According to Forbes, the artificial intelligence (AI) market is projected to reach $407 billion by 2027, experiencing growth from $86.9 billion in revenue in 2022. This means that in the coming years, AI will become one of the trending technological solutions for many business sectors. In this article, we propose you answer the question: “What does AI mean?”, understand how AI works, find out exactly how to use AI, and check the benefits of implementing it in regular business processes.
What Is Artificial Intelligence (AI)?
So, what is AI? The “Artificial Intelligence” term was first mentioned in 1956 by John McCarthy at the first-ever AI-dedicated conference at Dartmouth College. At that time, this concept was defined as the ability of computers to perform tasks that previously only the human brain could handle. In particular, it is those tasks that do not have a single predefined algorithm of actions with input data. Thus, AI solves them using previously analyzed tasks. I.e., like the human mind, it applies its cognitive experience, “reasoning” and “generalizing” previously processed information.
Modern AI-based solutions include a huge range of algorithms and self-learning tools that allow them to quickly segment input data, identify unobvious patterns in it, and optimize the process of finding solutions.
From a practical point of view, Artificial Intelligence solutions usually are based on artificial neural networks – software or hardware analogs of a human neural network, which are not programmed to perform specific tasks but are tailored to study information. However, AI is a broader concept since replicating the principles of the human brain requires much more comprehensive solutions than just constant self-learning based on ready-made data samples.
How Does AI Work?
In view of the abstractness of the concept definition, it can be quite difficult to understand the principles of how AI solutions function. Therefore, we decided to dedicate this paragraph to answering the question: “How does AI work?”
Systems based on Artificial Intelligence technology combine large datasets and apply complex iterative algorithms to them to discover patterns. In particular, in each iteration, the AI performs a data processing cycle, checking and measuring its own performance and acquiring additional knowledge. Thus, the system self-learns, and with subsequent use, its work becomes more and more close (in terms of performance – even better) to the human brain.
On the other hand, it is essential to understand that today, in some directions, no AI solution has reached the comprehensiveness in the output data analysis to provide accurate results. Therefore, in those areas where unique expertise and creativity may be required, these solutions may be ineffective.
How Can AI Be Applied?
AI functionality is widely demanded in almost all branches where knowledge and decision-making can be subject to certain patterns. In particular, the most frequent applications of AI are the following ones.
AI can be used in diagnosis, and in particular, interpretation of x-rays, MRI, ultrasound, and other medical procedures. In terms of personalization of the services, AI-based assistants can remind patients about upcoming medication or doctor’s visits, exercises, or the need to switch to a healthier diet.
AI can help customers with personalized recommendations and also enables online retailers to predict future market trends. In addition, AI technologies can streamline inventory management and product placement processes.
AI integrated with Internet of Things solutions can analyze data from connected equipment and predict usage and demand with the help of recurrent networks, a special kind of deep learning network used to work with subsequent data.
Banking and Finance
Artificial intelligence in the financial sector can be used to detect fraud and cyber threats within the network perimeter. It can also automate the processes of generating reports and analytics based on large data samples.
What Technology Does AI Require?
However, what are AI technologies? As you can already understand, the basic principle of AI is to combine a large amount of data with fast, iterative algorithms. This set of tools and methods allows AI-based solutions to automatically learn based on the patterns and features contained in the data.
If we talk about specific technologies that can explain to you how to make an AI solution, they include the following:
- Machine learning. Machine learning is a field of knowledge aimed at developing algorithms that are trained on data to find patterns in it. ML uses methods of neural networks, statistics, operations research, etc., to reveal hidden information. At the same time, instructions indicating where to find data and how to draw conclusions based on it are not predetermined.
- Neural networks. A neural network is one of the machine learning methods. In fact, this is a mathematical model. Its software or hardware implementation is based on the principles of organization and functioning of biological neural networks.
- Cognitive computing. Cognitive computing is another area of AI whose main goal is to provide a process of natural human interaction with a computer, similar to the interaction between live people. The ultimate goal of cognitive computing is to imitate human cognitive processes through the interpretation of images and speech through appropriate responses.
- Computer vision. Computer vision uses pattern recognition and deep learning algorithms for image and video recognition. Solutions based on it already know how to process, analyze, and understand images, as well as take photos or videos and interpret everything that happens in them.
- Natural language processing (NLP). Under the NLP abbreviation lies the ability of software and hardware solutions to analyze, understand, and synthesize human language, including oral speech.
The Benefits of AI
Now it’s time to learn about the practical benefits of introducing computer AI into business processes.
