By now, we've all heard of Artificial Intelligence. Gartner predicts that AI technologies will be in almost every new software product by the year 2020. With endless access to virtually every product being produced, organizations should consider AI as a sure-fire revenue stream. How can your business benefit from AI?
What is Artificial Intelligence?
First, we should start off by defining just what artificial intelligence is. Technopedia defines artificial intelligence as a branch of computer science that aims to create intelligent machines. It has become an essential part of the technology industry.
The core problems of artificial intelligence include programming computers for certain traits such as:
- Problem solving
AI is the big umbrella that encompasses deep learning and machine learning. Check out our EA's guide to Machine Learning below.
What impact will artificial intelligence have?
Artificial Intelligence has the potential to make organizations stronger, smarter, and more productive by providing the basis to make impactful, data-driven decisions. Organizations that let data fuel their business decisions are more successful. Machine learning algorithms allow business leaders to remove the guesswork from important business decisions. Insights gained from machine learning tasks empower organizations to make smarter predictions by continually learning and adapting their models based on real-time data.
Why should your company care about Artificial Intelligence?
Top American research and advisory firm Gartner published a report on the Top 10 Strategic Technology Trends in 2017, and AI was at the top of the list. Also, in the 2017 Economist Intelligence Unit report, Artificial Intelligence in the Real World, 75% of more than 200 business executives surveyed said artificial intelligence will be actively implemented in their companies within the next three years.
How are companies around the world currently using artifical intelligence?
We've heard about Alphabet's self-driving car, Spotify's AI-powered recommendation algorithm, and Elon Musk's visionary Hyperloop that aims to take us from New York to Washington in less than an hour. Not only are tech giants using artificial intelligence in fascinating ways, Machine learning algorithms affect and benefit your life in many undetectable ways. They currently identify and eliminate spam from your inbox, select images for social media posts, curate content to appear in your social media timelines, monitor your credit score and help to prevent fraud.
At LeanIX, we assess the usage of our SaaS product and help customers to optimally benefit from our EA management solution. Amazon uses machine learning algorithms to show you trustworthy reviews, Paypal uses it for transactional fraud detection, hotels benefit from real-time customer-specific strategic pricing, and top marketing firms use machine learning algorithms to gauge customer sentiments.
AI technology frees up employees’ time to focus on deep work rather than spending time on easily automatable tasks. How is your company looking to capitalize off of the potential of artificial intelligence?