Artificial intelligence (AI) is the technology that refers to a type of computer software or intelligent machines such as drones, robots with the potential to “think” and behave in a “manner” that previously only humans could do. It includes all activities like planning, learning, reasoning, and problem-solving. This means that AI is rooted in the fundamental principle that human intelligence is defined in a way that a machine can easily imitate a task from the easiest to the complex one. AI is continuously advancing to benefit many organizations and businesses.
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Two types of Artificial Intelligence that plays an important role in organizations are:
- Machine learning: For the development and advancement of enterprises today, the most popular subset of artificial intelligence is Machine Learning. This type of Artificial Intelligence is the study of computer algorithms that provides systems with the ability to learn, process, and improve from experience without programming them. An algorithm is nothing but a set of instructions that are specified by a computer programmer and is easily accessed by a computer. Machine Learning focuses on the development of computer programs to process large amounts of data rapidly. Machine Learning is characterized into three basic categories: Reinforcement learning, Supervised Learning, and Unsupervised Learning.
Few Machine Learning examples from day-to-day life are:
- Predictions while commuting
- Social media services
- Virtual Personal Assistants
- Videos Surveillance
2. Deep Learning: Deep learning is considered as the more special version of Machine Learning that depends on artificial neural networks to engage in nonlinear reasoning. Deep Learning allows the machine to perform more advanced functions and solve complex problems like fraud detection. This could be done at the same time while analyzing a wide array of data that is unstructured, interconnected, and diverse. This advanced technology has found its application in self-driving cars. As in self-driving cars, deep learning algorithms help to examine the information provided by the sensor, such as the speed at which they are moving, the distance of other objects, and the self-estimation of the time. This information is estimated at the same time while making decisions like when to change their paths or lanes.
Many leading AI companies have rooted deep learning in the following areas:
- Customer experience
- Autonomous Vehicles
- Image Caption generation
- Deep-Learning robots
Role of Artificial intelligence in business today
Instead of replacing human intelligence and ingenuity, artificial intelligence seems to serve as a supporting tool. Artificial Intelligence is considered a useful tool to process and analyze tons of data far more rapidly as compared to the human brain. In this digitally-powered market, managing customer demands is the most important task. Organizations need to make decisions that are both valuable and actionable. It could only be done by looking at the troves of data to improve their decision-making process. This whole process is cumbersome as well as challenging, which could not be completed without using advanced technologies such as Predictive Analytics, Artificial Intelligence, and Data Science. For example, when we wish to buy something online, and we start searching for it, we could see the ads for multiple items similar to it. AI is responsible for this whole thing.
In improving Customer Relationship Management (CRM) and the automation industry, AI plays a vital role. To avoid micromanagement in big companies, the organization mostly depends on CRMs to manage employees and teams. This helps in generating automatic updates to the management team by keeping everything under control. This self-correcting system indirectly improves the overall work cycle of the company and the extra work pressure of the top management. Quality of the customer services in the field of financial institutions like trading rooms and banks is likely to increase with the use of AI software. An example is the use of Chatbots and IT help-desk software. The establishment of Chatbots in the IT service-desk system helps an organization to change its support productivity. With the help of Chatbot, the IT help desk can quickly answer the agent’s support queries and resolve them immediately, in most cases. It can increase the efficiency of the end-users as well as allow the IT help desk team to concentrate on complicated queries and other digital modifications efforts.
Hence, businesses find this technology as a boon for them.
Future of Artificial Intelligence
AI is no longer just a concept from books and sci-fi movies but has progressed rapidly from voice automation in homes to driverless cars. Human lifestyle and human capacity had been reinvented and augmented with the advanced technology of AI. According to technology experts, networked artificial intelligence can outperform even common-sense tasks, which means robots will play a major role in our day-to-day life. We are very close to the age of super intelligent AI, where algorithms may compete with human intelligence and capabilities on tasks that involve sophisticated analytics, complex decision-making, speech recognition, pattern recognition, visual acuity, language translation, and reasoning and learning.
With the advancement of Artificial Intelligence, along with the development of numerous business applications, new start-ups, and consumer uses, it will also create new jobs as well as displace few. AI along, with the Internet of Things, has the potential to remake the economy.