If you only associate the application of artificial intelligence in business with a chatbot on a store’s website or a bank’s automated call center, you might be surprised at how many areas of business AI has been successfully employed. After all, it’s been over 25 years since Deep Blue, a supercomputer created by IBM, defeated chess champion Garry Kasparov!
Artificial intelligence in business – Introduction
- Applications of artificial intelligence in business
- Major areas of AI development
- AIaaS, or artificial intelligence for hire
- Machine learning
- Trust AI?
Applications of artificial intelligence in business
Autonomous cabs are enjoying great success in California. They drive customers to unmanned grocery stores managed by artificial intelligence. Here you can simply take products from the shelf and leave. AI coupled with multi-level monitoring of the store uses an application installed in the smartphone to charge a payment for purchases.
Artificial intelligence can also remember and identify images. It is better at recognizing faces than many humans. And not just when scanning space in real-time, but even in blurred photos.
This means not only being able to greet store customers by name or suggest contacts based on group photos. Flawless person recognition also means improved security – for example, by abandoning the requirement to enter passwords to access e-banking.
Major areas of AI development
Artificial intelligence keeps on finding new and fresh applications in business. At a dizzying pace, surprising combinations occur among branches developed by different teams. New opportunities arise by combining areas such as:
- natural language processing, or NLP, whose various business applications we will discuss in a separate article
- image-processing – Computer Vision, CV – which is used in content management and content creation, among other applications,
- robotics, or the manipulation of objects in the physical world – Robotics – which applies to the smart devices that make up the Internet of Things (IoT), such as vacuum cleaners that can climb stairs, but also to unmanned specialized industrial machines or precise, microscopic medical robots.
Not only the variety of areas but also the scale at which artificial intelligence can be applied continues to amaze. Autonomous cars, to move collision-free and smoothly, have to process huge amounts of data. And they are helped in this by … smart cities.
Multitasking or multimodal, artificial intelligence has just arrived at our doors. For now, it can create images based on a description and creatively answer questions using Internet resources. Multimodal artificial intelligence may evolve into what is known as Artificial General Intelligence (AGI) or strong artificial intelligence. It will be able not only to perform specialized tasks but to think, learn and reason just like a human. Moreover, probably we’ll not even determine if and when strong artificial intelligence exists and performs duties around us.
AIaaS, or artificial intelligence for hire
The pace of AI development is also reflected in the growing popularity of the business idea of AIaaS (Artificial Intelligence as a Software), or “artificial intelligence for hire”. Unit recently, smaller companies couldn’t afford this solution due to maintenance and complexity issues. Currently, in the form of AIaaS you can find, among others:
- Application Programming Interfaces (APIs), which allow different programs to communicate with each other, enabling, for example, automatic translation of web content or applications,
- Virtual assistants and chatbots
- Learning algorithms, the application for data analysis used by companies to significantly outperform the competition, for example, by optimizing business processes.
Today, artificial intelligence – or rather, artificial intelligences – are performing tasks faster and more accurately. This is all thanks to an ability that until recently was only attributed to living organisms: the ability to learn.
Machine learning (ML) is responsible for artificial intelligence algorithms to improve themselves. It is with their help that AI learns by making and correcting its own mistakes. You could say that it gradually gains experience, just like a child or a young animal. For this reason, time is needed to develop machine learning, as well as exposure to adequate amounts of data from which the AI can draw the necessary information.
Despite its limitations, the level of development of artificial intelligence in business is truly impressive. After all, it’s no longer surprising that social media accurately suggests friends and a store suggests shoes in the right color and size. The operation of point-applied is so fluid and natural that many people don’t even realize when they are dealing with AI or the results of its actions.
This raises concerns not only for employees performing repetitive tasks that can be easily automated but also for business owners whose jobs require developing strategies and finding areas for innovation. This is why gaining knowledge about AI is so important. It is the information that is the basis for building cautious trust in artificial intelligence, and in the companies that create and use it.
Foundations and research institutes that build trust in artificial intelligence based on education and transparency are most often associated with big business that has the resources to fund research and development. The way to deal with big changes in the spheres of everyday life, work, and business, is to look for reliable and credible sources of knowledge. Also with the help of AI.
As people keep giving AI data to learn our world and understand our language, AI is gaining more recognition and capabilities. These days document and customer service applications create, translate and release content, even command other machines. Image processing and object manipulation make artificial intelligence even more intertwined with the physical world. In this way, the application area of artificial intelligence in business is constantly expanding.
Business is using artificial intelligence solutions more and more freely and creatively. This is all thanks to the combination of its different areas, as well as AIaas, – ready-made AI solutions that can learn to work in your company.
AI in business:
- Artificial intelligence in business - Introduction
- Threats and opportunities of AI in business (part 1)
- Threats and opportunities of AI in business (part 2)
- AI applications in business - overview
- What is NLP, or natural language processing in business
- Automatic document processing
- AI and social media – what do they say about us?