The growth of game-changing technology is levelling the playing field in many industries. The adoption of these technologies is on the rise, giving cognizance to forward-thinkers in various sectors to reimagine what is possible.
2020 will see a rise in technology-driven organizations, as more companies embark on the electronic transformation journey. With artificial intelligence (AI), machine learning (ML) poised to usher in a brand new means of doing business,traditional business processes will soon cease to exist.
Artificial Intelligence (AI)
Artificial Intelligence is everywhere; from navigation programs to smart devices, people around the globe use AI daily. There is an increasing interest from every industry about the benefits to be gained from using AI. But what exactly is Artificial Intelligence, and how can it benefit your company?
Artificial Intelligence refers to the ability of machines to emulate human intelligence, and perform tasks much faster and more accurately than humanly possible. AI works by making use of algorithms and fast, repetitive processing to combine and analyze massive amounts of information, allowing machines to learn automatically from features and patterns in the data. AI can resolve many challenges faced by businesses today. Employing AI solutions in your daily business operations can help increase sales, improve customer experience and minimize labour-intensive operating expenses.
Machine Learning (ML)
Machine Learning is a branch of Artificial Intelligence that provides machines with the ability to automatically learn and progressively enhance their functionality, without human intervention or programming.
The ability of ML lies in self-teaching algorithms, which automatically study and analyze vast amounts of information to recognize patterns and make predictions or conclusions. Systems can learn automatically from experience and supply improved results as time goes on.
Machine Learning will have a significant impact on an organization’s efficiency and profitability and will enable businesses to predict customer behaviour, make product recommendations, automate business processes, and detect fraud. With the real-time insights obtained from using ML, companies will have a better prospect of identifying profitable opportunities and avoiding unknown risks, thus gaining an advantage over their competition.