From Dartmouth college to corporate boardrooms, Artificial intelligence (AI) has come a long way since 1956. Now the global AI market value is predicted to reach a whopping $267 billion by the year 2027. What’s more, is that the technology is expected to contribute a staggering $15.7 trillion to the global economy by the year 2030. More and more business organizations are adopting AI and its subsets, Machine Learning (ML) and Deep Learning (DL). So much so that 37% of global businesses and enterprises so far have embraced the uses of AI in more ways than one.  

These facts and figures prove that we are moving to a new digital era, which is governed by the formidable partnership of computers and humans. By 2025, the AI industry will witness an unprecedented spike, and major corporations of the world would play a key role in that. But what is AI and why is it being adopted by business executives at a rapid pace? This article covers everything you need to know about AI. 

What Is AI?  

Artificial intelligence, in the simplest of terms, is an approach to provide computers with the ability to think. Through this technology, machines and computers can get “artificial intelligence” which will enable them to perform functions that so far only humans were able to perform. Through AI, computers get the ability to think, process, learn, work and make decisions like humans, but at a much faster pace, because after all, they are computers, and are inherently faster than humans.  

AI not only aims to improve the functions of the computer but also to become a robotic assistant to humans for a host of things, including making decisions and predicting future trends using facts and data.  

One of the key elements that drive the idea of artificial intelligence forward, and why the technology has been a huge success in the industry is its ability to use data in a number of ways. Big data is now the chief raw material that companies use to increase output and revenue. It is as valuable as oil now, even more, if used correctly, and the only way to fully utilize big data is through AI. Big data is the crude fuel that drives the evolution of AI’s decision-making capabilities forward.  

How Does Data And AI Work Together? 

Companies now use big data, or high-velocity datasets to fulfill objectives and meet the high demands of today’s customers. While data is a huge asset to corporate firms on its own, when it collaborates with AI and machine learning for analysis, it can identify patterns, and develop actionable and useful insights to increase the growth within the company.  

With this, AI gets empowered to make decisions quickly and effectively, in any kind of situation and industry. As long as the AI machinery receives accurate big data as fuel, a company could witness unprecedented productivity, efficiency, and growth. Here is how companies could benefit from the synergy of big data and AI/ML. 

• Data analytics:
  Customers are the only source of revenue for any corporation. Information on different kinds of customers is what valuable data is all about, and with the ultra-fast and efficient learning ability of artificial intelligence, companies can garner, organize and filter a high volume of valuable data about their customers quickly, including consumer feedback.

  The data can also be used to predict the present and future trends in the market. The data analytics feature of AI is one of the prime reasons why it is such a sought-after technology.  

• Business analytics:
  According to a report by Forbes, it has been found that a collaboration of AI and big data results in about 80% of physical work, while data processing work and data collection work takes 70%, and 64% respectively. 

  Both supply chain and fulfillment operations can reap the benefits of AI, which is why AI is now their go-to system for insights into customers. Such insight could help companies to form business strategies, and contemplate the allocation of funds for business operations.  

Then what are Machine Learning Models? 

AI or Machine Learning (ML) models are algorithms that can use data to identify patterns. With adequate information input, accurate predictions and conclusions can be drawn by AI to help various industries in fulfilling their goals. If a high volume of data is involved, AI models can be used to solve the problems, regardless of the complexity at affordable costs.  

There are a plethora of AI models adopted and used by companies across the world, with each offering its own unique selling points. Here are some of the most commonly used models, from simpler ones to complex:  

• Linear Regression 
• Logistic Regression 
• Decision Trees 
• Linear Discriminant Analysis 
• Support Vector Machines 
• Naive Bayes 
• Learning Vector Quantization 
• K-nearest Neighbors 
• Random Forest 
• Deep Neural Networks 

Each of these models is applied in different areas. For instance, Neural Networks can be best applied for image recognition, speech recognition, and language processing.  Logistic regression on the other hand is best used to solve binary classification problems. With each model performing a different role, choosing the one for your need becomes tricky. You would need data science specialists, to be able to select from these ML models and leverage insights from them. 

Summing Up  

AI can assist several groups of people in the corporate sector and not just the boardroom executives. Owing to speech recognition, visual perception, translation between almost all languages, and decision making, AI can be trusted with a plethora of roles. In addition to this, artificial intelligence can also be used to detect cyber threats, recruit new people for different departments and roles, and even measure employee performance over a period of time, and compare the same with the industry standards. Not to mention, AI can use big data in the best possible way and cater to several needs of the companies. AI can be employed to perform a host of functions within a company if used correctly. However, if you’re a member of the board, you need to consider a few things before embracing the wonders of AI.  

After understanding the benefits and risks of AI, here are 5 questions that board members need to ask before employing AI as another de facto member of the board or using it as an assistant to the board.  

• What are some aspects of our business that AI, machine learning, and increased automation that technologies provide can help with? 
• Can AI complement the existing technologies that our company uses, or work well with emerging technologies that are still under development but we might later adopt at some point down the line? 
• Do we have the required resources and manpower to maintain the use of AI for the foreseeable future? 

• Can we successfully gain the trust of stakeholders and potential investors with the use of AI to make crucial decisions in our company, provided that we fully, or partially delegate the role of decision-maker to the technology? 
• Do we know how we will harness big data using AI to achieve the collective goals of the company? Have we taken into account the privacy issues, and cyber risks that the use of AI can pose and know how we will deal with these? 

AI models are used by companies in different industries, including the corporate sector, the healthcare industry, the automotive industry, and banking and finance for various purposes and problems. It’s important to be in the know of the function of each to detect which AI model is suitable for the specific problems you usually face within your organization. At the same time, it’s important to have adequate and skilled individuals to implement the AI models. Here’s where ANAI can help you change the game.  

Business Outcomes With ANAI  

ANAI works to help enterprises scale their businesses and strive for better outcomes and increased ROI using artificial intelligence, and machine learning. If you want to stay ahead of your competitors and meet all the demands of your customers, it’s time to automate your operations. ANAI can take care of A to Z of AI and provide no-code solutions to the AI-related problems of the clients.  

No need to rely on data scientists and other middlemen to get real-time insights through the collection and organization of big data. You can find everything ‘all things AI’ on just one platform and build domain expertise using data analytics and business analytics. If you want to accelerate your firm’s productivity, be able to make faster and better business decisions, and increase ROI, we are your one-stop solution. Streamline all your AI and ML models and operations by starting your business transformation journey with us today. 

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If you are interested in getting a demo to see if ANAI fits with your existing workflow, contact us at info@anai.io or visit www.anai.io.