Is Artificial Intelligence for all companies?

There is too much talk about Artificial Intelligence (AI) and currently there are still many doubts about this topic and its importance. In this blog we will explain what it is, and why it is important for any company.

Alan Turing's definition would fall under the category of "systems that act like humans".

In its simplest form, artificial intelligence is a field that combines computer science and robust data sets to enable problem solving. It also encompasses the subfields of machine learning and deep learning, which are often mentioned in conjunction with artificial intelligence. These disciplines are composed of AI algorithms that seek to create expert systems that make predictions or classifications based on input data.

-IBM Company.

Based on this, we can define the different sectors, for example, in computer science, we could identify AI as the discipline that deals with the realization of machines (hardware and software) capable of "acting" autonomously.

The scientific community's interest in Artificial Intelligence, however, began a long time ago: the first real AI project dates back to 1943, when researchers Warren McCulloch and Walter Pitt proposed to the scientific world the first artificial neuron, followed in 1949 by the book by Donald Olding Hebb, a Canadian psychologist, thanks to which the connections between artificial neurons and complex models of the human brain were analyzed in detail. The first functional prototypes of neural networks (i.e. mathematical/computer models developed to reproduce the functioning of biological neurons in order to solve problems of artificial intelligence understood, in those years, as the ability of a machine to perform functions and make reasoning as a human mind) arrived then towards the end of the 1950s and the public interest became greater thanks to the young Alan Turing, who already in 1950 tried to explain how a computer can behave like a human being.

The term Artificial Intelligence "officially" started with the American mathematician John McCarthy (in 1956) and with him the "launch" of the first programming languages (Lisp in 1958 and Prolog in 1973) specific to AI. Since then, the history of Artificial Intelligence has been quite fluctuating and has been characterized by significant advances in terms of mathematical models (increasingly sophisticated and designed to "mimic" some brain functions such as pattern recognition) but with ups and downs in terms of research in hardware and neural networks. The first breakthrough on the latter front came in the 1990s with the entry into the "extended" market (i.e. to the general public) of graphics processors, the Gpu - graphics processing unit (data processing chips much faster than the Cpu, coming from the gaming world and capable of supporting complex processes much faster, running at lower frequencies and consuming less power than the "old" Cpu).

Having said this, we can define Artificial Intelligence as the ability of machines to perform tasks and actions typical of human intelligence (planning, language comprehension, image and sound recognition, problem solving, pattern recognition, etc.), distinguishing between weak AI and strong AI. What characterizes Artificial Intelligence from a technological and methodological point of view is the learning method/model by which the intelligence becomes competent in a task or action. These learning models are what distinguish Machine Learning and Deep Learning.

The business world is one of those fields where the uses of artificial intelligence is widely implemented. It helps any company in three fields: automating business processes, obtaining information through data analysis and interacting with customers and employees.

Some of the examples of the importance of having Artificial Intelligence in a business or company are:

1. Hiring and Recruiting 2.

Every day hundreds of vacancies arise for different areas of a company, which implies an exhausting task for the HR department to choose the perfect candidate for the position they are looking for.

To make things easier, companies use Artificial Intelligence and Natural Language Processing (NLP) to filter resumes and shortlist candidates that closely match their requirements.

This is done by analyzing different attributes such as location, skills, education, and so on. It also recommends other jobs for the candidates, if they are eligible.

This not only selects candidates in a practical and unbiased manner, but also saves time and manpower for the HR team.

2. Cybersecurity

The Internet has made storage and management very convenient in any enterprise, and its use is now exponentially driven by AI. However, with a great expansion of this digital ecosystem, comes the risk of breach, data leakage and different kinds of hacks.

Every company requires cybersecurity, as all important databases, including financial data, strategies, private customer information, among other sensitive information, is stored online.

Online security is a necessity for all companies, therefore, it is one of the most important applications of AI. With the help of AI, cyber experts can understand and eliminate unwanted data that they can detect.

3. Market prediction

Stock markets are among the most popular and unpredictable markets due to their dynamic nature. Many people invest in stock markets as they have also proven to be very profitable.

Artificial Intelligence has also made it easier. With technologies such as Support Vector Machines (SVM) and Artificial Neural Networks (ANN), which are types of machine learning, patterns are learned and predicted.

4. Analysis of business proposals

The multiple uses of artificial intelligence prove to be quite beneficial when it comes to proposal review.

Now, AI can easily analyze any proposal given to the company with the help of machine learning. This way, we will be able to automatically get the scope, price and track any history of its origin.

AI proposal management software is very efficient in qualifying opportunities.

Many emerging SMEs are experiencing rapid growth and success with proper strategies and plans. Uses of artificial intelligence take the most credit for that.

Compared to previous decades, things have become more convenient as we have machines doing most of our work, using AI.

As scientists research and learn, the fields of machine learning, deep learning, neural networks, etcetera; are advancing at a rapid pace and many softwares are being developed that take care of all the attributes of any business.