Automate Your Business Process by Leveraging AI and ML
Artificial Intelligence and Machine Learning have a transformative effect on business. Leading organizations in every industry are already increasing the use of these powerful technologies to automate their business operations. In the future, businesses on the bleeding edge of ML and AI will receive all the financial rewards and dominate the competition.
Before going deeper, let us learn what artificial intelligence and machine learning technologies are-
What Is Artificial Intelligence (AI)?
Artificial Intelligence refers to the simulation of human intelligence in machines programmed to think just like humans and mimic their actions. The term can also be applied to any machine that exhibits features related to the human mind, such as learning and problem-solving.
What is Machine Learning (ML)?
Machine learning is a subset of Artificial Intelligence, which enables machine to learn from examples and work without explicit programming. Computers can process large amounts of data and connect dots in thousands of variables that even intelligent humans cannot achieve with a high degree of accuracy.
How AI and ML Help Businesses?
The real promise of Artificial Intelligence is to reveal actionable insights, otherwise, a huge amount of data will be trapped. Much of that data is structured data - data generated through business documents, written reports, photos, e-mail messages, social media posts, videos, etc. With AI, thousands of computers can work together to solve the most complex problems.
Advanced technologies like AI and ML can automate important, but time-consuming, manual and tedious tasks, enabling employees to focus on high-prioritize manual work. AI is used to gather new insights, change decision making and deliver better business results. According to a recent PWC report, 72% of business decision-makers believe that Artificial Intelligence provides competitiveness in the business sector.
The early adoption of AI for specific, clearly defined apps allows organizations to look forward to creating crucial business value and, ultimately, a platform to change business processes and models.
- Machine Learn and Artificial intelligence technologies can be used in businesses to
- Increase customer intimacy and thereby improve their demand
- Automate interactions with employees, customers, and partners
- Improve productivity by automating business processes
- Enhance competitive advantage and improve efficiency
- Power smart vehicles, machines, and structures
- Develop audio and video analysis in real-time
Now, let's have a look at some of the applications and use cases of Artificial Intelligence and machine learning.
Applications of AI & ML
From speech and image recognition, self-driving vehicles, and personalized health care to medical diagnosis, there is a wide range of applications of artificial intelligence and machine learning in several industries:
Product Recommendations: Ability to decide what you want to buy or what to watch next by analyzing millions of other customers search data.
Online Search: Google, Bing, etc., are constantly improving what search engine understands to provide better results in the coming days.
Fraudulent detection: AI has the capability to compare thousands of transactions and distinguish between fraudulent and legal transactions accurately.
Data Security: Helps identify patterns in how data/ information in the cloud is accessed and report anomalies that can predict data security breaches.
Security screening: Avoids false alarms to ensure safe events and identify things that human screeners miss during security screenings.
Marketing: Programming targeted advertisements can help increase user clickability and optimize what product mix is on display.
Language Mining: Natural Language Processing (NLP) can stand up for consumer service agents and guide customers quickly with the information they required.
Smart personal assistants like Alexa & Siri, ride-sharing apps like Uber & Ola, plagiarism checking tools, Google's AI-powered Google Maps, facial recognition, text to voice conversion tools, AI autopilot on commercial flights, etc. are some of the best examples of ML and AI applications.
Top 8 Technologies Used in Artificial Intelligence:
Following are the top 8 technologies that are used widely in Artificial Intelligence -1) Speech Recognition:
Speech recognition technology can identify and analyze spoken language phrases and words and then convert them into useful data. Businesses can be used this advanced AI technology for speech-to-text processing, voice dialing, call routing, and voice search.2) Machine learning:
Many businesses are depending on Machine learning technology to make informed decisions with data analytics performed using statistical models and algorithms. The machine learning platform majorly includes development tools, algorithms, model extensions, APIs, etc. Computers are enabled to learn without explicit programming.3) Natural Language Generation:
Natural language generation technology is used to convert all types of content into human-readable text. Data can also be viewed in the form of maps, graphs, etc. LucidWorks, Digital Reasoning, Ativio, Native Science, SAS, Visop, etc. are competing in the market.4) Virtual Agents:
A virtual agent is one of the trained systems that can communicate efficiently with human beings. Nowadays, smart agents named ' AI chatbots' are integrating with many mobile apps and websites to provide a good customer experience and thereby show tremendous growth in the business.5) Deep Learning:
A deep learning platform is a subset of machine learning technology that duplicates the human brain's neural circuits to transfer data and make the right decisions. Image recognition, speech recognition, pattern recognition, prediction, and classification applications are some of the best applications of Deep learning technology.6) Decision Management:
AI machines can introduce logic to AI systems, enabling them to be used for maintenance, training, and tuning. Companies are already using decision management technology in their applications to add value to the business and make it profitable and implement automated decision making. This AI-based technology is widely used in healthcare, insurance, financial sector, trading, e-commerce etc.7) AI Optimized Hardware:
As the focus on software grows, the requirement for AI hardware that supports software eventually increases. A conventional chip does not support AI models and a new generation of AI chips has been developing for deep learning, computer vision and neural networks. AL hardware consists of CPUs, neuromorphic chips, and built-in silicon for neural networks to handle scalable workloads.8) Robotic Process Automation:
Robotic Process Automation (RPA) is here to communicate, interpret and analyze the data. This technology helps to automate tedious, repetitive, and manual tasks, allowing humans to concentrate on other complex tasks.Final Words:
Artificial intelligence has become the next big thing in the digital era. As each industry changes its core processes and business models to take advantage of machine learning and artificial intelligence technologies, the effects of Artificial Intelligence will become larger over the next decade. AI not only affects the future of every human being and every industry but also serves as a major driver for emerging technologies such as IoT, robotics, and big data.
Contact us to learn how Quadrant Resource can help you deploy AI and ML technologies in your digital transformation journey.