“We’re at the beginning of a golden age of AI. Recent advancements have already led to inventions that previously lived in the realm of science fiction — and we’ve only scratched the surface of what’s possible.” – Jeff Bezos
If you haven’t been living under a rock for the past decade, you’ve probably heard of artificial intelligence (AI).
You’ve likely come across the technology whether you know it or not.
After all, your virtual assistant, navigation apps, and social media platforms use it.
So, what is artificial intelligence exactly?
Will it replace human jobs?
Will it disregard privacy laws?
AI is a complicated field, and we know you have a lot of questions about it. This article aims to help you understand the concept better. Let’s get right to it!
Introduction to Artificial Intelligence
Experts credit Alan Mathison Turing as the earliest notable artificial intelligence specialist. One of his colleagues, Donald Michie, shared how he often envisioned computers using guiding principles to solve problems — the process we now know as heuristic problem-solving.
In 1948, Turing mentioned the term computer intelligence, saying that the goal is to build a machine that can learn from experience. While he did not publish his report called Intelligent Machinery, other specialists reinvented his ideas.
Turing dreamed of designing an AI chess program, but the technological limitations of his time didn’t let him. However, in 1997, IBM fulfilled this vision through Deep Blue. The creators designed the chess computer to understand how humans think and succeeded at beating the reigning world champion, Garry Kasparov, in a six-game match.
Thanks to Turing and the many great minds who expanded his research, our generation can enjoy the wonders of artificial intelligence the way they imagined.
Today, Britannica defines AI as the ability of a computer or a computer-controlled robot to do tasks usually done by humans.
The encyclopedia company explains that no AI can perform the variety of activities people can, but some will excel at particular duties with proper guidance.
AI systems typically work by processing big data and analyzing it for correlations. Afterward, they use these patterns to make educated predictions about future activities.
As mentioned earlier, virtual assistants, navigation apps, and social media platforms are some tools that use AI.
Intelligent virtual assistants (IVA) like Alexa, Google Assistant, and SIRI are AI-powered agents. If you look close enough, you’ll notice that they offer personalized responses based on your preferences. They gather information from customer metadata, past conversations, geolocation, and other factors.
AI also works its magic on navigation apps. Instead of trusting a printed piece of paper for directions, you can now use these tools to determine the optimal route to your destination. You’ll find information on road barriers and traffic buildups if you ask. GPS is one thing, but AI elevated the travel experience to the next level.
Also, do you ever feel like a social media ad knows you too well — as if the product, timing, and platform couldn’t be better? The advertiser probably uses AI to create campaigns that resonate with its desired audience, including you.
As these examples prove, AI is a game-changer. It can power new inventions, perform repetitive tasks, and reduce human error. Businesses that use it well can address the market’s ever-changing needs.
Types of AI
AI is a multifaceted field. To understand it better, let’s discuss seven of the most commonly used types below.
1. Purely Reactive
This AI type is the oldest of its kind, therefore exhibiting extremely limited capabilities. Purely reactive machines don’t have any memory or data and specialize in only one niche.
Deep Blue by IBM is an example that falls under this category. In 1997, it couldn’t learn and only responded to a limited input combination.
2. Limited Memory
Unlike purely reactive machines, limited memory ones collect previous data and add it to their memory bank. While they can use the stored information to make proper decisions, they have limited storage space.
Almost all AI applications nowadays are of this kind, including those that use deep learning. For example, this machine can recommend a local hotel based on available location information.
3. Artificial Narrow Intelligence
Artificial narrow intelligence (ANI) refers to systems that can perform a specific task set through their human-like capacities. To date, all AI reactive and limited memory machines are ANI, including the most advanced ones. These tools can only perform programmed tasks and nothing else.
4. Artificial General Intelligence
Through artificial general intelligence (AGI), AI agents can learn, perceive, understand, and function like humans. They can build competencies and form connections across various domains because of AGI, dramatically cutting down the necessary training time.
5. Artificial Superintelligence
Apart from replicating humans’ multifaceted intelligence, artificial superintelligence (ASI) will be better at everything because of upgraded memory, analysis, and decision-making features.
