Artificial Intelligence (AI)

What is Artificial Intelligence (AI)?

AI (pronounced AYE-EYE) or artificial intelligence is the simulation of human intelligence processes by machines, especially computer systems. These processes include learning (the acquisition of information and rules for using the information), reasoning (using the rules to reach approximate or definite conclusions), and self-correction. Particular applications of AI include expert systems, speech recognition and machine vision.

Artificial Intelligence (AI) is about to go mainstream

Real Estate giant Coldwell Banker is experimenting with AI to target classes of likely buyers for a specific property, and piloting new AI software that helps identify likely sellers. Leading law firms use AI to scan thousands of legal documents in minutes, rather than weeks, to build stronger cases at a fraction of the cost.

While Netflix, Amazon, Google and Facebook pioneered artificial intelligence, AI is beginning to be deployed by increasing numbers of mid-sized and even small businesses. Here, the applications are exploding.

 At Coldwell Banker, when their data shows a confluence of events, the software alerts the company to a likely new prospect. For example, the homeowner’s youngest kid just went off to college. The couple has been in their home beyond the average of 10 years.  And it sees that the couple has been online browsing for properties in North Carolina. AI brings these data-points together and concludes that this household is likely to be selling soon. “If we can find those people before they even know they’re selling, we’re that much ahead,” Coldwell Banker CEO Charles Young tells Chief Executive Magazine.

Types of artificial intelligence

Type 1: Reactive machines. An example is Deep Blue, the IBM chess program that beat Garry Kasparov in the 1990s. Deep Blue can identify pieces on the chess board and make predictions, but it has no memory and cannot use past experiences to inform future ones.

Type 2: Limited memory. These AI systems can use past experiences to inform future decisions. Some of the decision-making functions in autonomous vehicles have been designed this way.

Type 3: Theory of mind. This is a psychology term. It refers to the understanding that others have their own beliefs, desires and intentions that impact the decisions they make. This kind of AI does not yet exist.

Type 4: Self-awareness. In this category, AI systems have a sense of self, have consciousness. Machines with self-awareness understand their current state and can use the information to infer what others are feeling.

Advantages of AI

a. Error Reduction

We use artificial intelligence in most of the cases. As this helps us in reducing the risk. Also, increases the chance of reaching accuracy with the greater degree of precision.

b. Difficult Exploration

In mining, we use artificial intelligence and science of robotics. Also, other fuel exploration processes. Moreover, we use complex machines for exploring the ocean. Hence, overcoming the ocean limitation.

c. Daily Application

As we know that computed methods and learning have become commonplace in daily life.

Financial institutions and banking institutions are widely using AI. That is to organize and manage data. Also, AI is used in the detection of fraud users in a smart card based system.

d. Digital Assistants

“Avatars” are used by highly advanced organizations. That are digital assistants. Also, they can interact with the users. Hence. They are saving human needs of resources.

Risks of Artificial Intelligence

a. High Cost

Its creation requires huge costs as they are very complex machines. Also, repair and maintenance require huge costs.

b. No Replicating Humans

As intelligence is believed to be a gift of nature. An ethical argument continues, whether human intelligence is to be replicated or not.

c. Lesser Jobs

As we are aware that machines do routine and repeatable tasks much better than humans. Moreover, machines are used of instead of humans. As to increase their profitability in businesses.

d. Lack of Personal Connections

We can’t rely too much on these machines for educational oversights. That hurt learners more than help.