Artificial Intelligence (AI) may look like something out of the pages of a sci-fi book, yet you’d be surprised how often you use it daily. As the technology continues to improve, AI will become even more common with more widespread utilization among diverse industries. To start with, let’s begin with the basic definition of Artificial Intelligence (AI) and what it includes.
Seeking Alpha gives a very apt description of the same in their article-
At a basic level, artificial intelligence is the concept of machines accomplishing tasks which have historically required human intelligence. AI can be broken down into two distinct fields:
At a basic level, artificial intelligence is the concept of machines accomplishing tasks which have historically required human intelligence. AI can be broken down into two distinct fields:
Applied AI: Machines designed to complete very specifics tasks like navigating a vehicle, trading stocks, or playing chess – as IBM’s Deep Blue demonstrated in 1996 when it defeated chess grand master Gerry Kasparov.
General AI: Machines designed to complete any task which would normally require human intervention. The broad nature of General AI requires machines to “learn” as they encounter new tasks or situations. This need for a learned approach is what gave rise to modern Machine Learning”.
Let’s take a look at some of the most powerful Artificial Intelligence use cases across various industry verticals (that are in use today), with an eye towards revealing the competitive advantage of AI.
Automating Repetitive Tasks
A study by Oxford university state that robots will replace approximately 47% of US jobs in the next 10-20 years. The goal, however, is not to put American workers out of work, but about the improved efficiency that having a robot doing clinical work brings in. Therefore, a skilled employee can focus on a more important task.
By eliminating monotonous tasks that take way too much time from an employee’s day, organizations can better use their employee’s time and skills for more important tasks. Along with giving employees the opportunity to work on more important tasks, Artificial Intelligence also offers elimination of error in tasks, which is often associated with manual and repetitive tasks.
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