The Types of AI and the Ways it is Reshaping IT

Artificial Intelligence (AI) technology is reshaping the way enterprises extract insights from data. The Gartner’s most recent hype cycle report on Types of AI points out that AI is the most favourable CIO technology initiative for the next five years as a source of business transformation.

PwC predicts that by 2030, AI can potentially contribute around $15.7 trillion to the global economy.

Many organizations believe that AI is not just a business enabler, but that it is having fundamental impacts on the function itself. AI is automating some long-standing functions to deliver upon their demand for innovative approaches and greater involvement from the IT departments.

Long story short, AI is a big deal. Various flavors of cognitive capabilities make AI a success. It becomes critical for enterprises and business leaders to understand the types of AI and the impact that it will have on the IT operations and market.

Five types of Artificial Intelligence 1. Machine Learning
In the current scenario, machine learning (ML) is the most relevant and popular subset of AI. The Executive’s Guide to the real-world AI, a recent report by Harvard Business Review Analytic Services, stated that ML has been around for years and has matured into a technology.

ML allows computing devices to self-learn from data and implement those findings without any human intervention. Often when a solution/result is hidden in a huge data set, ML is really very helpful. ML is outstanding at data processing and pattern recognition as it takes a fraction of the time that a manual process would take.

Use Cases
Just to list a few of the ML use cases in the real world, ML is used in fraud detection, portfolio management, and risk analysis for financial services. It is also used for targeted marketing campaigns, GPS-based fleet tracking solutions and travel predictions.

2. Deep Learning
Any computer program that does something smart is powered by AI, which is an umbrella term that holds ML as a subset. Here, Deep learning is a subset of ML that works towards mimicking the human mind really closely.

CompTIA explains that deep learning allows computer programs to process the problems in multiple layers, simulating the human brain analytical capabilities. The deep learning technologies extract the meaning out of information to build context. While, to increase the chances of getting the correct conclusion, deep learning empowers computer applications to understand the various components of the inputs such as text or visual images.

One explanation by deep AI says that this technology learns from processing the labelled data that is provided during the training. To process the labelled data, deep learning uses neural networks (yeh, that’s what they call them). The output of this processing is used to learn the attributes of the input that were required to come to the correct output. As soon as the sufficient number of inputs have been processed as examples, the so-called neural network can start processing new data.

The Benefits Of A Home Loan EMI Calculator In India

A home loan calculator in India helps you to get an approximate estimate for the EMI levied on a selected property. While this may seem obvious, there are quite a few benefits connected with this online tool. Among other things, it helps users to make informed decisions and gives them a better understanding of the market. Apart from calculating the EMI, this free online tool can also come in handy in other situations as well. Let’s take a look at some of these:

First timer benefit: As a first time house owner, you will have certain expectations when it comes to your home. It is difficult though to know the real estate market well enough to anticipate important decisions concerning your home and home loan. The type of property, location as well as the number of rooms will affect the cost of the same. Whether your dream home is a duplex in the city or an apartment in the suburbs, a good EMI calculator for home loan can help you to estimate the area of the house based on the EMI you can manage every month. With EMI calculations made in advance, it will be easy for you to know whether to hunt for a 1 BHK in SoBo or a 3 BHK in Noida. Most financial experts advise to opt for home loan EMI which is approximately 20 to 30 percent of your total income. Factoring this makes it easier to calculate the EMI and find the most suitable property.

Ease of access: Available as a free tool online, a home loan calculator is available around the clock. But what else can you do? Most calculators help you to check the rates of various properties for possible loan tenures and offer a standard home loan interest rate. There are other EMI calculators that will allow you to enter the interest rate that you are comfortable with. It is important to understand that several finance companies offer different rates. A borrower, who has a good track record of loan returns, can find that the interest rate is negotiable as well. Keeping this in mind, it makes sense to identify the right combination of interest rate and loan term while undertaking your calculations.

Insights: Some calculators will also help you to understand how to customize your loan to suit your financial needs. For example, it is understood that extending the loan term for a longer period of time will lower the EMIs. That, however, means that much of your payment will be used to pay off the interest rate, with relatively little going to the principal amount. A home loan EMI calculator will help you to get a better estimate on how much you will have to pay while enabling you to make informed decisions.

These online tools come with a few limitations, though. An EMI calculator may not be enough to understand the impact of the fixed and floating interest rates in India. It will also be unable to calculate the EMIs for customized repayment schemes. It is advisable, thus, to take these rough estimates as a basic guideline to help you to select the right property, loan term and EMI.

Find A Home Loan With The Best Home Loan Interest Rates

Most borrowers, when looking to get their dream home, aim to get the lowest home loan interest rates. This is an obvious thing to do, given that a low interest rate means that the amount payable over the principal loan amount decreases. While it is difficult to pinpoint any one option in the market, there are steps to ensure that you are in a position to find the best loan for yourself. Other than interest rates though, there are a few other factors that you can consider before making a decision. These include details like the tenure, the type of interest rate as well as the terms and conditions. All these factors need to come together when you are selecting your home loan.

1. Work on your credit score: Having a strong credit rating will go a long way in helping you to get a loan with the best home loan interest rates . Potential lenders, while reviewing your financial background, will look at a number of factors. The lender profile will typically be a cumulative perspective on your source of income, credit score, repayment track record, assets and so on. It is advisable to make any and all payments on time in order to get a good score. It is also advisable to find out what your current credit rating is, and whether it is good enough to avail a home loan. You can apply to the Credit Information Bureau (India) Limited (CIBIL) to get a detailed credit history. A high credit score will allow you to negotiate the best home loan interest rate.

2. Interest rates: While looking for the ideal home loan rates in India , it is important to get as much information possible about the existing interest rates in the market. It is wise to contact a number of financial partners and banks in order to get their individual rates. Alternatively, you can also approach a financial expert who can give you an approximate understanding of what banks are offering today. This is important in order to get the best possible interest rates.

3. Profile of the property: Many lenders will check the value of the property that you wish to buy and compare it with your ability to repay the loaned amount. They will also look at the property in terms of price, neighbourhood as well as the quality of construction. In order to be eligible for a good home loan interest rate, it is important to look at properties that fit in well with your repayment ability.

4. Decide the price: It is always a good idea to have a fixed budget in mind when you wish to buy a new house. Plan out exactly how much you are willing to pay before getting a home loan. While loans are a great way to buy a home that you can’t afford right now, it is important to keep an upper limit in mind while deciding the amount that you are willing to pay. Any kind of loan is a long term commitment; hence, it is essential for you to be certain of the decision as well as its financial repercussions before signing on the dotted line. This clarity will also help you to negotiate the repayment scheme and help identify the right home loan interest rate for the time line you have in mind.

While a good interest rate is definitely an important factor to look at, it is important to understand what your current financial position is. It is also important to understand the repercussions that this kind of financial exposure can have on you. While looking for the best housing loan interest rates, it is essential to make sure that the same suits your needs.