Using AI and Machine Learning to help business
By 2025 the AI market is estimated to be somewhere between $60 Billion to over $100 Billion.
AI has been known to increase the productivity of businesses by over 40%
Investment in AI startups has gone up 6 times since the last 20 years
The direction we’re heading in is clear, but don’t panic just yet.
What’s even under discussion here?
Most of us by now are well aware of AI (Artificial Intelligence), but machine learning might be a new concept. Essentially, it is the next step in basic AI.
Artificial Intelligence is often described as ‘Machine Intelligence’. This means that the machine is able to intelligently carry out tasks which range from face recognition and natural language processing to problem solving and making scientific contributions.
Substitute ‘intelligence’ with ‘learning’ and think about what that means. You will most likely get pretty close to the actual meaning. It is machines learning things that have not been fed into their program. To be clear, they are not taking up painting and gardening as hobbies or learning new skills of their own accord. It only means that once they face a hindrance or experience something new in their functions, they are able to apply it to their future workings to improve their methods.
The question we’re posing here is:
How useful is this potential of robots for humans? Can they help us make more money?
Yup. They sure can.
Already, a lot of the biggest businesses in the world such as Amazon, Facebook, Twitter, Yelp, Pinterest and even big stores such as Walmart are using machine learning. It manifests in the form of chatbots, image curation, advertising, spam moderation (in case of social media) and even streamlining commercial intent (for retail businesses, especially online shopping).