Artificial intelligence (AI), sometimes called machine intelligence, is intelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans. As technical jargon AI can be defined as the study of “intelligent agents”: any device that perceives its environment and takes actions that maximize its chance of successfully achieving its goals. A system’s ability to correctly interpret external data, to learn from such data, and to use those learnings to achieve specific goals and tasks through flexible adaptation. Colloquially, the term “artificial intelligence” is applied when a machine mimics “cognitive” functions that humans associate with other human minds, such as “learning” and “problem solving”.
The scope of AI, although disputed, is still undeniably huge. Although concerns remain on the theory that as machines become increasingly capable, tasks considered as requiring “intelligence” are often removed from the definition, a phenomenon known as the AI effect may come across. For instance, optical character recognition is frequently excluded from “artificial intelligence”, having become a routine technology.
Modern machine capabilities generally classified as AI include successfully understanding human speech, competing at the highest level strategic game systems, autonomously operating cars, and intelligent routing in content delivery networks and military simulations. Machine learning automates analytical model building. It uses methods from neural networks, statistics, operations research and physics to find hidden insights in data without being explicitly programmed where to look or what to conclude. While machine learning is based on the idea that machines should be able to learn and adapt through experience, AI refers to a broader idea where machines can execute tasks “smartly”.
HOW IT CAN BENEFIT THE BUSINESSES
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 and 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. A retail business can map consumer behaviour more effectively using AI. Utilities can use smart meters and smart grids to decrease power consumption.
Large corporations today aren’t the only ones tapping into the power and potential of artificial intelligence (AI), machine learning and other advanced technologies. There are a number of tools that can help small to midsize businesses with efficiency, productivity and organization. Here are some of the best ways that AI can help small business owners:
Get help from a voice-search assistant: There is no shortage of options for business owners who want help from a voice-search assistant. One of the most well-known and the earliest to the scene was Siri, which comes with IOS devices and computers. Amazon’s Alexa is available through devices such as the Echo speaker. The other contenders are Google’s Assistant and Bixby on the newest Samsung devices.
By 2020, electronic assistants may number as many as 7 billion, compared to 4 billion in 2017. For small businesses, these virtual assistants can step in with information searches to help take the load off harried humans.
Improve customer service: AI tools can assist employees by improving customer service and consumer support. For example, AI tools can sort customer tickets, answer online questions and forward messages, and issues for human help. These tools allow small businesses to dedicate resources in a much more efficient manner (read as cost effective) while increasing customer engagement and satisfaction.
For more information about digitizing your business and introducing AI and Machine Learning, get in touch with us today.