Artificial Intelligence is becoming the new major field of interest in high-tech business. The motivation behind AI is to make robots and computers think the way humans think. There’s hefty ongoing research in different technology areas such as healthcare, warfare, finance, manufacturing, and automobiles. From creating life-saving drugs to smart self-driving cars, AI is going to be induced virtually in every area of the program.
Many large firms like Google, Amazon, Facebook, Apple, Microsoft, and IBM are devoting to the research and deployment of AI in their fields of interest. The goal is to give their companies access to AI to automate the processes that require human efforts, such as decision-making. In today’s article, we will discuss Artificial Intelligence and how it’s used to automate decisions.
If you are new to this field and looking for a comprehensive guide to decision-making with AI, then you are at the right place. Make sure you read this article till the end.
According to an American Computer Scientist, John McCarthy, “Artificial Intelligence is the study and design of intelligent agents.” That “intelligent agent” refers to a system that observes its environment and takes decisions that minimize the chances of errors and maximizes success in that very situation.
The aims and objectives of the research conducted under AI are Planning, Learning, reasoning, natural language processing, realization, and manipulating and moving objects. The long-term goals of AI are in the intelligence sector. Firms aim to use Artificial Intelligence to automate decisions and utilize the practices that maximize the chances of success.
To comprehend the actual working of Artificial Intelligence, we are required to dive deep into the sub-domains of AI. These sub-domains are applied to different areas of industries. Following is the list of the domains that fall under Artificial Intelligence: –
- Neural Networks: This technique works at the principles related to human neurons and performs actions through algorithms on certain underlying variables just like the human brain does.
- Expert Systems: A system that uses AI to simulate judgment and human behavior.
- Cognitive Computing: It analyzes human text, speech, objects, and images. Its algorithm tries to mimic human behavior and produce results in a way that human does.
- Natural Language Processing: NLP is a science of reading, understanding, interpreting a language by a machine.
- Computer Vision: The computer vision algorithm tries to understand the image by breaking it into different parts and understanding each piece individually. It helps machines understand the set of pictures and make better decisions regarding output.
- Machine Learning: Machine learning enables one to make decisions based on past experiences, perform analysis, and reach a possible conclusion. It helps business firms to analyze data and make timely decisions.
- Deep Learning: Deep Learning helps input data into layers to classify, infer and provide verdict about it quickly.
To have a better understanding of AI, one must have expertise in the areas mentioned above.
Not so long ago, people were used to doing simple repetitive tasks such as performing a simple linear regression by hand, which is quite a tedious task even with the
Any form of the systematic decision-making process is better enhanced with data. But making sense of big data or even small data analysis when venturing into a decision-making process might
Have you ever clicked on an Ad and bought something that you saw in your Social Media Newsfeed? Or, watched a video on YouTube just because it was in the
Decision-making refers to the “selection of a point of action from available alternatives, working on it and arriving at a particular solution.”
Decision making with AI
With the development in technology after the fourth industrial revolution, we can say that we are advancing with the speed of light. Massive revolutions have taken place in the areas of machine learning, deep learning, neural networks, and computer vision. In AI, these technologies are emulated closer to human capabilities by embedding them with intuitive decision system to perform tasks efficiently.
Automated Decision making
Automated decision-making is the process of reaching out to a conclusion entirely by software means without the involvement of humans. The decisions made through automated means may consist of facts and figures, and profiles created digitally.
AI has proved its vital role in the decision-making process by minimizing human efforts and maximizing success rates in various fields such as business, healthcare, warfare, automobile industry, etc. Below are details of how Artificial Intelligence performs decisions.
The automobile industry is always known to deploy the latest technologies to provide safe, efficient, and innovative vehicles to the market. Nowadays, this industry uses two powerful strategies- Artificial Intelligence and high-performance automation in manufacturing vehicles that promise great automotive success.
AI now covers efficient and safe driving experience in diverse ways that are covered below.
- Self-Driving Cars
Manufacturers and their technology partners are working a lot in AI to make AI-driven systems such as self-driving cars that can take decisions just like intelligent human beings when subjected to any situation.
A wide range of technologies such as deep neural networks, natural language processing, text and speech recognition features are incorporated in these systems to let these cars drive safely by themselves with or without the presence of any human driver. These vehicles work on Gaussian Process Regression Model.
AI-driven systems help identify the defective parts of the automobiles and decide by themselves about what to do with the vehicles, such as painting the parts or replacing them with new ones.
There can be a situation in the automotive industry whose supply chains span an extensive demographic network. Any problem in a single unit can cause an immense loss. To avoid costly decisions, AI is used to predict the problematic interaction between production units, and they can automate requests independently. In this way, an AI processed timely decision can prevent a firm from a substantial financial loss.
AI has proved to have a vital role in the business industry. Some of the aspects are described below:
Augmented analytics is a combination of Artificial Intelligence and Data Science that helps in data analysis and generates insights from the data quickly in a conversational manner. It helps business firms make timely decisions for their organization by analyzing past data and insights, improving the individual and the overall performance of the firm.
AI-driven systems help develop a human persona based on the data gathered in real-time, enabling business firms to identify the likes and dislikes of their customers and set up their marketing strategies accordingly.
Customer Relationship Management (CRM)
Companies can estimate their buyer’s persona using AI-driven Buyers’ Persona Modelling and decide many factors simultaneously. It can manage multiple inputs and extensive data to process. We as humans face fatigue processing such large amounts of data, but AI algorithms do not get tired and can predict results in a go.
In medical fields, AI is being used for the early diagnosis and treatment of diseases. AI-driven algorithms based on deep learning and neural networks can help in the early diagnosis of breast cancer than the medical experts. A study revealed that AI-based algorithms diagnosed breast cancer at a higher rate as compared to 11 pathologists.
With the involvement of AI in every field, warfare has also advanced by using AI-driven missiles, robots, and spy planes. In December 2020, U-2 Dragon Lady Spy Plane was used by US Airforce for the first time.Through its AI algorithms based on control sensors and navigation systems, AI successfully made its step into warfare. Researchers predict that in the future, we will be more in control of AI-driven weapons.
Artificial Intelligence has proved its role in different areas of interest and aided human beings by increasing the success rates, be it medical science, warfare, business, and the automobile industry. The algorithms are never tired of performing calculations on thousands of terabytes of data and predicting the outcomes.
This article dived deeply into how AI-driven systems are replacing humans in making complex and critical decisions that involve chances of mistakes from humans. Still, through AI algorithms, the chances of errors are minimized to a great extent. If you are working on any AI-related project or want to move your firm to make better decisions eliminating human errors, this article will prove to be helpful.