Without question, technology has made our lives so much better. From education to entertainment, manufacturing to management and healthcare to hospitality, every industry is transformed by exponential technological growth. Hence every business has now changed unrecognizably in a few decades, even years.
The stiff competition encourages the industries to adopt new technological advancements as early as possible. They eagerly seek after anything that gives an edge above competitors. But nothing has influenced and changed the business landscape like Artificial Intelligence and Machine Learning.
In layman's terms, Artificial Intelligence or AI is the newest technology by which machines become smart. Gone are the days when computers were tools that performed functions that they were programmed to do. Now computers exhibit decision-making skills, perform cognitive functions and recognize speech. This understanding shown by computers is termed collectively Artificial Intelligence.
Machine learning (ML) is a subset of artificial intelligence. As the name indicates, machines can learn new things by analyzing a vast amount of data. By building models from past data, machines can make decisions, which progressively become accurate without being programmed explicitly.
You can see AI and ML all around you now. From the prediction on a google search to the voice recognition in your smartphone, everything is driven by these technologies. Now businesses have understood the possibilities of AI and ML and are adopting them fast.
Artificial Intelligence and Machine Learning are changing the way the world works. They are making a substantial contribution to better the way industries and businesses operate. The technologies are altering the business landscape through:
Unlike some new techniques and technologies that raise expectations and ultimately turn out to be a fad, Artificial Intelligence and Machine Learning are efficient technologies that are here to stay. They promise great possibilities for the future of the world. Avoiding them can turn out to be the worst decision for a business. We can only imagine the changes AI and ML will bring to the world, let alone the businesses.