When the term Artificial Intelligence (AI) was first coined back in 1955 by mathematician John McCarthy, a lot was initially made out. It was predicted in 1957 that within a decade, computers would be able to beat humans in chess, whereas in reality it took them four decades. But over the past few years AI especially Machine Learning (ML) has really caught up. Technologies have proven to be the significant drivers of business over the past two and a half centuries. Especially the general-purpose technologies such as steam engine, internal combustion engine and electricity have given rise to significant business innovations leveraged by the likes of Wal-Mart, Uber and UPS among others. ML has particularly achieved breakthroughs in two broad ways- perception and cognition. Perception includes the identifying patterns and predicting moves accordingly. One such benefit has been in voice recognition done via digital assistants such as Siri and Alexa. Perception also includes image recognition as done frequently on Facebook and visual systems in use for self-driving cars. Cognition includes problem solving post the initial analysis. Google’s Deep Mind is one such example and IBM has an ML aided system that helps it in detecting and subsequently preventing money laundering.

Source:https://hbr.org/cover-story/2017/07/the-business-of-artificial-intelligence

Uploaded Date:31 July 2017