As we are standing at the dawn of new decade of 2020, AI is the new thing that has captured the imagination of everyone. With recent advancements in big data storage and computing hardwares, decade old machine learning algorithms have come to life now and are doing wonders which can be best described as something out of the science fiction books. In this post we will explore advantages of artificial intelligence and how it is already impacting our lives.
Advantages of Artificial Intelligence
1) Pattern Recognition
Data holds many complex patterns which cannot be easily seen by humans and this is where artificial intelligence has upper hand. AI can recognize and learn this pattern with great ability and can recall it when it sees something similar.
Handwriting recognition, fingerprint recognition, face detection, speech recognition , image classification are some of the popular areas of pattern recognition where artificial intelligence can be very useful. Next time you unlock your phone with fingerprint or face do realize there is an AI sitting inside your mobile phone !!
2) Accurate Predictions
Ability to predict something in advance has always fascinated humans. Astrologers relies on planetary alignments for prediction but artificial intelligence relies on data and is usually more accurate than the former (pun intended).
What was earlier business intelligence has given way to predictive analysis recently, where industries are making use of past data to predict future trends and behavior of their micro environments. This enables them to take business decisions well in advance to reduce risks or take advantage of situation.
A classic application is customer churn, where AI can predict that you may loose certain customers of your. This enables you to target these customers with more promo and offers to retain them.
3) Fraud and Anomaly Detection
Imagine someone hacking your credit card and starts doing heavy transactions from a different city. Only artificial intelligence can protect you here. An AI capable system should be able to identify that something is not correct with these transaction and start blocking them.
Artificial intelligence has become undisputed force to prevent frauds in not only banking sector but in other industries too. Detecting fraud is part of wider area known as anomaly detection. Data which does not comply with the trend or behavior of rest of data is refer as anomaly.
Anomalies can be explained as noise in data, outliers, fraud or may be something new which was yet to be discovered (for e.g scientific breakthrough) till you spotted anomaly. AI have become very superior now to detect such anomalies.
4) Compliments Big Data
Unless you are living under the rock, you would have heard about big data in last few years. Big Data refers to huge data of various types which are getting generated at very fast pace in this digital era.
With so much data at hand, it is nothing less than oil and it is a golden opportunity to extract value from it for our advantage. On the other hand AI needs data, loads of data to create magic. So you can see artificial intelligent can feed on Big Data to extract complicated and hidden information from it.
Without AI, the Big data would be just a pile of garbage with no value and without Big Data AI would be just a jet plane without oil. This is how both are complimenting each other so beautifully !!
5) Better than humans
Artificial intelligence is surpassing human capabilities by leaps and bounds. This in my opinion is of the biggest advantages of artificial intelligence. Let me show you how.
Imagine you are given TBs of loan data of last several years and are asked to analyse it manually to design a system for automatically approving or rejecting loan applications.
This is humanly impossible to analyse this huge data manually and then write algorithms or build logic out of it. I bet even if you are given 100 mb of data, still it won’t be easy, if not impossible for humans to interpret data completely and derive a algorithm out of it.
Bring Artificial intelligent into the picture and it can easily interpret of GBs and TBs of data to create powerful machine learning model which can be used to automate systems.
Recently Deepmind’s AlphaGo defeated human world champion Lee Sedol in very complex game of Go by playing a certain move which no human could have thought of. Known as move 37 , this move by AI shook the world as it went on to defeat the champion human.
6) Rationale Decision Making
It is human to think emotionally in spite of having such a powerful brain for decision making. Decisions taken emotionally may not be the best one always.
On the other hand, we only have artificial intelligence and not artificial emotions. AI is drive by data and not emotions and can take rationale decisions which human might not at the given situation.
For example, a human might not always make correct trading decisions due to fear of loosing money in market. Stock trading AI on other hand will not have emotions of fear and will execute trading decisions rationally based on data it has !!
7) Creativity is the limit
Machine learning can be seen as a tool much like a hammer which enabled humans to do tremendous work throughout the history. Give hammer to man and it can create pyramids or may be unable to create anything at all. It all depends on the person using it. Similarly Machine learning is also just one such tool and how to use it depends on the creativity of person using it.
The more you think of it the more crazy ideas you can get to create some cool and fun AIs. Check out some here. Indeed creativity is the limit here of what you can achieve with AI.
In the End…
I hope it was a good read on advantages of artificial intelligence. If you are reading this post, you are most likely to be a machine learning enthusiast or beginner. To feel more motivated check out below post.
- Also Read Machine Learning Examples – A motivation for beginners
- Also Read Type of Machine Learning
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