Artificial intelligence (AI) is a wide-ranging branch of computer science in which smart machines are built to perform tasks that typically require human intelligence. In simpler terms, it is making computers think like humans. The term is most frequently used to describe machines that mimic cognitive functions such as learning, communication, and problem-solving. Read on to learn more about how AI works and how it is applied to different business use cases.
In this definition...
Artificial intelligence is the application of computer science and complex data algorithms to create human-like behaviors in machines. While the term was coined in 1956, AI has since advanced by leaps and bounds thanks to advanced algorithms, increased data volumes, and improvements in computing power and technology.
In the 1950s, early AI research delved into topics such as problem-solving and symbolic methods. Ten years later, the U.S. Department of Defense expressed interest in the concept and began to train computers to mimic basic human reasoning. By 2003, intelligent personal assistants were produced long before Siri or Alexa were introduced.
Popular examples of artificial intelligence include AI autopilots on commercial flights, spam filters, mobile check deposits, and voice-to-text features on mobile devices.
AI has a variety of consumer and enterprise applications that continue to expand over time. Learn more from Webo, the Webopedia encyclopedia bot, in this explanatory AI video:
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To understand how AI works, it’s important to first understand AI’s subcategories and how they can be applied to various industries and business needs:
In all of these AI methodologies, detailed big data sets are collected and used as a source for intelligent algorithms. As these algorithms and data sets are used more, AI applications learn how to improve their performance of human tasks and behaviors.
AI is being used in every industry, and the demand for AI capabilities only continues to grow. These are some of the most common business use cases for AI today:
AI provides personalized medicine and X-ray readings. Personal health care assistants can remind patients to take medicine, exercise, or eat healthier with the power of AI automation and communication.
AI provides virtual shopping capabilities that offer personalized recommendations. Stock management and website layout technology are also improved with AI.
AI analyzes Internet of Things (IoT) data as it streams from connected equipment; this is done to forecast expected load and demand using recurrent networks.
AI enhances the speed, precision, and effectiveness of human efforts in the finance and Fintech industries. It can be used to identify which transactions are likely to be fraudulent and automate manual data management tasks.
AI-powered software helps vehicles to identify their immediate environment and safely navigate any hazards or obstacles. Self-driving cars are becoming a popular topic of interest in the AI sphere.
Developing AI models through blockchain technology allows users to view different kinds of progress records in a secure environment.
This article was reviewed and updated by Shelby Hiter in 2022.