Artificial intelligence has rapidly evolved from a dream to reality really quick. It is even used by you when you perform tasks as simple as shopping on Amazon, searching on Google, shopping on different websites etc.

Companies have come to realize that the use of AI can really improve their presence on the internet and help improve their revenue and government and the public sector is no different.

Although the use of artificial intelligence in government and public sector is still a debatable issue in some countries, other countries like the United States of America, United Kingdom have already adopted such technology in their functioning and have achieved great results.

The best example of the use of artificial intelligence in the public sector is the postal services. The government is now able to save tons of gallons of fuel by simply adopting this new technology, defence agencies, healthcare, fraud minimization etc. are some other uses and sectors.

The following are the sectors where the use of AI can help the government make a difference: -

  1. Policymaking: -

Policymaking is an important sector where the application of artificial intelligence can really have a positive impact on the public. Knowing the public opinions about a certain decision or plan before its executions can help the government mould the policy framework in favour of the people.

  1. Saving time and money: -

The introduction of AI can save a ton of time and money of the public sector. Leaving the routine, mechanical work such as going through a ton of paperwork and other non-core tasks etc. can be left to AI and the core activities can be performed with full dedication and focus like client service etc.

  1. Increasing efficiency and customer service: -

Lag in the customer service and long process and processing times is the sector where the government can really implement artificial intelligence. Online processes, assessment, quick processing through AI is the need of the hour.

This will not only improve the customer service but will also result in increased efficiency.

  1. Safer cities: -

Every country has tons and tons of security cameras to ensure proper monitoring and maintenance of law on the streets of the country, but the lack of so many people to manually manage and monitor each camera is physically impossible. The use of artificial intelligence can prove to be really helpful in this situation. Traffic signals synchronization and recognition of any person disobeying the law are some of the features that would be performed with the help of this technology.

Further, the government can put together humans as well as artificial intelligence together complementing each other skills. This will improve the overall effectiveness and give faster and better results. Plus, the humans will still feel that they are in the driver’s seat and have control.

 As the AI revolution gains a ton of momentum with every passing moment, the government and the public sector needs to understand the uses of this technology and use it for the benefit of the public.

 

Since the evolution of artificial intelligence, many companies and industries have been benefited a lot. It has taken a really short time for this technology to spread to various industries and sectors differentiating in nature and take over a ton of aspects and activities to make the work simpler.

The developments in the healthcare industry have been the most beneficial one and have helped a lot of people in many different aspects. Moreover, it has simplified the cumbersome tasks of the industry as well. Let’s have a look at the benefits: -

  1. Records and analysis: -

Artificial intelligence has really eased the task of maintaining and analysing records of patients. Before the evolution of this technology it was really difficult to keep the patient’s innumerable records and managing them without any error or problem, now it has become very simple.

All the records are now maintained digitally which leaves no scope for error. Plus, analysis and study of the pattern of diseases can also be made with this technology. This has led to an increase in the efficiency of the whole industry and has freed up professionals to tackle more complex diseases and spend time on important matters like research and development etc.

  1. Virtual Health Assistance: -

Virtual health Assistants or VHA has really helped patients on a ton of subjects like maintaining the diet for special patients and introducing new recipes for them. They have helped patients to keep a track of their health by the use of reminders, alarms etc. Interactions with the doctor, ordering prescription medicines for refill are some other features of VHA.

  1. Diagnosis: -

Many revolutionizing advancements in AI like an early diagnosis of lung cancer patients with the use of AI module detects the problem on the spot as compared to sending reports and samples to laboratories for testing. AI developments by Stanford University lets the hospitals detect skin cancer. In process AI development of ‘Alphabet’ ltd will detect metastasis with the help of high-level image screening which will result in an early start of the treatment than usual.

  1. Reduced Costs: -

A recent report by Frost and Sullivan stated that the use of AI in healthcare will increase and improve the outcomes by thirty to forty percent while the reduction in costs would be nearly fifty percent. Increased efficiency, improved treatments and minimization of human errors can help detect and treat the diseases on early stages itself, potentially saving lives.

