Application Of Artificial Intelligence in Business
yasr_overall_rating Over 288 people have rated [5/5]
Artificial Intelligence has now made a tremendous impact on society. It was once a notion that was confined to only Sci-Fi Movies and research papers, now has slowly but steadily made its entrance into our society.
Today there have been numerous applications that run on Artificial Intelligence that are being used to make our lives easier and more comfortable. From Apple’s Siri to Google’s Deep Mind. Consider Siri for our example, Siri uses NLP or Natural Language Processing in order to interpret voice commands and being able to respond accordingly.
Google’s Deep Mind, on the other hand, uses Deep Learning. Deep Mind is able to make connections as well as reach meanings without relying on the pretext of predefined behavioral algorithms, instead, it learns from raw experiences using data as a medium of its inputs. In fact, by implementing findings from Deep Minds Google was able to improve the efficiency of its own data centres thus reducing the energy required for adequate cooling by 40%.
In the business sector, Artificial Intelligence is enabling businesses for working smarter and more efficient and faster thus enabling it to do more using significantly fewer data. As the technology, as well as the society, continues to advance, more companies, as well as organizations, are looking for much more powerful and sophisticated solutions that is going to improve and streamline the operations procedure.
Thus it is important for us to appreciate that artificial intelligence is nothing but an umbrella under which numerous technologies can reside. Deep learning, Machine learning, computer vision, robotics, artificial general intelligence, cognitive computing, natural language processing as well as knowledge and reasoning are just some of the main branches that have streamlined from Artificial Intelligence.
The current state of Artificial Intelligence
However, many of the applications of AI that we are able to see today are considered to be weak AI. This is because we have yet to realize their true potential. Weak AI, that is also known as Narrow AI is a non-sentient AI that is able to provide focus on one task alone. The applications of AI that are made available need to be though or in other words directed to be able to provide insights to a user’s needs.
Strong AI, on the other hand, refers to AI applications that are able to formulate human decisions without using any human input, apply intelligence to multiple problems and functions and be able to behave much more like a human. We are quite some way from strong AI
Yet despite current AI solutions not being true AI, the benefits, as well as the capabilities that they provide to us, are extraordinary, and many industries have already started incorporating some or the other form of AI in their day to day processes and tasks.
Current Industries are applying AI to their day to day operations
In some industries, AI is capable of providing automation for business intelligence and analytics processes and is able to provide a holistic view and end-to-end solution. In others, computer vision is being used to map as well as navigate terrain, and contribute to the development of smart driving cars that are able to learn to drive as humans do. Here are few of the examples of how AI is being used in different industries:
You may also like to know more: Difference Between Artificial Intelligence And Machine Learning
Banking and Finance:
Many banks use various types of applications of AI in order to detect fraudulent transactions or activities. The AI software is given a very large sample of data that includes fraudulent and non-fraudulent purchases and is trained in order to determine whether a transaction is valid based on the data. Over time the software is able to become increasingly adept at being able to spot fraudulent transactions based on what it had learned previously.
Retail-Online Customer Support:
Many websites are now being able to offer some or the other form of chat functionality where you are able to talk to customer service representatives or sales representatives. In many instances, it is just some form of automated AI script that begins these conversations. These AI chatbots are capable of understanding natural language that is human conversations and can readily assist customers in finding out what they need to know as well as extracting information from the website, or directing them to the appropriate page or persons for further support.
As cyberattacks are increasing in frequency, more sophisticated tools are used to beach cyber defense mechanisms, human operators are no longer being enough. Top organizations across the world are investing heavily into cybersecurity in order to be able to ensure that their confidential data is protected. Real-time threat detection, mitigation, and prevention is ideally what is needed for businesses. And AI can deliver these results.
Using machine learning algorithms and feeding those algorithms with great quantities of data, IT and security experts can be able to teach the AI solution to be able to monitor behavior, and detect anomalies, adapt and respond to threats and issue alerts. AI has risen and quickly become a key component in business security infrastructure and is able to provide multilayer security and strategy that is robust and sophisticated.
Preparation for integrating AI solutions across departments
Organizations that are able to respond rapidly to opportunities in AI will have an advantage in the landscape of the future. But since AI is evolving rapidly, the challenge is to ensure that the business has the necessary strategies and plans to support AI capabilities as they are available to the masses, and the right AI technical infrastructure is produced to support it. For many businesses, it is not a question but it is rather a target when to adopt AI. On that basis monitoring and development of AI technology and planning far in advance is essential to adopt AI successfully.
The optimum strategy is to be able to observe, learn as well as experiment with the current implementation of AI. Investing heavily in AI technology can turn out to be ineffective and can be damaging to the business’s adoption and utilization of future based AI solutions. Instead of trying to determine how your business can benefit from AI solutions, and how you can build it to drive efficiency into core business processes. Start with the outcome that you want to achieve in order to modernize your environment. Remember AI would not necessarily replace human operators anytime soon, but it will enable and empower organizations to do much, much more.
Recommended reading: PHP vs Python
Artificial Intelligence is the next big thing and is going to take the world by storm. Organizations can leverage the use of AI for bettering its processes and to increase productivity. AI is not going to replace humans in jobs but is going to help us increase our efficiency level. We hope that you liked this article and have enjoyed reading it. If you like to undergo an artificial intelligence course in mumbai then do contact us at firstname.lastname@example.org. You can also hire python developers for the implementation of artificial intelligence work in your projects.