What is artificial intelligence or AI? The benefits of AI

What is artificial intelligence or AI?

To put it simply, artificial intelligence (AI) is a system or machine that can mimic human behavior in order to perform tasks and gradually learn from the information it gathers. Artificial intelligence AI  has many incarnations, for example:

  • Chatbots use artificial intelligence AI to quickly analyze customer requests and provide appropriate responses;
  • Smart assistants use artificial intelligence or AI to extract free form information from large datasets and optimize planning;
  • recommendation systems automatically select similar programs for viewers based on previously viewed ones.

AI is not a format or a function, it is a process and the ability to think and analyze data. Many people use the word “artificial intelligence” to imagine intelligent humanoid robots seeking to conquer the world. However, artificial intelligence or AI is not meant to replace humans. Its goal is to expand human skills and capabilities. Therefore, this technology is a valuable business resource.

Artificial intelligence – terms

Today, the term artificial intelligence or AI is widely used to refer to applications for complex tasks that previously could only be performed by humans, such as customer service or playing chess. It is often used as a synonym for machine learning and deep learning, which are actually subsections of the science of artificial intelligence and have their own specifics. For example, machine learning focuses on building systems that learn and evolve through data processing and analysis. The difference is that machine learning always implies the use of AI, however, AI does not always imply machine learning.

Hiring data scientists is essential to harness the power of AI to maximize business value. Data Science is an area at the intersection of statistics and computer science that uses the methods of these two disciplines to analyze business data from different sources.

The benefits of artificial intelligence or AI for organizations

AI makes it possible to reproduce and improve how we perceive and respond to the world around us. This AI property is at the heart of innovation. Artificial intelligence or AI is based on various machine learning technologies that recognize patterns in data and generate predictions. It creates added value for the business through the following capabilities:

  • helps you use the full potential of your data;
  • makes reliable forecasts and automates complex tasks.

Artificial intelligence in the enterprise

AI technologies help improve efficiency and productivity by automating processes and tasks that were previously performed by humans. Artificial intelligence or AI can also interpret amounts of data that humans cannot interpret. This skill can bring significant business benefits. For example, Netflix uses machine learning for personalization , which helped increase its audience by 25% in 2017.

Most companies have made data science a priority and are investing heavily in it. According to a recent study by Gartner of more than 3,000 CEOs, respondents cited data analytics and business intelligence as key technologies for success. According to the respondents, these technologies are of the greatest strategic importance, therefore, they account for the bulk of investments.

Artificial intelligence or AI offers benefits for all aspects and industries of all sizes, both general and specialized:

  • the use of operational and demographic data makes it possible to predict the amount of profit from the customer throughout the entire interaction period (the value of the customer service cycle);
  • optimization of pricing based on customer behavior and preferences;
  • pattern recognition for X-ray analysis and cancer diagnosis.

Artificial intelligence in the enterprise

According to the latest Harvard Business Review report , companies primarily use AI for the following purposes:

  • detection and prevention of security breaches (44%);
  • elimination of technical problems of users (41%);
  • reduction in product management tasks (34%);
  • internal regulatory compliance assessment from approved suppliers (34%).

Why has artificial intelligence or AI technology become so popular?

Three factors are driving the widespread adoption of AI.

  • Affordable high-performance computing resources at a low cost. The presence of numerous computing resources in the cloud has made them available to a wide audience. Previously, computing systems for AI were local and prohibitively expensive.
  • Availability of large amounts of data for training. To teach artificial intelligence or AI to make accurate predictions, it must process large amounts of data. The emergence of various means for labeling data, as well as simple and affordable means of storing and processing structured and unstructured data, are enabling an increasing number of organizations to create and train AI algorithms.
  • AI competitive advantages. More and more companies are learning about the competitive advantages of artificial intelligence or AI for business and are making the adoption of this technology a priority. For example, specialized AI recommendations can help you make better decisions faster. AI also offers many tools and opportunities to reduce costs and reduce risks, accelerate time-to-market, and more.

5 common corporate artificial intelligence myths

Many companies have successfully implemented artificial intelligence technology into their processes, but there are still many misconceptions about this technology, and organizations do not always know in which areas it can be useful and in which not. In this article, we’ll look at five common myths about artificial intelligence.

Myth # 1. Corporate artificial intelligence technologies require the development of their own solutions.

Fact. Most enterprises are adopting AI using both in-house development and off-the-shelf solutions from third-party vendors. Proprietary AI technologies enable an enterprise to solve its own unique challenges, while ready-made AI solutions are easy to implement and simplify solving more common business problems.

Myth # 2. Artificial intelligence or AI magically delivers the desired results right away.

Fact. It takes time, careful planning, and a clear understanding of the results to be achieved for AI technology to bring tangible benefits. You need to take an iterative approach and have a specific strategy so that the AI ​​environment does not end up as a collection of useless, disparate solutions.

Myth # 3. Employees don’t have to control corporate artificial intelligence or AI systems.

Fact. Corporate artificial intelligence is not out of control robots. The value of AI lies in the fact that it complements human capabilities and helps employees deal with more strategic tasks.

Myth # 4. The more data the better.

Fact. Enterprise AI systems must be driven by quality data. Only up-to-date, relevant, rich, high-quality data will help you find truly useful business information.

Myth # 5. Enterprise artificial intelligence or AI systems only need data and models to work effectively.

