Artificial Intelligence for newbies
There are plenty of companies, which are creating transformation in this digital world by implementing AI and machine learning concepts. Some of these words like AI (Artificial Intelligence), ML (Machine Learning), Big Data, Digital Twins (and so on) are dominating the internet and changing the way businesses are operated nowadays. In this article, I am going to give you a brief understanding of what AI is and how any technology enthusiast can create a disruption in the industry by simply understanding the basics of AI.
“Artificial Intelligence is the language of a computer” If we define it in a very short and summarized way. Now let’s be a little more specific and detailed.
“Artificial Intelligence is a digital concept that establishes communication between human and computer just like it happens between two people.
Another definition; with AI, one can interact with the computer as they interact with a human. Intelligence is the core of any AI-related technology or idea. That’s why in most of the AI concepts and technology disruptions, Intelligence plays a very important role and this comes with “Data”. Data is the key to any of the AI idea to trigger and achieve the milestone.
AI applications can range right from data analysis, predictive analysis, AML (anti-money laundering), KYC (Know your customer), KYA (Know your audience) and so on.
AI enables “Understanding, Analyzing, Predicting and Performing” the functions digitally.
AI can be implemented almost everywhere be it IT, automobiles, Banking, marketing, aerospace, e-commerce, agriculture, or typically a connected warehouse. That’s why a lot of people think that it might kill jobs in the coming year or so. It’s a contradictory statement though. Well, I will explain the “why” in my next blog since I don’t want to deviate from the current topic. According to a recent report, 64% of established companies have already started exploring and investing in AI and Machine Learning technologies and are able to get good returns.
Some of the top industry giants like Google, Amazon, and Microsoft are developing great AI solutions because of cloud and data-driven business models. Also, almost 32% of banks have already implemented AI-driven solutions to control fraud and compliance oversights.
If you are scouting for AI-driven ideas and have something specific to consult around it, please let me know. I would be happy to discuss the possible opportunities, market scope and future developments around it. Did you find this article insightful?
Looking forward to your valuable questions, opinion, and feedbacks.