Artificial intelligence is the next big thing in business computing. Popularity doesn’t necessarily leads to acquaintance, and despite its consistent appearance as a state of the art feature, AI is frequently misunderstood. To be able to help business leaders understand what AI is capable of, how it may be used, and where to start an AI journey, it is essential to first dispel the myths surrounding this huge jump in computer technology. Learn more in this AI cheat sheet.
SEE: All of TechRepublic’s cheat sheets and smart person’s guides what’s artificial intelligence? When the AI comes to mind, it is easy to get pulled into a world of science fiction robots such as Data from Star Trek: The Next Generation, Skynet from the Terminator series, and Marvin the paranoid android from The Hitchhiker’s Guide to the Galaxy. The reality of AI is nothing like fiction, however. In essence of all applications and varieties of AI is simple capability identify patterns and draw conclusions based on these patterns.
SEE: Artificial intelligence: A company leader’s guide AI isn’t truly intelligent in the way we define intelligence: It cannot think and lacks reasoning skills, it does not show personal preferences or have opinions, and it isn’t able to do anything outside the very narrow scope of its training.
That does not mean AI isn’t helpful for companies and consumers attempting to solve real world issues, it just implies that we are nowhere close to cars that may actually makes independent decisions or arrive at conclusions without being given the appropriate data first. Artificial intelligence is still a marvel of technology, but it is still far from replicating human intelligence or truly intelligent behavior. What can artificial intelligence do? AI’s power lies in its capability to become incredibly skilled at doing the things humans train it to. Microsoft and Alibaba have independently built AI machines capable of a better reading than humans, Microsoft has AI that’s better at speech recognition than its human builders, and some researchers are predicting that AI will outperform humans in most everything in less than 50 years.
That does not mean those AI creations are really intelligent, only that they are capable of performing human like tasks with greater efficiency than us error prone organic beings. All AI systems are constructed for very specific tasks, plus they do not have the ability to do anything else. Additional resources what’re the company applications of artificial intelligence? Modern AI systems are capable of incredible things, and it isn’t hard to imagine what type of business tasks and problem solving exercises they might be suited to. Think of any routine job, even extremely complicated and there is a possibility an AI may do it more precisely and rapidly than a human, just do not expect it to do a science fiction level reasoning.
At the corporate world, there are so many AI applications, but perhaps none is gaining traction just as much as business analytics and its end goal: Prescriptive analytics. Business analytics is a complicated set of processes that aim to model the present state of a business, predict where it’ll go if kept on its current trajectory and model the potential future with a given set of changes. Before the AI age, analytics work was slow, troublesome, and limited in scope.
SEE: Special report: Managing AI and ML in the enterprise Download the free PDF version When modelling the past of a company, it is necessary to account for almost infinite variables, sort out tons of information, and include it all in an analysis that builds a comprehensive image of the up to the present state of an organization.
Think about the company you are in and all the things which must be considered, and after that imagine a human attempting to calculate it all, troublesome, to say the least. Predicting the future with a consecrated model of the past might be simple enough, but prescriptive analysis, which aims to find the best possible result by tweaking an organization’s current course, might be downright impossible without AI help.
SEE: Artificial Intelligence Ethics Policy There are various artificial intelligence software platforms and AI machines designed to do it all of that heavy lifting, and the results are transforming businesses: What was once out of reach for smaller organizations is now feasible, and businesses of any size could make the most of every resource by using artificial intelligence to design the ideal future.
Analytics can be a rising star of business AI, but it is hardly the only application of artificial intelligence in the commercial and industrial world. Other AI use cases for companies include the following. Recruiting and employment: Human beings can frequently overlook qualified candidates, or candidates can fail to make themselves noticed. Artificial intelligence can streamline recruiting by filtering through larger numbers of candidates more rapidly, and by noticing qualified individuals who might go overlooked. Fraud detection: Artificial intelligence is excellent at picking up on subtle differences and irregular behaviors.