Fact. Data, algorithms and models are just the beginning. An AI solution needs to be scalable so that it remains relevant in an ever-changing business environment. Most enterprise AI solutions today are developed by data scientists. These solutions have to be manually configured and maintained, which is quite time consuming.For artificial intelligence or AI to be useful, you need solutions that scale as your business needs change and your AI strategy is implemented.

The benefits and challenges of implementing artificial intelligence or AI

The business value of AI is support by numerous success stories. Adding machine learning and cognitive operations to traditional business processes and applications improves usability and productivity.

Nevertheless, the introduction of artificial intelligence or AI is associate with certain difficulties. Few companies are tapping into the full potential of AI, for several reasons. For example, if a company does not use the cloud, the costs of computing for AI will be too expensive. In addition, AI is difficult to develop and requires the involvement of scarce specialists. Understanding where and why artificial intelligence or AI is needed, as well as solving the problem of attracting third-party service providers, will help to minimize these problems.

Artificial intelligence or AI: success stories

AI played an important role in these success stories.

  • According to a Harvard Business Review report , the Associated Press began publishing 12x more articles by training artificial intelligence or AI to write short news stories. This enabled journalists to focus on larger stories.
  • Deep Patient, an AI-based diagnostic tool developed by Icahn School of Medicine at Mount Sinai Hospital, helps identify patients at high risk before diagnosis is made. According to inside BIGDATA , the tool can proactively diagnose nearly 80 diseases by analyzing patients’ medical data.

Out-of-the-box solutions simplify the adoption of AI in the enterprise

The advent of AI-powered solutions and tools means more companies can take advantage of this technology to save money and time. Out-of-the-box AI solutions, tools and software include built-in artificial intelligence or AI or help automate algorithmic decision-making.

These can be either standalone databases that use machine learning for self-recovery, or off-the-shelf models that can be used to solve tasks such as pattern recognition and text analysis. All of this helps companies accelerate ROI, increase productivity, reduce costs, and improve customer relationships.

Getting started with AI

  • Using chat bots to communicate with customers. Chatbots use linguistic processing to analyze customer questions and provide answers and information. Chatbots can learn and begin to bring great benefits over time.
  • Data center monitoring. Centralize network, application, database performance, quality of service, and more with a single cloud platform that automatically tracks thresholds and detects anomalies, helping IT professionals save time and effort.
  • Performing business analysis without expert assistance. Analytics with a visual user interface make it easy to query the system and provide meaningful results.

Barriers to Unlocking AI’s Full Potential

Despite the many possibilities offered by AI and machine learning, few companies are able to realize their full potential. Why? Oddly enough, the main obstacle is … people. Inefficient processes can prevent a company from realizing the full potential of artificial intelligence or AI.

For example, data scientists may face challenges in obtaining the resources and data needed to create machine learning models. Or problems may arise when interacting with colleagues. In addition, data scientists have to deal with numerous open source tools, and application developers sometimes have to completely rewrite the code of the learning models to integrate them into applications.

The list of AI-powered tools is constantly expanding, forcing IT professionals to devote more time to supporting the data mining department by updating the working environment.

As a consequence, they do not provide enough support and funding to create an effective integrated ecosystem, which is the key to the successful use of artificial intelligence or AI.

How to create the right culture

To make the most of the power of artificial intelligence or AI and overcome the barriers to the successful adoption of new technologies, it is necessary to create a team culture that supports the AI ​​ecosystem. In such an environment:

  • business analysts and data scientists jointly define goals and objectives;
  • data engineers provide data management and a platform for performing analysis;
  • data scientists prepare, study, visualize and model data using a specialized platform;
  • IT systems architects provide infrastructure management for data mining, both on-premises and in the cloud;
  • application developers deploy models to applications to create data-driven products.

From artificial intelligence to adaptive intelligence

Artificial intelligence or AI is increasingly used in manufacturing operations, which give rise to a new term: adaptive intelligence Adaptive intelligent applications help make better business decisions by leveraging internal and operational external data in real time and a highly scalable infrastructure.

These applications enable you to “work smarter” in every sense of the term and offer customers better products, recommendations and services – and ultimately, increase your bottom line.

The strategic need and competitive advantage of  AI

AI is a strategic imperative for any company that wants to improve productivity, open up new revenue opportunities, and build customer loyalty. This technology has already helped many companies achieve a competitive edge. With AI, you can do more in less time, deliver efficient, personalized service and predict results.

To unleash its full potential, creating and applying artificial intelligence or AI solutions requires a high level of expertise. Hiring data scientists isn’t enough to be successful. The right tools, processes and management strategies must be used.

Best Practices for Getting the Most Out of or AI

The Harvard Business Review provides the following guidelines for getting start with AI:

  • Apply AI in areas that have the immediate and most significant impact on profits and expenses;
  • use or AI to increase productivity instead of downsizing or increasing staff;
  • Start your implementation with support departments (IT and accounting is best).

Artificial intelligence or AI help

AI is becoming an integral part of the business. All companies will forced to use artificial intelligence or AI technology to create their own ecosystem and remain competitive. Those who neglect progress risk  left behind in the next 10 years.

Your organization may be the exception to the rule. Scientists and resources to build the ecosystem and develop applications that can help put artificial intelligence or AI at their service.

If you need help developing an optimal strategy and gaining access to the tools for a successful artificial intelligence or AI implementation, turn to a trusted partner with extensive experience and a wide range of suitable solutions.