Artificial intelligence
- AI allows a machine to simulate human intelligence to solve problems
- The goal is to develop an intelligent system that can perform complex tasks
- We build systems that can solve complex tasks like a human
- AI has a wide scope of applications
- AI uses technologies in a system so that it mimics human decision-making
- AI works with all types of data: structured, semi-structured, and unstructured
- AI systems use logic and decision trees to learn, reason, and self-correct
Machine learning
- ML allows a machine to learn autonomously from past data
- The goal is to build machines that can learn from data to increase the accuracy of the output
- We train machines with data to perform specific tasks and deliver accurate results
- Machine learning has a limited scope of applications
- ML uses self-learning algorithms to produce predictive models
- ML can only use structured and semi-structured data
- ML systems rely on statistical models to learn and can self-correct when provided with new data
Benefits of using AI and ML together
AI and ML bring powerful benefits to organizations of all shapes and sizes, with new possibilities constantly emerging. In particular, as the amount of data grows in size and complexity, automated and intelligent systems are becoming vital to helping companies automate tasks, unlock value, and generate actionable insights to achieve better outcomes.
Here are some of the business benefits of using artificial intelligence and machine learning:
Wider data ranges
Analyzing and activating a wider range of unstructured and structured data sources.
Faster decision-making
Improving data integrity, accelerating data processing, and reducing human error for more informed, faster decision-making.
Efficiency
Increasing operational efficiency and reducing costs.
Analytic integration
Empowering employees by integrating predictive analytics and insights into business reporting and applications.
Applications of AI and ML
Artificial intelligence and machine learning can be applied in many ways, allowing organizations to automate repetitive or manual processes that help drive informed decision-making.
Companies across industries are using AI and ML in various ways to transform how they work and do business. Incorporating AI and ML capabilities into their strategies and systems helps organizations rethink how they use their data and available resources, drive productivity and efficiency, enhance data-driven decision-making through predictive analytics, and improve customer and employee experiences.
Here are some of the most common applications of AI and ML:
Healthcare and life sciences
Patient health record analysis and insights, outcome forecasting and modeling, accelerated drug development, augmented diagnostics, patient monitoring, and information extraction from clinical notes.
Manufacturing
Production machine monitoring, predictive maintenance, IoT analytics, and operational efficiency.
Ecommerce and retail
Inventory and supply chain optimization, demand forecasting, visual search, personalized offers and experiences, and recommendation engines.
Financial services
Risk assessment and analysis, fraud detection, automated trading, and service processing optimization.
Telecommunications
Intelligent networks and network optimization, predictive maintenance, business process automation, upgrade planning, and capacity forecasting.
