How Artificial Intelligence Is Changing Modern Life

How Artificial Intelligence Is Changing Modern Life

There is a multitude of ways that artificial intelligence is changing our day-to-day life. In some of the largest industries in the world, this ever-growing technology is rearing itself as a force to be reckoned with. Already we are seeing artificial intelligence creep into our education systems, our businesses, and our financial structures. Here’s how:

AI Is Changing Education

Artificial intelligence powered education programs are already helping students learn basic math and writing skills. These programs can only teach students the fundamentals of subjects, but at the rate this technology has changed, it’s safe to say it will be able to teach higher level thinking in the future. Artificial intelligence allows for an individualized learning experience. This type of technology can show what subjects a student is suffering in and allow teachers to help focus on building up specific skill sets.

Over half of all students 14 and under surveyed reported using either a smartphone or laptop for homework each day.

Image source: University of Cincinnati

With the expansion of technology knowledge and accessibility, we are seeing the very road map of education change. In the future, a combination of artificial intelligence tutoring and support software will give an opportunity for students anywhere around the globe to learn any subject at their own pace and on their own time.

Artificial intelligence has been able to automate simple actions like grading, which is relieving teachers and professors from time-consuming work. Teachers spend a lot of their time grading and reporting for their students, but it is now possible for educators to automate their grading for almost all types of multiple choice testing. Essay grading software has emerged in its early years as an improvable tool to help teachers focus more on classroom management than assessment.

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Finances and Artificial Intelligence

Artificial intelligence is able to process a significant amount of data in a short amount of time — more data than any human or computer program has ever been able to process. This allows banks to provide more targeted and individualized wealth management advice to their customers. For example, with risk assessment and artificial intelligence the time it takes to apply and be approved for a home or personal loan could be a matter of hours instead of months. This is due to AI’s capability to work faster at unearthing and analyzing customer information.

Fiscal Tiger says that “artificial intelligence is capable of understanding each individual customer’s financial situation is a real possibility for the future of personal banking.” At this stage in the technology game, banks are already utilizing AI customer service with automated tellers, chatbots, and voice automation. Seven leading United States commercial banks have invested in AI applications that will serve as a part of their customer service to improve performance and increase overall revenue.

Bank of America reported that they would invest $3 billion in technology innovation in 2016. Artificial intelligence works to help financial service companies decrease their overhead risks, generate more money, and maximize their already available resources. Artificial intelligence is even changing the way that infamous Wall Street will one day operate. Eventually quantitative analysts will be replaced with a machine learned system that can build upon previous trading algorithms automatically updating and making their trading decisions more effective.

Artificial Intelligence in Business Settings

The Wall Street Journal has been quoted as saying that “artificial intelligence is expected to transform how companies in almost every industry do business.” Technology is already changing the way that businesses process their products, create their products, and find their target market — allowing artificial intelligence to find its way into every application of business.

Image Source: Pepperdine University

Artificial intelligence in manufacturing is having the largest impact on business and project management right now. For example, BP has begun using AI when drilling for oil. They use AI technology to prevent human errors by taking data from the drilling programs and advising the operators on how and when to adjust the drilling depth or distance. The hope is that in the future this type of technology can completely dissipate human error in intricate jobs like this.

Machine learning is programming that provides a computer with the necessary data and ability to learn for itself through algorithms. Deep learning is a form of machine learning that allows artificial intelligence computers to learn by listening to examples instead of giving it specific guidelines to follow. This is important for businesses because it allows companies to process massive amounts of data to find patterns and determine what will happen next without needed to be programmed exactly to do so.

Businesses can use this information to look at past sales information and variables that could affect overall performance. This can help both increase profits and help companies keep inventory efficiently stocked. Artificial intelligence allows project managers to interpret the data provided and find gaps in information. This data gives them a deeper understanding of potential budgets, changes in production that can be made, and efficiency of current procedures.

As technology changes in the upcoming years, it’s safe to say that artificial intelligence will begin to creep its way more and more in our modern lives. For right now it is the dominating force to be reckoned with as we move in to the future of business, education, and financial services. In the future, it will be in every facet of life.