- AI provides automation for complex repetitive processes. Through self-learning, AI provides a qualitatively new level of process automation against the backdrop of robotics. In particular, the main goal of AI is not the automation of manual labor but the reliable and continuous execution of numerous large-scale computerized tasks.
- AI makes software solutions highly intelligent. Typically, AI is not implemented as a standalone application. AI functionality can be integrated into existing products for their improvement. Automation, communication platforms, bots, and smart computers, combined with big data, can enhance technologies ranging from security systems to investment analysis tools.
- AI allows you to create adaptive solutions. With progressive learning algorithms, AI solutions can gradually adapt to more complex tasks. In particular, AI discovers patterns in data that allow the algorithm to better classify it or predict outcomes. With constant data increase, these solutions become more accurate and, thus, do not require frequent updates.
- AI provides an unprecedented level of accuracy. The more often your users apply your AI solution, the more effective it becomes. Specifically, as the volume of data increases, the accuracy of solving problems assigned to AI is improved as well, which positively affects the quality of the implementation of business processes for which this technology is responsible.
- AI allows you to get the most out of your data. With the advent of self-learning algorithms, the data itself becomes an object of intellectual property. They already contain the answers you need – you just have to find them with the help of AI technologies. As nowadays, business data plays a much more important role than ever before, it can give your company a stable competitive edge.
Why Should You Consider Studying AI?
In terms of the benefits of AI for your business, as it evolves and the complexity of its network infrastructure rises, you will most likely have to think about the possibility of introducing AI-based solutions into your work processes. This is especially true for companies that cannot scale through the use of standard automation tools and methods and need more highly-intelligent processing of tasks.
Enhance Your Business With AI
What areas of your business can be improved with the help of artificial intelligence? Let’s look at five of the most promising of them.
- Improving the quality of services and goods. AI-based solutions with computer vision algorithms help manufacturing and healthcare sectors boost the quality of services and products and, thus ensure better customer satisfaction. In particular, computer vision can be useful in analyzing medical images and manufactured goods for defects.
- Business analytics and forecasting. Artificial intelligence improves business analysis and forecasting systems by providing more accurate and faster results based on real-time data derived from different sources.
- Fraud detection. AI can be helpful in detecting unreliable applicants by evaluating their creditworthiness in multiple ways. AI can also be applied in detecting and tracking fraudulent transactions, making these tasks faster and more accurate.
- Virtual assistance. You can introduce AI into your call center workflows to reduce the workload of live personnel and improve the quality of service by speeding up the processing of customer requests.
- Human resource management. And finally, AI tools can become indispensable assistants to your HR personnel, optimizing the processes of searching and selecting candidates according to the given parameters.
AI Tools for Upwork
Upwork is a popular international online platform that brings together professionals and companies looking for performers for specific tasks. While Upwork itself uses AI algorithms for smart filtering candidates, it can also be integrated with some additional AI-based solutions to speed up the search and selection process even more. In particular, we are talking about the Upwex solution that uses AI to improve results for freelancers and companies on Upwork.
Upwex is a browser extension with AI-powered tools that connects freelancers with businesses within the Upwork platform. Specifically, this product automates the following tasks:
- AI Job Scoring
- AI Proposal Generator
- Interaction between companies, applicants, and clients
- Deal management
- Reporting and analytics
In addition, Upwex is synchronized with Pipedrive CRM so that none of your company’s business processes is overlooked by your management department.
Thus, using Upwex allows your employees to save a lot of time, which can be a vital advantage for companies that do not limit themselves to the localization of job seekers and clients. Upwex has already been trusted by more than 1,000 companies around the world.
Pricing on AI Tools for Upwork
As for the pricing policy of the Upwex product, it is extremely affordable and is only $25 per month. After buying it, you get:
- Job Score / Job Rating
- AI-powered Q&A
- AI-powered proposal generator
- 500 AI requests
- Full analytics for the last year
- Technical support
- Pipedrive CRM sync
- Priority support and training
Note that you can also register on the Upwex website to start your 3-days free trial.
Now you know the answer to the question: “How does an Artificial Intelligence work?” And, as you can see, despite the abstract nature of the definition, its implementation has quite practical advantages for almost any business sector. On the other hand, ready-made AI solutions may only partially cover your business processes and turn out to be insufficiently effective for your company.
In this case, you should consider the custom development option. In particular, our team has successfully implemented several AI-based custom solutions over the years of its existence and actively supports and updates them to this day. Therefore, if you want to entrust your project to real pros, feel free to contact us. Also, to learn more about our success stories, you can check out our portfolio.