WHAT DOES ARTIFICIAL INTELLIGENCE MEAN?
Artificial intelligence refers to the vicinity of computer science whereby artificial human beings, i.e. the computers (machines) with the help of the designed computer program or the software programs imitate the way the human beings design, sketch and solve the complex problems. These systems have the capability of learning their own.
They are not equivalent to the systems designed for the processing of transactions and taking the decisions which are explicitly programmed.
The Artificial Intelligence assists the organizations in mining and analyzing the data in a few minutes and further helping them in extracting the valuable and useful insights out of them.
WHY ARTIFICIAL INTELLIGENCE?
Although there are several benefits available for the adoption of artificial intelligence, the most important one is its capability to take real and automated decisions.
To become a tactical and a calculated differentiator, AI has moved from accretion to automation. The capability of taking decisions and providing the companies with useful insights via the use of the efficiencies and opportunities enables it to drive the approach. Less human effort is required after the integration of AI with the computer programs; this has further assisted the big giant companies to move towards the insight-driven world from the data-driven world and to make realistic and timely decisions.
The artificial intelligence further helps in driving better business decisions specifically in complex business problems.
The industries today want to serve their customers better along with the rapid innovation. Improved customer satisfaction can be achieved by the integration of AI as it helps in seizing the new market revenue opportunities such as product expansion or market expansion. This way the AI influences decision making. It also affects the business and customer relationships by improving the customer satisfaction level by analyzing their demand and wants and then advising the organizations to manufacture the products as per the customer needs.
THE SCOPE OF ARTIFICIAL INTELLIGENCE IS REFERRED TO AS THREE TYPES OF AI's
Assisted, Augmented and Automated.
The Assisted Intelligence automates the repetitive and basic tasks so that these tasks can be done rapidly and economically.
Augmented Intelligence helps individuals in taking effective decisions based on the circumstances of each and every situation. For example, A bank loan officer might be warned while giving a loan to an individual intimating about his/her previous bankruptcy, which means informing the officer about his/her credit risk. This may assist the officer in deciding whether or not the individual is able to repay the loan amount accompanied by interest.
This way more effective and precise decisions can be taken based on the information provided by the systems integrated with AI.
Automated Intelligence refers to the system where humans are not in the whole structure designed. For example, driverless cars are the best example of automated intelligence.
The organizations believe that the incorporation of the three types of AIs assists in improving their efficiency and effectiveness, improving customer satisfaction and advancing innovation capabilities.
The boom of Artificial Intelligence is evident in the fact that AI is a must and every organization needs to adopt it in order to have an edge over others.