HOW AI WILL ENHANCE CRITICAL SERVICES REQUIRED IN OUR DAILY LIVES

AI is part of our lives, even if we are not aware of it. It is a reality and needs to be embraced. In this article we discuss the advantages of AI and how one can benefit from it.
  1. WEALTH MANAGEMENT

Artificial Intelligence is currently changing and affecting many, if not all, the sectors of the economy and finance is no exception. There are many uses of AI in the finance sector and one of them is chatbots and Robo-advisors. Wealth management can be fully automated by using Robo-advisors. They are robots, given a certain dataset, which can provide more accurate investment decisions and recommendations by using raw data and the recurring execution of self-learning algorithms. There are several reasons why you would prefer Robo-advisors above the knowledge of a human being. The reasons are the following:

  • It provides convenience by being “awake” for 24hours a day managing your portfolio.
  • It has no inhibition levels (no emotions or feelings between what must be done and what has to be done.)
  • Lower costs as a result of automation.

2. ENTERPRISE RESOURCE PLANNING (ERP):

There are many uses cases of AI in Enterprise Resource Planning. The following aspects are just a few of many:

  • Historical data: AI uses historical data to predict the future. From a seasonal or quarterly perspective, it could predict when a customer would buy a particular product.
  • Forged Transactions: AI can also be used to detect forged transactions by looking at the trends, for example the trend of one user always capturing a certain value of purchase orders.
  • Virtual Agents: “Robots” with conversational AI abilities can provide a more convenient user interface to ERP systems which don’t tend to be user friendly.
  • Product Management: AI can be used to predict the flow of products based on what the procurement team does as well as the sales team (supply and demand). This allows for much more accurate and efficient control of inventory.
  • Forecasting: AI uses historical data to make predictions about the future. AI in ERP will look at the trends of every type of transaction, whether it is sales, manufacturing, procurement, internal inventory movements etc. to make predictions on what the future outcome will be.

3. EDUCATION:

“Teachers, of all kinds and at various levels, are constantly limited on time. From lesson planning to assignment building and grading, teachers have hundreds of things a day on their to-do lists – and that is beyond the scope of actual instruction and teaching. By bringing AI into education, teachers can alleviate themselves of the tasks able to be completed by technology, freeing up additional time for student engagement. Content creation is one place where AI can be used to benefit teachers immensely. Instead of spending hours creating study sets, AI and other predictive technologies can help teachers quickly build content for their students. When teachers spend less time doing tasks that can be simplified with AI, they have more time for individual instruction with students, ultimately improving learner outcomes.”

4. HEALTHCARE:

AI can help remove or minimize time spent on routine, administrative tasks, which can take up to 70 percent of a healthcare practitioner’s time. It can augment a range of clinical activities and help healthcare practitioners access information that can lead to better patient outcomes and higher quality of care.

5. AGRICULTURE:

Agriculture is one of the oldest and most important professions in the world. Humanity has come a long way over the millennia in how we farm and grow crops with the introduction of various technologies. As the world population continues to grow and land becomes scarcer, people have needed to get creative and become more efficient about how we farm, using less land to produce more crops and increasing the productivity and yield of those farmed acres. Worldwide, agriculture is a $5 trillion industry, and now the industry is turning to AI technologies to help yield healthier crops, control pests, monitor soil and growing conditions, organize data for farmers, help with workload, and improve a wide range of agriculture-related tasks in the entire food supply chain.

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