Artificial intelligence (AI) refers to machine systems that mimic human cognitive functions and are capable of learning from experience, adapting and making decisions. They can perform tasks such as playing games, analysing data and identifying patterns. In many cases, AI is programmed by humans who provide feedback, reinforcing good decisions and discouraging bad ones. Alternatively, some AI is designed to learn without supervision. This can be achieved by allowing it to process massive amounts of data and looking for patterns.
The AI industry is constantly evolving. Some key developments include:
Larger, More Accessible Data Sets
This development allows AI to be more accurate and effective, as it is able to analyse data sets at much higher speeds. It has also helped reduce costs by allowing organisations to store and analyse large amounts of data more cheaply.
Better, More Efficient Algorithms
Improvements in the way that algorithms are programmed have led to faster and more accurate results. The algorithms can recognise certain patterns and find solutions to problems in a more efficient manner, enabling them to make smarter decisions and understand complex relationships that may not be evident to humans.
Larger, More Cost-Effective Processing Power
Advancements in processors have allowed AI systems to run more efficiently on computers and mobile devices. This has reduced the need for humans to be involved in the data analysis and has accelerated the pace at which AI can be implemented.
The evolution of AI has lead to it having more applications than ever before. AI is now being used in many sectors across the economy to improve efficiency and create new business opportunities. For example, in retail AI can help to predict customer demand and inform product sourcing. It can also be used to reduce supply-chain costs by optimising delivery routes and scheduling, or in manufacturing by predicting load and demand so factories can manage stock levels effectively.
Similarly, AI can be used in healthcare to provide patients with reminders to take their medication and recommend exercises to improve their health, or in financial services to reduce the risk of fraud by automating processes like credit scoring. It can also be used in security by detecting unusual activity and identifying potential threats. AI can even help to combat the spread of infectious diseases such as Covid-19 by analysing CT lung scans and identifying infection.
AI is now being used in the production of a wide range of content, including text, images and music. This is allowing marketers, journalists and artists to work more effectively. It is being used to assist in customer support by providing more personalized assistance and reducing response times. It is also being used in healthcare to develop new treatments for diseases by examining medical records and identifying common symptoms. It can also be used in agriculture to minimise environmental impact by recommending the best fertilisers, pesticides or irrigation levels for crops. It can also reduce labour costs by predicting maintenance and repair needs in factories and streamlining production processes.