AI in human life: Understanding the impact of artificial intelligence
Only the leaders that are ready and willing to adopt AI and all its forms will truly reap these benefits. The question is, will you be among them?
We’re living in an incredibly disruptive era of doing business. Industries both big and small are getting transformed, reshaped, and realigned to fit customer demands.
The word monopoly is slowly losing traction and anyone with the right mixture of tools can get ahead of the competition and enjoy a considerable share of the market.
However, one technology has proved to be the most disruptive and impactful of all: Artificial Intelligence (AI).
In this article, we’ll take an incisive look at artificial intelligence and how it is impacting business in 2022 and beyond.
Machine Learning: The Shiniest Star in the AI Kingdom
If there’s one type of AI that’s widely known and appreciated in the business world, then it has to be machine learning (ML).
At its core, machine learning extracts meaningful insights from raw data to quickly and efficiently solve complex, data-rich business problems.
Sounds like a difficult concept to grasp? Relax, we’ve got your back. Here’s a different way to put it:
With the help of robust, cutting-edge algorithms, ML learns from business data iteratively and intelligently, helping business leaders find hidden bits of crucial data in mere minutes.
If implemented in the right manner, machine learning can lead to a slew of business-centric benefits:
- Significantly reduces errors caused by manual data entry and aggregation
- Promotes predictive maintenance best-practices and subsequently eliminates risks associated with machine failures
- Proactively detects and fights spam and phishing messages
- Facilitates faster image recognition and analysis (especially for healthcare and automobile industries)
Deep Learning: Similar to ML, But With More Precision and Finesse
Deep learning is exactly what it sounds like — understanding and processing large sets of data quickly and efficiently. As a function of ML, deep learning is designed to replicate the human brain in terms of data processing and decision making.
However, the two AI concepts are distinctively different in one key area: unlike machine learning, deep learning is capable of self-learning and improving with every data set it encounters.
In the business realm, deep learning is useful in the following ways:
- Streamlines fraud detection and early detection mechanisms
- Assists in real-time decision making and strategizing
- Improves sales forecasting and simplifies product marketing
Convolutional Neural Network: Least Known Form, But Has Incredible Promise
Ask any AI enthusiast, and they’ll likely tell you that they’ve never heard of Convolutional Neural Network (CNN). The concept itself is new and has barely made an impact in business. Realistically, though, 2022 could be the year when CNN truly alters the industry conversation.
By definition, CNN is simply a neural network that uses convolution. In other words, CNNs are artificial neural networks, and in these networks, the connection between layers is inspired by the arrangement of the animal visual cortex.
CNNs are essentially used to process images much more accurately. Tough to grasp, huh?
You are probably thinking: “Can such a complex field of AI be applied to business?” The answer is a resounding yes!
Here’s how CNN benefits business:
- Allows for powerful, high-resolution image classification for MRI diagnostics
- Facilitates 3D modelling and high-level object reconstruction in architecture, biotech, and manufacturing
- Makes the “smart home” concept all the functional and useful
The benefits of AI to business abound. However, only the leaders that are ready and willing to adopt AI and all its forms will truly reap these benefits. The question is, will you be among them?