Artificial intelligence (AI) is a set of algorithms that perform assigned tasks and is able to learn by accumulating a database. For example, marketplaces now can anticipate your desires or chat bots are able to work 24/7 and solve customer issues. Smart speakers today tell you about the weather or set an alarm. The science of AI is based on machine learning technologies and big data.
Machine learning is the study of computer algorithm that have ability to automatically learn and improve from experience. Models are improved (become more accurate) due to the accumulated data. Thus, AI using machine learning is able to recognize patterns in data and generate predictions or reactions.
What are the benefits of AI for business:
- Make predictions (rationale for business strategy),
- Business process automation,
- Quality control of work,
- Marketing.
For example, personalization is a major trend in modern business. This is actively used by social media. Another example is dynamic pricing, which is actively used by low-cost airlines. Some brands have launched applications where you can try on their products online using augmented reality and sophisticated image recognition algorithms. For example, sneakers from a well-known corporation can be tried on by pointing the camera at your feet.
What caused the rapid development of AI
The development of AI is closely related to the development of computing. The computing power and memory required are large for machine learning and big data. The first semiconductor transistors were developed 50 years ago and were centimeter-sized. Six transistors are needed to write one bit of information. How many such transistors are needed for a complex calculation that writes gigabytes of information? Modern transistors are about 10 nanometers in size. Over 50,000 transistors can be placed along the hair diameter. Megabytes of memory can be placed on a hair slice. Thus, the evolution of technology (in particular micro and nanoelectronics) has led to the evolution of AI.
Who can implement AI in their business
The market is filled with ready-made solutions. You don’t have to have big budgets and develop your own solution. AI should be implemented with a clear understanding of what you need. First of all, innovations are introduced in the area that will bring the greatest benefit. AI will not replace employees, but it will help them.
by Maria Baranova