The Advancement of AI Technology: A path to success for Organizations

Artificial Intelligence

The advancement of intelligence is what separates humans from the rest of animals. Software algorithms separate humans and computers in a manner of computational dynamics. What if intelligence and algorithms could become one? Artificial intelligence (AI) is the fusion of intelligence and algorithms and their applications. You may think that AI, as a technology, was recently researched and applied. Still, the truth is that the initial idea was introduced a long time ago… We could even say that the idea of such a technology may have existed in ancient years with examples of robots references in ancient Greek myths; In the Antikithira wreck ship in Greece, scientist found the first hand-powered orrery-computer of humanity “The Antikythera Mechanism“.

 Alan Turing, who solved the “Enigma”, had a major contribution to Artificial Intelligence evolution. Admittedly, the modern era of AI made its appearance in 1956 in Hanover when AI was officially accepted as a field. Automation research went through different phases until its recent form of advanced intelligence. But AI is beyond that… 

The basics of AI technology

It is a combination of scientific fields such as machine learningdeep learningdata sciencerobotics, psychology, philosophy, neurology, and others. The main goal is to reproduce human behaviors and to be able to understand, react, and adapt to any given conditions. Moreover, collecting data is a key component of AI technology, but the way it handles data determines how “smart” it could possibly get as a machine. Through collecting data and receiving feedback, these devices try to adapt to their “environment”. 

Artificial Intelligence Types

  1. Reactive Machines
  2. Limited Memory 
  3. Theory of Mind
  4. Self Awareness 

How could AI help modern organizations?

How could AI help modern organizations?

The potential of AI technology could be considered unlimited. Automating routines and tasks could revolutionize the growth pattern in any industry. Ultimately, fintech is applied by big companies and organizations. Specifically, artificial intelligence is capable of contributing to the improvement of many aspects of a business.

We could mention some examples:

  • Cost lowering effects 
  • Improves sales
  • Improves agility of a business 
  • Increasing workforce productivity 
  • Giving feedback on products and services thus helping in their improvement
  • Boosting customer service and engagement
  • Better risk management 
  • Empowering and aligning internal decision-makers

To conclude, it is mandatory to mention that there are a lot of possible dangers and risks involved in main AI model development. Obvious examples are job automation, privacy violation, etc. Bias is caused by incorrect, inaccurate, or “bad” data. Decorated scientists advise that we have to be very careful of AI usage and excelling. Most of them, consider that AI and its wrong applications could potentially threaten humanity.

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