Artificial intelligence (AI) and computing are two of the most talked-about topics today. It is easy to understand why: AI and computing have the power to transform all aspects of business, society, and life as we know it. However, as with any emerging field, there are many uncertainties surrounding these technologies.
What is Artificial Intelligence?
Artificial Intelligence is the ability of machines to “think” like humans. AI is part of a broader category of technologies known as cognitive computing. Cognitive computing systems sift through massive amounts of data and identify patterns.
They use these patterns to make predictions and take action. AI systems can perform these tasks using a variety of algorithms and techniques. Computer scientists have been developing artificial intelligence for decades. The field has seen phenomenal growth in the past few years.
This growth is thanks to the development of new machine learning models and the increased availability of data to train AI models.
A major breakthrough in AI came in 2013 when researchers developed a technique called reinforcement learning. This breakthrough allowed AI systems to make predictions and take actions based on results and feedback.
How does Artificial Intelligence work?
Artificial Intelligence can be broadly defined as the capability of a machine to perform tasks that require “intelligence”. AI systems are powered by “neuro-electric signals”, which is why they are often referred to as “neural” systems.
AI is built around a series of algorithms that work with neural networks to make inferences and learn from data. AI algorithms work on a “predict-then-act” model. These algorithms take data as input and compute predictions.
Predictions are then “feedbacked” with another set of data that tells the AI system what action to perform next. This model allows AI systems to make decisions quickly, but it also opens them to human-made mistakes.
AI and Computing for Businesses
AI and Cognitive Computing are making waves, but not for their ability to play chess or design a new type of widget. Rather, AI and/or Cognitive Computing are being deployed to help companies manage their supply chains or optimize production costs.
In fact, the majority of AI pilot projects in the manufacturing sector are focused on real-time tracking, data analysis, and optimization. A recent report by CB Insights found that 62 percent of companies surveyed deployed AI-based tools to manage their customer service and 42 percent to manage sales and marketing.
Some of the most popular use cases for AI and/or Cognitive Computing include predictive maintenance, customer service management, brand management, and inventory optimization.
Benefits of AI and Computing
AI and/or Cognitive Computing can be used to solve a wide range of business challenges. For example, AI can be used to improve product design and optimize the production process. AI can identify patterns in data and spot malicious activity, like online fraud or stolen goods.
AI can also help companies identify new product ideas by analyzing vast amounts of data. AI can help companies manage their operations and spend less time on routine tasks, like manual data entry.
There are many more business benefits of AI and/or Cognitive Computing. Businesses can use these technologies to improve their products, increase their revenue, and decrease their costs.
Limitations of AI and Computing
AI and/or Cognitive Computing can help businesses solve a wide range of challenges, but it won’t solve every challenge. AI is especially good at spotting patterns in data and making predictions. However, it does not understand the context of these predictions, like the purpose of a prediction.
With the explosion of data, AI is becoming particularly good at recognizing the same images or sounds over and over again. This is called “pattern recognition”. However, AI is still struggling to make sense of “unfamiliar” data, like information from a new source or from a different context.
++AI can also be used to automate business decisions or make decisions based on “black-box” algorithms. However, AI is not a replacement for human decision-makers, but rather a tool to help support these decision-makers.
The road ahead for AI & Computing
AI and/or Cognitive Computing have a promising future, but it will take a while for these technologies to become mainstream. For one thing, AI is still in its infancy. Although it has made many major breakthroughs over the past few years, AI still has a long way to go before it is used on a wide scale.
In the near future, AI and/or Cognitive Computing will provide valuable services for organizations. However, it will be a long time before AI completely replaces human decision-making.
In the meantime, companies can benefit from deploying AI and/or Cognitive Computing. These technologies have great potential to provide value to organizations, even as they continue to develop.
Summary
Artificial Intelligence (AI) is a field of technology that encompasses the development of computers to “think” like humans. AI can perform a wide range of tasks, including computer vision, natural language processing, and machine learning.
Artificial Intelligence can be broadly defined as the capability of a machine to perform tasks that require “intelligence”. Businesses are increasingly investing in AI and/or Cognitive Computing to solve a variety of challenges. However, AI is not a replacement for human decision-making, but rather a tool to help support these decisions.
