Artificial Intelligence (AI) is the simulation of human processes by machines, especially computer systems. These processes include learning, reasoning, and self-correction. Major applications of AI are expert systems, speech recognition, and machine vision.
Artificial Intelligence can be expensive because of hardware, software and staffing costs, many vendors are including AI components in their standard offerings, as well as access to AI as a server platform. Artificial Intelligence as a Service allows individuals and companies to experiment for various business purposes and sample multiple platforms before making a commitment.
AI tools provide a range of new functionality for businesses, the use of artificial intelligence raises ethical questions. This is because of deep learning algorithms in advanced AI tools. Those are only as smart as the data they are given in training. Because a human selects what data used for training an AI program, the potential for human bias is inherent and monitored closely.
Types of Artificial Intelligence
Reactive Machines: These AI has no memory and cannot use past experiences to inform future ones. It analyzes possible moves and chooses the most strategic move.
Limited Memory: These AI systems can use their past experiences to inform future decisions.
Theory of Mind: This is related to human psychology, which refers to the understanding others have their own beliefs, intentions, and desires that impact the decisions they make. This kind of AI does not yet exist.
Self-Awareness: These AI systems have a sense of self, have consciousness. Machines with self-awareness can understand their current state and use the information to act what others are feeling. This type of AI does not exist yet.
Applications of Artificial Intelligence (AI)
AI in Healthcare: The main theme of AI is to improve patient outcomes and reducing costs. Companies applying machine learning to make faster and better diagnoses than humans.
AI in business: Robotic process automation is being applied to highly repetitive tasks normally performed by humans. Machine learning algorithms are integrated into CRM and analytics platforms on how to better serve customers. Automation of job positions has become a talking point among academic and IT analysts.
AI in Education: Artificial Intelligence helps to automate grading, giving educators more time. AI can assess students and help them work on their own.
AI in Finance: AI in personal finance applications, such as Mint or Turbo Tax, is disrupting financial institutions. Applications such as collecting personal data and provide financial advice.
AI in Law: In the discovery process, shifting through documents is often overwhelming for humans. Automating this process is a more effective use of time and effort.
AI in Manufacturing: Manufacturing is the area that has been at the forefront of incorporating robots into the workflow. Advances in Artificial Intelligence (AI) and Machine learning will transform the world with such a speed that society struggles to address crucial ethical considerations and economic consequences.