AI authorities believe that the singularity is possible with the development of AGI and ASI, a scenario leading to an out-of-control and irreversible technological growth. Eventually, it may threaten our way of life.
However, as Jeff Bezos said, we‘ve only scratched the surface of AI’s full capabilities. Until then, we have time to ensure AI safety.
6. Theory of Mind
Unlike other AI types, the theory of mind technology is still a work in progress. This software understands thoughts and emotions, allowing machines to interact socially.
7. Self-Aware
Self-aware machines currently exist hypothetically. As the name suggests, they will evolve into almost human-like brains with self-awareness capabilities. Ultimately, they should be intelligent, sentient, and conscious beings.
We are decades away from perfecting the technology, but it’s already making waves in the industry. After all, self-aware machines will have emotions, beliefs, and maybe desires of their own.
The Evolution of AI: From the Past to the Future
Artificial intelligence has become a powerful tool recently, enabling machines to learn, perform, and simplify human-like tasks. In fact, many tech companies globally believe it will cause the next significant industry shift after mobile phones and cloud platforms.
Today, the global AI market is worth a whopping $136 billion. Read on to discover how the world went from asking, “What is artificial intelligence?” to depending on it for daily tasks.
The Past
The idea of machines having human-like capabilities is nothing new. Back in the 1800s, people started talking about it in myths and fiction. Think Mary Shelley’s classic book, Frankenstein.
However, it wasn’t until the 1950s that AI pioneers proved the technology’s possibility. With John Von Neumann, Alan Turing shifted from the typical decimal-based computers of their time to binary ones that relied on Boolean algebra. This project demonstrated how humans can program machines to do their bidding.
In the beginning, the lack of capable computers and funding made it challenging to further their cause. However, when these devices became quicker and less expensive in the 1970s, the industry witnessed accelerated advancements. For instance, Ichiro Kato of Waseda University built the WABOT-1 in 1973 — the first anthropomorphic robot with sight and conversation capabilities.
The Present
Today, AI research is a rapidly expanding field. It has become one of the fastest-growing tech industries globally. China, the U.S.A., Europe, and India lead the world in providing such technologies to various markets.
We now use AI in countless applications, making it difficult to imagine business processes without it. Small businesses and megacorporations alike use it for their operations, from marketing to customer support to security.
Experts expect more next-level AI apps in the coming years, including self-driving cars, smart assistants, and automated investing apps.
The Future
Some specialists suggest that the world is now on the verge of the 4th Industrial Revolution, which is unlike anything we have seen before. Instead of worrying about manufacturing processes, industrialization, and electronics, we may have to rethink the limitations of merging AI and humanity.
While technologies will continue improving our quality of life, we should remember that machines do not have ethics or emotions.
AI Applications: Branches of AI in Various Industries
Artificial intelligence can help businesses of all sizes achieve their goals, from optimizing operations to boosting revenues to expanding to new markets. Below are some branches where AI has made its mark across various industries.
Healthcare
Some of the most impressive AI applications fall under the category Healthcare, such as the advancement of cancer detection. Traditionally, specialists use mammograms and Pap tests to check patients for signs of cancer, hoping to catch the disease early.
While doctors have used computer programs to interpret results for the past 20 years, this field is quickly evolving. Today, industry leaders use advanced AI tools to aid screening tests for several cancer types.
We made a deep dive into the usecases of Artificial Intelligence in Healthcare.
Financial Services
AI has dominated this industry, both in consumer finance and banking operations.
For instance, organizations use AI to fight fraud attempts like credit card skimming and identity theft. In most cases, machines help flag transactions that don’t match consumers’ usual spending patterns.
Furthermore AI is helping stock traders. AI stock trading software has revolutionized the way we trade – now, you can forget about tedious manual market tracking and rely on automated bots to make your decisions for you. With smart AI powered investment tools at your disposal, say goodbye to guesswork in the stock market!
Automotive
The idea of autonomous vehicles is not a new one. In 1939, Norman Bel Geddes presented the world’s first self-driving car in a General Motors exhibit. Almost 20 years later, in 1958, the brand refined the concept.
