It may be simple to believe artificial intelligence (AI) has nothing to do with you when you hear news about it, and there are multiples examples of AI are available in the industry that could be very beneficial for you.
You could think that artificial intelligence (AI) doesn’t affect your daily life and is solely of interest to the largest tech companies.
In truth, most individuals interact with artificial intelligence all day long.
Here are several advantages of artificial intelligence in daily life and some examples of ai in your daily life that you may have missed, ranging from tiny to huge organisations.
Benefits of Artificial Intelligence in Daily Life
Here are some of the benefits to be gained by the incorporation along with the examples of ai our daily lives.
Gains in Productivity and Efficiency
Gains in productivity and efficiency are two of the most frequently mentioned advantages of integrating AI.
The velocity and scale at which the technology completes tasks surpasses that of humans. Meanwhile, AI frees up your time to focus on higher-value tasks that machines can’t handle by taking over those duties from them.
By automating routine, recurring, and monotonous tasks you can focus on more value adding tasks or even just free up time to enjoy hobbies or relax.
Boost Prediction Accuracy
The decrease in human mistake is perhaps the biggest business advantage of AI.
Cash flow forecasting is one time-consuming, human error-prone procedure that is crucial to a company’s success.
Without the need for human participation, AI technology may assist a corporation in automating objective forecasting.
As a result, businesses have a better understanding of their upcoming financial situation, enabling them to make wiser choices and move on with their plans.
Increasing Business Speed
According to Karen Panetta, a professor of electrical and computer engineering at Tufts University and fellow of the technical professional organisation IEEE, AI will help business move even more quickly in the current digital era.
Shorter development cycles and a shorter period from conception to commercialization are made possible by AI, which results in a higher and more rapid return on investment for research spending.
Enhanced Client Support
According to Seth Earley, the CEO of Earley Information Science and author of The AI-Powered Enterprise, providing a great customer experience has become a necessary cost of doing business.
Consumers anticipate a personalised experience in excess of 60%. Personalization presents a difficulty for most organisations, especially small ones, because it costs time, money, and effort to do.
Companies must identify the moments and offers that will boost engagement and boost sales in order to provide a personalised experience for each customer.
To personalise an experience, one must be able to predict each customer’s wants. This is a huge task that artificial intelligence is capable of completing.
Brands are leveraging information, such as that from past purchases and social media activity, to forecast the kinds of goods that customers would most likely buy.
The business may send customised messages and content to customers thanks to these insights.
This process may be entirely automated by artificial intelligence, which can discover decision-making tendencies and build personas based on them before directing each persona to the material that is most effective for that persona.
According to studies, utilising AI to segment and personalise client interactions boosts click-through rates by an average of 14%.
By 2021, chat will outperform other customer support channels.
AI-driven chatbots enable businesses to offer round-the-clock customer care by automating client contacts, further personalising the experience.
Natural language processing has recently made strides that enable “bots” to catch up on conversational subtleties and better imitate human speech.
A research by AMA found that chat enhances the customer journey, which raises customer happiness and revenue.
According to Ammanath, companies may use near-instantaneous monitoring capabilities that have the ability to alert them to concerns, propose actions, and in some situations, even start a reaction thanks to AI’s power to take in and interpret enormous volumes of data in real time.
For instance, using data collected by devices on factory equipment, AI can spot issues with those machines and forecast when maintenance will be required.
This prevents expensive and disruptive breakdowns as well as the cost of performing maintenance because it is scheduled rather than because it is clearly necessary.
In other contexts, such as business cybersecurity operations where vast volumes of data need to be evaluated and interpreted, AI’s monitoring skills can be as successful.
Higher Standards and Less Human Errors
According to Madhu Bhattacharyya, managing director and worldwide head of Protiviti’s Enterprise Data and Analytics practise, when organisations integrate AI technology into processes, they may anticipate a decrease in mistakes as well as a greater adherence to accepted standards.
When AI and machine learning are combined with a tool that provides AI, the resulting system not only speeds up operations and lowers mistake rates, but it can also be trained to get better over time and handle a wider range of jobs.
