Artificial Intelligence (A.I.) covers a broad scope of machine learning, artificial neural networks, robotics, and other concepts and development of software that mimics the human learning, and problem solving skills.
With Artificial Intelligence, a formative technology finds its way into the everyday lives of many companies and people. The fields of application in machine learning are robust, and the possibilities are limitless. Let us discover more in this Artificial Intelligence article.
Artificial Intelligence Applications: Machine Learning (ML)
What is Artificial Intelligence? Artificial intelligence is being addressed in the context of digitization, thereby accelerating the digital transformation of companies. A.I. was introduced and discussed during the Dartmouth College conference back in 1956.
With this initial introduction, A.I. has been evolving with extensive research, development, testing, and has gradually being introduced into different industries.
The best definition of Artificial Intelligence is the concept of mimicking human learning and behavior, and within it includes machine learning, artificial neural networks, robotics, expert systems, and many more.
Digital Transformation has continued to evolve, and in conjunction with machine learning, let’s discuss on the machine learning examples which are presented below: What is machine learning? What are the examples of Artificial Intelligence? What are the advantages of Artificial Intelligence, and the Future of A.I.
1. Robotic Process Automation (RPA)
The most well known integration with applications of Artificial Intelligence into manufacturing process automation is with digital software robots.
By using this innovative technology, repetitive and standardized processes and tasks are handled by robots rather than by human.
These robots take over the tasks of human through a systems-software interface, in which command is initiated at every level of the automation processes.
Robots are already an integral part of the industrial production today. Robotic Process Automation has greatly increases efficiencies and productivity in most large scale manufacturing facilities.
RPA is capable in reducing the frequency of errors in big scale manufacturing production, however the cost incurred in maintaining RPA can be high due to support and maintenance of the robotic systems.
RPA does not replace existing systems, or humans, but complements them to effectively produce a higher level of productivity.
Therefore, in the scope of Business Process Modeling, extensive modeling test would have to be carried out in each phase of the integrated systems, and the phase required for human intervention.
The integration of RPA in the automation processes offers many great benefits. These include the ability to gather quick, and responsive data, optimizes data, processing data, producing reports and analysis, and identifying the placement of human intervention in strategic tasks in the process.
2. Artificial Neural Network (ANN)
Artificial Neural Network encompasses a high degree of complexity, and uses mathematical formulas to compute data. In essence, machines are far superior to human in processing structured complex data. It is in the mathematical formulas that these structured problem-solving tasks are performed quickly, and with a high degree of accuracy.
On other hand, ANN fails or faces challenges in unstructured problem solving tasks (such as human’s emotion). Since mathematical formulas are instructional based to perform or to produce a certain tasks/result, it is difficult to include all the result as would be of a human.
As an example, every human reacts in different ways to a particular situation, and the emotions differs greatly. Therefore, ANN is only capable to perform what is being programmed into it with mathematical formulas.
The advances of ANN in speech technology, and facial recognition has been utilized and implemented by the private and public sectors. In these two ANN systems, the learning behavior of humans is imitated through the use of images, texts, and audio files.
These ANN systems learned from experience and it divides the complex world into a hierarchy of concepts. Through the hierarchy of learned concepts, the software systems can understand complex hierarchies by deducing them in simple approaches, and produces the most possible result.
In this instance, the human teaches the systems to recognize data, and the knowledge required to mimic human behavior. The more knowledge such a system can extract from data, the less likely it is to need human intervention.
As an example, the advantages of Artificial Intelligence includes facial recognition that has been used in some cities to identify crimes or criminal activities, and in airports and passport controls.
3. A.I. Dev.: Software Applications of Artificial Intelligence
Software applications for businesses, and for consumer’s used has long been introduced. Decision trees modeling of specific tasks and the underlying processes enabled this software to perform its specific purposes.
For example, there are many A.I. software applications that guide a user into performing specific tasks, and producing the desired result whilst performing checks and errors internally. This is evident in tax income filing software, and many others that requires filing out forms, and data collection.
In principle, these approaches are based on machine learning algorithm, and a modeling decision tree in placed to justify further actions with the data entered, and producing the recommended result or recommended action to be taken.
4. Chatbots and Virtual Assistants
In this core-area of Artificial Intelligence, Chatbots and Virtual Assistants provides answers and result to specific questions or commands. Chatbots has been extensively used in business organizations as a front-line to direct customer’s enquiries to an appropriate division within the organizations. This has become highly efficient for businesses to provide effective customer services.