Since then, organizations have kept improving upon the idea, leading to commercialized versions of the automobile. The list includes Tesla, Nvidia, and Waymo.
Today, there are 1,400 self-driving vehicles in the United States. Experts expect this figure to grow exponentially soon.
AI is revolutionizing the automotive industry. It’s changing how we drive, interact with our cars, and manage vehicle maintenance.
Telecommunications
Major players in the telecommunications industry use AI for various purposes, including network optimization and predictive maintenance. Today, they trust machines to maintain flawless operations and identify future problems with connectivity, security, and service upgrades.
Tourism
The pandemic caused revenge tourism — a phenomenon where people travel with a vengeance to make up for the endless days cooped up in their homes. Fortunately, AI has transformed the way people travel.
Consumers now have access to chatbots, voice assistants, and personalized recommendations. Thanks to such technologies, you cannot create custom trips designed for your unique preferences and budget.
E-Commerce
E-commerce companies fulfill several tasks daily, such as securing payment platforms, updating inventory levels, and ensuring safe product transit.
However, thanks to AI, even small business owners now have a chance to make it big in the market.
Modern technologies can help with these efforts, giving entrepreneurs more time to focus on high-value activities.
Insurance
AI impacts the insurance industry in distinct ways, particularly in underwriting and claims processing.
Before, professionals relied heavily on manual processes and data inputs to make decisions. However, modern organizations use AI to expedite these activities. Thanks to technology, clients can enjoy faster transactions with minimal human errors.
Gaming
Artificial Intelligence (AI) has become an integral part of the gaming industry. Game developers use AI algorithms to create intelligent non-player characters (NPCs), develop realistic game environments, and provide unique gameplay experiences. AI also helps in enhancing the game’s graphics and animations, making them more immersive and engaging. AI has opened up new opportunities for game developers to create innovative games that were once impossible.
AI Techniques and Algorithms
Many companies now use AI in their daily operations. However, some of these projects fail.
If you want to implement AI strategies in your business, you should understand how you can teach machines to help you achieve your goals. Below are some of the industry’s best practices for inspiration.
Information Collection
The first step in enhancing your AI efforts is to implement a solid data-collection strategy. You can use various methods to gather the necessary information for your endeavor, including surveys, focus group discussions, and social media monitoring. To choose the ideal one for you, consider your problems, objectives, and project specifics.
Data Annotation
After gathering the required information, the next step is to annotate it. This process involves labeling the data for training purposes. Ultimately, the goal is to make it easy for computers to understand and interpret the details you input.
Initial Training
After collecting and annotating the data, you can start the training process by loading the information into your system. During this phase, you should identify errors that might surface, such as overfitting or when a model develops a bias. You can avoid this scenario by expanding the dataset, augmenting the data, and simplifying the model.
Training Validation
Next, you can move the model to training validation. In this phase, you will corroborate your presumptions about your AI program with the validation dataset. You can achieve this goal by analyzing and identifying any shortcomings.
Successful training validation efforts ensure the quality of the information you will use to develop insights.
Testing
Lastly, you cannot complete the training process without testing. This step is essential in evaluating your technology, guaranteeing that it can perform its tasks effectively.
In this stage, you will train your AI for the first time using real-world data. You will use unstructured information during this phase without any labels or tags.
If the model performs well during testing, you can start using it in a live setting. Otherwise, you might have to go back to the initial training phase. You can perform this procedure as many times as you need to obtain the desired results from your AI model.
The Future of AI: Challenges and Opportunities
Today, artificial intelligence is paving the way for major tech players to attract massive investments. The world has witnessed its power, and experts want to keep testing its limits.
Let’s look at some of the challenges and opportunities in this field.
Challenges
Despite the industry’s jaw-dropping growth, AI companies face unique challenges, such as the ones listed below.
Massive Computing Power
Power-hungry AI algorithms require massive computing power — which doesn’t come cheap. To achieve the ideal AI system, you need machine learning and deep learning on your side, which require supercomputer capabilities. Not all brands have the budget for such projects.