For instance, the use of AI in financial reconciliation would produce error-free findings as opposed to the same reconciliation being handled, even partially, by human personnel who are prone to errors.
Improved Talent Administration
AI is being used by businesses to enhance a variety of elements of people management, from recruiting procedures to eliminating prejudice in internal communications.
According to independent consultant Katherine Jones, who wrote on the expanding use of AI in recruiting, AI-enabled procedures may boost employee efficiency by successfully finding, screening, and identifying top applicants while also saving businesses money on hiring expenditures.
As technologies for natural language processing have advanced, businesses are now utilising chatbots to teach staff members and provide job prospects a tailored experience.
AI algorithms are also being used to calculate fair compensation, discover and keep outstanding performers, and assess employee attitude.
Examples of AI in Real Life
Some examples of AI may already be commonplace in your daily life:
- Facebook-like facial recognition technology;
- Personalized suggestions on websites like Amazon and Netflix.
Here are some other examples of AI in real life that you may not have given attention to.
Personalization in Advertising and Marketing
Consider that you are looking at Target for a new portable bluetooth speaker. After conducting product research, you find Target adverts for portable bluetooth speakers on another website. Sounds recognisable?
This is how MarTech Advisor describes it: “A visitor to a website will take their time looking through products, clicking on links, investigating various catalogue pages, and adding and deleting things from the shopping cart.
This behaviour can provide important marketing information for e-commerce. In accordance with visitor behaviour analysis, the AI customization engine retargets adverts.
You’ve undoubtedly heard of this category when it comes to artificial intelligence.
The most well-known smart assistants on the market right now are Alexa, Siri, Cortana, and Google Assistant.
They all provide a range of abilities and services that let you use your voice to:
- Access your calendar and other private data.
- Perform online information searches (restaurant reviews, recipes, etc.)
- Call people and send text messages.
- Set up reminders, place product orders, and have them delivered,
- Control smart technology in the home (for example, thermostats).
More than 70,000 talents are available for Amazon’s Alexa, including Jeopardy questions, guided meditation, the ability to track your meals, movie suggestions, and a lot more.
You may ask for a company’s most current stock price using the “Opening Bell” skill, while the “MySomm” skill provides information on wine and food pairings.
According to Lifewire, “Anything you can do on your phone, you can definitely ask your virtual assistant to do for you.”
Even better, since they can learn over time and come to know your habits and preferences, virtual assistants are always improving.
Virtual assistants can comprehend spoken language, detect faces and objects, and communicate with other smart devices and applications using artificial intelligence.
According to Statista, there are already 4.2 billion digital voice assistants in use worldwide, and that figure is expected to double to 8.4 billion by 2024.
According to Norton, here is how face recognition functions: Facial recognition software reads the geometry of your face from a photograph that contains your face.
The gap between your eyes and the distance from your forehead to your chin are important considerations.
Your “facial signature,” which is a mathematical formula that is compared to a database of recognised faces, is the end result of the software’s identification of “facial landmarks.”
Numerous companies employ facial recognition for a range of purposes, including:
- The American government in airports;
- Law enforcement;
- Social media platforms like Facebook;
- Marketers and advertising.
Have you ever been browsing a website when you suddenly see product recommendations that are identical to what you are looking for?
A personalised product suggestion “isn’t based on an assumption or guess,” according to WooCommerce.
Based on user activity, suggestions are tailored. These are products that the client is presently contemplating has regularly looked, thought about, or purchased.
For instance, in addition to personalised suggestions based on past browsing or purchase activity, Amazon also provides “often bought together” and “customers who saw this item also viewed…” capabilities.
Forbes claims that “customers desire customization.” Customers who are taken into consideration by brands when making decisions are preferred by 73% of consumers.
Humans are becoming more productive and working more effectively in their daily lives thanks to AI.
These examples of ai demonstrate why the technology is so widely discussed and utilised. AI affects almost every aspect of our daily lives.
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