Artificial intelligence (AI) is a collection of technologies that work together to allow machines to sense, comprehend, act, and learn with human-like intelligence. Perhaps this is why everyone seems to have a different definition of artificial intelligence: AI isn’t just one thing.

The AI landscape includes technologies such as machine learning and natural language processing. Each is on its own path of development and, when combined with data, analytics, and automation, can assist businesses in achieving their objectives, whether it’s improving customer service or optimising the supply chain.

Narrow (or “weak”) AI

Some people differentiate artificial intelligence into “narrow” and “general” AI. The huge majority of what you come across in your regular lives is narrow AI, which use to focus on a single task or a group of closely connected tasks.

Here are some examples:

  • Digital assistants
  • Weather apps
  • Software that analyses data to enhance a specified business function

These systems are effective, but their scope is limited: they are primarily concerned with increasing efficiency. Narrow AI, on the other hand, has enormous transformational power when used correctly, and it continues to influence how you work and live on a global scale.

General (or “strong”) AI

General AI is more like what you see in science fiction movies, where sentient machines imitate human intelligence by thinking strategically, abstractly, and creatively, and are capable of handling a wide range of tasks. While machines are able to perform a few tasks better than humans (such as, data processing), a completely recognised vision of general AI has yet to emerge outside of Hollywood.

Why does AI matter?

Artificial intelligence long has been a cause of excitement in popular and scientific culture both, with the probable to transform businesses and the human-technology association in general. So, why is AI reaching a tipping point today?

AI adoption is growing at a faster rate than ever before, thanks to the proliferation of data and the maturity of other innovations in cloud processing and computing power. Companies now have right to use to unparalleled amounts of data, comprising dark data they were beforehand unaware of. These hidden gems use to be a boon to AI development.

A vital basis of business value when done right

Artificial intelligence (AI) has long been watched as a possible source of business innovation. Organizations are beginning to see how AI can multiply their value now that the enablers are in place. Automation decreases expenses and progresses speed, consistency, and scalability in business procedures; indeed, some Accenture clients have reported 70 percent time savings. The ability of AI to drive growth, on the other hand, is even more compelling. When compared to the best computer vision companies stuck in the pilot stage, companies that scale successfully see a 3X return on their AI investments. It’s no surprise that 84 percent of C-suite executives believe AI will help them achieve their growth goals.

Agility and modest advantage

Artificial intelligence is about more than just efficiency and automating time-consuming tasks. AI applications can learn from data and results in near real time, analysing new information from a variety of sources and adapting accordingly, with a level of accuracy that is invaluable to business, thanks to machine learning and deep learning. (An excellent example is product recommendations.) AI’s ability to self-learn and self-optimize means that the business benefits it generates are continually compounded.

In this method, AI allows businesses to adapt rapidly, offering a steady stream of visions to drive invention and modest advantage in an ever-varying world. When scaled up, AI can become a critical enabler of your strategic priorities, even a lifeline: Three out of every four C-suite executives believe that if artificial intelligence isn’t scaled in the next five years, they risk going out of business. The stakes for scaling AI are clearly high.