What is artificial intelligence (AI)?

What is artificial intelligence (AI)?

Artificial Intelligence (AI) refers to computer systems that have the ability to think, perform tasks autonomously, learn from experience and react to changes in their environment without human involvement. When a robot imitates how humans think and behave, it’s known as “artificial intelligence”.

How Does AI Work?

AI uses algorithms; this is what makes computers smart. Algorithms help machines understand the way we think. They use rules to solve situations and problems. These rules define what will happen next based on past behavior. A machine can only repeat what humans do not understand. So, for example, when you make an appointment online with someone, your digital assistant may suggest your location. The virtual assistants can also ask questions about your health, which may give health care professionals insight into whether or not they should keep you on the waiting list. Machine learning helps AI programs work better. Because neural networks process data quickly, algorithms don’t need to be programmed every time. If a person knows they can program a specific algorithm, then that person can automate the entire system. For instance, Google Auto uses machine learning to recognize objects around a driver in real time, reducing accidents.

Why is Artificial Intelligence Important?

Artificial intelligence applications are constantly expanding. According to IBM research, by 2025, global spending on AI has reached $17.8 billion. As more people become engaged with technology, machine learning-based platforms are transforming industries such as medicine, finance, retail, transportation, industrial automation, consumer products and automotive manufacturing. In addition, the demand for robots continues to rise. Robots were once thought of solely as being used for factory jobs. However, now there is evidence that robots can change careers, freeing up workers to pursue other interests and opportunities. This means that job losses due to automation could actually benefit humanity by producing new kinds of jobs as well as helping us discover new ones.

The United States Department of Commerce reports that 47 percent of companies in North America have already been using some form of AI, and 25 percent expect to increase their investments over the coming five years. Also, 70 percent of organizations across Asia are likely to adopt AI within four years — an astounding statistic, considering these countries’ populations make up nearly half of the world’s population and most of its economic activity. One thing is certain: the number of people living with artificial intelligence is growing in all places. And if trends continue, many of them will be working alongside robots, which, given their increasing numbers, would likely mean much less demand for human labor. While a good portion of today’s AI research focuses on general purpose applications such as healthcare, aerospace, robotics and space exploration, AI is going to play a pivotal role in everything from medicine to agriculture, entertainment, cybersecurity, autonomous vehicles, transportation, education and science. It’s becoming increasingly clear that artificial intelligence will enable the creation of solutions to our biggest challenges across multiple sectors, including climate change, food security and disaster response and recovery. With continued advancements in computing power, sensors and communication technologies, AI is expected to advance at breakneck speed in the near future. So, while it is still early days, artificial intelligence is here. Whether you want to use it for medical applications, military defense systems, self-driving cars or agricultural management, artificial intelligence is here.

Advantages and Disadvantages of Artificial Intelligence

Advantages of Artificial Intelligence

Artificial intelligence is vital to society’s advancement. Here are a few of its benefits:

1) Increased Safety and Security

Safety improvements are one of the largest advantages of AI. By making machines smarter and safer with machine learning, safety experts can take greater control of robotic weapons, autonomous driving systems and even drones.

2) Reduced Costs of Operations & Maintenance

AI improves accuracy and quality of decisions, enabling businesses to cut costs during times of crisis and improve efficiency during peak seasons. Even better, they can reduce downtime, optimize inventory levels and predict maintenance needs.

3) Better Communication Between Humans and Machines

Artificial intelligence allows humans and machines to communicate effectively. An AI bot can mimic human speech, thereby allowing users to interact with it seamlessly. Additionally, with AI, business leaders can create chatbots with conversational abilities that make customers feel like they are talking directly with a real person rather than a simple app on their phone. Businesses can even integrate chatbots into their websites and mobile apps, giving employees a human touch.

4) Improved Productivity

With increased productivity comes lower costs and higher profits. Not only are companies able to save money through improved production lines, but artificial intelligence can decrease operational costs substantially, improving margins. That said, AI is best implemented across several functions to ensure it maximizes productivity. For example, a company might implement analytics to find ways to minimize manual errors and monitor product flows. Meanwhile, another company might choose to incorporate AI into its supply chain by employing predictive insights to identify potential threats before they manifest themselves on a large scale. Finally, having a powerful AI tool can free up employees from repetitive tasks so they can spend more time focusing on those things that matter to their business. You can have highly effective AI applications by choosing the right platform to build them on. Consider factors including enterprise size, complexity and scalability, support options, and integrations with third-party tools such as CRM, ERP or salesforce.

5) Safer Data Governance

While there is no end to how much data a firm owns, it’s becoming increasingly difficult to obtain accurate information about customer interactions and patterns. Moreover, data governance plays a huge role in ensuring reliable results that translate into business success — especially when companies are managing billions of dollars in data, which can include personal details about customers. There is a great difference between collecting data and creating meaningful, actionable insights to guide decision making — an approach that enables tech-driven enterprises to extract value from massive amounts of data sets. AI empowers enterprises' ability to analyze data efficiently and generate insights that help guide strategic planning, provide actionable advice, and drive successful business outcomes. As a result, organizations using advanced machine learning tools and services gain access to valuable analytical capabilities that allow them to make better business and competitive decisions — often at faster speeds and lower cost compared to manually gathering information. AI-powered technology can make big impacts across various industries, including healthcare, financial services, government regulation, marketing and legal services, among others.

Disadvantages of Artificial Intelligence

Artificial intelligence poses both positive and negative risks to society. To understand exactly what each type of risk looks like, consider three common scenarios:

1) Privacy Risks

Artificial intelligence poses privacy concerns. Governments around the globe are concerned that machine learning systems could give away too much data about citizens. Government agencies are currently investigating ways to protect user data through legislation and oversight.

2) Predictions Errors

AI is susceptible to inaccurate predictions, such as the possibility that software models are flawed. Human error and the inability to accurately model reality pose serious risks to public confidence in AI applications.

3) Self-Sabotage Risk

AI poses a risk where it causes or encourages malicious actions — such as hackers infiltrating employee devices or controlling cyberattacks against corporate networks with fake accounts — to get its way in order to achieve desired results. Unstable networks, inadequate security measures, poor reliability, a lack of awareness or staff training all present significant risks to any system that relies on AI.