Artificial intelligence is a technology that has attracted speculation and intrigue since its inception. According to Deloitte, we can expect to see increased availability and implementation of AI in new areas of business operations and the general marketplace in the next three to five years.
Tech companies dedicating their focus on developing AI technology for mainstream use are set to hit a breakthrough. The technology is on the cusp of transforming how businesses operate in a variety of industries.
Artificial Intelligence Defined
Artificial intelligence is a conglomerate branch of computer science that aims at creating computer systems capable of learning from experience to complete tasks previously only possible by humans. AI capabilities include responding to visual cues, speech recognition, decision-making and translation between languages. The technology relies on programs that process enormous sets of data via machine learning and neural networks and can interpret the data inputs so effectively that it resembles human behavior and decision making.
- Product applications – Spotify’s ability to accurately recommend new songs to users based on their listening preferences.
- Process applications – GPS applications that are able to show traffic jams and alternate routes in real-time.
- Insight applications – Companies that rely on predictive algorithms to segment promotional efforts based on customer patterns in buying behavior.
Looking Forward With AI
AI technology has been accessible for a long time; however, it is now on the precipice of transforming how businesses operate across industries, including:
Two factors that have contributed to the rapid advancement of artificial intelligence are an increase in cloud computing capability and outsourcing data storage. The improvement of these functions has enhanced computer processing power to the extent that it starts to mirror human behavior.
What This Means for the Future
The next iteration of AI is known as artificial general intelligence (AGI), and refers to a computer’s ability to imitate how humans learn and make decisions. As this technology advances, computers will become more apt at mimicking human cognitive behavior.
This technological phenomenon is known as deep learning and will be implemented in breakthrough inventions such as self-driving cars and robotic surgery assistants. As AGI technology evolves, its ability to solve complex problems will rise exponentially. This means companies can use AI to solve problems that were previously unsolvable. Whether it be mitigating risk, improving operation efficiency, guiding advertising campaigns, or cross-examining medical records, the potential will be extraordinary.
AI is slated to dominate the new digital frontier as the technology is refined and grows in availability. Companies that are looking forward to adapting with the expansion of this technology will be poised for success as the future unfolds.
Last modified: June 14, 2019