However, it is not always clear how they are applied and whether they work better according to the size of the business. Both Artificial Intelligence and Machine Learning are used interchangeably as they are both intrinsically related and they can be used to leverage the benefits of using both in a business. It is important to not only understand the differences between them, but also how they relate so that they can be used to boost the growth and success of a business. ML is a subset, or a part of AI and AI is often represented as the larger technological sphere with ML presented as a niche subset which is contained within this sphere.
How are AI and ML aiding businesses?
The general consensus is that only large businesses can effectively benefit from gaining insight into their data, which is not necessarily true. Small and medium businesses can make use and benefit from gaining extra insight into their data. In knowing and understanding the type of questions which can be answered by data may take weeks and even months for businesses and AI and ML can drastically reduce the amount of time spent in searching for the right question. When making use of Artificial Intelligence and Machine Leaning in the Cloud, businesses can utilize APIs which are ready-to-use which already contain data collected by Cloud providers. It also allows for smaller businesses to make use of Cloud resources in a cost-effective manner. When using AI and ML projects, businesses can test, iterate, and fail-fast both safely and cost effectively through low-risk prototyping. AI and ML solutions and their purpose are imbedded in allowing them to consistently learn and improve which involves continuous feedback loops. These pinpoint when ‘bad’ decisions are made, which is an imperative step to stop the cycle of repeating mistakes. ML algorithms are creating repeatable, reliable, and executable business processes through the identification of correlations followed by subsequent recommendations which can personalise user experience through a fundamental understanding of context. When used in combination, both ML and smart data analytics as well as Business Intelligence, or BI, can greatly improve the operating efficiency of a business in addition to effectively identifying and rectifying problems while avoiding them in future. Some of the applications of both AI and ML in businesses include, but is not limited to:
- Internet of Things
- Predictive analytics
- Image and text processing
- Speech recognition
- Fraud detection, and numerous others.
Final Thoughts
With drastic advancements in technology, and as Big Data solutions often lead to resolving predictions or even classifying problems, masterfully crafted AI and ML will continue to grow significantly. AI and ML are set to be key advisors as all things related to data take the proverbial reigns in the tech landscape that our modern world is moving towards. Businesses who are seeking more innovative ways through which to grow and to transform, need not look further than AI and ML. For more information visit OQLIS’ website here: https://www.oqlis.com/