Due to rapid development in the global business environment, chatbots are becoming increasingly important and popular in a multi-faceted business operations in a globally connected world.
For the consumer’s market, Virtual Assistant such as Alexa, Siri, and Google Assistant has been introduced into most smart tech products. Smart tech products with enhanced Virtual Assistant are highly responsive to the commands of the users.
Do not overlook the positive used of these Virtual Assistants in consumer’s smart tech products. For example, it is highly efficient to command Alexa, or Siri to make emergency phone calls when you need help or are in critical conditions.
Nevertheless, machine learning and speech technology are both running simultaneously in the backend of the application software of these Smart Tech Consumer’s products.
5. Predicting Customer’s Buying Behavior
For years, software that predicts customer’s buying behavior has been used extensively by Amazon, and in companies alike. The integration of this machine learning software enabled the companies to predict and to recommend related products to the customers.
These A.I. applications recognizes the patterns of behavior specific to the customer as they browse or have made prior purchases from the website. These A.I. software applications are also known as a recommender system, or a personalized software system.
In addition to predicting customer’s buying behavior, these systems enabled dynamic micro-targeting, geo-specific targeting, conversions tracking and re-targeting, real-time analysis, and many more features as demanded for marketing purposes.
6. Automated Copywriting
Wikidata – Machine learning applications data analysis.
The Wikidata platform, for example, shows that conceptual definitions and data can be generated into useful information. The ability of such automated copywriting programs is much faster, and more comprehensive in producing comprehensible reports such as highly detailed corporate annual reports, stock market analysis
A.I. – Machine Learning: Opportunities for SMEs
Artificial intelligence (A.I.) future technologies are not only utilized by big corporations or for the industrial giants. Specific A.I. systems are also suitable for smaller organizations such as Small and Medium Enterprises (SMEs).
SMEs can integrate these systems into their business eco-system to improve on productivity, and to generate significant profits. Research findings have continuously showed that the deployment of A.I. into the business processes has increase productivity. This is evident with the use of Business Intelligence Tools for strategic decision making.
However, the belief that A.I. will replace jobs is two-fold. On one hand, jobs that are repetitive in nature (such as in manufacturing assembly line) can be replaced, but jobs that require specific skills or a higher managerial role would not be replaced.
There are a variety of specific business intelligence software applications such as Cognos, and Salesforce. Business Intelligence Software are becoming an integral solutions for SMEs to gather data, and to project desired outcomes as necessary to meet organizational objectives and goals.
These systems allow great flexibility, and features for analysis, planning, design, implementation, and after-support activities.
At an even smaller scale of business operation, a hair salon, or a local restaurant can utilize A.I. systems to accumulate customer’s data, setting up appointments, or reservation online, answering customer’s questions, store customer’s information thereby enabling a very effective profiling for future marketing purposes.
The advances and advantages of Artificial Intelligence systems for the service industry have seen tremendous growth and capabilities. You should have encountered such A.I. systems in some restaurants while placing an order, or printing your boarding passes while at an airport.
It is also important to emphasize that this type of technology in the coming months and years will have a major impact not only in terms of production but also in economic and social level.
Will Artificial intelligence Replace Your Job
In the very near future it is expected that applications of artificial intelligence will result in a reduction of 60% of jobs with the simultaneous increase of 50% in productivity. Read the PwC research on “An International Analysis Of Potential Long Term Impact Of Automation”.
This does not mean that the machines will replace the human presence in the company. It will, however, replaces certain tasks to be more productive and re-organizes skilled positions. More is discussed by 60 minutes with Mr. Kai Fu Lee.
Artificial Intelligence In The Consumer’s Market
As evidence in the consumer’s market today, there is a huge demand in A.I. supported products and devices. These smart tech products include wearable, digital assistants, virtual reality, objects and devices for the smart home, smart kitchen appliances that reduce fuel consumption, health and safety devices, among others.
Businesses are also utilizing these smart tech computer software systems such as automatic e-mail scheduler and responders, data analysis, and competitors spying analysis, business development, market’s prospecting, financial predicting, and many more.
Other A.I. Machine Learning Development
Industry 4.0 will continue to step forward and evolves further. From financial institutions to the labor markets, big data analysis has become the most challenging.
The vast amount of data (Big Data) generated will require many more A.I. systems to handle these complex data, and to quickly generate informative knowledge for the user. Agile Computing is nothing new here. Agility in business processes needs a powerful complex A.I. system to offer agile capabilities.