      5.Treatment plans: -

Use of amazing platforms like ‘Modernizing Medicine’ used by physicians which give them an access to thousands of such cases and the power of comparison to get the closest case, getting the best medicine possible, billing information, recording diagnosis etc. have all been made possible. Now doctors can find personalised treatments and medications for specific cases overall yielding better results.

 Hence, there has been positive improvements in the healthcare industry because of the incoming of artificial intelligence which has resulted in better solutions leading to better health and better care of the patients.

Machine learning and artificial intelligence have been quite successful in the banking, finance and insurance sector way before the development of mobile applications of banks etc. And now with the incoming of artificial intelligence and ML, they have taken a step forward and provide services that one has to physically visit for in the past.

The following are the best examples of AI in these industries: -

  1. Portfolio management: -

The most common use of AI is as a portfolio manager. Many websites like ‘robo-advisor’ etc. have come up in the recent times and have taken over this market. Now you can simply type in your aim of savings or investments and the website will automatically show you the best possible options which you may consider to reach your goal.

  1. Algorithmic Trading: -

The sector of algorithmic trading really got a boost after adopting AI and ML. Also known as ‘Automated Trading’, this sector involves complex use of AI to make fast trading decisions. Many companies regularly indulge in automated trading which offers thousands and millions of trades a day and is referred as high-frequency trading.

  1. Fraud Detection: -

With an increase in online transactions and data storage, accessing bank accounts over the internet and indulging in activities like net banking, transfers etc. has increased the risk of frauds. The earlier fraud detection was based on human capacity to trace the path of the fraud, but nowadays this has been taken over by AI.

This technology learns more and more information on the types of threats, solutions, tracks, paths etc., as it goes on solving and recovering frauds.

  1. Personal Tracking: -

The use of personal tracking bots has increased over the past few years. These bots track your expenditures, saving etc. and provides advice on investment methods, unnecessary expenses etc. and more methods of savings.

  1. Banking Chabot’s: -

The evolution of banking chatbots has proved to be useful for both the banks as well as the users. AI Chabot Plum and Cleo can help you track your income and expenses and influence you to make smarter decisions.

Whereas, the bank of America bot ‘Erica’ improves the banking customer service by encouraging people to communicate with it instead of going through the bank’s user interface.

  1. AML Pattern Detection: -

Anti-money laundering or AML is a set of steps or sequences that are specially designed to curb the practice of generating income from illegal sources. While most of the money-launderers were successful earlier in displaying their illegal income being earned from legitimate sources, this would no longer be possible.

  1. Customer Recommendations: -

Recommendation engines have played a crucial role in improving the sales and investments of the banking services. Suggesting the right type of investment, financial product and investment plans, these engines can convert search to sales really quick.

They are being increasingly used for revenue growth by many big banks.

  1. Home Insurance: -

A new-based start-up named Lemonade is all set to change the face of home insurance. Lemonade provides insurance to tenants as well as home-owners through the Chabot itself without any human interaction. You can purchase an insurance in about 90 seconds and settle claims in 3 minutes. The plans start from $5 for tenants and $25 for homeowners.

  1. Comparing policies: -

Risk Genius is a company that has step forward in helping the users to compare the policies from any number of policy companies by making it really simple and breaking down the terms and conditions for detailed understanding.

You can easily compare two or more policies without having any knowledge about the industry.

  1. Measuring Cyber risk: -

A 2014 start-up known as ‘CYENCE’ has been quantifying the biggest risk that is the cyber risk of the companies and helping them insure against it. Based on the idea that one single hacker can hack information that may be worth billions of dollars to a company, cyence quantifies this risk in number and value terms in dollars giving the companies an idea about the worth to be insured.

