ARTIFICIAL INTELLIGENCE

The AI revolution and how it is impacting business

by | Feb 20, 2018 | Artificial Intelligence

Virginia Frías

Virginia Frías

Content & Social Media Manager

Hello AI cookers, today we are going to navigate in the history of Artificial Intelligence and how is changing the world.

It seems that everyone is talking about Artificial Intelligence (AI), its benefits and risks, the challenges of this emerging industry and how jobs will be transformed with this technology, but what does it really mean for business right now?

A brief history of Artificial Intelligence

Artificial Intelligence (AI) is the field of computer science dedicated to solving cognitive problems commonly associated with human intelligence. In other words, it makes it possible to create smart systems that simulate human-like learning, problem solving, planning or creativity, among other things.

It was formally founded in 1956 at a conference at Dartmouth College organized by John McCarthy and, since then, lots of promises -and many disappointments- have been created around this area, which was declared as one of the brightest keys of our civilization.

Artificial Intelligence is the field of computer science dedicated to solving cognitive problems commonly associated with human intelligence

The current state of AI

Although still in its infancy, over the past years, we have experienced a genuine revolution carried out by devices and software that perform tasks they’ve learned. AI models and algorithms are becoming more sophisticated and it is partly due to the billions of gigabytes of data that we generate every day.

Industries have started using this technology in order to generate benefits to both businesses and individuals. As users, we can find many applications of our daily life that are driven by artificial intelligence: personal assistants as Siri or Cortana, video games, smart cars, online customer support, recommender systems… Everywhere you look there’s someone trying to apply AI to something.

On the other hand, there can be no doubt that AI has the power to create greater and more efficient business. According to a 2017 McKinsey discussion paper “Artificial Intelligence, the next Digital Frontier?”, high tech, telecom, and financial services are the leading early adopters of machine learning and AI, using multiple technologies across multiple functions, with deployment at the core of their business.

The survey estimates tech giants spent $20 billion to $30 billion on AI in 2016, with 90 percent of this spent on R&D and deployment, and 10 percent on AI acquisitions. It should come as no surprise, since early evidence suggests that AI can deliver real value to serious adopters and can be a powerful force for disruption.

McKinsey’s case studies in retail, electric utilities, manufacturing, health care, and education highlight AI’s potential to improve forecasting and sourcing, optimize and automate operations, develop targeted marketing and pricing, and enhance the user experience.

What will 2018 bring in AI?

Now that we know that artificial intelligence is not just science fiction anymore, it is time to think about it as one of the main keys to reinvent business models. Let’s take a look at the main AI trends in 2018 according to PwC:

  1. Deep learning theory: demystifying how neural nets work
  2. Capsule networks: emulating the brain’s visual processing strengths
  3. Deep reinforcement learning: interacting with the environment to solve business problems
  4. Generative adversarial networks: pairing neural nets to spur learning and lighten the processing load
  5. Lean and augmented data learning: addressing the labeled data challenge
  6. Probabilistic programming: languages to ease model development
  7. Hybrid learning models: combining approaches to model uncertainty
  8. Automated machine learning (AutoML): model creation without programming
  9. Digital twin: virtual replicas beyond industrial applications
  10. Explainable AI: understanding the black box

We have learned a lot about the history of Artificial Intelligence and the AI revolution is only just beginning, but there is no doubt that this technology will continue to gain importance in 2018. Is your business ready for the change?

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