All you need to know about AI, its types and the top 10 benefits of artificial intelligence

Artificial Intelligence , Posted by on 2020/09/29 0     Comments
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Artificial Intelligence is the best rather outstanding creation of the human yet on this planet. This is amazing and can be a great human intelligence alternative. But it is sad but true that most of the fields of Artificial intelligence are yet unexplored. Still today, we have introduced very little things about AI. The miracle can happen if we learn each and everything about AI and consume all the benefits of artificial intelligence. Today Vyrazu Labs is going to discuss each and everything about AI and the benefits of artificial intelligence in an elaborate manner. 

So. let’s start- 

What is Artificial Intelligence Exactly? 

We can say that artificial intelligence is a vast branch of computer science. It is solely focused to create smart machines to perform some tasks that generally require human intelligence. Experts say that Artificial Intelligence is an interdisciplinary science with various approaches. Now with the advancements in machine learning, we are coining a drastic shift in every sector out there in the tech industry. We can say that from Cortana to smart and autonomous vehicles, the rapid progress of AI has no intention to reduce its pace. Over time, it has been influencing rather making better everything out there such as from a search engine algorithm to robotics. 

In order to understand AI and the stunning benefits of artificial intelligence, we have to understand its types and importance at the first move. These will make us understand our society has consumed how much AI till today and how can we make everything better than today. 

According to experts, Artificial Intelligence can be divided into two main types. In order to understand the benefits of artificial intelligence, knowing the types and fields is necessary. Below, we are explaining each type-

Types of AI (Artificial Intelligence)

Type A

Narrow AI or Weak AI- Narrow AI focuses on only one task at a time. This kind of AI is tasked to handle a single type of work. It is also known as weak AI. the applications of narrow AI has been increasing each day. For example, we can say that automatic email filtering, music recommendation, and some autonomous vehicles are common examples. But some tech experts say that narrow AI brings both benefits and risks of artificial intelligence. When it comes to the risks, experts say that some characteristics of narrow AI make the task brittle. And they also say that alternatives are way safer. Apple’s Siri is one of the most common uses of narrow AI. Siri is actually a weak AI intelligence algorithm. It brings the machine learning functions to the mobile platform of Apple. Without any doubt, Siri is able to do various tasks perfectly but that does not mean it is a strong AI. Users have challenged it some tasks out of its ability and from there we can understand that it has no self-awareness or genuine intelligence like a human. And that’s why we have accepted it as a foundational instance of weak AI. 

Strong AI- Strong AI refers to the machines that can successfully think and do the required tasks just like a normal human being. Experts say that the key abilities of strong AI include the ability to solve puzzles, reason, plan, learn, make judgments, and even communicate. Strong AI needs to have objective thought, consciousness, sentience, self-awareness, and sapience. Sometimes it is also known as true intelligence or Artificial General Intelligence (AGI). Some experts also say that there is no proper example of Strong AI. But every industry leader is interested to invest in Strong AI creation so that they can get the extreme benefits of artificial intelligence.  

Type B

Reactive machine AI- Reactive machine AI refers to the machines that mainly operate with the help of present data based on the present situation. Reactive machine AI is not able to create proper interferences from the available data to evaluate future actions. This kind of AI can only perform a small range of tasks and that also needs to be pre-defined. In order to give a suitable example, we can say that IMB chess successfully beat Garry Kasparov, the world champion. 

Limited memory AI- after studying the past data from memory, this kind of AI can make informed and improved decisions. Limited memory AI has temporary memory to store past experiences. When it is needed based on the experiences it can evaluate future actions. For example, we can say that a self-driving car is a limited memory AI. This kind of car generally uses past collected data to make an immediate decision. Self-driving cars mainly use sensors to properly recognize people crossing the roads, traffic signals, and so on in order to make a better driving decision. This can be also helpful to prevent future accidents. 

