The age of AI
It wouldn’t be over-exaggerating to say that AI is driving the world that we are living in. AI here doesn’t simply mean robots doing human work or activities, or super computers doing complicated analytic processes. AI, in simple term, is software-computed intelligence, versus human intelligence. AI however, isn’t taking over human consciousness. AI is considered being in its infant stage right now, which means it has a lot of space to grow. True AI, theoretically, allows the machine to learn on its own and increase its capability and knowledge based on experience and data input. Will we ever be able to produce an AI that has a human’s level of consciousness? We might be close, but it’s an ongoing challenge of the technology world itself.
AI usage in our world today
From Siri, to Tesla (arguably the best car ever made), AI exists in a lot of popular devices or applications in our everyday life. The development of AI has sped up the tempo of processes, allowing software to predict our thought process based on previous actions and responses. However, machine learning might not be the edge of AI as we have stepped over the line of just simply “learning from human”. Let’s look at Google’s DeepMind which can teach itself from scratch without pre-defined behavioral algorithms. Undeniably, AI technology is proven to be more and more advanced, enhancing its possibility for unlimited potential and knowledge.
How AI is driving the business world
So what is exactly the hype about regarding AI? Before applying to your business, it is vital to understand the tools and the concept of AI, to make sure you know what specifically your business needs to drive growth.
Machine Learning
How did human become the so-called, “master race”? It is due to the ability to learn and adapt knowledge, in other words, the ability to become “smarter” as we experience and learn from things. This is commonly known as intellectual intelligence. A big part of AI is about this learning ability, or Machine Learning.
Machine Learning is a branch of AI which incorporates algorithms to allow “computers” to learn from previously inputted data, and make predictions. The algorithms are updated over time which results in the process of learning, creating artificial intelligence which Machine Learning is a sub-field of, allowing machine to learn without being explicitly programmed.
Machine Learning in the world today
Machine Learning is nowadays used widely as a customer service tool, such as chatbots for customer automatic responses, or phone interaction menus. The most popular usage of Machine Learning however, is for online music streaming, where a playlist is suggested based on your previous interest and choices that matches your music taste.
Big data & Data analytics
Big data means, by its simplest definition, a big chunk of data or information, collected and stored to be used and analyzed to increase efficiency and productivity, as well as suggesting future improving methods. Big data is categorized into structured and unstructured data, with structured data being a lot easier to analyze compared to the other one.
Big data is not a new concept, as most companies are using big data to analyze customer trends and behaviors to further improve their services and gain more information to better their products and support their customers’ needs. However, it is not about the amount of data that a company can collect and store, but what is the company doing with the data they collected that is important.
Benefits of Big data & Data analytics
Cost-efficiency
To understand fully about what is working and what isn't can greatly help in reducing costs and saving time. By analyzing existing data, new methods of improving the business can be found as companies can see where they are lacking and improve that.
Product improvement
A company can never see all strengths and weaknesses that their services or products have. By analyzing the information about their products, they can figure out what they need to change for their products or services to attract more people.
Discover customers' values
Understanding customer and market trends is the fastest way to benefit your business. This also increases the company's competitiveness and lets it get a head-start against its competitors.
Promote brand image
The most important part of running a business is to keep the brand image fresh and loveable. Big data helps companies see what costumers are thinking about their brands, hence, they can adjust their marketing strategies to create brand love which boosts sales and customer loyalty.
Stock control
By analyzing big data, companies can make sure that they are producing the right amount of products that is balanced between supply and demand, which can be generated and predicted by analyzing the market.