Build a competitive advantage and outperform using artificial intelligence.
Throughout history, humans have used machines to increase productivity, whether harnessing water, fire, steam, steel, electricity, and electronics. We have now entered the age of artificial intelligence (AI), whereby we use intelligent machines and enable intelligent automation.
AI refers to a software capability that is trained, or learned, as opposed to being programmed with explicit instructions. AI learns from the vast and ever-increasing amounts of both structured data (e.g. data in rows and columns) and unstructured data (e.g. words, images, sounds, sensors).
AI can be consumed as a service, for example, you can utilise a pre-trained service to transcribe handwritten documents, convert speech to text, converse with a chat-bot, or detect objects of interest within images and video.
Another way to use AI is to develop your own model, training it with data of your choosing, until you achieve a level of accuracy that is acceptable for your needs. For example, forecasting sales with greater accuracy, improving quality control, or optimising your supply chain and logistics.
AI is not a new concept, but the reason it is taking off now is due to a confluence of enablers.
The reason AI is taking off now includes:
- The amount of data being generated is increasing, and AI improves with more data.
- The cost of storing and processing data is decreasing, enabled by cloud technologies.
- Advancements in machine learning algorithms (coding techniques), particularly deep learning (neural networks), means AI is learning to do more complex cognitive work.
- Ultimately this means AI is in a virtuous cycle of getting faster and cheaper to use.
Some of the leading AI vendors and their products include:
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