Theory of mind AI- Experts say that it is one of the most advanced AIs out there. This kind of AI is able to play a great role in psychology. This kind of AI focuses more on the emotional intelligence of humans. There is no proper example of the theory of mind AI. Experts say that the tech industry will need some years more to fully develop this kind of Artificial intelligence. 
Self-aware AI- this kind of AI is still a dream, and some people say that they are thankful for the tech industry that machines do not have their own consciousness. This kind of AI may be helpful but there will be both benefits and risks of artificial intelligence. Some geniuses like Stephen Hawkings and Elon Musk have already warned us about the evolution of Artificial Intelligence.

Different field of Artificial Intelligence

Machine Learning- Machine learning is about letting the machine properly interpret, process, and analyze data to successfully solve real-time problems for us. Experts have divided machine learning into three sections such as supervised learning, unsupervised learning, and reinforcement learning. In other words, we can say that here a machine gets trained to achieve a target through some necessary steps. In this process, the machine first learns to take the required steps to achieve a goal during its training period and the same training makes the machine able to solve further problems. 

Deep learning- when it comes to deep learning, we can say that it is a smart process of implementing neural networks on high dimensional data in order to get insights and create solutions. To get superior benefits of artificial intelligence, now experts are prioritizing deep learning more than others. We can call it an advanced field of machine learning and we can use it to solve more complicated problems. If it comes to an example, we can take Facebook’s face verification algorithm as a practice of deep learning. Apart from Facebook’s face verification, self-driving cars, Alex and other virtual assistants like Siri can be great examples of the deep learning field of artificial intelligence. 

Natural language processing- natural language processing is another popular field of today’s artificial intelligence. It is also known as automatic manipulation of natural language. In order to do a task, those texts and speech by software help us a lot. This kind of benefits of artificial intelligence we are receiving every day. For example, we can say that spam detection of the email system is a popular one. Now we all know how easy this small natural language processing technology has helped us. Now we are enjoying a spam-free and protected email system to do both personal and official communications. For another example, we can mention that Twitter has been using Natural language processing in order to perfectly filter out the terroristic language in their tweets. Amazon, one of the biggest e-commerce stores, is also using this natural language processing to properly understand customer reviews and to find the best ways to improve user experience. 

Robotics- this is another important field of artificial intelligence. It mainly focuses on the design and creation of robots. Experts suggest that we can use robots only in areas where humans cannot perform or maintain the consistency of production. Many big brands regardless of industry type are planning to invest in this field to enable superior technology practice in their day to day regime. There are lots of areas in an industry where human effort is not enough or may have risks. For those fields, employing robots will be an effective solution. If it comes to some real-time examples, we can mention car assembly lines, automatic office cleaner, food preparing robots as some common examples available today.  We know that the Sophia robot has been made with the help of machine learning. This robot can interact socially. Machine learning has successfully brought some good things to that Sophia robot. 

Vision- Here we get some confusion. Some experts say that vision and machine learning are interconnected but some experts say that is not a pure example of artificial intelligence. With the help of this technology, machines can see. After that, it captures the vision and analyzes the captured information with the help of digital signal processing and analog-to- analog-digital conversation. This kind of AI practice or benefits of artificial intelligence we have been enjoying on a regular basis over some years. Human eyesight has some limitations but with the help of vision, a machine can see more and capture more. Even seeing through a wall will not be a bar if the machine has vision AI technology support. 

Expert systems- Experts say that an expert system is an artificial intelligence-based computer system. The main purpose of this machine is to learn the decision-making ability of a human and reciprocate when it needs. This kind of AI generally uses notations to properly solve a complex problem. In order to do proper loan analysis, information management, virus detection, and medical facilities, and so on, industry toppers are now using expert systems. It not only makes the work process fast but also let the user complete the task in a super smooth way. The benefits of artificial intelligence are huge. But still today, we made use of only narrow AI. Expert systems and other advanced fields of Artificial intelligence require more investment and support otherwise making it consumable for every industry will be tough. 

