How to Tame Artificial Intelligence: A Brief Guide for Business

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How to Tame Artificial Intelligence: A Brief Guide for Business

The use of Artificial Intelligence in business is gaining popularity. According to SAS, 80% of companies from different industries expect that AI will significantly affect their activities over the next five to 10 years. Fiery enthusiasm can slightly cool when there is a lack of organizational readiness. Some businesses have had their doubts about adapting too early. A common reason for this is the conventional wisdom that Artificial Intelligence can only be played by big players. But is this true? Here’s how to tame Artificial Intelligence with a brief guide for business.

A couple of examples of how to tame Artificial Intelligence.

A small accounting office is making great efforts to make bookkeeping quick and easy. It launches a series of research and develops cloud software using AI, to automate bookkeeping for its clients. In 2017, it was awarded the title of Practice Excellence Pioneer. This is the most prestigious award in accounting. In the same year, its income exceeds the mark of 1 million. Pretty good result for a company with just 30 employees.

The Big Apple Diamond Jewelry Store fights in the toughest competition. AI became a salvation for the virtual seller who uses it to analyze the global diamond market. In a  few seconds, it processes a million pieces of information to find the perfect wedding ring option for the client. Buyers are delighted: the end of an exhausting search! 

“Okay,” you say. “They were convinced. But where to start? ”. Because everyone is talking about AI today but the explanations from which side to approach it are less obvious. Well, it makes sense to start with definitions.

What is Artificial Intelligence explained in a narrow sense and in a broader sense?

The term “Artificial Intelligence” today is used in a narrow and broad sense. In the narrow sense of AI – this software that simulates the work of the human brain. In a broader sense, “Artificial Intelligence” is a generic term used to denote a range of technologies:

1. Machine learning.

Machine learning is based on the use of statistical tools. With it, computer systems learn to use a variety of data to improve their own performance. This is done with minimal human intervention, and with none at all. An example is a face recognition system on Facebook.

2. Smart Robotics.

Today’s smart machines are systems based on Artificial Intelligence, learning by analyzing information from the outside world. They are already used in a number of industries and perform a wide variety of tasks, starting with creating dental implants and ending with cooking pizza.

3. Virtual Assistants.

Virtual Assistant is a software product that provides customers with round-the-clock assistance in using websites or finding the right information. Perhaps you already had the chance to meet Amy from X.ai or Watson from IBM – that’s them.

4. Automated Solution Management.

The operation of such services is based on the ability of regulated systems to make decisions regarding recurring issues without human intervention. AI-based solution management systems are already used in logistics and human resource management.

5. Data processing using natural language.

This technology is aimed at data processing and their transformation into a text that is understandable to humans. Forbes uses it to generate income reports, and the Canadian Ministry of the Environment uses it to generate weather forecasts.

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