What is Artificial Intelligence ?
Artificial Intelligence or AI is software which is made of many simple lines of codes. In the simplest form, it’s a computer program or a machine that can think and learn like a human. It’s a term used widely and it can in theory improve your business in some way or another.
Artificial Intelligence can be confused or known by some of its most common acronyms:
- Machine Learning (ML)
- Natural Language Processing (NLP)
- Deep Learning (DL)
What is Machine Learning (ML)
Machine Learning is the way to train your AI. It’s very difficult and pointless to train AI without ML. According to Revain, the first trustworthy review platform, built with Blockchain:
“ML is a subset of AI that allows computer systems to automatically learn and improve, without being programmed by a human. Machine learning uses algorithms that discover patterns, then modifies itself as it is exposed to more data — it adjusts in accordance to the data that it has been exposed to, much like a child who learns from his experience.”
Natural Language Processing (NLP)
Natural Language Processing or NLP is used to analyze, understand and generate human language. This can be used for better human interaction. It takes sounds as inputs and it outputs in text or a sound.
Deep Learning (DL)
Deep Learning is very similar to Machine Learning but it’s very advanced. It also knows where to look for data and where to conclude the data. It uses very few Inputs and uses very small connections between data called links, and combinations of many links known as neural networks. It’s basically mimicking the human brain in processing the specified data.
Deep Learning also require a lot of computing power and training.
Examples of usage of AI
NASA – Nasa uses their AI to find stars in the universe
Tesla – Tesla uses their AI to automate driving.
YouTube – YouTube uses their AI to find videos specific to you.
Siri – Siri is a speech recognition voice assistant that learns from your previous inputs.
Why Artificial Intelligence is important
The ideal AI can be to use unstructured data like photos, videos, email, business documents etc at it full unimagined heights which otherwise can just get wasted.
With AI, you can build thousands of computers that could all work together to solve any complex problems. It is also capable of seeing patterns in data which cannot be seen by even the most experienced in the field.
Artificial intelligence and machine learning technologies can automate important, but boring and time-consuming tasks, allowing employees to make the best out of their time. AI can be used to extract new leads and drive improved business outcomes. A recent Deamndbase report states that 80% of B2B marketing execs predict AI will revolutionize their industry by 2020. (https://www.demandbase.com/press-release/marketing-executives-predict-artificial-intelligence-will-revolutionize-marketing-2020/)
Can AI improve my business
If you own a small business like a small retail
Yes, and maybe you are using one but don’t know about it. AI can help you automate your facebook or twitter automated responses. It can help you automate posting of content on these and your website too. It can help you to buy inventory automatically when you are running out of anything. It can help to track your competition on pricing. It can help you with any small and boring jobs.
If you own a medium business like a small money trust
Big yes, AI can help you figure out predicting risk. AI can manage the vast amount of data that is getting generated and detecting the anomalies in transactions like for fraud. It analyzes the entirement can tell you what is hot and cold saving you in time.
If you are a big business like Canva
Very big yes, AI can help you to find patterns in your data like from where the people are coming from, why people are coming to you than other platform, what age group is making the highest quality project, why are they making this and so much more that no humans can think what they might find out.
Notes before using AI
- It takes time to build and train AI
- It might replace some jobs in your company
- It takes a reasonable amount of money to hire people to build AI
- It takes a good computing power to train an AI
- It also requires some money occasionally for testing or maintenance
- It requires a lot of storage or computing power depending on usage
- It should be secured and trusted by everyone affecting it
- An AI made for one thing cannot be used to do another thing as facebook can’t use its AI for content to drive a car
How to get started with AI
AI initiatives should be specific, well-scoped opportunities which solves a particular problem or issue to have maximum impact.
To initiate AI based automation in your business, here are a few pointers:
- Start by identifying the problem and defining where you can use AI to improve efficiency.
- Identify from where you can get data of that issue then start collecting the data from the relevant sources.
- Develop an AI-based solution to aid algorithmic decision making. You can hire full time programmers from Linkedin or part time on-demand workers from sites like Fiverr, Beezy.io or Toptal. (clicking on these 3 links takes you to our site where we provide in-depth information on each platform including reviews from all the top review sites.)
- You also have to have a hosting server. You can build a small one if the AI is to be used in-house only or you can outsource it to companies like Amazon Web Services and Microsoft Azure.
- Once the solution is developed, implement the same and provide necessary training of AI. Before implementing be sure to test the AI.
The use of AI will be magnified in the coming decade as it will become easier, cheaper and efficient. Theoretically every industry or company will transform their core processes and business models to take advantage of artificial intelligence and machine learning.
The bottleneck now is the imagination of old businesses, slow implementation, and weak management. All business leaders, at some point will have to start thinking of creating a plan for making AI work in their organization. Initial AI projects may get delayed or under deliver, but the risk of businesses becoming non-competitive by ignoring AI is very high will cause many loses. It will give businesses who adapted the AI a huge advantage.
If you want to bring your business to a good start during the AI race, using CuriousCheck is a great way to start your search. You can search for AI chatbots, accounting software and even Human Resource software.
Don’t know where to begin? Check out the Intelligent SoftwareAdvisor tool, which matches you with your company’s ideal software in seconds.
If you have any questions on efficient business solutions or artificial intelligence in the workforce, drop us a comment below.