Artificial Intelligence has evolved into one of the fastest growing industries right now, and it is continuing to move at breakneck speeds. It requires a foundation of specialized hardware and software for writing and training machine learning algorithms.
What is AI ?
Artificial intelligence is the simulation of human intelligence processes by machines, especially computer systems. Specific applications of AI include expert systems, natural language processing, speech recognition and machine vision.
Why AI is important ?
It is important for its potential to change how we live, work and play. It has been effectively used in business to automate tasks done by humans, including customer service work, lead generation, fraud detection and quality control.
Most relavant features of AI :
Good at detail-oriented jobs.
AI has proven to be as good or better than doctors at diagnosing certain cancers, including breast cancer and melanoma.
Reduced time for data-heavy tasks.
AI is widely used in data-heavy industries, including banking and securities, pharma and insurance, to reduce the time it takes to analyze big data sets. Financial services, for example, routinely use AI to process loan applications and detect fraud.
Saves labor and increases productivity.
An example here is the use of warehouse automation, which grew during the pandemic and is expected to increase with the integration of AI and machine learning.
Delivers consistent results.
The best AI translation tools deliver high levels of consistency, offering even small businesses the ability to reach customers in their native language.
Improve customer satisfaction through personalization.
AI can personalize content, messaging, ads, recommendations and websites to individual customers.
AI-powered virtual agents are always available.
AI programs do not need to sleep or take breaks, providing 24/7 service.
Indeed, advances in AI techniques have not only helped fuel an explosion in efficiency, but opened the door to entirely new business opportunities for some larger enterprises. It has become central to many of today’s largest and most successful companies, including Alphabet, Apple, Microsoft and Meta, where AI technologies are used to improve operations and outpace competitors.