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January 5, 2025e-Paper
Published – January 05, 2025 08:30 am IST
The overall scope of AI extends beyond this to complex work in sectors like healthcare, manufacturing, Science, research, environment, transportation and more. | Photo Credit: Getty Images/iStockPhoto
There has seldom been as crucial a juncture in human history as right now. The phenomenon that is Artificial Intelligence (AI) has completely transformed human lives in the last few years. The growing emphasis on AI has been further supplemented by its role in promoting innovation in the global business space.
As this paradigm shift takes place, AI is being increasingly used in Large Language Models (LLMs), through its innovative generative capacity, for content creation. However, the true potential of AI extends to more complex procedures, as this new-age technology’s foundational objective has always been to streamline how humans operate, and offer solutions that not only reduce timeframes but also enhance quality of life.
In 2023, worldwide spending on AI-centric systems was estimated at $154 billion, with the banking and retail industries making the largest investments. A major part of this push was focused on Generative AI (GenAI), highlighting the growing emphasis on GenAI-related operations such as content creation. However, the overall scope of AI extends beyond this to complex work in sectors like healthcare, manufacturing, Science, research, environment, transportation and more.
For example, AI has transformed customer engagement, an aspect that is being extensively used by retail companies in Customer Relationship Management (CRM) to help customers choose, customise products, services, payment methods and so on. In the electronics industry, manufacturers are integrating AI as part of appliances, computer accessories, and white goods to enhance the output, streamline processes, reduce expenses and amplify affordability.
The growing emphasis on AI in all paths of life opens up a unique opportunity for students to develop innovative models that can help in various sectors. As a direct result of the increased infusion of capital in the space, corporations are hiring more talent to develop state-of-the-art AI models, highlighting the increased demand for skilled professionals. For example, the scope of AI in the healthcare domain includes diagnosis, medical image analysis, virtual health assistants, predictive analysis, remote monitoring, drug adherence, research, treatment planning and patient care. The integration of AI-powered medical assistants can not only help future-proof medical science but also increase the chance of new drug discovery, personalised medicine, genomics and new advancements.
In the manufacturing and industrial sector, AI can lead to streamlining processes, predictive maintenance, quality control, mitigating inefficiencies, inventory management, supply chain optimisation, reducing production costs and more.
In education, AI is already leading to personalised learning, natural language processing (NLP) for language learning, smart content recommendations, virtual classrooms, automated tutoring, and innovative features like speech-to-text and vice versa for distinct learning requirements.
Finance, research and development, transportation, smart cities, defence and numerous other sectors are increasingly witnessing AI integration. This widespread effort is leading to more relevance for algorithmic methodologies, including assessments, new developments and other aspects.
As a result, many companies are investing significant capital, time and expertise to create new-age solutions, with these efforts further supplemented by governmental participation. This comprehensive push is also being powered by a population that prefers more streamlined and efficient ways to completing tasks. As we step into a new age of innovation, today’s students must look at new ways to design and sustain a new world.
The writer is Founder and CEO, GUVI Geek Networks.
Published – January 05, 2025 08:30 am IST
education / The Hindu Education Plus / careers / students / higher education / university / universities and colleges / technology (general) / Artificial Intelligence
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