Artificial Intelligence has been able to revolutionize a variety of areas like healthcare, e-commerce, manufacturing, and medicine. However, it does not stop there as more sectors seem to transition every day. Here are four more areas AI is revolutionizing:
Finance
Audit firms are coming up with a robust set of AI tools that utilize predictive analytics properties for their non-audit and audit customers. These tools allow the firms to assess, interrogate, and contest the predictions that underpin asset valuation of the customers’ balance sheets. Audit and accounting firms are also using cognitive software that goes through thousands of pages of agreements or contracts and makes a summary almost immediately by set criteria about what is and is not needed. Research indicates that 80% of accounting and finance tasks will be carried out with automation in the foreseeable future.
Robotic Process Automation (RPA)
RPA is an upcoming business process automation technology. Its heavily relies on the idea of AI or software robots. This system develops an action list that needs automation through watching the performance of the task by the user in the GUI of the application. The system then repeats the tasks directly in the graphical user interface. Robotic process automation technology uses artificial intelligence to execute repetitive, rules-based, and back-end tasking that programmers or workers don’t want to do, or couldn’t do as fast as the RPA system. An example of an RPA tool is one that receives an email comprising an invoice, extracts the information, and then types it into the bookkeeping system.
Security
IT companies are offering services and products that proactively curb, as opposed to reactively detecting, the execution of persistent and advanced malware and threats. Companies are also using SAP’s machine learning solutions and cloud platform in the management of their databases of collected information like customer details or sales transactions, apps, relational databases, and other sources. According to research, 44% of companies are using AI to detect and prevent security intrusions.
Education
Companies are using AI to make customized educational content. Deep learning is being used to absorb and make an analysis of existing course materials, syllabi, and textbooks. The technology comes up with customized learning materials that include multiple choice tests, chapter summaries, and textbooks. Additionally, AI is also being used to reduce the time used in the grading of school assignments. Students upload their assignments to a school platform that has incorporated AI. Multiple assignments get graded at once. The software then offers instructors with an analysis of where the students got wrong and right.
As you can now see, finance, robotic process automation, security, and education are four more areas that AI is revolutionizing. Who knows what other exciting advancements will occur in other areas in the near future?
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