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5 Significant Benefits of Artificial Intelligence [Deep Analysis]

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15th Mar, 2023
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5 Significant Benefits of Artificial Intelligence [Deep Analysis]

Artificial Intelligence (AI) has come a long way from being the subject matter of science fiction to being the living and breathing reality of the 21st century. It is the fuel that runs the business machinery today. Thanks to the rapid advancements in technology, the applications of Artificial Intelligence have manifested before us in myriad forms. From smart virtual assistants like Siri and Alexa to highly advanced self-driving cars and IoT devices, AI never ceases to amaze us. Read how AI has startled the world in the recent past.

AI holds immense potential to transform the quality of life, to improve business outcomes, and to create a world with endless possibilities. Max Tegmark, the President of the Future of Life Institute, puts forth this argument excellently:

Everything we love about civilization is a product of intelligence, so amplifying our human intelligence with artificial intelligence has the potential of helping civilization flourish like never before – as long as we manage to keep the technology beneficial.

Although there is considerable speculation surrounding the adverse repercussions of using AI, we must remember that as of now, AI (narrow AI) is just another technology that is still largely dependent on human control. If used correctly, AI can be highly beneficial to humankind. Here’s how:

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1. Automation takes the load off of human employees.

Companies across all sectors of the industry are now using AI to take over all the routine and monotonous operations. This is allowing their employees to focus on the more critical aspects of the business that require human cognitive and creative abilities. By automating the routine processes, AI is freeing up the time of the employees who can spend it on performing value-added services for the company and even upskilling. 

Furthermore, automation helps to reduce operational costs by cutting down on manpower and encouraging the speedy delivery of functions/products/services.

2. Machines remain at your beck and call, 24×7.

artificial intelligence works with human

Unlike humans who require breaks between tasks, machines have no such requirement. Machines do not get tired, or bored, or distracted, making them all the more perfect for accomplishing tasks. They can be at your service 24×7, all year round. By programming machines to perform automated tasks that require minimal human intervention, companies can build a smooth operational and delivery system.

3. AI leaves zero scope for error.

 Even though the AI at our disposal today is primarily narrow AI, it is capable of performing an array of tasks successfully without human intervention. Such is the power of ML algorithms – if you design them correctly to perform specific functions and to learn from experience, these algorithms leave no room for error. However, with humans, it is as the saying goes, “to err is human.” 

Since machines have no emotions or feelings, they are capable of completing various tasks with accuracy and precision. 

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4. Smart digital assistants are reshaping customer-brand interaction.

 Virtual digital assistants have already become a big part of our lives. Think Siri, Alexa, Cortana, and Google Assistant – we’ve all used the assistance of these smart assistants at some point or the other. Digital assistants as these are designed to interact with customers just like another human being would. Thanks to these advanced AI applications, surfing the online domain has become much more smoothe for us. 

 Even chatbots are a good case in point. Companies are increasingly adopting chatbots to boost customer-brand interaction. Chatbots help customers with their queries or grievances in real-time, thereby offering immediate assistance to people. 

Read: How to make chatbot in Python?

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5. AI applications are enhancing healthcare.

 One of the most significant contributions of AI has been in the field of healthcare. For instance, IBM’s Watson for Health is enabling healthcare organizations to leverage advanced cognitive technology to unlock vast amounts of healthcare data. 

 With smart wearables and fitness devices that can track and monitor various health metrics, AI is helping individuals take charge of their health. Healthcare providers and medical professionals are using AI applications for remote monitoring of patients, thereby eliminating the need to visit clinics for minor illnesses. 

6. AI aims to enhance decision- making process

The technology of artificial intelligence helps in better decision-making. Artificial intelligence helps in coordinating data delivery; it is also helpful in maintaining the consistency of data. 

The users can utilise the data, and the accuracy is maintained using artificial intelligence. The users can be best assured of the data and thus use the technology to their best advantage.  Better decisions are beneficial which is useful in business development and advancement. These are one of the advantages of AI, which are reaping high benefits.

7. Research and analysis of data 

 This is one of the benefits of artificial intelligence. Artificial intelligence is used for analysing data efficiently and smoothly. The technology is used for quickly working with big data that helps in efficient processing and predicting the possible outcomes.

The advanced computing capabilities help speed up the entire process, which could have taken much longer.  This allows the users to stay focused on the actual research and development and spend less time on manual labour.

