Infographic: Artificial Intelligence and Benefits Businesses can Reap From it
Industries are aggressively investing in the utilization of Artificial Intelligence (AI) software capabilities. According to International Data Corporation’s (IDC) Worldwide Semiannual Cognitive Artificial Intelligence Systems Spending Guide, it has been forecasted that this area of technology will grow to $52.2 billion in 2021. Furthermore, the report also stresses that by the year 2021, 75% of the enterprise application will be AI-driven. Hence, organizations should start evaluating AI to see how it will affect their business processes.
Benefits of Artificial Intelligence
There are many ways businesses can take advantage of the speed and detailing that Artificial Intelligence offers. According to a study by Infosys, Artificial Intelligence offers a competitive advantage to businesses, which is the main driving force for its adoption.
Some of the benefits that the adoption of AI for businesses are-
- AI can save businesses time and money via automation of routine and monotonous processes and tasks. In turn, this will increase productivity and operational efficiencies.
- Outputs received from Cognitive technologies in AI can help businesses in making faster decisions.
- With AI, businesses will have smart systems are set up properly
- AI technologies can assist businesses to make better predictions about their customers’ choices for a better and personalised experience
- The technology can mine vast amount of data to generate quality leads and grow a business’ customer base
- Businesses can grow expertise by enabling analysis and offering intelligent advice and support
Types of Artificial Intelligence (AI)
There are four types of artificial intelligence:
- Reactive Machines:
The most basic types of AI systems are purely reactive. They neither have the ability to form memories nor to use past experiences to inform current decisions.
- Limited Memory: These artificial machines form memories based on past experiences. In this case, the procedure of application takes longer because of the identification and modifications that are required to perform certain actions.
- Theory of Mind: These machines are more advanced and adopt, and hence the psychological term, “Theory of the Mind”, which means to have the understanding of thoughts and emotions that affect the behaviour in humans and animals.
- Self-Awareness: These AI machines are an extension of the “Theory of Mind”, possessed by Type III Artificial Intelligence. In this case, AI researchers not only have to understand the concept of ‘consciousness’. They also have to implement the same in machines as well. This way the AI machines will have an awareness of themselves, know about their internal states, and will able to predict the feelings of others.
There is more to the benefits that can be reaped by businesses via the use of AI that meets the eye. To make things simpler below is an infographic that says it all.