What does Artificial Intelligence mean?
The emergence of artificial intelligence (AI), like the rise of the assembly line and the advent of the internet before it, has played a key part in ushering in a Fourth Industrial Revolution. According to the World Economic Forum, “it is disrupting almost every industry in every country.”
“We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before.” – Klaus Schwab, Founder and Executive Chairman, World Economic Forum Geneva
AI is a conglomeration of concepts and technologies that mean different things to different people, from killer robots to self-driving cars to machine learning to chatbots, and its applications are everywhere you look. The typical definition used for AI usually looks something like this:
However, that’s not entirely accurate.
Jeremy Achin, CEO of DataRobot, gives a useful business-oriented definition of AI:
An AI is a computer system that is able to perform tasks that ordinarily require human intelligence which is powered by machine learning, rules-based systems, or deep learning.
For a more in-depth explanation, watch Jeremy’s keynote on the subject from the Japan AI Experience.
Why is Artificial Intelligence important?
AI systems are critical for companies looking to extract value from data by automating and optimizing processes or producing actionable insights. AI systems powered by machine learning enable companies to leverage their large amounts of available data to uncover insights and patterns that would be impossible for any one person to tease out. This allows them to deliver more targeted, personalized communications, predict critical care events, identify likely fraudulent transactions, and so much more.
How important is AI in today’s economic environment? Here’s what Harvard Business Review says:
“The effects of AI will be magnified in the coming decade, as manufacturing, retailing, transportation, finance, healthcare, law, advertising, insurance, entertainment, education, and virtually every other industry transform their core processes and business models to take advantage of machine learning.”
Companies that fail to adopt AI and machine learning technologies are fated to be left behind. Here are a few key statistics and predictions to help convince you:
- Global spending on AI will grow 50% compounded annually and will reach $57.6 billion by 2021.
- This global expansion is not limited to high-tech: industries like retail, marketing, healthcare, fintech, insurance, and more will all stand to benefit from AI and machine learning.
- Companies driven by insights from data will take $1.2 trillion a year from non-insight driven companies by 2020.
- 83 percent of early adopters are already gaining value from AI and machine learning initiatives.
- The net gain in jobs resulting from AI adoption will be over 5 million.
Artificial Intelligence + DataRobot
DataRobot was founded on the belief that emerging AI and machine learning technologies should be available to all enterprises, regardless of size and resources. That’s why we invented automated machine learning, which allows analytical professionals of all skill levels to easily and rapidly build and deploy predictive analytics models without complex programming or math.
We don’t bother with the flashy implementations of AI. We believe in the democratization of AI, and for that reason, we developed a platform that enables business users across organizations to gain actionable, practical insights that result in real value. DataRobot makes the power of AI accessible to your business, helping you become a part of the fourth industrial revolution.