We'll Help you know more about Artificial Intelligence
Artificial Intelligence is a very deep and complex topic, let us try to understand the basic fundamentals about it.
Before we start, it is important to know the top-level terms that we have heard or even used with respect to AI.
Algorithms: An Algorithm is a set of instructions designed to perform a specific task. In AI, the algorithm applied over time, enables a machine to learn how to perform an assigned task on its own without or minimal supervision.
Model: A model is typically created by the algorithm as a result of analysing the given data, mostly a representation of the relationships and patterns within the given data.
AI works in two different ways
Input and Output: The first and important step is feeding the data which is often termed as "input" that is required to perform a specific task and where the relationship between variables contained within the data are known, into an algorithm which analyses the data in order to create a model. The model, which is a mathematical and statistical representation of the patterns and relationships within the data, can then be used to generalise the identified relationships to new data, where the relationship between the variables is unknown. In doing so, a prediction is generated as the outcome often called an "output".
In this advancing technological era, the mantra is either to "innovate or die". AI is fostering industries by guiding and providing better personalization to customers, automating processes thus distrupting the way industries work. The adoption of AI has been so rapid that technology leaders across industries can no longer ignore it for long-term and sustained financial growth.
While the term AI is has been around for sometime now, it is in recent times its vast application across industries from mining to healthcare from agriculture to food and beverages industry is changing the way we work.
According to many well know industry's independent surveys, within 10 years AI and robotics are expected to create an estimated annual “creative disruption impact” of up to $33 trillion globally, including $8 trillion to $9 trillion of cost reductions across manufacturing and healthcare. The report predicts adoption of robots and AI could boost productivity by 30% in many industries, while cutting manufacturing costs by 18% to 33%. A report due to be released June 15 by the global management consultancy McKinsey & Company says AI is already helping early adopters of the technology increase margins by up to 15%.
Many businesses take up artificial intelligence (AI) technology to try to reduce operational costs, increase efficiency, grow revenue and improve customer experience. For greatest benefits, they should look at utilizing the maximum of smart technologies - including machine learning, natural language processing and more - into their processes and products. However, even businesses that are new to AI can reap major rewards.
By deploying the right AI technology, business gain an ability to:
- save time and money by automating and optimising routine processes and tasks
- increase productivity and operational efficiencies
- make faster business decisions based on outputs from cognitive technologies
- avoid mistakes and 'human error', provided that AI systems are set up properly
- use insight to predict customer preferences and offer them better, personalised experience
- mine vast amount of data to generate quality leads and grow your customer base
- increase revenue by identifying and maximising sales opportunities
- grow expertise by enabling analysis and offering intelligent advice and support
Artificial intelligence can be used to solve problems across the board. AI can help businesses increase sales, detect fraud, improve customer experience, automate work processes and provide predictive analysis.
Industries like health care, automotive, financial services and logistics have a lot to gain from AI implementations. Artificial intelligence can help health care service providers with better tools for early diagnostics. The autonomous cars are a direct result of improvements in AI. Financial services can benefit from AI-based process automation and fraud detection. Logistics companies can use AI for better inventory and delivery management. The retail business can map consumer behavior using AI. Utilities can use smart meters and smart grids to decrease power consumption.
Implementing Machine Learning and AI is going to have a major impact on your organization’s efficiency. Intelligent systems can automate a great amount of your work and help reduce the risk of human errors. As time goes by, your systems will learn and get smarter. It will result in better outcomes.
If your business has a well-established data collection process, knows what it needs to improve, and believes it can generate a positive ROI from AI, you should consider AI.
You have an established data collection process
AI thrives on data, In order to learn anything – from simple routine tasks to the analysis of customer data – AI algorithms need large amounts of data to train and understand the task at hand.
You know the areas of improvement
A lot of individuals fail to understand that the AI solutions are best at analyzing the data available for a particular task and keep improving the results, in terms of processing and effects. AI is the perfect solution for carrying out routine tasks due to this capability.
You are sure your investment can generate a positive ROI
No matter the industry, companies always look at the return on investment they are getting, no matter where they invest, whether it is an asset or a venture. Ask yourself the following question.
- Is AI implementation making a positive effect on your revenue generation?
- Do you have enough data to advantage the technology to its full capacity?
- Is there a strategy in place to utilize AI technology?
If your response is yes to all of these questions, then you can generate possible ROI from your investment of AI. The calculation for an AI-related project would be quite straightforward after this.