The Top Benefits of Artificial Intelligence

Information Security | Design, Digital, Technology | Oct 12,2021 | By Shashvathi G

Artificial intelligence is responsible for making our lives easier. This article on Artificial Intelligence Benefits will help you comprehend how AI is affecting all aspects of our lives and, in the end, benefiting humanity. Now. let us discuss the advantages of artificial intelligence in the following areas:

Boosted Automation

Artificial Intelligence (AI) may be used to automate a variety of processes, from manual labour to the recruitment process. That's correct! There is a slew of AI-based solutions that can help automate the hiring process. These technologies allow staff to focus on more complicated duties such as brainstorming and decision making by freeing them from tiresome manual labour. MYA, a conversational AI recruiter, is an example of this. This app focuses on automating time-consuming aspects of the hiring process, such as screening and sourcing. MYA is taught utilising powerful Machine Learning techniques, as well as Natural Language Processing (NLP), to pick up on information that arises during a discussion. Mya is also in charge of generating candidate profiles, doing analytics, and shortlisting applicants.

Productivity Improvements

Artificial Intelligence (AI) has become a corporate need. It's used to manage highly computational jobs that demand a lot of time and effort. The Legal Robot is one example of such an application. It's what I refer to as the virtual world's Harvey Spectre. This bot employs Machine Learning techniques such as Deep Learning and Natural Language Processing to comprehend and analyse legal documents, identify and correct costly legal errors, collaborate with experienced legal professionals, and clarify legal terms via an AI-based scoring system, among other things. It also lets you compare your contract to others in the same business to make sure it's up to standards.

Making Informed Decisions

Artificial Intelligence's main purpose is to assist in the development of better business decisions. Salesforce Einstein, a comprehensive AI for CRM (Customer Relationship Management), has done an excellent job in this regard. Salesforce Einstein takes the complication out of artificial intelligence, allowing businesses to provide better, more tailored consumer experiences. Einstein is used in large-scale enterprises to discover important insights, forecast market behaviour, and make smarter decisions. It is powered by powerful Machine Learning, Deep Learning, Natural Language Processing, and predictive modelling.

Solve Difficult Problems

AI has grown over time from simple machine learning algorithms to complex machine learning ideas like Deep Learning. This advancement in AI has aided businesses in resolving complicated problems such as fraud detection, medical diagnosis, and weather forecasting, among others. Consider how PayPal utilises Artificial Intelligence to detect fraud. PayPal is now able to detect possible fraudulent actions very precisely thanks to deep learning. PayPal's more than 170 million clients completed approximately $235 billion in payments from four billion transactions. Machine learning and deep learning algorithms collect data from a customer's purchase history, as well as evaluating patterns of possible fraud recorded in the company's databases, to determine if a transaction is fraudulent or not.

Boosts the economy

Whether AI is viewed as a threat to the globe or not, it is expected to contribute more than $15 trillion to the global economy by 2030. According to a recent report from PwC, developments in AI will boost global GDP by up to 14% between now and 2030, equating to an additional $15.7 trillion in contributions to the global economy. Currently, most tech behemoths are experimenting with AI as a solution to time-consuming chores. Companies who are sluggish to implement AI-based solutions, on the other hand, will be at a significant competitive disadvantage.

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