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Artificial Intelligence (AI) is not an incremental but a standout technological transformation happening to business and society alike. A new study has been anchored by the McKinsey Global Institute to fully understand the extent of this. First of all, AI is being used to map the problem types to deduce possible solutions. Reinforcement learning for example is one of the hottest trends being followed in corporate training with the aid of AI and neural networks. The potential value of AI is way more than was earlier thought. It is now an integral part of several industries such as pharma, aerospace, healthcare, retail, automotive, travel, transport, banking, media, CPGs, agriculture, aerospace and defense. In each of these industries, business intelligence is being derived from use cases. Analytics voraciously feeds on data which gets generated for predictive maintenance. AI is also used extensively for personalization and customer service management. It can help logistics to reduce costs through real-time forecasting. Labeling and obtaining data is still a challenging task, forcing a lot of companies to forego their AI plans. Decisions made are also sometime difficult to explain to people in spite of hard data-driven evidence being available. There is also the risk in bias in algorithms and sources of data which need to be corrected before one sets out.

Source:https://www.mckinsey.com/featured-insights/artificial-intelligence/notes-from-the-ai-frontier-applications-and-value-of-deep-learning

Uploaded Date:10 July 2018

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