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Artificial Intelligence – A strong game changer in 2021

After the pandemic Struck in 2020, the world had turned its path to Artificial Intelligence and Machine learning. Where many industries such as healthcare, finance, human resources and international business adopted machine intelligence to manage the growing data. Mostly arranging unstructured data to structured data, machine intelligence and cloud computing, Artificial Intelligence is used as the tool.

Artificial Intelligence: Extending its wings

Eventually, Artificial Intelligence (AI) technology is now used by every person and adopted across the globe as a life-changing tool. AI has extended its wings when the globe was facing a Pandemic outbreak.

People went online for each and everything like financial transaction, online shopping, buying medicines online, groceries and many more. In the era of the Pandemic, Drones and Robots have gained much popularity. The Companies which were partly towards digitization; now are known for their transformation into Artificial Intelligence

Artificial Intelligence in healthcare

In the last year, the healthcare market, especially the discovery of medicines in the pharmaceutical industry, has faced a huge obstacle.

“But, according to Dr Alex Young, founder and CEO of Virti, Artificial Intelligence is progressively being used in the medical industry to help counter the virus “by evaluating and understanding data on the transmission of the disease.

In healthcare, it is also used to aid with recovery and medical preparations. With AI and Machine learning being the greatest tools for problem-solving (tools that just get smarter), We should predict the use of AI in medicine to continue to expand over the coming months and years.

Chris Ganje, CEO and founder at AMPLYFI, said “The UK scientists played an important role in handling the situation of COVID-19 across the globe. The company was fully focused to encounter all aspects from data modelling to DNA analysis to quickly implement research trials.

Health care facilities at home are favoured by people who have to undergo dialysis, physiotherapy and chemotherapy and many also take telemedicine appointments, they claim.

A nephrologist and transplant doctor at a well-known Pune-based hospital, Dr Avinash Ignatius, said that those suffering from kidney-related complications now have a “peritoneal dialysis” alternative that can be performed at homes.

“In this scenario, a hemodialysis machine including all support systems is mounted at home. A dialysis specialist goes there and does the patient’s dialysis,” he said.

The way people give and receive treatment is also evolving with Artificial Intelligence and advancement in technology. Following the pandemic, technology will undoubtedly begin to adapt to assist us with a range of physical, social, and emotional problems; with a number of individuals aged 65 and above are projected to rise dramatically over the next decade. This age group is expected to continue adopting such innovations as long as they are simple enough to use by integrating Artificial Intelligence, robotics and other emerging advancements that help them live independently.

Artificial Intelligence In Finance

AI can be used in the finance sector to analyze cash accounts, loan accounts, and savings accounts and look at the overall monetary wellbeing of an individual. Keep up with trends in real-time, and then create personalized recommendations based on new incoming data.

For financial institutions, this technology is setting the cornerstone of the business analytics future. For our business, the strengths and opportunities of Artificial Intelligence are immense.

Anything from chatbot assistants to fraud prevention and project execution requires Artificial Intelligence (AI) and deep learning in finance. Many banks (80 per cent) are very informed of the possible applications of AI.

Technological innovation expanded consumer acceptance, and changing regulatory environments would speed up the process for financial institutions (FIs) to implement AI. Through having 24/7 access to accounts and financial advisory facilities, banks using AI can simplify cumbersome procedures and significantly enhance the customer experience.

As a result, we see that financial firms are increasingly opting to buy third-party technologies out-of-the-box that can be integrated in a few short months and that yield instant outcome rather than take years to develop their own programs with the associated uncertainties and vast hidden costs

Artificial Intelligence in HR

The pandemic has done some damage considering the grim outcome of 2020, as it has increased the level of AI-powered automation. If anything, in the middle of a radically shifting workplace that relied on tech resources to pivot over the span of a few days, in some situations even overnight, it strongly demonstrated the need for good HR leadership.

Dr Alan Bourne, CEO and founder of Sova, claims that AI will satisfy all of the current HR demands, such as growing candidates and staff stresses, which have been intensified by Covid, like in healthcare and financial services.

He says: “As technology has moved further than the experimental stage and much more into the practical world, companies can have higher confidence in what they buy.” This is no longer a matter of what is selling, nor what is working. To help market talent acquisition for the long-term, this means fewer point solutions and more accurate, consolidated data.

AI will help to recognize workers with new learning experiences. Staff members must be learning all the time in an environment affected by near-constant instability. AI will arrange and coordinate customized interactive and analytic training systems such that any employee gets the collection of the correct skill.

Artificial Intelligence role in Pandemic for remote working

Machine learning is now successfully growing career prospects for job seekers worldwide, while AI could quickly fully eradicate tedious jobs, giving organizations more time to prepare staff to take up more professional assignments.

The fact today, firstly, is a trend towards simplified AI processes; just to execute some tasks that will enable businesses to escape the need to physically get people in during a pandemic

Technology can also aid in filling out remote roles. AI and WFH are really a match made in the future with this in mind. Remote employment would help corporations minimize in-house costs and encourage eligible workers to work with firms depending on their characteristics, rather than their proximity to the workplace.

The pandemic of Covid-19 demonstrated the value of all things digital. Looking ahead, though, a high-performing new industry is not just about controlling the pandemic. In a fast-evolving environment where digital not only permeates value generation but is also a commodity in itself, according to Ganje, it is also central to the future stability of the United Kingdom.

Sustainability

The main trend he has seen this year, which will continue to be prominent in 2021, is sustainability, says Tim Weil, CEO of Navenio.

For the past year, technology firms have concentrated on delivering a service to consumers that help them to respond to new challenges.

Companies really will need to be versatile and adaptive about the way technology is carried out over the upcoming years, in addition to helping consumers adopt, particularly considering that companies are still operating remotely.

Recruiting the potential candidate

AI will quickly become a crucial part of internal recruiting. Programs process of simultaneously trawling through hundreds of CVs, web profiles and cover letters would be able to recognise and highlight core qualities and attractive traits of applicants where appropriate.

Working Candidate with Artificial Intelligence
Working Candidate with Artificial Intelligence

Talent access and personnel management have been described as one of the key obstacles for AI entrepreneurs and fast-growing firms.

Safe Hammad, CTO and co-founder at Arctic Shores, says the trend in psychometric tests to help recruiting decisions is to cope with this.

The ever-increasing emphasis on the expertise of candidates is another trend. One of the first impressions you’ll get of a corporation is the recruiting process, because it really matters. A positive experience reflects on the employer well and will help keep applicants interested.

AI: Makes data unbiased

“For the creation of new digital products, the capacity of an organization to acquire and analyze high-quality, accurate statistics, as well as recognizing the increasing importance of complex text over structured data, is as important as tackling a coronavirus pandemic,” says Ganje.

What makes AI function clean, unbiased data.

The industry is rushing to build these genuinely smart technologies, a big move towards true AI. Rather than simply automating boring processes or even getting reliable estimates, consumers expect more and more. They do want to be capable of answering more advanced questions, like why? And what if? Oh, and how? In order to answer these questions, computers that grasp cause and effect will test strategies and envision alternate scenarios.

AI revolutionizing

Finally, Dr. Richard Ahlfeld, founder and CEO of Monolith AI, explains that a growing theme in the AI space is the modernization of AI.

In the past, this method of addressing problems was devoted to professionals. But, over the past few years, more enterprises have been attempting to revolutionize the dynamic elements of applications for virtual engineering, basically making it more user-friendly.

What do you think?

Siddhi Bhanushali

Written by Siddhi Bhanushali

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