload a selfie, and of course, using members cards to track customers’ purchase history so they can be targeted with their favourite items at a discount.
Another way AI is being used is to keep on top of inventory and stock. At H&M, stores currently use AI to analyse store receipts and return rates to understand which items are most popular. Then, using this data, they’re able to identify which items to promote and stock more in each store.
On top of this, AI leading the way for improved customer experience. Finding an item in-store can be easy as snapping an image, and making an order at your favourite fast food joint can be as simple as sending a chatbot a text.
Retail is brimming with AI inventions and this is changing the game.
6. Customer service
AI is becoming increasingly important in customer service. Bots are revolutionising the way customers interact with brands online, providing 24/7 human-level support and a personalised shopping experience.
Now, when a customer has a query or concern, bots are often the first point of call. They can proactively start conversations with customers, answer questions and direct them to the information they need in a seamless and surprisingly human manner.
Bots are now being implemented across all stages of the customer lifecycle, and this is leading to reduced costs, more efficient processes and an overall better experience for customers.
In healthcare, it’s no exaggeration that AI is saving lives.
The Internet of Medical Things (IoMT) technology is being used in everything from heartbeat monitors, to sleeping apps, and is even helping improve safety for the elderly that live at home by flagging patterns that may suggest cause for concern.
On top of this, AI is working to help healthcare professionals detect diseases with greater accuracy and speed than ever. One example if this is in the oncology field, which now sees mammograms reviewed and translated 30 times faster with 99% accuracy than before.
One exciting development that’s sparking major advancements in the medical field is the use of AI to treat diseases more effectively. The traditional approach to healthcare is to provide treatments to masses, but in reality, everyone is different and what may work for one person, may have little impact on another.
AI is being used to provide a more personalised experience for patients through individualised treatments. Analysing patients’ biometric data allows healthcare professionals to predict how they will respond to a given treatment and this is leading to increased treatment success.
Overall AI is helping to optimise the detection of disease, medical research, treatments, diagnosis, and overall decision-making in the healthcare industry and it’s likely that this is only the beginning…
Oletta Stewart is a Content Writer for MHR Analytics.
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