Artificial Intelligence (AI) has been there since the 1950s but is now taking over business processes that result in improved worker productivity and efficiency. AI compromises a wide-ranging branch in the world of computer science concerned with establishing smart machines performing tasks that do require human intelligence.
The Covid crisis has provided business leaders with valuable lessons when it comes to digital transformation. Among the most compelling lessons are the potential data analytics and artificial intelligence bring to the table.
Key Facts on AI adoption:
A study by PwC highlights that:
- 52% of companies adopting AI-driven solutions
- 86% say that AI is becoming a “mainstream technology”
- 55% of companies say that AI adoption increased due to the pandemic.
- 67% of companies are looking to further accelerate their journey in AI.
In this blog article, we explore the growing trend of AI, how businesses in the real world use AI, how the Data Analytics and AI team #atthelab can help design, develop and implement an innovative AI-based solution, and much more.
What do you understand about AI?
AI is a computer science technology that emphasizes creating intelligent machines able to mimic behave like a human, think like a human, and make decisions like a human. With artificial intelligence, we do not need to pre-program machines to perform a task; instead, we can create a machine with the programmed algorithms, and it can work on its own.
Let’s dig into a few real-world applications of AI:
Why do businesses need AI?
AI aims to automate human behavior and save time and effort. In today’s world, artificial intelligence is crucial for solving complex problems, automating routine work, saving manpower, and performing many more tasks without human error.
AI is steadily passing into everyday business use. From workflow management to trend predictions, AI can be used in multiple ways.
This bar chart above depicts the revenues from the AI market worldwide, from 2016 to 2025. AI investment is currently dominated by large tech companies like Google, Amazon, Baidu, and Microsoft. However, between 10% to 30% of non-tech companies are also adopting AI technologies, depending on the industry. In 2016, McKinsey pegs that approximately $34 billion was spent on artificial intelligence development. The vast majority of that was internal corporate spending making up to $23 billion of AI investment.
According to Tractica Research, the amount of spending for 2018 was forecast to be less than $10BN. While the current levels of external spending on AI software are dwarfed by internal spending today, the AI software market is expected to grow rapidly to nearly $90BN by 2025.
For companies that are still considering their level of investment in AI, it may be comforting to know that the market is still a fraction of its future potential, and they are not necessarily behind the curve.
How can you adopt AI?
- Data Analysis – AI can help you interpret and mine your data more efficiently than ever before. Provide meaningful insights into your assets, your brand, staff, or customers.
- IT operations – Thanks to artificial intelligence, routine processes can now be automated. The IT team can therefore prevent problems before they destroy IT systems by taking proactive measures. In an era of increasingly complex IT systems, AIOps helps IT improve performance and service.
- Call centers – As a leader in digital telco solutions, we #atthelab are always looking for new ways to include innovation across the industry. Call centers allow AI to be used to improve the customer experience and relieve agents from simple requests that take lots of time and energy. Artificial intelligence (AI) can help customer service representatives be more productive, have engaging conversations, and be more satisfied with their work.
- Cybersecurity – At first glance, it appears that artificial intelligence (AI) is not responsible for it, as most of its protective measures rely on simple algorithms to perform basic functions. Rudimentary threats will not be detected by this method when dealing with more sophisticated schemes. Additionally, some security breaches, like the use of fictitious documents, are nearly impossible to detect, even by experts. By detecting suspicious behavior and persistent vulnerabilities through AI-powered antivirus software and multi-layered systems, machine learning offers a range of innovative cybersecurity solutions.
What are the types of AI?
AI can be divided into different types of basic capabilities and functionalities.
Weak AI – Weak AI is also known as narrow AI and is a type of AI that is tailored and limited to a specific area. Weak AI simulates human cognition. It has the potential to benefit society by automating time-consuming tasks and by analyzing data in ways that humans sometimes can’t.
Weak AI helps turn bid data into usable information by detecting patterns and making predictions. A strong and well-known example of weak AI includes Meta’s (formerly Facebook) newsfeed, Amazon’s suggested purchases, and Apple’s Siri, the iPhone technology that answers users’ spoken questions.
General AI-The intelligent machines that can perform any intellectual task with efficiently as a human. It can emulate the human mind and behavior to solve any kind of complex problem. AGI in computer science is an intelligent system with comprehensive or complete knowledge and cognitive computing capabilities. As of right now, no true AGI systems exist; they remain the stuff of science fiction. The performance of these systems is indistinguishable from that of a human, at least in those terms. However, the broad intellectual capacities of AGI would exceed human capacities because of its ability to access and process huge data sets at incredible speeds.
Examples of general artificial intelligence:
o Expert systems- These systems are AI-based ones that mimic human judgment. They can recommend medicine based on patient data and predict molecular structure.
o Self-driving cars- These can recognize other vehicles, people, and objects on the road and adhere to driving rules and regulations.
o Language model Generative Pre-trained Transformer 3- GPT-3 is a program that can automatically generate human language. In some cases, the text is indistinguishable from the human output, but the output is often flawed. The technology is consistently able to emulate general human intelligence.
3. Chatbots – Chatbots are software applications that use artificial intelligence & natural language processing to understand what a human wants and guides them to their desired outcome with as little work for the end user as possible. Like a virtual assistant for your customer experience touchpoints. Here are some of the most useful and innovative ways we see chatbots being used today. Convert more website traffic, generate more qualified leads, to automate business processes, and elevate customer service.
Which programming language is used for AI?
Python, Java, Lisp, R, and Prolog, are some of the top programming languages that are widely used in AI development. Among the five languages, Python is the most used language for AI development due to its simplicity and availability of lots of libraries, such as Numpy, Pandas, etc.
By joining the ADL family you’re open to doing a lot of experiments and innovative thinking with the largest data set to work with. ADL’s experienced AI professionals apply their in-depth technical expertise and knowledge to provide our clients with large-scale AI transformation solutions. All of these are achieved with our data analytics and AI components which are designed to securely integrate into existing business systems and derive valuable insights for strategic decision making.
How does ADL help businesses with AI?
In the business world using AI can save a lot of time and effort. Since AI never sleeps, tires or makes human errors many organizations and marketing teams are adapting to it. It can help improve the productivity and efficiency of teams across the business, the production process, and customer service – all plus points to any business.
It is quite evident that the world is adapting to AI technology and is going to play a key role in the future.
For example why a business would need AI and also give some examples of how businesses can use AI in their business processes. We are in the telco industry and it would be good to highlight how AI can be used in some of the telco functions such as call centers.
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