New technology is being developed at an ever-increasing breakneck pace, and it can seem nearly impossible to keep up with the latest trends and releases. As a business owner, you understand that maintaining a competitive edge requires new ideas and innovation which includes integrating new tech into your processes. Thankfully, there is one new field that’s both easy to understand and get started using. I’m talking about the recent advances in artificial intelligence, machine learning, and neural networks. This article will go over the basics of each new field, why it is important, and how you can leverage it to grow your business.
Artificial Intelligence, or AI, first appeared in the mid-1950s, and has made steady progress before blowing up in the past few years. The basic idea behind AI is a computer program that can go a step beyond programmed instructions. An AI is built to be able to recognize patterns, develop new strategies, and in general act more autonomous. Making something that can learn from its surroundings and improve itself presents an asset to any business.
Current commercial applications include AI chat-bots, which unlike their previous pre-programmed predecessors, can learn from the language of customers to present better solutions or products. Chat-bots like this are widely available, with companies like Botsify and MotionAI making it simple for anyone to leverage the power of AI. Be aware though, marketers love to market things as artificial intelligence, so due diligence when investing in a new system is in your best interest. Remember that AI can adapt, while a regular bot can only respond to pre-set instructions.
Machine learning is heavily related to AI, in fact, it wouldn’t be possible without it. Machine learning is the term for how an AI can find patterns and create processes that were not previously coded into it. Industry leaders like Intel use machine learning to enhance applications like Watson, the famous AI that won Jeopardy. Machine learning takes in all the data that an AI collects, sorts it, and uses it to do something new.
Businesses can take advantage of machine learning especially through analytics. Companies like Qualtronics and Salesforce now use machine learning to find better and more relevant statistics for your business to use when conducting surveys and collecting other customer data. There’s no way to sort through every statistic and correlation, but an AI can quickly and efficiently find the patterns that can help your business grow.
And finally, neural networks are another hot topic in the AI world. A neural network is an AI or combination of AI specifically designed to mimic the human brain. Using vast computing resources, the goal of a neural network is to replicate the way we think to create something that acts more like a human. Google has made headlines when it trained a neural network to recognize a cat in a picture. This ability has been deployed through their Photos platform, allowing it to sort pictures and create albums based on not just when and where it was taken, but what’s in the photo. While this tech is still relativity inaccessible to small businesses because of the incredible computing power necessary, companies like Google and Intel are already rolling out services that utilize the technology. Expect to see major innovation in this area in the next few years.
Overall, these are exciting times for the tech world. With AI and machine learning, small businesses are now able to better optimize and analyze their procedures. And with neural networks on the rise, it soon might be easier to hire virtual laborers capable of everything from data entry to photo organization. Needless to say, these are technologies to keep an eye on in the future.