Why does entrepreneurs trying to employ AI into their business organizations? What are the advantages and disadvantages?
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Artificial Intelligence (AI) is poised to have a transformational impact on business. Information technology is no longer just about process automation and codifying business logic. Instead, insight is the new currency, and the speed with which we can scale that insight and the knowledge it brings is the basis for value creation and the key to competitive advantage. According to Gartner, AI will be one of the top five investment priorities for more than 30% of CIOs globally, by 2020. Many organizations are still early in their data science journey and are trying to understand how AI can transform their businesses.
What is Artificial
Intelligence?
Artificial Intelligence (AI) makes it possible for machines to
learn from experience, adapt to new inputs and perform human-like
tasks. AI works by combining large amounts of data with fast,
iterative processing and intelligent algorithms, allowing the
software to learn automatically by recognizing patterns in the
data. Forms of AI in use today include, among others, digital
assistants, chatbots and robots.
AI includes many methods and continuously evolving range of technologies, as well as the following major subfields:
Why Artificial Intelligence is important
The true promise of AI is to unleash actionable insights that would
otherwise be trapped in massive amounts of data. Much of that data
is unstructured data – data that’s generated by written reports and
business documents, videos, photos, social media posts or even
e-mail messages.
With artificial intelligence, we can build thousands of computers that could all work in unison to solve our most complex problems. It is also capable of seeing patterns in data that even trained professionals don’t always catch.
Artificial intelligence and machine learning technologies can automate important, but manual and time-consuming tasks, allowing employees to focus on higher-value work. AI will be used to extract new insights, transform decision making and drive improved business outcomes. A recent PwC report indicates that an overwhelming 72% of business decision makers believe that AI provides a competitive edge on the business front.
Early adoption of artificial intelligence for specific, clearly defined applications enables forward-looking organizations to create significant business value and, ultimately, to set the stage for transforming business models and processes.
Artificial intelligence in businesses can be used to:
Applications of AI & ML
From image and speech recognition, medical diagnosis, and
self-driving vehicles to personalized healthcare, there are many
possible applications of artificial intelligence and machine
learning across industries:
Let’s take a look at some applications of machine learning in three key industries:
Retail
Machine learning algorithms are being used by online retailers in
ways given below.
Financial Services
The transformative potential of machine learning is compelling the
financial services industry to adopt it with vigour. Machine
learning can help banks, insurers, and investors make smarter
decisions in a number of different areas:
The Banking and Finance (BFSI) sector is taking the help of artificial intelligence to manage the vast amount of data that is getting generated and detecting the anomalies in transaction or frauds. Financial institutions are increasingly depending on machine learning for portfolio management like forecasting trading volatility and managing wealth and assets. These algorithms can identify trends more efficiently than humans and react in real-time.
Healthcare
Organizations can capitalise on the intersection between Internet
of Things (IoT) and data analytics to enable smarter healthcare
solutions.
Why does entrepreneurs trying to employ AI into their business organizations? What are the advantages and...
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