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Artificial Intelligence

AI is now emerging from science fiction to become the frontier of world-changing technologies, this brings an urgent need for systematic development and implementation of AI to see its real impact in the next generation of industrial systems, namely Industry 4.0.

Today, large data centers and enormous storage capacities make things possible that were believed for years to be distant concepts. Two branches of artificial intelligence, machine learning and deep learning, use the possibilities of big data to optimize processes, find new solutions, and gain new insights.

From small and medium-sized companies to large international corporations, every organization accumulates data that it can make use of. With software, this data is consolidated and evaluated to make predictions. Machine learning recognizes characteristics and relationships and uses algorithms to derive generalizations from them.

Why Artificial Intelligence cannot be ignored
  • AI will really change the way the business is being done: Every household have an Amazon device in their home featuring the Alexa- voice controlled assistant or a smartphone featuring Siri or Googles’ voice-controlled assistant or Microsoft’s Cortana. Even Facebook’s News Feed is powered by AI. The application of AI has potential to disrupt any businesses, ranging from retail to construction to healthcare.
  • AI to augment the jobs, not replace. AI will remove automated and routine tasks across industries — that’s just a reality but only to create jobs of future. As per the report of Gartner, AI will create 2.3 million jobs and eliminate 1.8 million. Then, it’s expected to create another 2 million net-new jobs in 2025. The most common application of AI for business will use machine or deep learning to automatically analyze big data
  • AI is no longer the domain of big business and corporate enterprise: Consumers interact with AI daily. They use it to reduce their commute times and filter their emails and now small businesses can leverage AI’s power too. AI can help companies dive deep into data and improve customer engagement and if one knows to make use of it, it can help make decision makers to shape their business for future.
  • AI feeds on high-quality data. Insufficient amounts of data or poor-quality data will lead to poor results from the AI software. As we move more towards a Big Data world, companies are collecting an increasing amount of data. However, this data is sometimes not the right kind of data needed to drive a successful AI strategy.
  • AI is going to transform nearly everything about your business and markets. That’s a good reason to act—but it’s not a good enough reason to do too much too quickly. If done right, developing an AI model can enhance an existing process or solve a well-defined business problem, but if not implemented properly, can create a bad impact on the business.
  • There’s currently an AI skills gap, which can impact greatly on businesses wanting to develop in-house AI marketing solutions. This problem is predicted to become even worse as the number of AI technology companies and job openings grow. The fact is, the existing pool of AI talent is not growing fast enough to fill these new positions.

Artificial Intelligence: The Need of the Hour

Organizations need to understand and identify the clear problems that utilizing AI and ML solutions will potentially solve. They will need to think about how they can add AI capabilities to existing and future processes, products and services. Instead of simply painting a broad vision, they need to also be clear on what impact it will have on the business over the short and long term.

AI/ML experts, business analysts, data scientists, and subject matter experts in today’s market are hard to find and expensive. Developing, deploying, and maintaining an AI solution from scratch will require data engineers, software engineers, product/project managers and ML/AI experts.

Organizations need to upskill their workforce or hire specialists with deep knowledge of current AI technologies as well as their limitations. Organizations with a limited budget may not be in the position to hire the right talent that is required for an AI project but they can always train their present resources for efficiently utilising AI based technologies.

How Can SkillUp Technologies help you leverage Artificial Intelligence?

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