Artificial Intelligence is disrupting industries like any other technology has never done before. All the experiences in your everyday life- transport, communication, shopping, etc. are influenced by AI technology in a way or the other. In this piece, we will have a look at some interesting artificial intelligence examples and how the technology is shaping up the future of humankind.
According to Statista, the AI industry will grow to a level of $118.6 billion by 2025. A few market studies have also predicted that the industry is experiencing a staggering growth rate of up to 55.6%.
While AI is increasingly seen as a business-centric technology, it is also transforming the way we live, move around and entertain ourselves.
61% of the consumers expect voice-activated, AI-based smart vehicles to have an impact on their daily lives by 2020. Statista predicts that the share of internet-connected cars will rise to 98% by 2020. Clearly, the future belongs to smart technology.
Artificial Intelligence Examples in Transport
Commuting is one of the most tedious and boring tasks on the planet. A lot of people complain about the time wasted in commuting. According to a report, commuting delays cost $160 billion in terms of productivity to the economy.
To address the issue, companies are increasingly leveraging AI capabilities to reduce commute times and improve the travel experience. Here are some amazing artificial intelligence examples that are helping us deal with transportation issues in our lives:
1. Real-time traffic predictions and suggestions
Google has been using AI to improve its maps and provide users with real-time information on traffic, congestion, roadblocks and more. Google Maps collect location data anonymously, which are analyzed by AI algorithms to suggest the shortest route from point A to B.
When you search for the best route with Maps application on your mobile, the AI at backend identifies a route with minimum hassle, blocks and shortest commute timing.
2. Simplified Cab Hailing Experience
Did you know the ease with which you request for an Uber ride is all because of Artificial Intelligence & Machine Learning? The app tells you about the ETA, the approximate cost of the ride and connects you to the nearest driver in real-time by leveraging AI.
Cab hailing startups use machine learning for demand prediction, manage surge pricing models, calculate ETAs, suggest pickup locations and more to improve your cab riding experience.
3. Autopilot on Commercial Flights
Autopilot in commercial flight is one of the best examples of AI at work. While autopilot has been in the aviation ecosystem for many years, smart autopilot capabilities powered by AI technology has improved flight safety and minimized chances of errors.
According to a New York Times report, modern flights on a Boeing plane is only guided manually for just seven minutes (during takeoff and landing). AI-based autopilot capabilities do the rest of the work.
Artificial Intelligence Examples in Modern Communication
1. Intelligent Spam Filters
Believe it or not, modern email providers like Gmail have been smartly integrating AI in your inbox for a long time. As online communications increased and people evolved their pitching strategies, the standard spam filters became quite ineffective.
Using AI, companies like Gmail train their spam filters to learn from changing terminologies in spam messages and other details to provide you a better experience. Using advanced machine learning algorithms, Gmail can now filter out 99.9% spam emails, making your day more productive.
2. Smart Email Categorization
Do you remember a time when your inbox was loaded with hundreds of irrelevant emails (promotions, social notifications, etc.) and you have to navigate meticulously to find what you were looking for? Well, with smart categorization, those days are a part of history.
Here too, AI is at work. Using machine learning approach, Gmail and its counterparts identify which mail might be important to you. The smart learning algorithm along with AI technology has improved the effectiveness of mails and boosted organizational efficiency.
According to Google, priority inbox and categorization has helped bring down wastage of time reading non-important emails by up to 13%.
Artificial Intelligence Examples in Banking
1. Digitized Check Deposits
Global banks offer mobile check deposit facility to their account holders. AI has a vital role to play in the process of depositing a check to the bank. AI analyzes the uploaded check and converts handwriting to text via Optical Character Reader.
This simplifies the task of accurately identifying the information written on the check, including the amount, date and the name of the payee.
2. Fraud Detection and Prevention
AI also helps banks and financial institutions in detecting fraudulent transactions. There are several use cases of AI for signature verification and analysis to check each of the millions of transactions every day.
Signature analysis and verification systems powered by AI helps banks to minimize frauds due to forgery and also protects end-clients/investors from financial losses.
3. Verifying Credit Worthiness
Banks use AI and ML tools to check the creditworthiness of people who apply for loans and credit cards. These days, one can check his/her credit score online in a few minutes.
Similarly, banks also use standard AI algorithms to check creditworthiness and make informed decisions like extending a credit line. AI/ML helps to assess risks diligently which reduces a bank’s losses by up to 25%.
Artificial Intelligence Examples in eCommerce and Online Shopping
1. Smart Search
When you search for a product on an eCommerce website like Amazon, it automatically turns up with the most relevant products. This is done by analyzing your past search patterns, shopping preferences and other parameters.
eCommerce companies make use of AI and ML to analyze shopping behaviour by studying data and improve their search engine. The algorithms continuously evolve using real-time data analysis.
AI and Machine Learning have given online startups a great opportunity to provide relevant products and delight shoppers for increased revenues.
2. Personalized Recommendations
Every one of us has been amazed by the accuracy of personalized recommendations on eCommerce websites. Amazon’s personalized recommendations are becoming more and more accurate with each passing day. The company is using AI neural network to generate and improve product recommendations.
When you search for a product, the backend algorithm analyzes your past search patterns and shopping history. Based on your behaviours, you are shown recommendations that the algorithm believes can influence your shopping decision. According to research, personalized suggestions increase sales revenues by up to 5.9%-30%.
Not only personalized suggestions boost revenues for the companies but also help in improving the shopping experience- simplifying everyday lives.
AI in Homes
1. Smart Cleaning Robots
Companies like Roomba are harnessing AI technology to simplify housekeeping and routine cleaning tasks. We all know how convenient Roomba can be.
Equipped with AI capabilities, the device can now automatically chart out the most efficient path for cleaning and identify obstacles by scanning the room size.
Some companies are also embedding next-gen functionality to smart robots that can charge themselves on their own by just moving to the charging docket when they need a charge.
All this is because of smart neural networks powered by AI that gives them the ability to think and take actions independently.
2. Smart Home Automation
Voice assistants like Siri, Alexa and Google Assistant are completely revolutionizing the concept of home automation.
With smart sensing capabilities powered by AI and machine learning, they can analyze your search patterns and automate common tasks like switching lights on/off according to the prescheduled time, maintaining appropriate room temperatures, and a lot more.
Not only this improves energy efficiency but can promote high-level security are surveillance cams can also be linked to IoT networks that can detect suspicious activities.
AI in Retail
1. Counterfeit Detection and Loyalty Management
AI is being used by several retailers to personalize the shopping experience and at the same time, strengthen their market hold.
Burberry- a leading luxury fashion retailer, is using big data and AI to interact with customers via live chatbots and build long-term relationships. The company used AI chatbots in London Fashion Week to deal with queries and is also using AI, ML & NLP to create personalized reward programs that make the customer feel valued.
To deal with the problem of counterfeits, it uses image recognition technology to detect if a product is fake or genuine. This has made the brand more credible for the patrons.
2. Seamless In-store Checkout Experience
Customer experience is the buzzword in modern times. Retailers like Walmart are using AI to improve the in-store shopping experience.
The leading retailer is trying to streamline the online/offline shopping experience. Using scan and go feature on the app, pick up towers and facial recognition technology, it is not only simplifying everyday shopping but analyzing if the customers are happy or not from their offerings.
Artificial Intelligence is everywhere nowadays. The above artificial intelligence examples are just the tip of the iceberg.
If you are also eager to leverage AI for your business or are interested in knowing more valuable use cases of AI, you should get in touch with an AI development company or a professional AI expert.