Trust Issues
AI involves a process where machines simulate human intelligence. For this reason, this field has many unknowns. It’s difficult for some company decision-makers to comprehend the value of AI for their businesses.
Human Counterpart
Many organizations boast of over 90% accuracy levels. However, in most cases, humans can do better.
For example, if you teach an AI model how to distinguish a cat from a dog, it will use available data to follow your command. In this scenario, chances are humans can perform this task flawlessly.
Opportunities
Just as there are AI challenges, the industry also presents countless opportunities, like the ones listed below.
AI in Meetings
COVID-19 transformed the way people do business. Nowadays, most employees have the option to work from home, boosting the need for digital meetings.
Today, machines can set up meetings, take down notes, and highlight key points. Soon, we might see advanced features in this field, like live transcription and noise reduction.
AI in Marketing
AI has come a long way in helping businesses understand their clients better, from their demographics to their interests to their shopping habits. However, there’s still room for improvement in content creation, product recommendations, and email optimization. To date, companies still invest in agencies that can do these jobs extremely well.
AI in Cybersecurity
As companies work with more data, cyberattacks have become more frequent. In fact, this industry has grown into a trillion-dollar sector. We look forward to seeing powerful AI applications that can truly secure business data.
Ethical and Societal Implications of AI
Industry leaders and experts like Amazon, Facebook, Microsoft, Elon Musk, and Steven Hawking believe it’s high time we discuss the nearly infinite possibilities AI presents. While it has become advantageous for brands and consumers alike, it has also raised some ethical and societal concerns. Let’s look at some of the most pressing ones.
Unemployment
Because of enhanced efficiency, machines can replace the work of several factory workers, phone operators, and cashiers. Sure, the technology helped expedite processes, but it also rendered some jobs redundant.
The silver lining is that people can now assume more complex roles. However, the business scene should still find a balance between employment and AI use.
Income Inequality
Today, some developing countries have trouble distributing their wealth across various populations. As a proverb says, “The rich get richer, and the poor get poorer.”
With AI’s capabilities, companies can drastically cut their reliance on a massive workforce, limiting revenue access to a few people. Consequently, individuals who own AI-driven businesses might end up with more resources than those who don’t.
Tech Addiction
AI bots are getting better at mimicking human conversations and relationships. This feature has transformed several industries, including customer service and sales. However, it also presents a darker side.
For instance, some mobile gaming brands use machines to trigger the brain’s reward centers. This process can start tech addiction — practicing obsessive behavior toward gadgets despite negative consequences.
Security
The more powerful AI is, the more wrongdoers can use it for nefarious reasons. The problem is that they might be well-versed in all existing technologies that protect businesses and their clients.
As Bill Gates puts it, “Humans should be worried about the threat posed by artificial intelligence.” After all, AI can launch autonomous weapons or break into systems if used maliciously.
AI Ineptitude
AI can compute massive numbers at record speed, but its intelligence comes from learning. You have to train your model to identify patterns and act according to your goals.
Naturally, this phase cannot cover all possible real-world scenarios. For this reason, people can fool these systems the way they can’t fool other humans. We should keep a close eye on trusting AI completely because some individuals can use it for personal gain.
The Importance of Understanding AI and Its Impact on Our World
Artificial intelligence can enhance human speed, accuracy, and effectiveness. If you use it correctly, you can take any brand to unimaginable heights, no matter the business size or industry. You can use it for virtually all departments, including management, accounting, human resources, marketing, and operations.
This tool can help organizations solve complex problems, create new inventions, and perform tedious tasks. Without a doubt, it can help lessen the impacts of global crises like climate change, hunger, and violence.
However, as with any technology, you can use it to incorporate biases, manipulate human behavior, and invade other people’s privacy. For this reason, it’s crucial to understand how AI works.
Remember, it can challenge current norms and impact how people perceive things.
If you’re interested in learning more about AI, you can register for online courses. You can also expand your knowledge without breaking the bank by watching videos and reading articles about the topic.
Let us leave you with a quote from Dave Waters: “The potential benefits of artificial intelligence are huge, (but) so are the dangers.”