Artificial intelligence and its future impact on the business

For a concept that we hear so much about, artificial intelligence remains rather poorly understood by many people. So let us take the time to demystify it.

What is artificial intelligence?

We hear so much about a concept that artificial intelligence remains relatively poorly understood by many people. So let’s take the time to demystify it. The idea of ​​artificial intelligence was first presented in 1956 by a team of American scientists during the Dartmouth Summer Research Project on Artificial Intelligence [ Wikipedia ]. Two main themes emerged from this presentation:

1. It is quickly theorized that computers might one day think autonomously, just like humans, and that they would be able to solve logic problems with the same efficiency. It is this specific idea that scientists have dubbed artificial intelligence.
2. It is believed that creating artificial intelligence would be relatively simple; according to the researchers, the development would only take summer for a team of ten scientists.

If it is useless to recall that these scientists had shown a somewhat excessive optimism, we must, all the same, recognize that thanks to their work, far-reaching advances were made in the field.

Sudden growth

The year 2012 marks a turning point for the development of artificial intelligence. In November of this year, a team of researchers from the University of Toronto, led by Professor Geoffrey Hinton, succeeded in programming an artificial intelligence capable of identifying some 85% of the images presented to it. By comparison, the average person takes this kind of test with a score of 95%, while the lower artificial intelligence results did not exceed the 72% mark.

The research team attributed this success to the refinement of learning algorithms dubbed deep learning. This algorithm works by assigning numbers to the shapes and colours that make up the various images submitted. The data thus created is then broken down into parts, named layers, analyzed, then compared to sets of layers. The composition of these correlations is what serves to identify the image. The human intervenes when it comes to confirming (or rejecting) the prediction of artificial intelligence. If necessary, the algorithm adds the correlations to its database, thus strengthening it for future identifications.

In 2015, this same team smashed its record with an identification rate of 96%, thereby confirming the hypothesis formulated 70 years earlier regarding the potential of artificial intelligence compared to humans. Suppose the improvement of algorithms was still one of the factors in play. In that case, the exponential development of the power of computers is another, making it possible today to obtain precise results in real-time whereas weeks previously would have been necessary.

Industry expectations of artificial intelligence

Several visionary companies are trying or have already found ways to integrate algorithms such as those of the deep learning type into their software. Not surprisingly, the giants Microsoft and Google are leaders in this area; most of their main products exploit some form of artificial intelligence in one way or another. Cortana is the name given by Microsoft to its new virtual assistant included in the most recent versions of its well-known operating system. This virtual assistant can, among other things, converse verbally with the user, help organize files according to specific criteria, carry out research and perform many different tasks — all while evolving and adjusting according to its use. For its part, Google uses deep learning algorithms to adapt its search engine according to user search trends.

It is interesting to note that while many people are touched by artificial intelligence daily, few know it. And if the idea doesn’t reassure you, you’ll have to get used to it: Multiple fields, including finance, health, and manufacturing, are looking to take advantage of artificial intelligence. It is not uncommon for large companies to buy smaller companies specializing in the development of artificial intelligence to better integrate them into their products and services. This technology would be particularly valued for its ability to reduce employee costs and human error. The Markets and Markets consulting firm estimates that the value of the artificial intelligence market will be worth some US $ 5 billion by 2020, while Bank of America Merrill Lynch argues that the technology will help companies globally save between 14 to 33 trillion US dollars in 2025, mostly in labour. These cost reductions would also be the main reason for deploying artificial intelligence for 62% of companies.

Despite all the advancements in the field, there are still some limits to artificial intelligence. Although they can perform routine or mathematical tasks with as much or more precision as humans, there are still some deficiencies in cognitive tasks, such as understanding speech. The effectiveness of artificial intelligence also greatly depends on the quantity, quality, and proper classification of the data provided to them. In addition, computers that can handle such technologies are particularly energy-intensive, while the human brain is not. However, these limitations are only temporary; in 2014 alone, spending on adopting artificial intelligence was estimated to be some $ 13.8 million.

What about your business in all of this?

Harnessing artificial intelligence will drastically reduce your operating costs. In addition, their ability to identify complex trends will help you in your decision-making process. It is no longer a question of whether companies should embrace this technology but when they will finally leap. Are you ready? The following three steps will help you prepare well.

First, you must cultivate a genuine appreciation for artificial intelligence. The firm Narrative Science recently published the results of a survey revealing that only 38% of those polled believed they were using products based on artificial intelligence. However, it was instead 88% of respondents who did. How to explain that 50% of these people did not know how to exploit artificial intelligence? The answer is quite simple: the lack of knowledge on this subject.

Second, you need to understand how artificial intelligence will facilitate your day-to-day business or management activities. Are you looking to improve your production, reduce your number of employees, improve your algorithms? The possibilities are vast, and you owe it to yourself to understand your needs.

Third, once artificial intelligence is installed in your home, it is essential to promote the excellent management of your data. As mentioned earlier, these systems are particularly effective when the data to be processed well classified. This ranking can — and should — be done before adopting artificial intelligence and will allow you to quickly draw exciting conclusions about trends that relate to your business or your customers. If the technologies based on artificial intelligence are not within everyone’s reach, there are few options available to you.

How artificial intelligence transforms your data into an intelligent business?

The big data revolution and cloud-based applications have paved the way for this data to be operationalized. This technological breakthrough affects most of the departments of your company with the segmentation of marketing campaigns, the improvement of product quality, or even commercial development by sorting out prospects with high potential.

Weboccult Technologies helps you see more clearly and get a better margin quickly. The fields of application are varied and already allow companies that use it to take a considerable lead over their competitors with traditional methods.