Artificial Intelligence Introduction for Business
Jan 31, 2021
Artificial Intelligence Introduction for Business
Data is everywhere and metrics help us measure our progress and spot opportunities to improve. But how do we know what to measure when? How do we make sure the metrics are meaningful? And how do we share the stories they tell about our organization’s performance with everyone in an impactful way?Movies like Terminator warn us about how easy it might be to create an intelligent network like Skynet that could extinguish our species through a simple binary miscalculation. Unlike Skynet, however, there are no evil machines here. We’re talking humans here. The nightmare scenario could play out in the future…now…is it possible that someone has already deployed an Artificial Intelligence at scale and we have no idea what we’re dealing with? Who has the incentive and resources to do this?
Artificial intelligence has come a long way, and today it is increasingly common to see autonomous systems making decisions that affect our lives. We’ve had navigational assistance from GPS for years, and robotic vacuum cleaners are becoming more popular.
In the 90s, AI and MI were confined to top-secret research labs and academic institutions. A lot of computing power and human programmers were needed to make any significant progress.
The availability of datasets and the rapid advancement in computing capabilities have propelled the implementation of AI and MI in various fields and the usage of these technologies is growing exponentially.
With this growing popularity, people have also become more intrigued by using artificial intelligence in their everyday lives. It is no longer just for tech enthusiasts and developers but also for average users. New products are emerging as scientists are mixing AI with practical everyday items to make them more intelligent and better to use.
A combination of fields such as statistics, information theory, pattern recognition, decision theory and computational intelligence has enabled the development of Artificial Intelligence(AI). It is a widely spread misconception among people that “AI” is meant to be a single technique or technology whereas it is actually a combination of multiple techniques.
These fields have undergone a paradigm shift and the results are impressive. The advances are not without controversy, though. AI and MI are currently used in device learning, information retrieval, natural language processing, decision making, planning, and time series forecasting.
If you honestly believe that the term Artificial Intelligence (AI) has no place in your business, then perhaps you need to redefine what you consider AI. AI is already being used successfully to improve customer success rates by as much as 20 -30%
Artificial intelligence (AI) is the theory and development of computer systems able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages. Machine intelligence (MI) is when a program is able to learn without being explicitly programmed.
Our traditional view of machine learning and artificial intelligence focuses on the programmatic automation of actions. When we think of AI, we often envision a robot completing a task in a convoluted manner. However, as ML and AI move closer to mainstream adoption, we are experiencing the real-world effects of these developments in our everyday lives.
A few years ago, people could not imagine that a mobile phone would be able to do so much. According to this Forbes article from 2016, people asked themselves if a “mobile” phone could even run Swift code (a programming language for iOS and OS X apps).
Today even a mobile phone is capable of running sophisticated ML algorithms in real-time. Thanks to the huge amount of training data and computing power, we can apply various machine learning techniques to our Big Data problems like never before.
Machine learning algorithms have become essential for real-time data processing, analysis, and predictive modeling, and their direct application can enhance your business productivity and boost your revenue.
Technological advancements in AI and ML allowed companies to deploy customized ML Solutions for specific business needs. The most promising area of ML is in business predictions, where companies can use ML to develop custom solutions that cater to their unique situation.
It was not long ago when AI and ML were associated with sci-fi movies, as favourite tools of futuristic hackers. We have witnessed the rise of many chatbots, virtual assistants, self-driving cars, and other AI-powered innovations, and we are just at the tip of the iceberg. Right now, in 2020, there are tech giants on a mission to bring analytics to a deeper level. They have already started their journey and we can see how big businesses can benefit from the effective use of machine learning.
In today's modern business world, Artificial Intelligence (AI) and Machine Learning (ML) have become essential technology for any company wanting to automate repetitive tasks, boost efficiency, and outperform the competition. Software capable of self-learning is now used in almost every industry, from healthcare to finance; from transport and logistics to advertising and media. The possibilities are truly endless.
Data Analytics becoming faster, more accurate, more secured, ensuring quick business decisions as a result of AI and Machine Learning.
In data analytics, there are two main elements: accurate results, and fast. In ideal worlds, it should take you just a few minutes to assimilate volumes of data. Machine learning and artificial intelligence are changing the game, providing the resources for data analysts to get the answers they need to start making business decisions faster than ever before.
The internet has transformed into the most valuable resource for businesses that want to succeed online. Traditionally, the cyber infrastructure was built around ‘hardware’ made of computers, routers, and wires. However, it is now being constructed based on accessible data, where collaboration between artificial intelligence (AI) and human expertise is key to effective business decision-making and governance. The concept of ‘big data', AI, and machine learning has become critical in order to ensure the safety of big corporations’ data.
Every profession is getting Data Analytics treatment. Though for years Data Analytics has been known as a favorite tool of the statistician and data scientists, it’s now being widely adopted by managers along with every department, at every level in organizations. AI is also becoming increasingly popular in Data Analytics, offering insights that far surpass those of the human mind alone. Machine Learning provides a powerful methodology for more accurate decision-making and great opportunities for automated processes.