AIbased solutions to industry from "summary" of A Textbook of Artificial Intelligence for Class IX (A.Y. 2023-24)Onward by Hema Dhingra
The use of Artificial Intelligence (AI) is increasingly becoming popular in various industries in order to solve existing and upcoming problems. This topic discusses the various ways AI can be utilized to gain the edge and stay ahead of competition.- AI-based solutions are being increasingly deployed in many industries, ranging from large corporations to small businesses. By leveraging machine learning and deep learning algorithms, these solutions are able to bring more efficiency and speed up the decision making process.
- AI based solutions can provide greater insights on customer behaviour as well as accurate predictions about future sales trends. This helps marketers and executives make informed decisions in order to adjust their service delivery or marketing strategies.
- Manufacturing companies are relying on AI based systems to monitor production lines, reduce errors, detect defects, and optimize supply chains. Automated machines can take over human laborious works which increase productivity levels while maintaining consistent quality output.
- With the increasing use of Artificial Intelligence techniques, HR departments are now better equipped to identify talents and nurturing high potential employees. Companies are also finding ways to automate dull and repetitive tasks that were once considered mundane.
- In the finance sector, AI is already playing a crucial role in areas such as credit risk management, fraud detection, portfolio selection and algorithmic trading. Banks are utilizing Machine Learning (ML. techniques to scan through data faster than any human analyst would be able to do, spotting subtle differences or combinations of variables that could indicate certain events and situations.
- The healthcare industry has been revolutionized by AI based innovations for both medical diagnosis and treatment. AI powered devices are capable of detecting abnormalities and providing automated treatments effectively and with minimal intervention from doctors or nurses.
- As more and more organizations are embracing AI-based solutions to reduce operational costs, it’s important that all stakeholders have a true understanding of both its opportunities and risks. A clear framework must be established to define acceptable goals and processes so that everyone reaps the benefits.