So far we have learned that artificial intelligence applied to the world of Industry 4.0 will bring huge benefits for small and medium-sized enterprises. But in general it will revolutionize the business world as we know it today.
Major Paradigm Shifts in the Labor Sector
Machine Learning is becoming more sophisticated, and can handle many tasks for its built-purposes. However, it is true that these A.I. system will replace certain job positions, but it is also true that it opens up new job positions that require specific skills to support these systems.
Therefore in essence, job replacement is nothing new and nothing to be afraid of. Jobs that require specific tasks has shifted and has been changing for years, and human adapts to the changing environment quite easily by acquiring new skills set.
Furthermore, the newer generation will fully adapt to the paradigm shifts in the labor market better than we think.
Human Resource Management Information Systems (HRIS)
Corporations with a huge number of employees generally uses a Human Resource Management Systems to help manage employee’s data, pay scale, payroll, position and rank, employee’s achievements, employee’s required educational certification, health and insurance programs, general corporate policies, and many more.
In this aspect, HRIS are able to gather huge amount of data (Big Data) to generate specific reports and recommendations.
Thanks to artificial intelligence, it will be easier to forecast expenses and revenues on a monthly and annual basis. The A.I. machine will ask or look for answers (with all budgeting areas covered) to help in budgeting analysis. This will help SMEs to better manage the capital to be allocated to investments.
A.I. Machine Learning Applications in Finance
Ever call a local bank? You maybe surprise that the receiver of the call could be a robot advisor or a robot customer service agent.
Although some call-centers are still being answered by humans, there is a huge shift into an automatic robotic call center. The reason is that these robotics answering machines are becoming more intelligent, and with the data learned and gathered over time, they provide information just like their human counterpart.
These machines learn the behavior and responses, and are clever enough to reproduce natural voices. You may still encounter some robotic voices in some call centers, but in the near future, this natural voice conversation with A.I. machine learning behavior will shock you even further.
For further reading on FinTech, check out the “18 Top Use Cases of Artificial Intelligence in Banks” -FinTechNews.
Artificial Intelligence Future Ideas
Have you ever seen how Boston Dynamics develops their robots? Have you watched Sci-Fi Movies, or for example Humanoids and how they are developed?
Better consumer products are being introduced, and more efficient products will be introduced as an update or an upgrade due to the intelligence built into these products learned over time.
Further examples of Artificial Intelligence includes the deployment of intelligent robots into space research, oceanography research, or in the military? These machines are capable to capture images, capture data from far away places, and perform tasks as programmed.
How Artificial Intelligence will change the future?
As of today, almost all industries in the private sectors have utilized some sort of A.I. machine in their operations. These machines resides at the back-end of business processes, and it helps drive efficiencies in a competitive global environment.
The experts and the field of Machine Learning will continue to evolve and to seek for new innovative machine algorithm. The demand of businesses to compete efficiently, or to simplified its supply chain processes never ends.
Furthermore, the consumer markets drive technological innovations further with higher levels of sophisticated request. New end user products must or should help make life much simpler in daily chores. This is evidence of how smart tech or digital assistants has been introduced and widely accepted in the digital consumer’s markets.
In addition, A.I. enabled machines will affect or even change people’s lifestyle. The introduction of intelligent machines with intelligent software systems such as those deployed into your car, your home, the smartphone you use daily has already impacted your lifestyle.
It will continue to make changes into your daily life activities before you realized it. However, all these intelligent systems are good, and it does make life a lot easier.
Artificial Intelligence is becoming to influence us, and has influence our way of life in ways we cannot imagine. It will impact all business industries from robotic automation, and business intelligence software applications in the business eco-systems.
Digital Transformation, with the advances of Machine Learning and A.I. brings forth greater leaps in human evolution as suggested earlier. Here are some textbooks of machine learning, and Artificial Intelligence.
As you realized from the discussions above, artificial intelligence covers all industries in the private sectors (businesses, and consumer’s market), and in the public sectors (government, military, and research).
Artificial Intelligence will change the future with greater capabilities to meet demand.
Artificial Intelligence core-areas of machine learning, artificial neural network, robotics automation, and business intelligence systems will only continue to rock, and do you want to be a part of it?
You can choose to be a user, or an A.I. specialist, and either way, you cannot ignore it. We will evolve with it as suggested by the theory of human evolution and in the never-ending Digital Transformation era. Embrace the transformation change! Do you agree?
Interested in knowing how your money, finances, and banking will change even farther in the future?
Read about FinTech: The Future of Money, Finance, and Banking, and how it has already affected your financial transactions.