Importance of Artificial Intelligence in Business

Editoral Staff
Artificial Intelligence in Business

Artificial Intelligence is a data science that aims to extract business value from an array of information.

This value lies in enhanced predictive capabilities, knowledge of patterns, and informed decision-making.

Artificial Intelligence operates on huge arrays, analyzes incoming data, and develops adaptive solutions based on it.

History of AI

In the summer of 1956, a two-month research seminar was held at Dartmouth College in America, where computer and cognitive scientist John McCarthy proposed the term Artificial Intelligence.

Just a year later, AI labs appeared at Carnegie Mellon University, Stanford, and MIT. This is how the study of Artificial Intelligence became an official academic discipline.

The first AI projects did not look very serious and promising. For example, in 1966, ten years after the Dartmouth Seminar, there was the ELIZA program, created by the American scientist Joseph Weizenbaum.

It mimicked or rather parodied, a conversation with a psychotherapist.  It was able to highlight keywords in the user’s statements and build a pattern of responses.

In 1997, IBM’s Deep Blue supercomputer beat world champion Garry Kasparov in chess, and artificial intelligence began to be talked about in earnest.

In the same year, NaturallySpeaking speech recognition technology appeared, enabling machines to understand human speech.

In the early 2010s, such a type of artificial intelligence as neural networks became popular again, as well as ways of training it using machine learning and deep learning.

Whereas earlier algorithms were trained mainly to perform specific tasks, now they began to learn to recognize images.

This was made possible by a dramatic increase in computer technologies.

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Solving One of the Main Problems of Implementing AI

Until recently, one of the main obstacles on the way to widespread adoption of AI has been the poor adoption of machine learning (ML) models.

There still is not so much understanding of how to incorporate them into business processes and products, or little awareness of their capabilities.

The development and application of such models seem to be an expensive and time-consuming process for entrepreneurs. But the situation is changing rapidly.

Just a few years ago, you needed to have high-performance hardware to be able to work with them. Powerful machines were scarce and expensive to rent.

The situation was changed by cloud technologies. They have radically democratized access to powerful computing infrastructure and provided convenient and intuitive tools for working with AI.

Thus, cloud AI services can already provide any business – from a multinational corporation to a startup – with infrastructure and tools to solve various tasks.

How AI is used in different sectors of the economy

  • Cybersecurity: ensuring security with new algorithms and machine learning systems;
  • Finance: convenience and speed of banking systems and customer security;
  • E-commerce: personalized offers for customers;
  • Agriculture: managing agrobots, accurate harvesting;
  • Healthcare: analysis of medical data, improving the accuracy of diagnosis of various diseases;
  • Marketing: automation of targeting advertising, development of personalized offers for consumers;
  • Retail: supply chain planning, consumer behavior monitoring, warehouse automation;

The future of AI in business

By 2025, humanity is expected to store about 175 zettabytes (175 billion GB) of data.

Even nowadays, most of it is generated not by people, but by machines – various information systems, sensors, the Internet of Things.

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Obviously, it is impossible to process all this information and extract value from it for business without artificial intelligence and machine learning. Moreover, its number continues to grow.

IDC estimates that the amount of data created over the next three years will exceed the amount of information that has appeared over the past three decades.

And in the next five years, the world will generate three times as much data as it did in the previous one. And that will push the active use of AI to collect and process information.

Conclusion

Of course, there’s no chance that the world will exist without AI, and more startups and mobile apps will appear in the near future. Businesses need to learn artificial intelligence to the maximum for their customers, and in order to be one of the first ones to implement AI, we suggest turning to an artificial intelligence solutions company. Also, you can learn more about AI in business from another article.

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