Artificial Intelligence (or AI for short) is the intelligence shown by computers and applications. AI is also known to be capable of "machine learning", which means "it gives computers the ability to learn without being specifically programmed". We have been using machines to automate many kinds of tasks for decades, but only recently do we see AI with the automatically learning method. Undoubtedly, that is a huge revolution.
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One of the main factors of machine learning is data. For AI to learn without a certain program, it needs to collect an enormous amount of data. That is the trend in the world at the present. Google, then Facebook, even Apple and Microsoft, are all racing in the race of collecting data from their customers.
So what is the data collected for? Organisations use the data to train their AI to do all the work. Even stuff that requires "intelligence" like driving, stock trading, customer behaviour analysis, voice recognition, etc. What are the advantages of AI? Take a look at the following list:
Benefits of AI in Business
1. Better performance
Many tasks are too complex for humans and are almost impossible to accomplish perfectly. There are too many elements in the surrounding environment that make our brain distracted.
For example, if a company has thousands of contracts that need to be considered, the administrator will have to find a way to get a representative sample for all of them for analysis. With AI, the natural language process and machine learning can train the application to recognise the structure of these contracts, so that it can select important clauses, terms and conditions, and key points of the contract automatically. Thus, AI will help the auditor to complete the work much faster without having to search for data for hours.
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We all know that human beings are not perfect. Even the best people can make mistakes anytime. We have emotions and are easily manipulated and become bored quickly.
Machines are not so. A computer can stay on the same task for many years without ever losing focus and rarely make mistakes. It also will not be emotionally disturbed in stressful situations or have the bias to affect the overall result.
One example is using a smartphone while driving. As smartphones are becoming more popular, this bad habit is also increasing, especially in urban areas. According to statistics, more than 1.25 million people die each year due to traffic accidents worldwide, and one of the main causes is using smartphones while driving and do not pay attention to the road.
That's why auto-driven cars were born. This is one of the major industries pushing AI research. Google, Uber and Tesla are building programs allowing cars to auto-drive according to the traffic’s status. The big goal that these giants put up is not having any accident for a year - the level of safety which seems to be impossible for humans.
Follow this link to read part 2 of this series.