Fuzzy logic- Fuzzy logic makes the decision making the procedure fast, effective as well as automatic. Experts say that it is a computing approach and it prefers to follow the degree of truth. It does not follow modern computer logic. For example, we can say that the medical industry uses this kind of artificial intelligence to solve complex problems i.e. the problems require decision-making procedures to get solved. Apart from the medical industry, we can see the use of fuzzy logic in-vehicle environment control, automatic gearboxes, and so on. 

Now we know the types and fields of Artificial Intelligence. Now it comes to exploring the benefits of artificial intelligence. Just like other technologies, here we will also get benefits and risks of artificial intelligence. Experts are working 24/7 to reduce the risk factors and make it more consumable to every industry and social system. After checking the benefits of artificial intelligence we will get a more precise idea about AI. So, let’s know what is the benefits of artificial intelligence to our society-

We have categorized all the benefits of artificial intelligence into 10 useful categories-

  1. Automation- Ai experts say that AI can be used to make anything automate. It can range from the works that require extreme human labor to recruitment procedures. Here the main target is replacing human labor and making the entire process faster than ever without any kind of error. Completely human labor driven works result in more errors. So, automation can be an effective solution to make the procedure fast and error-free. Many industries have been using AI-based automatic recruitment applications. In this way, an organization can smooth its inner practices and eliminate the tedious manual task burden. When it comes to the benefits of artificial intelligence, without any doubt automation holds a great place as it makes it easy to focus on complex problems and builds effective strategies and decisions to fast solve that. 
  2. Decision making- Making smart as well as smarter business decisions is the most important task of business regardless of its type and size. Industry giants employ hundreds of employees to solve business-related problems to make informed decisions. Any kind of manual task requires more time in comparison with a machine with smart features. Today AI is able to make more informed business decisions. For example, we can say that CRM uses comprehensive AI to maintain customer relationships more effectively. Salesforce Einstein is an example of a comprehensive AI used by customer relationship management software. It just eliminates the complexities of Artificial intelligence and lets companies improve user experience to a great extent. Salesforce Einstein takes the help of various kinds of AI such as machine learning, deep learning, predictive modeling, and natural language processing. Large scale business enables this kind of AI into their practice to get more useful insights, understanding market behavior, and making more effective decisions in 2020. 
  3. Productivity- lots of industries have welcomed Artificial intelligence as a mandatory business practice. Industries are using AI to complete the highly computational tasks fasts as this kind of task requires more human effort and time. According to a recent survey, nearly 64% of businesses around the globe rely on AI-based applications to increase productivity and boost business growth. The legal robot is a great example here. Generally, this kind of bot takes the help of machine learning techniques and natural language processing in order to properly understand and evaluate legal documents, search and fix expensive legal errors in the process, proper collaboration with renowned legal professionals, and so on. In order to clarify legal terms, these bots also take the help scoring system (AI-based). Here a user can also compare and finalize the standard of a contract. 
  4. Economy- According to research, AI can contribute more than $15 trillion to the world economy by the end of 2030. Based on the recent report by PWC, Artificial Intelligence is going to increase global GDP by nearly 14% between 2020 to 2030. This GDP is equivalent to $15.7 trillion and it is an additional contribution to the world economy. According to that report, China and North America will be two major countries to gain maximum economic benefits due to AI advancements. PWC’s report says that these two countries are going to get nearly 70% of total global economic gains. The healthcare and robotics industries are going to absorb these benefits more in comparison with other industries out there. The report also elaborates that increased productivity due to AI practices will add nearly 6.6% trillion of the estimated GDP in the coming years. Perfect automation of routine tasks and the creation of smart bots and tools are the main contributor to this amazing growth. 
  5. Solving complex problems- with the help of expert technologists now AI is more improved than its simple machine learning version. With the help of deep machine learning, a lot of companies around the globe have solved many serious issues such as fast medical diagnosis, fraud detection, weather forecasting, and so many other issues. Paypal uses deep learning AI in order to detect fraud. Now Paypal is properly able to identify possible fraudulent acts. Presently Paypal has more than 170 million customers all around the world and processes over $235 billion in payments from its 4 billion transactions. And everything is safe and secure here. It has used machine learning as well as deep learning algorithms in order to properly collect data from the customer’s purchasing history to know genuine patterns of the customers and alert during the fraudulent activities. 
