Source- forbes.com
In our digital age, advanced analytics including artificial intelligence (AI) and machine learning (ML) have become valuable tools in business decision making. Businesses are gathering and processing more data than ever before and investing considerable resources to drive analytics-based decisions. With an exponential volume of information flowing on a daily basis, businesses have struggled to keep pace with advanced technology and make the best use of their data. AI and ML are the solutions everyone seems to want to employ, although few understand the difference in those technologies or how to effectively employ them. Should businesses rely on AI or ML to keep up with the waves of the data tsunami?
Benefits Of Artificial Intelligence And Machine Learning
While the terms AI and ML are both part of the advanced analytics lexicon and are often used interchangeably, there is a difference. Machine learning defines a computer system that has the ability to learn how to do specific tasks, which includes using past data to make decisions or predictions without human interaction. Artificial intelligence refers to “computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.” Many AI systems use machine learning techniques to function.
One of the key similarities between both AI and ML is that both technologies become even smarter with data. They help us create actionable information from the incredible amount of data we have access to, therefore allowing us to have more meaningful interactions with our customers. They can help us answer the age-old questions of “Who are our customers?” and “What do they want to buy?”
As consumers, we get a more personalized experience with the apps and programs we’re using on a daily basis. As businesses, we gain vital information on those who are interacting with our brand.