AI – Many people know what it is, but not too many understand the impact it is having on businesses. So, let’s start from the top.
What is AI? AI, which stands for Artificial Intelligence, is the theory and development of computer systems that are able to perform tasks that typically would require human intelligence. It is the process of creating intelligent machines that are capable of perceiving, understanding, reasoning, learning, and interacting with their surroundings.
Two Types of AI –
- Narrow AI, also known as Weak AI: Narrow AI is designed to excel in specific tasks within well-defined domains, such as voice assistants, image recognition systems, and recommendation algorithms. These systems are impressive, but lack comprehensive human-like intelligence.
- General AI, also known as Strong AI or Artificial General Intelligence (AGI): General AI aspires to replicate human-level intelligence across various tasks and domains. It represents the concept of machines possessing the ability to understand, learn, and apply knowledge across diverse contexts, resembling human cognitive abilities. Achieving true general AI still remains an ongoing and ambitious research pursuit.
What is AI’s Impact on Business? AI has a big impact on business. Some possible positive effects are:
- Automate and optimize routine processes that can help save time and money
- Use cognitive technologies to make business decisions
- Has potential to avoid ‘human error’
- Predict customer preferences and help grow customer base
