Artificial intelligence (AI) is not new. It has been around for decades. However, due to greater processing speeds and access to vast amounts of rich data, AI is beginning to take root in our everyday lives. Artificial Intelligence is getting so popular that it won't be just an option anymore. Businesses would have to make the technology an essential part of their strategies, else they will perish.
The basic premise behind artificial intelligence (AI) is that engineers should be able to do more than write a program to carry out a specific task. They should be able to write an algorithm that can teach a computer how to write its own program.
Just as importantly, the program should be "intelligent" in a way that allows it to learn from past information and interactions. AI-driven software is capable of writing its programs, learning from past experiences, and offering proactive solutions for the future.
Machine Learning
Machine learning is an exciting new discipline that combines key parts of mathematics, statistics and artificial intelligence
(AI) into a technology that is greater than the sum of its parts.
Machine learning is one of the most common types of artificial intelligence in development for business purposes today. Machine learning is primarily used to process large amounts of data quickly. These types of artificial intelligence are algorithms that appear to "learn" over time, getting better at what they do the more often they do it. Feed a machine learning algorithm more data and its modeling should improve. Machine learning is useful for putting vast troves of data increasingly captured by connected devices and the internet of things into a digestible context for humans.
Machine learning can help businesses develop software capable of understanding natural human language. Businesses can use machine learning to improve the efficiency of logistics and transportation networks. Machine learning helps businesses use preventative maintenance to decrease equipment breakdowns and increase profits. With machine learning, businesses can leverage consumer data to build useful customer profiles, increase sales and improve brand loyalty.
For example, if you manage a manufacturing plant, your machinery is likely hooked up to the network. Connected devices feed a constant stream of data about functionality, production and more to a central location. Unfortunately, it's too much data for a human to ever sift through, and even if they could, they would likely miss most of the patterns. Machine learning can rapidly analyze the data as it comes in, identifying patterns and anomalies. If a machine in the manufacturing plant is working at a reduced capacity, a machine learning algorithm can catch it and notify decision-makers that it's time to dispatch a preventive maintenance team.
Businesses are using machine learning to utilize the huge amount of data that they've collected to develop actionable predictions that executives can use to invest resources and grow their company.
But machine learning is also a relatively broad category. The development of artificial neural networks, an interconnected web of artificial intelligence "nodes," has given rise to what is known as "deep learning". Deep learning is an even more specific version of machine learning that relies on neural networks to engage in nonlinear reasoning. Deep learning is critical to performing more advanced functions, such as fraud detection.
Over the years, AI research has enabled many technological advances, including:
Artificial intelligence and businesses today
Rather than serving as a replacement for human intelligence and ingenuity, artificial intelligence is generally seen as a supporting
tool. Although artificial intelligence currently has a difficult time completing commonsense tasks in the real world, it is adept at
processing and analyzing troves of data far more quickly than a human brain could. Artificial intelligence software can then return
with synthesized courses of action and present them to the human user. In this way, humans can use artificial intelligence to help
game out possible consequences of each action and streamline the decision-making process.
Artificial intelligence is also changing customer relationship management (CRM) systems. Software like Salesforce or Zoho requires heavy human intervention to remain up to date and accurate. But when you apply artificial intelligence to these platforms, a normal CRM system transforms into a self-updating, auto-correcting system that stays on top of your relationship management for you.
Our experts partner with clients on corporate planning, providing perspective not only on immediate value and impact, but on long-term implications. We work closely with management and other advisers to leverage and complement their knowledge and ensure maximum impact, and actively support implementation and skill building.
