Artificial Intelligence, also known as AI, is a computer system that can adapt, learn, and perform tasks that would typically require human intelligence. AI is powered by machine learning and allows businesses to analyze big data to gain valuable insights.
“In our business, we talk about emerging technologies and how they impact society. We’ve never seen a technology move as fast as AI has to impact society and technology. This is by far the fastest moving technology that we’ve ever tracked in terms of its impact and we’re just getting started.” — Paul Daugherty, Chief Technology and Innovation Officier, Accenture
With AI like Alexa and Siri, we can ask a machine a question and receive an instant answer. They can provide information like weather reports and GPS directions in an almost human-like manner. Other AI systems can help businesses with questions about everything from current sales and inventory, to which segment of customers have better response rates to marketing.
For AI to provide this information, it must understand the question being asked and what information it needs to answer it. Automated machine learning can even take this a step further and provide options and follow-up queries to help you better analyze the data.
Take a look at a visual definition of artificial intelligence:
Artificial intelligence is playing an increasingly more significant role in businesses across all industries. AI that is powered by machine learning can help companies identify patterns that would otherwise be impossible to pinpoint, and then use that information to deploy solutions for their consumers.
An AI-driven enterprise uses machine learning to deliver personalized recommendations, prevent fraud, and manage sales and inventory systems. According to the International Data Corporation (IDC), global spending on AI is expected to reach almost $58 billion by 2021.
The use of AI is not industry-specific, and it is transforming industries like finance, manufacturing, healthcare, and many others. It is becoming increasingly clear that firms that do not invest in AI will start to fall behind, as it will help employees perform their jobs better as well as create new opportunities.
At LogicPlum, we believe that machine learning and AI should be accessible to all, regardless of the size of your business or the resources you have available. We developed our platform to put you in control of some of the most advanced data models and AI in the industry to help you discover opportunities within your business.
By offering our products and managed services, we hope to help you deploy machine learning models and become an AI-driven enterprise.