The Importance Of AI And Machine Learning In Business

Computers are taking over whether you’re ready for it or not. There is an ongoing debate among scientists and futurists, however, about how much computers can expand in terms of their “thinking” and “feeling” capabilities.

Humans are unique in their cognitive abilities – but what if computers get to a point where they can match us in rational thinking one day? That’s been the question many philosophers have been mulling over the last several decades. We are getting closer to a definitive answer every day.

You might be familiar with the Turing Test, a method of inquiry in AI for figuring out whether or not a computer can think like a human. The test is named for its creator, an English computer scientist, theoretical biologist, and cryptanalyst Alan Turing. There have been a few computers built that can pass the Turing test already.

Besides making science fiction a reality, AI has shown promise in a ton of industries. You probably already interact with AI-powered machines on a daily basis and don’t even realize it. Below, we’ll dive into how AI and machine learning are transforming the business scene.

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Investment And Banking

AI might already be picking your stocks and approving your mortgage loans. In fact, Wells Fargo currently already uses AI to streamline their loan-approval process. In addition, investors on Wall Street are hoping that AI will get so smart that it will eventually be able to choose stocks for them that will make reliable returns.

In fact, AutoNIO is an AI bot that uses algorithmic trading techniques in the cryptocurrency market. AI is also being used to flag suspicious money transfers and money laundering schemes. Recommendation bots have also been suggesting product and services to customers for banking, finance, and insurance.

Other companies, like Dynam. AI artificial intelligence solutions, are using machine learning to help businesses predict and forecast trends and events so they can better anticipate industry changes.

Manufacturing

Airbus and UnderArmour are two big businesses that already utilize AI to optimize their product designs. Automakers like BMW and Mercedes-Benz are relying on what they call “cobots” to help their human counterparts assembles vehicles more quickly and efficiently.

Tesla’s Gigafactory has 4.9 million square feet of manufacturing and office space across three floors. Robots were integrated into the manufacturing and assembling of new Tesla’s alongside human workers.

Chatbots

Chatbots might not seem that impressive, after all, sometimes you just want to talk to a real, living human. However, chatbots are slowly becoming more helpful. In fact, big companies like Sephora are using AI to help customers find the exact products they want more quickly.

The chatbot industry is likely to grow as companies rely on these automated customer service representatives to support the marketing team without taking away precious human employee hours. In addition, automated virtual assistants will see growth as well.

Virtual assistants like Amazon’s Alexa and Google Assistant are now omnipresent in American households. As the technology matures, these virtual assistants will be better able to predict user behavior and modify its responses, so users get a more customized, personalized experience.

Self-Driving Cars

One of the most exciting inventions in the machine learning and AI landscape is Google’s entrance into the self-driving car scene. With Waymo, users can hail a self-driving car – just like an Uber or Lyft. This service is currently being tested in the metro Phoenix area. The self-driving project began in 2009 and has grown considerably.

The AI behind Waymo’s self-driving technology is constantly being enhanced. Waymo’s virtual driver has driven billions of miles in simulated driving and millions of miles on public roads. Altogether, it has hundreds of years of human driving experience behind each mile. There are still some major legal kinks to work out before self-driving cars become the norm but it’s slowly moving toward our new reality.

Conclusion

The 1999 movie, The Matrix, isn’t quite where our modern era is at yet, but AI is rapidly changing our lives. Besides business and commerce, AI might help increase the quality of life for people all across the world. At the very least, advanced AI and machine learning will mean those annoying online chatbots might actually be very helpful one day.

If you are interested in even more technology-related articles and information from us here at Bit Rebels, then we have a lot to choose from.

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