  6. Personalization- researchers say that companies that enable personalization can deliver 5 to 8 times the marketing return on investment. Personalization also helps companies to increase sales by 10% in comparison with other companies that do not enable personalization to their businesses. We know that personalization is a time-consuming task if we want to make it possible manually. But today this procedure is super easy and fast with the help of AI. Now it is easier than ever to target customers with the right set of products. A UK based fashion brand, ‘Thread’ has been using artificial intelligence to offer personalized clothing recommendations to its customers. Hiring personal stylists for its 650000 customers is tough as well as too expensive but AI is doing the task without spending a lot of bucks. With the help of some style quizzes, here customers get the best styling clothing suggestions. Thread uses Thimble, a machine learning algorithm to perfectly identify as well as understand the likes and dislikes of the customers. After identifying and understanding properly the customer choices, it suggests a set of clothing to satisfy customers to the best extent. It is one of the best benefits of artificial intelligence that today’s companies are using via improving the user experience. 
  7. Managing repeat works-  doing repetitive tasks is not only boring but also time-consuming. But there are some mandatory repetitive tasks in every business. In this kind of task area, businesses can use AI. The Bank of America has been using such AI as a virtual financial assistant. The virtual assistant is called Erica. Erica is there to perfectly create credit report updates, helps customers for simple transactions, and facilitates bill payments. Erica takes the help of AI and machine learning to successfully satisfy the customer service requirements. Now Erica is smarter than before as now it can help the customers to make smart and informed financial decisions. It helps customers with personalized insights to make faster and smart financial decisions. Last year it has satisfied more than 35 million customer service requests and surpassed 6 million users. 
  8. Global defense- It is no surprise that the most advanced robot is getting created with global defense applications in mind. Actually, any kind of cutting edge technology first gets implemented in the defense applications. For example, we can mention AnBot. This AI-based robot has been developed by China’s national defense university. It can run at 11mph and it is developed mainly for patrolling some areas. And if the situation requires AnBot can use an electrically charged riot control tool. 
  9. Disaster management- perfect weather forecasting makes vacation planning easier than ever. This small advancements impact the market at a great level. Farmers can make better decisions about planting and harvesting if there is the right weather forecasting. Along with it, shipping is now safer and easier than before. The most important thing is that it can forecast natural disasters perfectly and saving millions of lives becomes easier. After partnering with the Weather Company, IBM got tons of data to feed its AI platform Watson in order to improve its predictions. The AI-based IBM deep thunder offers highly customizable data for the clients. The benefits of artificial intelligence are enormous and we have to implement it in the right as well as a positive way. 
  10. Lifestyle- Life has become easier than ever. Now we just tell the devices what to do and rest the devices can handle. We have AI-based virtual assistants such as Siri, Cortana, and Alexa who can interact with our phones as well as other devices. With the help of this kind of AI, now predicting deadly diseases is possible. This kind of benefit of artificial intelligence has not only added tremendous ease to our lifestyle but also improved our standard of living. For example, we can say that Amazon monitors its users’ browsing activity and tries to understand the likes of a user. After that, Amazon serves the products in front of us.

These are the top 10 benefits of artificial intelligence that we are using or going to use in the coming years. Just like any other technological advancements it also has both benefits and risks of artificial intelligence. But some experts are also saying it is a real threat despite its enormous benefits. Co-founder and research fellow at the Machine Intelligence Research Institute, Eliezer YudKowsky said that the major risk of Artificial intelligence is that people who conclude too early that they have understood everything about AI. So, ‘what is the benefits of artificial intelligence’ cannot be the only question to know about AI. So, identifying both benefits and risks of artificial intelligence is mandatory before huge implementation otherwise it can bring serious damages to the regular practices irrespective of industry type and size. 

Hoping this blog is enough useful to you to understand the benefits of artificial intelligence and how it is going to be an integral part of every industry in the coming years.