Amazon has long realized the advantages of AI and related technologies. The behemoth e-commerce company employs ML to improve product selection and user experience and to optimize logistics.
What is Artificial Intelligence?
In a nutshell, artificial intelligence (AI) is a technology that is meant to imitate human psychology and intelligence. It is a computer science field focused on creating machines that seem like they possess human intelligence. We call these machines’ intelligence “artificial” because humans create it, and it does not exist naturally.
Machine learning (ML) is a popular subset of AI. ML algorithms are computer-implementable instructions. They take data as input and perform computations to discover patterns within that data and use those patterns to predict the future.
An ML model improves its performance over time as it encounters more and more data and self-corrects on making mistakes to reduce the chance of repeating them in the future. ML is mostly used in systems that capture huge volumes of data.
A recent publication from Mc Kinsey & Company and the Retail Industry Leaders Association named 7 essentials for rethinking retail in 2021, and each could in some way be bolstered by some type of AI-informed technology.
