Artificial intelligence (AI) is wide-ranging branch of computer science concerned with building smart machines capable of performing tasks that typically require human intelligence. AI is an interdisciplinary science with multiple approaches, but advancements in machine learning and deep learning are creating a paradigm shift in virtually every sector of the tech industry. AI is the branch of computer science that aims to answer Turing’s question in the affirmative. It is the endeavor to replicate or simulate human intelligence in machines. Artificial Intelligence (AI) makes it possible for machines to learn from experience, adapt to new inputs and perform human-like tasks. AI works by combining large amounts of data with fast, iterative processing and intelligent algorithms, allowing the software to learn automatically by recognizing patterns in the data. Forms of AI in use today include, among others, digital assistants, chat bots and robots.
Artificial intelligence today is properly known as narrow AI (or weak AI, in that it is designed to perform a narrow task (e.g. only facial recognition or only internet searches or only driving a car). However, the long-term goal of many researchers is to create general AI (AGI or strong AI). While narrow AI may outperform humans at whatever its specific task is, like playing chess or solving equations, AGI would outperform humans at nearly every cognitive task.
Artificial intelligence and machine learning technologies can automate important, but manual and time-consuming tasks, allowing employees to focus on higher-value work. AI will be used to extract new insights, transform decision making and drive improved business outcomes. A recent PwC report indicates that an overwhelming 72% of business decision makers believe that AI provides a competitive edge on the business front.
Early adoption of artificial intelligence for specific, clearly defined applications enables forward-looking organizations to create significant business value and, ultimately, to set the stage for transforming business models and processes.
Artificial Intelligence (AI) is poised to have a transformational impact on business. Information technology is no longer just about process automation and codifying business logic. Instead, insight is the new currency, and the speed with which we can scale that insight and the knowledge it brings is the basis for value creation and the key to competitive advantage
Artificial intelligence in businesses can be used to:
- Increase competitive advantage and improve efficiency
- Advance automated interactions with customers, partners and workers
- Multiply productivity gains by automating processes
- Power smarter machinery, vehicles and structures
- Enhance customer intimacy and thereby increase consumer demand
- Improve analysis of video and audio in real-time
The effects of AI will be magnified in the coming decade, as virtually every industry will transform their core processes and business models to take advantage of artificial intelligence and machine learning. The bottleneck now is in business imagination, implementation, and management. For business leaders, it is imperative to get a plan for making AI work in the organization. Initial AI projects may get delayed or under deliver, but the risk of businesses becoming non-competitive by ignoring AI is high