Five innovations in artificial intelligence that will soon transform business

The development of artificial intelligence technology is stagnating. Speech recognition services, on which chatbots are based, are among the first to be covered. Business applications with embedded artificial intelligence mechanisms and machine learning technologies are also of interest to users. AI platforms offered as a service and associated cloud services are increasingly in demand.

1 Machine learning

Across a wide range of industries, machine learning aids in process improvement and novel problem-solving techniques.
Machine learning tools work on the premise of utilizing mathematical models to find patterns in the data.
Customer service personalisation, dynamic pricing, disease detection, anti-money laundering, and many more issues can be resolved through machine learning. Machine learning is being employed more and more as a result of the exponential expansion of organizational data and the equally exponential growth in computing infrastructure.

2 AI Applications

In the past, developing individual AI systems was the only approach to adopting artificial intelligence technologies. Today, however, most companies prefer to purchase AI tools as part of business applications, rather than developing such solutions or even purchasing standalone AI systems.
In the beginning, the most intelligent tools were analysis programmes with integrated AI systems. Vendors of a wide range of business applications, including ERP, CRM, HR and office suites, have recently started integrating AI tools into their products and developing AI platforms. To ensure that AI tools, such as advanced analytics and those that enhance the user experience, are integrated into software vendors’ product development plans.

3 Blockchain

Despite the fact that the majority of people primarily link blockchain technology with virtual currencies like Bitcoin, it offers security that can be valuable in a number of different situations. The blockchain can be summarized as data to which you can only add, but not remove or change. As it is a chain of data, the name « chain » is suitable. They are extremely secure due to the fact that earlier blocks cannot be altered. Blockchain does away with the requirement for a reliable third party to oversee or confirm transactions.
The usage of blockchain technology is expanding, and as it rises, so does the demand for qualified people.

4 BlueChip AI

On the artificial intelligence hype curve, several new technologies have surfaced, and a sizable fraction of them are shown by blue circles. Furthermore, when still at the height of their expectations, many of them were given a projection of « two to five years until implementation ».
Analysts urge businesses that want to remain competitive must at the very least plan a financial and economic basis for implementing AI. Moreover, individuals that have already completed basic implementations ought to consider growing their initiatives.
Analysts point out that not all of the new technologies, meanwhile, have an obvious application and can help the organization. Also, we must make an effort to approach the projections and analysis of the implementation possibilities realistically.

5 AI based control mechanism

Experts advise analysts and CIOs to focus on three factors for creating an AI control system: trust, transparency and ethics of ethnic diversity. One of the pillars of effective implementation of AI systems is the ability to trust data sources and results; developing transparency standards for data sources and algorithms will reduce risk. The ethical character of AI solutions and the accuracy of their results are affected by consideration of the diversity of data and algorithms.

According to experts, it is difficult to ignore the creation of an AI control system in companies. This is necessary, among other things, to understand and manage the risks associated with regulation and potential reputational damage.