One of the most exciting and promising frontiers of technology today is Artificial Intelligence (AI). Any conversation around technology is incomplete without a reference to AI. While the term AI has been around for decades, in recent times, its application across industries, from healthcare, business and education to banking, amongst others, is changing the way we live and work both remotely and in the traditional sense.
The increasing ubiquity of AI can be attributed to greater processing power and the declining cost of achieving these tasks at increased speed. The adoption of AI has been so rapid that stakeholders and market leaders in technology across industries can no longer ignore it for long-term and sustained financial growth.
Definition of Terms
Artificial Intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic human actions. AI is intelligence demonstrated by machines, unlike the natural intelligence displayed by humans and animals, which involves consciousness and emotionality.
AI is a wide-ranging branch of computer science, concerned with building smart machines capable of performing tasks that typically require human intelligence. In simpler terms, it is making computers think like humans. The term is used to describe machines that mimic cognitive functions such as learning and problem-solving.
Business disruption refers to any innovation within an industry that radically changes the way companies in that industry operate. Disruption in business causes radical shifts in industries by offering unique, niche, more affordable, or untapped solutions to old or new problems. Sometimes, disruption suspends existing markets; other times, it creates entirely new ones.
If you have ever thought about a piece of software, app, or tech-based product that has skyrocketed in use recently, it’s likely that at some point, “you encountered it being described as “disruptive”. An example that readily comes to mind is Netflix. All other streaming services are in the process of this ongoing disruption in the entertainment industry. This is largely influenced by the slow extinction of video rental stores and is now responsible for the ever-growing cancellation of cable subscriptions worldwide.
Current Trends in Artificial Intelligence
Technology has proven that it has come to stay, from the advent of computers to mobile phones, to digitalization and now to AI. The industry has gone through various degrees of failures and successes and it has finally picked up to the extent that it has started to affect and transform our way of doing business.
AI has begun already to reshape our modes of doing business in every major sector. AI is already being put to use to help with making data-based decisions and synthetization on a scale much larger and faster than the human brain could accomplish. It has come to assist and aid with easier and faster ways of running a business and increasing productivity.
The following are some of the ways AI is disrupting business and increasing value:
- Data Access
Data access enabling universality is one of the recent AI revolutions. Reliable and accurate information helps businesses shift to AI-powered automated decision making. It has helped to cut the cost of operation, labour saving processes, and improved the research capacity of organizations.
Data management systems and AI work hand in hand. When AI becomes fixed within and throughout the system, it has the potential to improve database query, accuracy and performance, and to make maximum use of system…Click this link to continue reading in the #4 2021 Edition.