Table of
Contents
Artificial Intelligence
and Machine Learning
1. What
is artificial intelligence (AI)?
2. Definition
of artificial intelligence
2.1. Different
types of artificial intelligence
4. How
are AI and machine learning used in business?
5. Application
of artificial intelligence in business
6. Business
benefits of artificial intelligence..
6.1 Artificial
intelligence in business management
6.2 Artificial
intelligence in ecommerce
6.3 Artificial
intelligence in marketing
6.4 Artificial
intelligence impact on business
7. Limitations
of artificial intelligence
Artificial intelligence (AI) is a
field of computer science that explores computational models of problem
solving, where the problems to be solved are of the complexity of problems
solved by human beings. Artificial Intelligence is the study of how to make
computers do things which, at the moment, people do
better. It is the intelligence of machines and the branch of computer science
that aims to create it. The study and design of intelligent agents is also
called as Artificial Intelligence. The central problems of AI include such
traits as reasoning, knowledge, planning, learning, communication, perception
and the ability to move and manipulate objects.
The term 'artificial
intelligence' commonly applies to devices or applications capable of carrying
out specific tasks in human ways, by mimicking cognitive functions such as:
·
Learning
·
Reasoning
·
Problem-solving
·
Visual perception
·
Language-understanding
There are two main types of AI:
Most modern AI applications are
enabled through a discipline known as 'machine learning'.
Machine learning (ML) is a core
part of AI. It is based around the idea that machines can detect patterns in
data and adjust their program actions according to these patterns. For example,
ML applications can:
·
Read text and decide if the author is making a complaint or a
purchase order
·
Listen to a piece of music and find other tunes to match the
mood
·
Recognize images and classify them according to the elements
they contain
·
Translate large volumes of text in real time
·
accurately recognize faces, speech and objects
·
In the most basic terms, ML enables computers to learn without
being explicitly programmed.
Over the years, AI research has
enabled many technological advances, including:
·
Virtual agents and catboats
·
Suggestive web searches
·
Targeted advertising
·
Pattern recognition
·
Predictive analytics
·
Voice and speech recognition
·
Face recognition
·
Machine translation
·
Autonomous driving
·
Automatic scheduling
You can use AI technologies to:
Specific individual tasks, such as medical
diagnosis, electronic trading, and robot control, etc. Complex, cognitive tasks
based on their understanding of how certain things (ex: - a language or a
behavior) work
Many businesses take up
artificial intelligence (AI) technology to try to reduce operational costs,
increase efficiency, grow revenue and improve customer experience.
For greatest benefits, businesses
should look at putting the full range of smart technologies - including machine
learning, natural language processing and more - into their processes and
products. However, even businesses that are new to AI can reap major rewards.
Applications of AI in business
management include:
AI in ecommerce can be
evident in:
Examples of AI in
marketing include:
By deploying the right AI technology,
your business may gain ability to:
One of the main limitation of AI is
the cost. Creation of smart technologies can be expensive, due to
their complex nature and the need for repair and ongoing maintenance.
Software programs need regular upgrading to adapt to the
changing business environment and, in case of breakdown, present a risk of
losing code or important data. Restoring this is often time-consuming and
costly.
Other AI limitations
relate to:
If you're deciding
whether to take on AI-driven technology, you should also consider:
·
Customer privacy
·
Potential lack of
transparency
·
Technological
complexity
·
Loss of control over
your business decisions and strategy