Why is Artificial Intelligence important – Why AI?
“It is difficult to think of a major industry that AI will not transform. This includes healthcare, education, transportation, retail, communications, and agriculture. There are surprisingly clear paths for AI to make a big difference in all of these industries.”
– Andrew Ng, Computer Scientist and Global Leader in AI
With the increasing demand for AI in the recent times, businesses are in a dilemma whether it is fruitful to catch up on the hype train of AI, invest in it, or it is just a bubble waiting to burst.
Everyone has the questions like “why is artificial intelligence important? or why do we need artificial intelligence?”
Venture and work in AI were quickened at a phenomenal rate and that, while progress in specific fields like constrained game-playing and vision has been remarkable. The term can also be applied to any machine that exhibits traits related to a person’s mind like learning and problem-solving.
AI stays a long ways behind when all is said in done knowledge assignments that would bring about, state, absolute computerization of in excess of a restricted assortment of occupations.
In this article, we will understand why it is important for businesses to invest in AI technologies now, more than ever?
Why is artificial intelligence important?
Firstly, let us learn the reasons why AI is important in today’s world.
1. Competitive Edge
Most importantly, the companies which aim to have a competitive edge over their rivals are banking upon AI technologies to obtain this.
Moving outside of the corporate infrastructure, AI has the power to offer companies a competitive edge up marketing because of its ability to find out and train supported data.
AI offers numerous insights into the way to market, who to plug to, when and where to plug , and even why to plug.
For example, the Autopilot feature offered by Tesla in its cars. Tesla is using Deep Learning Algorithms to achieve Autonomous driving. This was earlier just one feature out of many, but now is defining the brand.
2. Accessibility
The foundation speed, accessibility, and sheer scale have empowered bolder calculations to handle increasingly eager issues.
Not exclusively is the equipment quicker, here and there increased by particular varieties of processors (e.g., GPUs), it is likewise accessible looking like cloud administrations.
What used to be run in specific labs with access to super PCs would now be able to be conveyed to the cloud at a small amount of the expense and considerably more without any problem.
This has democratized access to the important equipment stages to run AI, empowering a multiplication of new companies.
3. Fear of Missing out (FOMO)
Yeah, you read that right. Not just us, companies also feel the fear of missing out. If they do not want to get thrown out of the market in the future, they have to adapt accordingly. They need to invest in technologies that would disrupt their industries.
Several companies and startups within the housing industry have started leveraging AI and Machine Learning technology to form better decisions and improve productivity.
Take the example of the banking sector, where almost all the banks have invested heavily in chatbots so that they won’t miss out on the next wave of disruption.
4. Cost-Effectiveness
With every passing day, the technologies behind AI are getting less and less expensive to utilize and though still higher than the manual propositions, they are considerably cheaper than earlier.
AI will make it possible to avoid design errors of the past and make entirely new trials of the longer term. The result’s a more precise and better–designed protocol which will likely require minimal changes, potentially saving many dollars in costs previously spent on change requests.
This has made it possible for a lot of businesses that could not afford them in the past to utilize these technologies.
5. Future Proof
One thing that all of us have to understand is that AI is the next big thing.
Businesses can and should ensure themselves to be future proof by implementing AI technologies. If this is the way where the world is heading, why not to head in that same direction and be adaptable to that change.
In the AI-enabled future, humans are going to be ready to converse and interact with one another within the language of choice, not having to stress about miscommunicating intentions.
Machine learning models are going to be ready to understand context, nuance, and colloquialisms that help to fill the gaps of human communication.
This would help in the gradual shift of the workforce towards Artificially Intelligent systems. It would also aid in keeping some time as a buffer if something goes wrong.
Summary
As we have discussed that how AI as a technology is very lucrative for businesses to invest in. Empowering businesses to transform themselves into smart businesses, AI is the light guiding them towards a better tomorrow.
In conclusion, The question has always been not why but when. And the answer is today because :
“ Future is now.”