Benefits of AI & ML
As we delve further into the world of technology and digitalization, it’s important to understand the benefits of AI & ML are the foundation of an entirely new approach to how we run our businesses. According to a McKinsey & Company study, 50% of companies have adopted AI in at least one business function and they have the power to put hours back into your day, if you know how to harness them.
What is AI?
Artificial Intelligence (AI) refers to the simulation of human intelligence in machines or computer systems. It encompasses a wide range of technologies and approaches aimed at enabling machines to perform tasks that typically require human-like thinking, such as learning, reasoning, problem-solving, perception, and language understanding.
What is ML?
Machine learning has come to dominate the field of AI: it provides the backbone of most modern AI systems, from forecasting models to autonomous vehicles to large language models (LLMs) and other generative AI tools.
The central premise of machine learning (ML) is that if you optimize a model’s performance on a dataset of tasks that adequately resemble the real-world problems it will be used for—through a process called model training—the model can make accurate predictions on the new data it sees in its ultimate use case.
Training itself is simply a means to an end: is the fundamental goal of machine learning.
In essence, a trained model is applying patterns it learned from training data to infer the correct output for a real-world task.
Because deep learning requires very large amounts of data and computational resources, its advent has coincided with the escalated importance “big data” and graphics processing units (GPUs).
The origin of the term (albeit not the core concept itself) is often attributed to Arthur L. Samuel’s 1959 article in IBM Journal.
“Some Studies in Machine Learning Using the Game of Checkers.”
Basics of AI & ML :-
In the paper’s introduction, Samuel neatly articulates machine learning’s ideal outcome: “a computer can be programmed so that it will learn to play a better game of checkers than can be played by the person who wrote the program.”
AI and machine learning provide a wide variety of benefits to both businesses and consumers.
While consumers can expect more personalised services, businesses can expect reduced costs and higher operational efficiency.
It’s little surprise that the global market for AI will likely increase exponentially in the coming years.
Grand View Research (GVR) projects the global market size for artificial intelligence to expand from USD196.6 billion in 2023 by 36.6 per cent between 2024 and 2030 .
What are the three basic benefits of AI & ML ?
There are basically three benefits of AI & ML:-
The ability to quickly analyse large amounts of data to produce actionable insights.
Increased return on investment (ROI) for associated services due to decreased labour costs.
Improved customer satisfaction and experiences that business owners can tailor to meet individual customer needs.
This research offers a fascinating deep dive into the potential of AI, and it echoes findings of numerous studies which demonstrate the huge impact of AI and machine learning (ML) technologies.
In its own research, global technology giant IBM noted that AI will continue to “enable organizations to address urgent and immediate business priorities—quickly and at scale.”
IBM notes how AI can augment human skills, improving a cost base by motivating greater and more time protecting revenue while boosting experience and engagement. These are all benefits we recognize from our own work at Neural Technologies.
Some common benefits for businesses using AI and machine learning in the real world include:-
As pioneering AI and machine learning experts, we know the power of AI and ML to unlock real value for customers in revenue protection, fraud management, data integration, customer personalization, and beyond.
Understanding a smart future of AI and ML
There are many advantages of machine learning and artificial intelligence for business, but fundamentally they come down to better understanding and improved responsiveness.
That means everything from improved detection of high-risk events through to personalized solutions that improve the customer experience.
Research on AI & ML
In its own analysis, McKinsey explored five categories of AI—computer vision, natural language and advanced machine learning.
It projects that by 2030, some 70% of companies will likely have adopted one form of AI technology, but less than half will have adapted all five.
That leaves a significant competitive gap for those 30% of companies who fail to embrace the advantages of artificial intelligence and machine learning at an early stage.
This imperative to adopt early is critical for those seeking to unlock the greatest value from those technologies, with first-movers gaining a significant early competitive advantage.
Those who adopt late might find the margins of value eroded significantly, as they compete against more mature AI and ML adopters.
IBM’s findings already show that more than 85% of advanced adopters are reducing operating costs with AI.
What’s more, its study reveals that COVID-19 has significantly accelerated the transition of these advanced technologies industries and businesses.
