What is Artificial Intelligence?
Artificial Intelligence (AI) is a series of advanced technologies that allow a machine to work in humanistic ways. It is able to sense, comprehend, act and learn. We are on the brink of an Artificial Intelligence Revolution. It will transform businesses in comparison to the Industrial Revolution; in effect, reinventing how businesses compete and thrive. Companies need to embrace AI to stay competitive.
What does it mean for my business?
Artificial intelligence is everywhere, growing in its reach throughout society. In effect, businesses need to capitalize on its potential. Because AI continues to evolve, it directly impacts the way people work and live. These technologies help improve productivity, lower costs, unlock more creative jobs and create new growth opportunity. From Siri to self-driving cars, AI is progressing rapidly. While science fiction often portrays AI as robots with human-like characteristics, it does encompass a much wider range.
There is a growing number of AI applications actively improving people’s lives and creating positive change in the world.
The primary advantages of AI include:
- It reduces the time to perform a task, as well as, empowers multi-tasking and facilitates the workload for existing assets.
- It completes mundane tasks through intricate automation that will increase productivity. Theoretically, it can remove “boring” tasks from humans and free them up to be creative.
- It allows users with the AI technology to chat with what feels like another human. In effect, allowing organizations to provide customer care with the user anytime.
- Alongside cognitive technologies, it can help make faster decisions and carry out actions quicker.
- It works nonstop without interruption, breaks or downtime.
- Data processes error-free, no matter how large the dataset.
- It has mass market potential; therefore, it deploys across industries.
- It could lessen the risks you expose humans to in the name of research. For example, space exploration, demand forecasting, medical diagnosis and oil exploration.
What are the types of Artificial Intelligence?
Among the different types of AI, strong artificial intelligence refers to the work that looks to genuinely imitate a human. Few examples of this exist. However, a weak artificial intelligence simply aims to build systems that are able to behave in the same manner as humans. Another classification of artificial intelligence is meant to meet certain tasks, known as narrow artificial intelligence. In addition, general artificial intelligence is designed to reason.
An example of how AI can be used to improve an existing business model is the future release of the Yondo AI. It will provide customers with information as a pre-recorded online video is playing. For example, while watching a cooking show video, the customer can ask the Yondo AI for a list of ingredients in the recipe. It then displays the recipe list in a PDF form ready to be downloaded. The Yondo AI will make all video interactive taking its customer involvement and business promotion to a whole new level.
In conclusion, now is the time to research how you can utilize AI to improve your business model.