The benefits of artificial Intelligence keep increasing as it’s been around for quite some time now, and it is becoming a part of our day-to-day lives.
Quick suggestions on search engines and auto-focus in smartphones to robot greeters at shopping centers and vehicle cruise control are some of the benefits.
AI solutions are integrated into every aspect of the business, and organizations can optimize operations, gain a competitive edge and accelerate growth.
As the scope of AI is for innovation and development, it will continue changing the world in diverse ways in the future.
Did you know that Artificial Intelligence will contribute $15.7 trillion to the global economy by 2030!?
In addition to the economic benefits of artificial intelligence, it is also responsible for making lives more straightforward.
As such, this article will help you understand the benefits of artificial intelligence as it impacts all domains of life and ultimately benefits humankind.
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Top 10 Benefits of Artificial Intelligence
Let’s analyze some of the benefits of artificial intelligence to today’s world.
1. Enhances Lifestyle
Artificial Intelligence has developed from a science-fiction to an essential part of our everyday lives.
We have witnessed exponential growth in its potential since its emergence.
Even though it was considered a threat, AI continues to help us in many ways.
One of such is detecting deadly diseases and procuring solutions to threatening life issues.
2. Smart Decision Making
One of the benefits of Artificial Intelligence is that it helps make smarter business decisions.
Salesforce Einstein, a comprehensive AI for Customer Relationship Management, has managed to do that effectively.
AI also enables organizations to deliver more brilliant and more personalized customer experiences.
3. Increased Automation
Artificial Intelligence is used to automate tasks that involve excessive labor in the system of recruitment.
Such AI-based applications help to free the employees from tedious manual tasks and allow them to focus on complex tasks like strategizing and decision making.
4. Increased Productivity
One of the benefits of artificial intelligence is that it has become a necessity in the business world.
This is because it manages highly computational tasks that require maximum effort and time.
However, some AI also allows you to compare your contract with those in the same industry to ensure yours is standard.
5. Strengthens Economy
Even though AI is considered a threat to the world, nevertheless, it is estimated to contribute over $15 trillion to the world economy by the year 2030.
According to recent research, AI will increase the global GDP by up to 14% between now and 2030.
The equivalent of an additional $15.7 trillion contribution to the world’s economy.
6. Solve Complex Problems
Artificial Intelligence keeps advancing from simple Machine Learning algorithms to advanced machine learning concepts such as Deep Learning.
This growth has helped companies solve complex issues such as fraud detection, medical diagnosis, weather forecasting, etc.
One of these is PayPal which is now able to identify possible fraudulent activities very precisely.
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7. Disaster Management
Accurate weather forecasting allows people, including farmers, to make critical decisions about planting and harvesting, all thanks to AI.
Also, it can predict natural disasters impacting millions’ lives. As such, AI is beneficial as it helps to manage disasters.
8. Managing Repetitive Tasks
Artificial Intelligence is used for tiresome and routine tasks and helps us focus on the essential functions in our to-do list.
An example of such is Erica, the Virtual Financial assistant used by the Bank Of America.
Erica creates credit report updates, facilitates bill payments, and helps customers with simple transactions.
Though personalization can be overwhelming and time-consuming, it has been simplified through artificial intelligence.
Despite this, targeting customers with the right product has never been easier.
A UK-based fashion company ‘Thread’ uses AI to provide personalized clothing recommendations for their customer.
10. Global Defense
The most advanced robots in the world are being built with global defense applications. T
As such, AI is now cutting-edge technology that first gets implemented in military applications.
However, most of these applications are not reliable. An example of such is the AnBot.
AnBot has enhanced security by keeping track of any suspicious activity happening around its vicinity.
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In summary, the benefits of Artificial Intelligence have created a better world and increased technological advancement.
As earlier said, AI helps in lifestyle enhancement and intelligent decision-making.
However, AI will contribute immensely to the global economy come 2030. We hope this article answers your questions on the benefits of artificial intelligence.
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