John McCarthy came up with the name “artificial intelligence” in 1955. Artificial Intelligence is “A system’s ability to correctly interpret external data, to learn from such data, and to use those learnings to achieve specific goals and tasks through flexible adaptation.
Artificial intelligence (AI) is the ability of a computer program or a machine to think and learn. It is also a field of study where computers are made “smart”. They work on their own without being encoded with commands. The term “artificial intelligence” means a programme which mimics human cognition. At least some of the things we associate with other minds, such as learning and problem solving can be done by computers. An extreme goal of AI research is to create computer programs that can learn, solve problems, and think logically. AI systems will typically demonstrate at least some of the following behaviors associated with human intelligence: planning, learning, reasoning, problem solving, knowledge representation, perception, motion, and manipulation and, to a lesser extent, social intelligence and creativity.
AI is ubiquitous today, used in recommending of what you should buy next online, to understand what you say to virtual assistants such as Amazon’s Alexa and Apple’s Siri, to recognise who and what is in a photo, to spot spam, or detect credit card fraud.
AI can support three important business needs: automating business processes, gaining insight through data analysis, and engaging with customers and employees.
RPA is the least expensive and easiest to implement of the cognitive technologies, and typically brings a quick and high return on investment. These applications aren’t programmed to learn and improve, but our developers are slowly adding more intelligence and learning capability. It is particularly well suited to working across multiple back-end systems.
Artificial intelligence applications are being used in
- Predicting a particular customer is likely to buy;
- Identify credit fraud in real time and detect insurance claims fraud;
- Analysing warranty data to identify safety or quality problems in Automobiles and other manufactured products;
- Automate personalized targeting of digital ads; and
- Provide insurers with more-accurate and detailed actuarial modelling.