Artificial intelligence has entered into every aspect of our lives. In this article, we will explore the use of AI in businesses and why it is no longer a luxury but a necessity in today’s world. AI has penetrated our lives in a way that its presence is no longer unusual. From filtering emails and powering a chatbot to functioning behind Google’s predictive search or customized product recommendations, AI is all around us. Despite that, there seems to be a load of confusion that surfaces around this buzzword. To clarify everything, let’s start from scratch!
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.
The insights buried in your unstructured data is likely to be pure gold. However, it requires serious time and money to extract those insights — if it’s even possible to get them in the first place.
It is where AI and ML come in. AI is an umbrella term for a range of technologies that allow machines to do cognitive tasks such as writing, moving, reading, seeing, or data analysis.
AI is employed all around you, even if you don’t realize it. It is behind every voice assistant, like Alexa. The Amazon recommendations, Netflix recommendations, self-driving cars, and many more technologies are all created by AI.
According to the 2020 Global AI Survey from McKinsey & Co., 22% of businesses that use AI said the technology accounts for over 5% of their 2019 income before interest and taxes. Furthermore, revenue…