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Artificial Intelligence Lesson-3 Presented By: Roman Saini
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In This Lesson Artificial Intelligence Importance Of Al
Artificial Intelligence (Al) "There is almost nothing we can think of that cannot be made new, different, or more valuable by infusing it with some extra IQ. In fact, the business plans for the next 10,000 startups are easy to forecast: Take X and add Al" Kevin Kelley
Artificial Intelligence (Al) Artificial Intelligence has the potential to provide large incremental value to a wide range of sectors globally, and is expected to be the key source of competitive advantage for firms. Healthcare: Application of Al in healthcare can help address issues of high barriers to access to healthcare facilities, particularly in rural areas that suffer from poor connectivity and limited supply of healthcare professionals. This can be achieved through implementation of use cases such as Al driven diagnostics, personalised treatment, early identification of potential pandemics, and imaging diagnostics, among others. Agriculture: Al holds the promise of driving a food revolution and meeting the increased demand for food (global need to produce 50% more food and cater to an additional 2 billion people by 2050 as compared to today)
Artificial Intelligence (Al) It also has the potential to address challenges such as inadequate demand prediction, lack of assured irrigation, and overuse/ misuse of pesticides and fertilisers. Some use cases include improvement in crop yield through real time advisory, advanced detection of pest attacks, and prediction of crop prices to inform sowing practices. Smart Mobility, including Transports and Logistics: Potential use cases in this domain include autonomous fleets for ride sharing, semi-autonomous features such as driver assist, and predictive engine monitoring and maintenance. .Other areas that Al can impact include autonomous trucking and delivery, and improved traffic management
Artificial Intelligence (Al) Retail: The retail sector has been one of the early adopters of Al solutions, with applications such as improving user experience by providing personalised suggestions, preference-based browsing and image-based product search. Other use cases include customer demand anticipation, improved inventory management, and efficient delivery management . Manufacturing: Manufacturing industry is expected to be one of the biggest beneficiaries of Al based solutions. Thus enabling 'Factory of the Future' through flexible and adaptable technical systems to automate processes and machinery to respond to unfamiliar or unexpected situations by making smart decisions. .
Artificial Intelligence (Al) Impact areas include engineering (Al for R&D efforts), supply chain management (demand forecasting), production (Al can achieve cost reduction and increase efficiency) Also, maintenance (predictive maintenance and increased asset utilisation), quality assurance (e.g. vision systems with machine learning algorithms to identify defects and deviations in product features), and in-plant logistics and warehousing - Energy: Potential use cases in the energy sector include energy system modelling and forecasting to decrease unpredictability and increase efficiency in power balancing and usage.
Artificial Intelligence (Al) In renewable energy systems, Al can enable storage of energy through intelligent grids enabled by smart meters, and also improve the reliability and affordability of photovoltaic energy. . .Similar to the manufacturing sector, Al may also be deployed for predictive maintenance of grid infrastructure. Smart Cities: Integration of Al in newly developed smart cities and infrastructure could also help meet the demands of a rapidly urbanising population and providing them with enhanced quality of life. .Potential use cases include traffic control to reduce congestion and enhanced security through improved crowd management.
Artificial Intelligence (Al) Compelling business use cases (e.g. improved efficiency, accuracy, speed, forecasting and accurate decision making) that lead to direct impact on revenue and profitability have been the biggest driver for companies to pursue accelerated adoption of Al It comes as no surprise that Banking and Financial Services sector has been one of the leading sectors globally when it comes to Al adoption, and India has also seen a steep increase in Al based implementation in recent times. . Existing and potential use of Artificial Intelligence in this sector include improved customer interaction through personalised engagement, virtual customer assistance, and chatbots;
Artificial Intelligence (Al) The manufacturing sector in India hasn't been far behind, as reflected in a recent study by BCG, where India was ranked 3rd in the world in Al implementation in manufacturing, ahead of nations such as Germany, with 19% of companies in the sector already using Al to a significant extent. Sectors like Healthcare and Education have quite a lot of ground to cover as far as Al adoption is concerned. . .Healthcare, despite being one of the hottest areas of Al startup investments, is tricky, especially in the Indian context. In sectors such as these, externalities from adoption of Al far outweigh the economic returns realised by private initiatives, and hence the role of government becomes pivotal in ensuring large scale Al intervention .