8. Helps in reducing the risks of errors

Another advantage of AI would be its efficiency in reducing the errors that are prone to happen if done by humans. The automation tools can process the data to automate the interactions between the entities effortlessly. This yields high benefits in almost every field, such as human resources, marketing, IT, Sales, etc.

9. Disaster Management

It is essential to know in advance if any disaster is approaching. This helps in better chances of mitigating the after-effects of the disaster, which impacts human lives. It is better to predict the weather forecast, flood forecast, draught, etc. These predictions help make small changes that are useful in the long run. 

 These predictions help in improving the quality of life. Technology has become so advanced that it can send alerts to people using various media of the predicted forecast, which allows them to be prepared and stay alert.

10. Education

There are uncountable benefits of AI in the education system. The inclusion of AI in education helps develop and set up advanced teaching and learning methods. Including AI helps reform the whole education system and the traditional teaching techniques. 

It can even bring inclusivity into the education system, from which students with special needs, lack of resources, etc., can benefit. This way, education does not remain with the privileged but rather becomes a part of everyone’s life.

 AI is already being used to detect cancer at the early stages, allowing doctors to start the treatment in the early stages itself. The American Cancer Society maintains that a high proportion of mammograms deliver false results, causing 1 in 2 healthy women to believe they have cancer. Thanks to AI, mammograms can be reviewed and translated 30 times faster with 99% accuracy. The Internet of Medical Things (IoMT) is also helping make a positive difference in the lives of people. AI can be extremely resourceful when integrated into our education system.

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 As has been true with every new technology or invention – change is inevitable. However, it is not the entire paradigm that changes. For instance, the invention of computers did not eliminate the need for Mathematicians; but with computers, Mathematicians can now work better. It is just like this with AI. It will not ‘replace’ humans, but it will complement them to perform better and reach new heights of innovation. Read more about how you can transform your career with Machine Learning and AI PG diploma with IIIT Bangalore.  

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Kechit Goyal

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Experienced Developer, Team Player and a Leader with a demonstrated history of working in startups. Strong engineering professional with a Bachelor of Technology (BTech) focused in Computer Science from Indian Institute of Technology, Delhi.
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Frequently Asked Questions (FAQs)

1Is it necessary to be a genius to begin studying AI?

Artificial Intelligence is a fantastic area with many fascinating sub-fields. Suppose you are particularly interested in the different exciting notions presented by the use of artificial intelligence. In that case, it is absolutely worth investing your valuable time to learn more about the subject. While studying AI from the ground up might be challenging at times, it becomes more engaging and exciting as you devote more time to understanding various AI principles. You'll study mathematics, programming, machine learning, and a variety of other topics that will broaden your horizons.

2What are some of AI's applications?

Artificial intelligence has a variety of uses in the physical world. We use the AI capabilities of smart face locks or other fingerprint AI techniques to unlock our phones when we regularly start our day with our smartphones. When we decide to google anything, we're confronted with AI autocomplete and autocorrect capabilities, which make use of sequence-to-sequence modeling technology. Apart from smartphones, AI has a slew of other services, including email spam identification, chatbots, object detection and recognition, and much more. Artificial intelligence is also used in a variety of different sectors, including robotics, medical sciences, logistics and transportation, finance, and plenty of other industry-related utility services.

3What are the disadvantages of AI?

Building Artificial Intelligence models from the ground up can be time-consuming and resource-intensive at times. If you want to construct a deep learning model on a regular computer without a GPU, you'll have to migrate to a cloud platform because the model-building process isn't feasible on your machine. Artificial Intelligence model deployment may be highly costly in some circumstances, in addition to requiring a lot of time and resources. In addition, the expenses of maintenance in the event that AI models fail in unusual circumstances might be inconvenient to deal with and resolve. We are constrained to Artificial Narrow Intelligence, which is another key drawback of Artificial Intelligence.

4What are the seven aspects of AI?

The seven aspects of AI are Recognition, Conversation, Human Interaction, Predictive analytics and decisions, Goal-driven systems, Autonomous systems, Patterns and anomalies, and Hyper personalisation.

5What is the significance of deep learning?

Deep learning has the potential to eliminate the pre-processing of data that is typically involved with machine learning. The algorithms of deep learning help in ingesting and processing unstructured data such as texts and images.

6What are the big five in AI?

The big five in AI are Apple, Amazon, Facebook, Google, and Microsoft.

7Who does AI benefits the most?

Artificial intelligence has applications in almost every field, the artificial intelligence benefits the following sectors the most - IT, Finance, Healthcare, Education, Banking, and Marketing.

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