Artificial Intelligence is rapidly becoming the new snake oil. A miracle cure for all ills. My inbox is brimming with emails about software applications that claim amazing results because of their AI ingredient. When examining exactly how AI is being used, matters become more opaque. What is clear is that the market is using the term artificial intelligence and machine learning interchangeably.
Most people regard machine learning as a subset of AI. It’s important to recognise that AI and machine learning are not the same thing. They focus on different outcomes.
Machine Learning (ML) is the use of algorithms to look for patterns in data in order to generate a model. This model can then be used to make predictions or to make sense of other data.
Artificial Intelligence (AI) applies the model built through ML to make predictions and drive outcomes e.g. automating a specific process.
Understanding the difference between the two is important if you want to apply the right solution to your need. I have found it helpful to remember that AI should focus on achieving success. In other words the business outcome you are seeking. Machine learning is focused on increasing accuracy not on business outcomes per se.
Businesses are using AI in many areas in order to improve business outcomes. These can be broadly summarized as follows:
Lead generation and sales forecasting
When it comes to AI there are a few things to keep front of mind.
Our blogs over the next few months will be looking at many areas of AI in much more depth. We hope that you will engage with us and get value from them. Meantime if you want an informal chat about how we might we able to help you we would be only too happy to oblige.