Around the world, 24% of people look at Artificial Intelligence as a source of harm to society. On the other hand, 25% think of AI as a tool for making financial decisions. But what exactly is it?
This article seeks to give a quick overview of AI, particularly focusing on the definition of Artificial Intelligence, how it works, and the benefits:
What is Artificial Intelligence?
Artificial Intelligence is the simulation of human intelligence in machines. The machines are programmed to perform tasks that would typically require human intelligence, such as learning, problem-solving, decision-making, and language understanding.
AI enables computers to learn from experience, adjust to new inputs, and perform human-like tasks, and it encompasses a broad range of technologies, including machine learning, natural language processing, robotics, and computer vision.
How Artificial Intelligence works
AI works by training algorithms to recognize patterns in data. This process involves feeding large amounts of data into a machine learning model, which learns to identify patterns and make predictions based on that data. Over time, the model can become more accurate as it is exposed to more data and learns from its mistakes.
For example, in image recognition, an AI algorithm might be trained on thousands of images of cats and dogs. It would learn to recognize the patterns that distinguish cats from dogs and use that knowledge to make predictions about new images it has never seen before. Similarly, in natural language processing, an AI model might be trained on millions of sentences to learn how to understand and generate human language.
The success rate depends on the quality and quantity of data used to train the algorithms, as well as the accuracy of the algorithms themselves.
The main focus is three pronged: learning, reasoning, and self-correction.
In learning, the concern is with gathering data and formulating the principles that will enable the data to be transformed into useful knowledge. The guidelines, also known as algorithms, give computing devices detailed instructions on how to carry out a particular job.
Reasoning is focused on selecting the best method to achieve a desired result, while self-correction aims to continuously improve algorithms and make sure they deliver the most precise results.
Key benefits of Artificial Intelligence
- Effective at tasks requiring attention to detail
- Shorter processing times for data-intensive tasks.
- Consistent delivery of reliable results
Over the last few years, the adaptation of AI by businesses has grown by 270%. They are working it into most of their own decision making processes, and when precision and results are involved, it becomes an opportunity that most businesses aren’t willing to pass.
However, AI also has its disadvantages. Here are few:
- Very little out of the box thinking, at least for now in the early stages
- The costs are high
- Job displacement
- Worries over ethical practices
Top AI trends to look out for at the moment include voice assistance and natural language processing.
In voice assistance, businesses are leveraging voice assistants to enhance customer experience, improve productivity, and automate routine tasks. For instance, Amazon’s Alexa for Business can be used to control meeting rooms, manage calendars, and answer frequently asked questions. Even search engines are going big in voice and users are responding positively. For example, 40% of people now use AI powered search functionality at least once per day.
In natural language processing, businesses are using NLP to analyze customer feedback, automate customer support, and improve chatbots. For example, Microsoft’s Azure Cognitive Services offers a language understanding tool that enables businesses to build conversational interfaces.
