Fundamentals for Getting Started with AI in Business

We have seen it, experienced it and welcomed it, the artificial Intelligence landscape is all around us. The era of Artificial intelligence is propelling forward in our lives and daily activities. Siri in our Apple phones, Amazon’s Alexa and Google’s Cortana are a prime example of the A.I simulation in our daily lives.

The AI ecosystem is benefiting individuals and organization in terms of knowledge representation, helping them in reasoning and deductions, enhancing the learning perception and natural language processing.

In a nutshell,

AI is a self-steering technology, aiming at machines to achieve social and human intelligence.

Bundle of unlimited capabilities

Business requires AI to augment and expand the human capabilities, thereby enhancing the capabilities of their employees and enabling the organization in achieving performance differentiators in a large and competitive environment.

Business intelligence integrated with AI is beneficial to edge the deep learning space and help the organization provide a more technical, and viable solution. The tech giant, IBM’s Watson provides boundless business insight which enables businesses to visualize their data pattern and attain cognitive computing with predictive analytics.

Components of an AI ecosystem

The Right AI ecosystem for businesses must include the core concepts of AI such as artificial narrow intelligence corresponding to the constrained task, within a predetermined range, Machine learning, which purposes on instilling the ability for machines to learn and deep leaning imitates the human brain.

Deep learning is mainly designed to create large sets of neural connections, just like a human brain, thereby emphasizes on the ability of the machine to think and learn on its own i.e. without human supervision. Components of machine learning work with human intervention. Business sectors utilize the vital aspects of AI for autonomous decision making, language translation, facial and image recognition and for their ability to assist in data analytics and language processing.

Diverse Application for Business

Exponential growth is characterized by an effective and sustainable AI ecosystem. Application of deep learning in the image and facial recognition is driving a rapid rate of AI adoption in business with billions tuning up as an investment towards the more accessible technologies.

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Businesses integrate and adopt AI across a wide spectrum of applications, leveraging the connections to make important decisions and enhancing the capability of their services.

A right and powerful AI strategy will sustain a path of competitive advantage for business, and with the implication of the right AI model will comprehend organization flexibility. A powerful AI ecosystem will enable the connection of various technologies and devices together, instituting unlimited potential and a more smart and productive society to live in.

AI technology is surpassing the expected pace of development, where AI claims the responsibility of bringing the most effective and profiting results to businesses. More and more businesses are jumping on the AI bandwagon, but the lack of control over many important functions may cause ethical and regulatory issues.

Should we be worried about AI?

AI has been the major part of science fictions movies and shows, where Robots are replacing people and taking over the world. People are yet to unleash this vision of a machine/ robot operated power progress. The legislation fails to keep up with the pace of technology, which hinders the consumer awareness.

A prime challenge w.r.t privacy has surfaced in the recent times as the GDPR (General Data Protection Regulation). Raising the issue of the organization to overstep in using the consumer’s personal data. Big data analytics is being characterized as a threat to privacy and organizations, though may benefit from the essentials of data analytics, fails to overcome their fear of complex algorithms and unidentified context.

As summed by Eliezer Yudkowsky, an artificial intelligence theorist –

“By far, the greatest danger of Artificial Intelligence is that people conclude too early that they understand it.”

Eliezer Yudkowsky

Ethical challenges revolve around the grounds of human involvement and evaluation of AI tasks and operations. Addressing the areas with a construed digital ethics, helps business avoid such pitfalls. lack of trust in the technology is a hurdle that has been seen for decades. People lack the understanding and knowledge of how the AI ecosystem works and are generally uncomfortable when it comes to a machine taking important decisions.

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Such challenges hurdle and derail the attempts towards progress. AI is a black box with tremendous possibilities and business needs to emulate the possibilities of AI and implement relevant solutions, with processing codes of conducts with effective and workable principle to help overcome the fear of the unknown and optimize the benefits of AI with a new approach.

Building business with the Right mix

Despite the persisting challenges, the capabilities of AI steadily increase the cognitive power of the machines and systems to assist us in our business endeavors. However, the grasp of the A.I ecosystem extends beyond the concepts of artificial narrow intelligence, deep learning, and machine learning. The critical ingredients to articulate a pragmatic perspective can be realized by creating a reliable and better data foundation.

Accurate, manageable and consistent data are the bases for a successful divulging into cognitive computing before businesses. Right data amalgamated with efficient predictive analytics to sustain an efficient and more focused machine learning efficacy, thus, it is crucial to bring machine learning and predictive analytics to the data. Business needs can be simultaneously met with the accurate blend of machine learning with the multi-tenant cloud platform thereby enhancing the operations execution and ensure accurate insights for business.

Another vital parameter is to have an open AI ecosystem for your business, which will allow the decision makers to choose the vendors, domain experts, for it is a forever evolving process. Businesses need to identify their strengths with the analytics capability of the components of AI to deliver the best and most successful output.

IBM has launched their Watson Assistant in May this year, which aims to help businesses in transforming and innovating business solutions. The IBM assistant, powered with AI, IoT (Internet of Things) and cloud can be interacted with speech or a simple text and it mainly emphasizes on data privacy and security.

Artificial intelligence is no more a ‘thing of the future’, it is the present thing and the current era is powered by AI. The ‘black magic’ of technology is here to cast its charm, so be sure to be mesmerized with its unlimited capabilities. Remember to integrate AI assistance into your business and never fall behind in building the right innovations and competitive advantage for your business.

Further Reading...

Published by Saalmanjika Jaiswal

Saalmanjika is an MBA in Marketing and graduated with Bachelor in Pharmacy. She has an inclination towards writing and blogging . In her free time she enjoys playing the synthesizer and fancies sketching. She is an avid writer and often contributes to various blogs and websites.

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