Which MNCs are getting benefits from AI/ML:-

So first, let us understand the meaning of AI:

Artificial Intelligence:-

Artificial intelligence (AI) is wide-ranging branch of computer science concerned with building smart machines capable of performing tasks that typically require human intelligence. AI is an interdisciplinary science with multiple approaches, but advancements in machine learning and deep learning are creating a paradigm shift in virtually every sector of the tech industry.

• EXAMPLES OF ARTIFICIAL INTELLIGENCE:

1>. Face Detection and Recognition:

Using virtual filters on our face when taking pictures and using face ID for unlocking our phones are two applications of AI that are now part of our daily lives. The former incorporates face detection meaning any human face is identified. The latter uses face recognition through which a specific face is recognised

2>. Text Editors or Autocorrect:

When you’re typing out documents, there are inbuilt or downloadable auto-correcting tools for editors that check for spelling mistakes, grammar, readability, and plagiarism depending on their complexity level.

It must have taken you a while to learn your language before you became fluent in it. Similarly, artificially intelligent algorithms also use machine learning, deep learning, and natural language processing to identify incorrect usage of language and suggest corrections.

3>. E-Payments:

Having to run to the bank for every transaction can be a hectic errand. Good news! Banks are now leveraging artificial intelligence to facilitate customers by simplifying payment processes.

Artificial intelligence has made it possible to deposit cheques from the comfort of your home. AI is proficient in deciphering handwriting, making online cheque processing practicable.

The way fraud can be detected by observing users’ credit card spending patterns is also an example of artificial intelligence. For example, the algorithms know what kind of products User X buys, when and from where they are bought, and in what price bracket they fall. When there is some unusual activity that does not fit in with the user profile, the system instantly alerts user X.

4>. Search and Recommendation Algorithms:

When you want to watch your favorite movies or listen to songs or perhaps shop online, have you noticed that the items suggested to you are perfectly aligned with your interests? This is the beauty of AI.

These smart recommendation systems learn your behavior and interests from your online activities and offer you similar content. The personalized experience is made possible by continuous training. The data is collected at the frontend (from the user), stored as big data and analyzed through machine learning and deep learning. It is then able to predict your preferences by recommendations that keep you entertained without having to search any further.

Machine learning:

Machine learning is an application of artificial intelligence (AI) that provides systems the ability to automatically learn and improve from experience without being explicitly programmed. Machine learning focuses on the development of computer programs that can access data and use it learn for themselves.

The process of learning begins with observations or data, such as examples, direct experience, or instruction, in order to look for patterns in data and make better decisions in the future based on the examples that we provide. The primary aim is to allow the computers learn automatically without human intervention or assistance and adjust actions accordingly.

BENEFITS FROM AI/ML:-

* Amazon:

Not only is Amazon in the artificial intelligence game with its digital voice assistant, Alexa, but artificial intelligence is also part of many aspects of its business. Another innovative way Amazon uses artificial intelligence is to ship things to you before you even think about buying it. They collect a lot of data about each person’s buying habits and have such confidence in how the data they collect helps them recommend items to its customers and now predict what they need even before they need it by using predictive analytics. In a time when many brick-and-mortar stores are struggling to figure out how to stay relevant, America’s largest e-tailer offers a new convenience store concept called Amazon Go. Unlike other stores, there is no checkout required. The stores have artificial intelligence technology that tracks what items you pick up and then automatically charges you for those items through the Amazon Go app on your phone. Since there is no checkout, you bring your own bags to fill up with items, and there are cameras watching your every move to identify every item you put in your bag to ultimately charge you for it.

* Facebook:

• One of the primary ways Facebook uses artificial intelligence and deep learning is to add structure to its unstructured data. They use DeepText, a text understanding engine, to automatically understand and interpret the content and emotional sentiment of the thousands of posts (in multiple languages) that its users publish every second. With DeepFace, the social media giant can automatically identify you in a photo that is shared on their platform. In fact, this technology is so good, it’s better at facial recognition than humans.

* Microsoft:

Artificial intelligence is a term that appears on Microsoft’s vision statement, which illustrates the company’s focus on having smart machines central to everything they do. They are incorporating intelligent capabilities to all its products and services, including Cortana, Skype, Bing, and Office 365, and are one of the world’s biggest AI as a Service (AIaaS) vendors.

* Apple:

Apple, one of the world’s largest technology companies, selling consumer electronics such as iPhones and Apple Watches, as well as computer software and online services. Apple uses artificial intelligence and machine learning in products like the iPhone, where it enables the FaceID feature, or in products like the AirPods, Apple Watch, or HomePod smart speakers, where it enables the smart assistant Siri. Apple is also growing its service offering and is using AI to recommend songs on Apple Music, help you find your photo in the iCloud, or navigate to your next meeting using Maps.

* Alibaba:

Chinese company Alibaba is the world’s largest e-commerce platform that sells more than Amazon and eBay combined. Artificial intelligence (AI) is integral in Alibaba’s daily operations and is used to predict what customers might want to buy. With natural language processing, the company automatically generates product descriptions for the site. Another way Alibaba uses artificial intelligence is in its City Brain project to create smart cities. The project uses AI algorithms to help reduce traffic jams by monitoring every vehicle in the city. Additionally, Alibaba, through its cloud computing division called Alibaba Cloud, is helping farmers monitor crops to improve yield and cuts costs with artificial intelligence.