Weekly Business Insights from Top Ten Business Magazines | Week 295 | Shaping Section | 3

Extractive summaries of and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Week 295 | May 5-11, 2023

15 Amazing Real-World Applications Of AI Everyone Should Know About

By Bernard Marr | Forbes Magazine | May 10, 2023

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Artificial intelligence (AI) is no longer a buzzword; it has become an integral part of our lives, influencing every aspect of society in ways we could only dream of just a few years ago.  The top 15 extraordinary real-world applications of AI that are driving change and revolutionizing industries this year are:

1. Healthcare.  Machine learning algorithms are e.g., facilitating early disease detection and more accurate diagnoses, while personalized medicine is helping healthcare practitioners customize treatment plans for each patient’s unique genetic makeup.
2. Customer Service.  In the customer service realm, AI-powered virtual assistants and chatbots have streamlined and improved support by providing instant, 24/7 answers to customer queries. Sentiment analysis allows businesses to better understand customer emotions and tailor their responses accordingly.
3. Finance.  Finance professionals are employing AI in fraud detection, algorithmic trading, credit scoring, and risk assessment. Machine learning algorithms can identify suspicious transactions in real time, and algorithmic trading has enabled faster and more accurate trade executions.
4. Manufacturing.  AI applications in manufacturing include quality control, predictive maintenance, supply chain optimization, and robotics. Advanced algorithms ensure quality by detecting defects in products, while predictive maintenance minimizes equipment downtime.
5. Transportation.  Intelligent traffic management systems can help reduce congestion. Route optimization saves time and fuel, and drone delivery offers a fast, eco-friendly alternative to traditional drop-offs.  AI is also enhancing and improving public transportation systems by predicting passenger demand and optimizing schedules.
6. Agriculture.  Out in the fields and in the AgTech world, farmers and scientists are using AI to monitor crops, predict yields, and keep pests at bay. AI-enabled precision farming helps farmers make data-driven decisions so they can optimize irrigation, improve fertilization, and reduce waste.
7. Retail.  Retail companies are already using AI applications for inventory management and targeted marketing, and they are leveraging artificial intelligence to create personalized recommendation systems and customer service chatbots.
8. Education.  In classrooms and training centers, AI-powered adaptive learning tailors educational content to each student’s needs, while plagiarism detection ensures academic integrity. Teachers and trainers can even leverage data analytics to predict student performance so they can intervene early if they spot problems.
9. Energy.  AI-driven systems can balance energy supply and demand, predict usage patterns, optimize renewable energy resources, and recommend energy-saving measures, leading to a more sustainable future.
10. Human Resources.  AI tools can help organizations automate many time-consuming HR tasks like resume screening and workforce planning. HR professionals can also use AI to streamline recruitment processes and monitor employee performance.
11. Environment.  AI has become a critical tool for addressing environmental challenges, with applications in climate modeling, pollution tracking, wildlife conservation, and natural disaster prediction.
12. Security.  AI is a game-changer in the security world. Law enforcement agencies and cybersecurity firms can use AI for facial recognition, surveillance, and threat detection.
13. Entertainment.  AI is the real “name of the game” in the entertainment industry. With AI-generated content, game designers can create more immersive experiences for players, including games that include virtual reality (VR) and augmented reality (AR) elements.
14. Law and Legal Services.  AI-driven tools can efficiently process large volumes of legal documents, identify potential issues in contracts, and expedite legal research by extracting relevant information. 
15. Space Exploration.  Scientists are already using AI for spacecraft navigation, satellite imaging, mission planning, and identifying new astronomical phenomena.

2 key takeaways from the article

1. Artificial intelligence (AI) is no longer a buzzword; it has become an integral part of our lives, influencing every aspect of society in ways we could only dream of just a few years ago.  
2. Some of the extraordinary real-world applications of AI that are driving change and revolutionizing industries this year are: AI has also played a significant role in democratizing access to education, especially for those in remote or underprivileged areas.  AI-driven systems can balance energy supply and demand, predict usage patterns, optimize renewable energy resources, and recommend energy-saving measures, leading to a more sustainable future.  AI tools can help organizations automate many time-consuming HR tasks like resume screening and workforce planning.  AI technologies provide insights into climate patterns, help monitor pollution levels, protect endangered species, and forecast potential natural disasters, enabling proactive mitigation strategies.  Law enforcement agencies and cybersecurity firms can use AI for facial recognition, surveillance, and threat detection.

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Topics: Technology, Artificial Intelligence, Economy