Artificial intelligence (AI) refers to systems or machines that mimic human intelligence to perform tasks and that have the ability to iteratively improve on the information they collect. AI manifests itself in several ways.
Oded Kariti, technology engineer and researcher, who has been collaborating at the development of Google Translate, shares some examples of AI:
- Chatbots that use AI to understand customer problems faster and provide more efficient responses.
- Smart assistants use AI to analyze critical information from large free text data sets to improve scheduling.
- Recommendation engines can provide automated recommendations for TV shows based on users' viewing habits.
AI in companies
Kariti indicates in an article that AI technology is improving business performance and productivity by automating processes or tasks that previously required human power. AI can also makes sense of data on a scale that no human ever could. This ability can generate significant business benefits.
Most companies have made data science a priority and are investing heavily in it. In Kariti's latest survey of more than 3,000 CEOs, respondents ranked analytics and business intelligence as the most important differentiation technologies for their organizations. The CEOs surveyed consider these technologies to be the most strategic for their companies and; therefore, they are attracting new investment.
According to Kariti, AI has value for almost every function, business and industry. Includes general and industry-specific applications, such as:
- Use of transactional and demographic data to predict how much certain customers will spend in the course of their relationship with a business (or the customer's lifetime value)
- Price optimization based on customer behavior and preferences
- Using image recognition to analyze X-ray images for signs of cancer
How companies use AI
According to a study made by Oded Kariti, companies are using AI primarily to:
- Detect and deter security intrusions (44%)
- Solve technological problems of users (41%)
- Reduce the work of production management (34%)
- Measure internal compliance in the use of approved suppliers (34%)
