Artificial intelligence, defined as intelligence exhibited by machines, has many applications in today’s society. More specifically, it is Weak AI, the form of AI where programs are developed to perform specific tasks, that is being utilized for a wide range of activities including medical diagnosis, electronic trading platforms, robot control, and remote sensing. AI has been used to develop and advance numerous fields and industries, including finance, healthcare, education, transportation, and more.
AI for Good is an ITU initiative supporting institutions employing AI to tackle some of the world’s greatest economic and social challenges. For example, the University of Southern California launched the Center for Artificial Intelligence in Society, with the goal of using AI to address socially relevant problems such as homelessness. At Stanford, researchers are using AI to analyze satellite images to identify which areas have the highest poverty levels.
In agriculture new AI advancements show improvements in gaining yield and to increase the research and development of growing crops. New artificial intelligence now predicts the time it takes for a crop like a tomato to be ripe and ready for picking thus increasing efficiency of farming. These advances go on including Crop and Soil Monitoring, Agricultural Robots, and Predictive Analytics. Crop and soil monitoring uses new algorithms and data collected on the field to manage and track the health of crops making it easier and more sustainable for the farmers.
More specializations of AI in agriculture is one such as greenhouse automation, simulation, modeling, and optimization techniques.
Due to the increase in population and the growth of demand for food in the future there will need to be at least a 70% increase in yield from agriculture to sustain this new demand. More and more of the public perceives that the adaption of these new techniques and the use of Artificial intelligence will help reach that goal.
Market analysis and data mining
Several large financial institutions have invested in AI engines to assist with their investment practices. BlackRock’s AI engine, Aladdin, is used both within the company and to clients to help with investment decisions. Its wide range of functionalities includes the use of natural language processing to read text such as news, broker reports, and social media feeds. It then gauges the sentiment on the companies mentioned and assigns a score. Banks such as UBS and Deutsche Bank use an AI engine called Sqreem (Sequential Quantum Reduction and Extraction Model) which can mine data to develop consumer profiles and match them with the wealth management products they’d most likely want. Goldman Sachs uses Kensho, a market analytics platform that combines statistical computing with big data and natural language processing. Its machine learning systems mine through hoards of data on the web and assess correlations between world events and their impact on asset prices. Information Extraction, part of artificial intelligence, is used to extract information from live news feed and to assist with investment decisions.
Several products are emerging that utilize AI to assist people with their personal finances. For example, Digit is an app powered by artificial intelligence that automatically helps consumers optimize their spending and savings based on their own personal habits and goals. The app can analyze factors such as monthly income, current balance, and spending habits, then make its own decisions and transfer money to the savings account. Wallet.AI, an upcoming startup in San Francisco, builds agents that analyze data that a consumer would leave behind, from Smartphone check-ins to tweets, to inform the consumer about their spending behavior.
Robo-advisors are becoming more widely used in the investment management industry. Robo-advisors provide financial advice and portfolio management with minimal human intervention. This class of financial advisers work based on algorithms built to automatically develop a financial portfolio according to the investment goals and risk tolerance of the clients. It can adjust to real-time changes in the market and accordingly calibrate the portfolio.
Human resources and Recruiting
Another application of AI is in the human resources and recruiting space. There are three ways AI is being used by human resources and recruiting professionals: to screen resumes and rank candidates according to their level of qualification, to predict candidate success in given roles through job matching platforms, and rolling out recruiting chat bots that can automate repetitive communication tasks. Typically, resume screening involves a recruiter or other HR professional scanning through a database of resumes.
Media and e-commerce
Some AI applications are geared towards the analysis of audiovisual media content such as movies, TV programs, advertisement videos or user-generated content. The solutions often involve computer vision, which is a major application area of AI.
Typical use case scenarios include the analysis of images using object recognition or face recognition techniques, or the analysis of video for recognizing relevant scenes, objects or faces. The motivation for using AI-based media analysis can be among other things the facilitation of media search, the creation of a set of descriptive keywords for a media item, media content policy monitoring (such as verifying the suitability of content for a particular TV viewing time), speech to text for archival or other purposes, and the detection of logos, products or celebrity faces for the placement of relevant advertisements.