  1. U.S. Bank: -

The U.S. Bank has also started its operations and research in the Artificial intelligence sector and has made significant investments in its Minnesota-based innovative group to practise it in the twenty-five stated that it operates in.

  1. Auto insurance claim management: -

A London based start-up has provided a platform to the insurance users to upload the images of the damage along with a rough estimate of the loss amount for proper assessment. This has reduced the claim time from weeks to days and hours and has also improved customer relations.

  1. Facial Recognition: -

This is by far the most amazing start-up for insurance companies ever seen. ‘Lapetus’ is a deep-learning start-up that analysis your facial expressions with its super cameras and gives a detailed study about the truth of the statements that you may have told while taking an insurance policy or claim. It can assess your health and lifespan by analysing only your face.

  1. JP Morgan Chase: -

JP Morgan has recently introduced Contract Intelligence (COiN) which is an AI-based platform designed to analyse legal documents and point out clauses and data points.

Manual review of these documents numbering over twelve thousand would take over 300 thousand hours whereas with the help of this AI platform, it was done in mere seconds.

  1. Driving monitoring via smartphones: -

A San Francisco based company has developed a special application that uses the sensors on your phone to detect your driving behaviour as most of the accidents are caused because of using mobile phones while driving.

The app also gives you amazing offers on your insurance premium like 20-25% off on the premium as the total risk of an accident occurring is reduced.

  1. Bank of America: -

Bank of America recently made a bold move and introduced its’ AI virtual assistant ‘Erica’ introduced to help predict and analyse the investments of the customers and for cognitive messaging.

. It is a Chabot that provides financial guidance to the customers of the bank (over 45 million). Mobile banking has seen a steady growth since its introduction.

  1. Wells Fargo: -

With a recently rolled out AI module, Wells Fargo is all set to give tough competition to the bank with such a technology upgrade. Its AI is set under Payments, virtual solutions as well as Innovation.

You can access their AI through the Facebook messenger and perform functions like resetting your account password, provide customer information etc. Although it is rolled out for a few customers at present, the testing for thousands of customers will soon begin.

  1. Customer Interactions: -

Another sector to focus upon is the customer interaction sector. Banks need to focus on easing the task of the user or the customer by simplifying the processes and enabling interactions in case of any doubts etc.

This will not only increase the bank loyalty but will also enable good customer relations.

There is no doubt that AI has gained an evident position in the banking, finance and insurance sector as well and in the recent few years, it will expand to more sectors and activities. Although there are issues and problems to be addressed too which may hamper the growth, with increased investment and research in this sector, it will overcome the challenges and spread to more operations as well.

 

 This content is copyrighted and owner and publisher by AIML MarketPlace Team.

Artificial intelligence has been continuously working for a long time on the background of various big name brands such as Google, Netflix, and Amazon etc. This has enabled it to pave a deeper path in the marketing industry and aims at improving the overall customer journey.

Furthermore, with the evolution of new techniques, the older methods have become easily accessible and affordable to all the businesses irrespective of the size of the firm.

The following are some methods of marketing where AI has taken over: -

  1. Recommendations: -

Recommendations are the top use of AI in the marketing industry, they analyse the usage of a particular person or client and recommend data, products, movies and other content on the basis of their data analysis.

This further helps the company know better about the customer pattern and data preferences.

  1. Website design: -

Website design is the next biggest marketing technique used by the companies. A good website design adds to the company’s image, the use of artificial intelligence has enhanced the process a step further and has given the developer full authority over each and everything of the site.

Selecting the images, themes, fonts and formats are all in the developer’s hand and are completely customizable.

  1. Email Content: -

Email marketing is a big aspect of a company’s marketing strategy as if not all a few interact with the mail and converts it into the company’s sale.

Artificial Intelligence can prove to be really helpful, personalized emails could be sent according to the search patterns and email interaction methods and content of the users.

This will not only mean increased interactions but will also increase the conversion rate increases the company’s sales.

