Businesses are incorporating artificial intelligence (AI) and machine learning (ML) to diminish operational costs, increase efficiency, improve customer experience and grow their revenue. To extract the best outcome, some businesses are adopting a whole range of smart technologies including natural language processing and much more.
Before we could dive into knowing the impact of AI and ML on business growth, we need to understand the specifics of AI and ML.
What is Artificial Intelligence?
According to John McCarthy, Stanford Researcher, “Artificial Intelligence is the science and engineering of making intelligent machines, especially intelligent computer programs. Artificial Intelligence is related to the similar task of using computers to understand human intelligence, but AI does not have to confine itself to methods that are biologically observable.”
In brief, the goal of AI is to make computers and computer programs mimic the behavior of the human mind. There are two categories in AI:
· Vertical AI — the services offered by a vertical AI focus on a single task that is repetitive in nature. Often times Vertical AI bots mistaken for humans because of their capability to execute a single task to perfection.
· Horizontal AI — the task of Horizontal AI is not limited to one single job, rather it is capable of handling multiple tasks. Generally, it works under the “question and answer” module. Cortana, Alexa, and Siri are the best examples of a Horizontal AI
What is Machine Learning?
Machine learning is essentially a subset of AI. It can be defined as the science of designing and implementing algorithms that can learn things from the past. If a certain task has occurred in the past, then there is a possibility for it to occur again, which allows for predictions. Machine learning evolves based on these predictions and it is applied to crack difficult issues such as credit card fraud detection, enable face detection or recognition and self-driving cars, etc.
There are three main areas of Machine learning
· Supervised Learning — training datasets are provided to the system, which then is analyzed by a supervised learning algorithm to produce the desired function. One of the examples of supervised learning is credit card fraud detection.
· Unsupervised Learning — unclustered data is provided to the system rather than datasets for the machine to learn on its own unsupervised. Since unclustered data needs to be fed it is difficult than supervised learning.
· Reinforcement Learning — the algorithm for reinforcement learning maximizes the performance of the system as it allows software agents and machines to establish an ideal behavior, automatically, within a specific context.
Now that we understood the specificity of AI and ML, here are a few tenets on how AI and ML impact the growth of a business.
· Save Money and Time — both AI and ML are part of automation process; therefore, automating routine tasks help optimize the process. Automatized processes are quick, error-free and efficient, which results in saving both time and money.
· Increased Productivity — an automated process is many times faster than human beings, which is why most of the tasks are being automatized. This whole process simply translates to increased productivity, which is the desired outcome goal of any business enterprise.
· Elimination of Human Error — the term “human error” can result in huge losses to a business enterprise. This is where automation becomes a crucial aspect as it eliminates every possibility for human error.
· Promotes Business Leads — do not worry about mining a vast amount of data to promote business leads anymore. Artificial intelligent and Machine Learning will do it for you with the least effort.
According to Bloomberg, in 2014, about 300 million USD was there in venture capital invested in AI startups, which was a 300% increase than the previous year. With the help of AI and ML even new businesses are increasing their revenue substantially. It is the perfect time to automate your business enterprise by implementing AI and ML, don’t wait any longer. Look for the best web and app Development Company who can implement AI and ML in your business
