Importance of using AI

May 26, 2024 - News

Artificial Intelligence (AI) has become one of the change agents in all sectors, from new technologies to the change in paradigms in healthcare, finance, and others. Dr. Michael T. Houston, as a leading authority in this field, has underlined the critical importance of the integration of AI into modern practices as never before.

One of the major reasons why AI seems to find wide acceptance is associated with the ability to process huge datasets within short durations and highly accurate margins. In the health sector, AI algorithms can analyze complex medical data, therefore, leading to first diagnosis and personalized treatment plans. For example, according to the research by Smith et al. on the Journal of Medical Internet Research in 2020, tools for diagnosis powered by AI were found to have much higher accuracy levels with complex data compared to modern conventional methods. Such a situation does not only better outcomes for patients but also alleviate the work of health workers.

The application of AI to predictive analytics is immense: AI systems can see patterns and trends in huge data, on which the systems base their predictions of future events with exceptional accuracy. It is especially utilitarian for finance: predictive models can help in forecasting market changes and direct investment strategies. The McKinsey & Company report claims that a firm using analytics based on AI will register a 10-15% higher profit margin against those that do not employ such schemes (McKinsey & Company, 2019).

Other practical applications, like the ones just described, and others, include the use in scientific research, where AI automates the workaday tasks and allows scientific workers the possibility of full engagement in creative work. Thus, AI algorithms can search through millions of scientific papers in pursuit of elucidation on relevant similar studies in current research, done at a faster speed of discovery. For example, according to a general editorial statement made by Nature, the AI tools have become imperative in handling the growing volume of scientific literature in the world today (Nature, 2018). At the same time, AI can be applied to every piece of technology that touches our lives to improve user experience, such as personalized recommendations in increased user interfaces. In e-commerce, these AI algorithms interpret user behavior to provide recommendations of the products according to the likes of individual users. It enhances the relationship with the customers as well as increasing simultaneous sales. According to a study by the Harvard Business Review, companies using AI for personalization got a 20% increase in customer engagement.

While these are promising breakthroughs, the larger ethics of deploying AI cannot be brushed aside. Privacy, algorithmic bias, and job displacement are all looming large. Dr. Houston agrees that the creation of strong ethical frameworks would help in directing responsible AI use. The full guidelines for the development and measurement of trustworthy AI by the European Commission represent a holistic approach to assure the development and use of AI technology in an ethical manner (European Commission, 2020).

In conclusion, the infusion of AI into multiple sectors provides unprecedented opportunities for innovation and efficiency. According to Dr. Michael T. Houston, the embrace for AI being ethical will unlock very much potential in it. But what will unlock the potentials for AI in the fields of data analysis, predictive analytics, scientific research, and user experience personalization is its potential for society to take huge strides, even in areas where it faces challenges.

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