  1. PPC Advertising: -

There must be many times that you may have come across some advertisements on a website about the content or the product that you searched earlier online.

These advertisements are referred to as PPC or pay-per-click ads. The content is decided by viewing and studying your search topic and content on the internet with the help of artificial intelligence bots. This is a smart marketing technique that has now been adopted by almost all the companies which help them in increased clicks.

  1. AD Targeting: -

With the use of artificial intelligence, one can go through tons of history on the search and purchase patterns of the customers known as ‘insights’ and accordingly create and target the advertisements that perform the best on particular customers.

Moreover, the placement of the ad at the right time and at the right position that is during search or checkout page etc. can accrue fruitful results for the company.

  1. Dynamic Pricing: -

As the name suggests, dynamic pricing refers to pricing the product and making available of different offers to different clients. With a detailed study of the conversion patterns using AI, it can be easily determined which customer needs differentiated pricing, more discounts, a better deal etc. to complete the purchase.This helps to convert searches to sales without reducing margins.

This content is owned and published by AIMLMarketPlace Team.

 

Our past has shown us that as easier technology is invented it can transform industries. That’s what’s exactly is happening now. As AI and ML became easier and more reliable companies all over the world put the technology into use. This will lead to the rise of new startups who will use these technology better. The AI revolution is already here and it has started to transform human life.

One of the major Industry that rally utilizes AI is Health Care. AI has enables the patients to take control over the treatment they receive. All major companies have already started to invest AI in healthcare. Google, Samsung, Apple and other MNC’s has started to invest on biometric sensors which work according to AI algorithms. Biometric Sensors are devices which could help prevent diseases and extend lifespan of humans.

AI has already grasped our stock market and other financial structures. Where there is AI technology there lies the power. Stock markets have started to vary according to latest AI tech inventions and implementation by companies. What more it is expected that within 5 years AI financial advisors will replace real human financial advisors.

AI has also changed the Insurance industry. AI has entered insurance companies with a bang that AI has started to decide whether you are eligible for an insurance. For example companies ask you to install small AI devices in your vehicles which will determine whether you are a safe driver or not.

Another major change is in the Automobile industry. AI and Machine learning has not only revolutionized this industry but also changed the way how the public interacted with the industry. AI and ML is now part of each and every manufacturing process going on during an automobile production. From designing to construction.

What not, companies like Tesla has already developed automatic cars which drives themselves.  The same is going on with the construction industry. From planning, estimating to budgeting everything is now done by AI. It’s quicker, cheaper and better. AI also helps engineers to forecast future climatic conditions a building, right experience and plan accordingly.

Another sector which utilizes AI is e-commerce. Now a day’s most of the shopping are done online. That’s where AI comes in AI will research, study , analyses and forecast market trends and customer statistics which will boost sales as well as do magic which will tempt customers to buy products from a respective website.

AI and machine learning has also laid its hands on daily gadgets. Most of the phones we use are now AI enables. From voice commands to chat bots AI has revolutionized gadgets to taking decisions alone from an era of button pressing. AI is now also being introduced in the food industry. AI is now being used to cook, prepare recipes and gather reviews. Within a short period we might be able to taste food prepared by AI machines. 

While we discuss all about the ways AI and ML has revolutionized over industries. AI and ML has also caused serious damage to us. Scientists say that AI makes humans lazier and less productive. As we handover everything to a computer brain we stop thinking and working.

AI is also feared since they learn by itself and could outsmart humans one day.  Assumptions are made by scientists that there would be a time when AI robots would be more intelligent and smarter than humans.

Coming to the present AI has made the medical filed less secure and reduced the quality of health care facilities. It has created jobs scarcity and started to kick out employees from companies. Introduction of AI has made people quit investing based on advisors.But as soon as we think twice before we take the next step everything will be fine and this piece of brilliant invention will make this world a better place.

This content was copyrighted,Owned and Published by AIMLMarketPlace Team.

Author Name: Hrishi.

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