Now, let’s first dive straight into understanding what AI literally means. To describe it in short; “AI is the simulation of human intelligence processes by machines, especially computer systems.” An elaborative approach would be, “AI can be described as a branch of computer science that aims to create machines that can perform tasks that otherwise would require human intellect. This involves comprehending language, recognizing patterns, learning from experience, and decision-making.”
From the very start, AI has been scrutinized by both scientists and the general public.
Some of the common conceptions associated with AI are:
- Machines are going to become so advanced that humans will not be able to match their pace. They will keep redesigning themselves at an exponential rate.
- Machines hacking into people’s privacy and becoming weapons.
- Should machines like robots and humans be treated alike?
- Can AI take over our jobs? As self-driving vehicles can remove the need for cab drivers or manufacturing units removing human labor with machines, etc.
So, to put your mind at ease the answers to the two questions posted above are, “Only to a limited extent, but not entirely!”
Types of Artificial Intelligence
Now that we have an understanding of AI, it would be worthwhile to turn our attention to how we can use AI in our everyday lives to achieve results with speed and efficiency.
To begin with, there are two types of AI; Weak AI and Strong AI.
Weak AI has been designed to carry out specific jobs like video games (chess) or personal assistants including Amazon’s Alexa and Apple’s Siri which answers questions asked by you. Strong AI on the other hand are systems that are designed for carrying out tasks that are fit for humans hence they are complex and complicated in nature. These systems are configured to manage scenarios where there is a need for problem-solving without any human intervention. Examples of these strong AI include self-driving cars or robotic surgery through AI.
Applications of Artificial Intelligence
AI has numerous applications and can be applied to many different sectors and industries. It has applications in healthcare which include suggesting drug dosages, identifying treatments, and assisting in surgical procedures in the operating room.
AI can be used for detecting and flagging activities in finance and insurance like unusual debit card use or large account deposits which assist a bank’s fraud department. AI applications are also used for streamlining and enabling trade. It is done to readily estimate supply, demand, and pricing of securities.
Understanding different Artificial Intelligence Systems and their Roles
There are many systems associated with AI. These include machine learning, natural language processing, deep learning, and finally, neural networks. Each of these systems is interlinked. AI is considered to be the parent with machine learning as the subdivision of AI, deep learning as the subset of machine learning, and finally, neural networks as the backbone of deep learning.
It would be worthwhile to understand each of these as given below:
1. Machine Learning (ML) – ML utilizes machines for learning from data without the need for programming. ML algorithms employ large quantities of data for learning and improving its performance over time.
2. Deep Learning: It is a branch of ML and is similar in structure to the human brain. Deep learning makes use of artificial neural networks comprising several layers to permit computers to learn from large quantities of data.
3. Natural Language Processing (NLP): It trains machines to comprehend and produce responses just like humans. Apt examples of NLP would be Siri, Alexa, or Google Assistant.
4. Computer Vision: It trains machines to look at and comprehend images or videos which are akin to how humans interpret visual data. It is majorly used in autonomous vehicles, facial recognition systems, and a lot more.
5. Neural Networks: It is the backbone of deep learning and has algorithms that recognize patterns, similar to how our brain recognizes patterns.
Significance of Artificial Intelligence for Businesses
We can see 35% of businesses around the world making use of AI and 42% exploring this technology. Generative AI utilizes foundation models for training vast quantities of unlabeled data that can be adapted to bring flexibility and scalability. This results in the acceleration and adoption of AI to a large extent. Regardless of how one makes use of AI applications based on ML or foundation models, AI lends your business a competitive edge.
The integration of customized AI models in workflows and systems and automation of functions like customer service, supply chain management, and cyber security can assist businesses in meeting customer’s expectations not just today but in the future as well.
To make the most of Generative AI, businesses must:
- Identify correct data sets right from the beginning to ensure quality data is used for achieving the optimal competitive advantage.
- Create a hybrid AI-ready architecture to utilize data lying in mainframes, data centers, private and public clouds, and at the edge.
- Ensure AI is free of bias or hallucinations to ensure it’s trustworthy. If it’s anything less then it would result in damaging the company’s reputation and bring regulatory fines. It can also result in a breach of customers’ privacy, data rights, and trust. The AI should be just, explainable, fair, and transparent.
Summary
AI is certainly a boon for mankind as it can make our lives easier and more efficient but, one must bear in mind that despite its capabilities, AI is a tool that’s devoid of human touch and lacks intuitive abilities, empathy, and understanding which goes beyond the data. It will only keep getting better and it’s we who can direct its evolution in a way that honors humanity and protects our values. AI can perform specific and trivial tasks efficiently, but cannot go beyond it. For instance, it can be trained to thread a needle blindfolded, however, it cannot be made to understand that it shouldn’t stitch its own fingers together. AI can not only solve complex problems but can do so at a remarkable speed. AI has paved its way into all realms of our lives. Its structure has evolved to encompass a deeper knowledge of the world prior to its self-evolution. We are at risk of being left with a technology that’s brilliant but outright stupid.
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