A Look At The Impact Of Artificial Intelligence In An Economy8 min read

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Look At The Impact Of Artificial Intelligence In An Economy

 
 

There is always a discomfort in the minds of many people when they hear the word artificial intelligence. Artificial intelligence is simply a developed software that improves and automates the knowledge based work done by humans.

 

 
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The application of artificial intelligence can be to manage and improve individual task, which is regular or repetitive and also task with a pattern. It can also be applied to manage general task, which a machine that is capable performing human intelligent task is created. Application of artificial intelligence for general task is more sophisticated, which complex problems can be solved. Even though highly intelligent abilities in AI do not exist yet but it is expected in some years time. The impact of artificial intelligence in an economy is of a wide range. However, there are some major areas that clearly state the technological impact in an economy which are;

  1. Analytical Prediction
  2. Detection
  3. Natural Language Processing
  4. Computer Vision
 
 

1. Analytical prediction

Application of artificial intelligence goes a long way in transforming an economy by improving businesses. When business begins to apply artificial intelligence in decision-making, there is a better success and a less chance of error. Artificial intelligence analyzes data, both past and present leaving no data untouched. This simply shows a clear prediction of possible effects, the present position and of course the future. All this is carried out through data analysis which human might not successfully handle without errors. When organizations make better decisions, there is bound to be growth, impacting the economy.

 
 

2. Detection

When we talk about detection, everybody thinks it is all about fraud. Applying artificial intelligence in detection is reading data, and arranging them in the right format. If there is any error somewhere, which might not necessarily be fraud, that error is detected. In manufacturing industry, it detects defected products and separates them. The very goal is to detect individual data that has been collated or also to detect a certain pattern deviation. This opens the eyes of organization to areas where they probably have not been paying attention to, help in fraud detection and also inform the manufacture on product error.

 
 

3. Natural language processing

Every organization, whether small or big has the ability to do business internationally. With the Internet and social media has broken the barriers. Imagine Vrinda as a tech company in Florida having discussions with Chinese business partners where language poses as a barrier. Natural language processing is used in translation, sentiment analysis and in interactive dialogue. This proves that business can be done without any language limitation across the continent.

 
 

4. Computer vision

Analysis is not only done on text, or numbers, analysis can also be done on digital images from various sources like aerial images, satellite and digital video. Applying artificial intelligence in computer vision will enable the collection of data, processing it and properly analyzing it. With this, objects can be detected and proper actions can be taken especially in the manufacturing industry. The economy of every country needs the application of artificial intelligence to boost and transform businesses to international standard where errors are limited. This directly has an impact in boosting the economic standing of the country.

 

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