Saturday, December 29, 2018

Artificial Intelligence : Changing How Businesses Operate

The term Artificial Intelligence (AI) was coined in 1955 by John McCarthy, a.k.a. 'the father of AI". Since then, AI has been on a non-stop journey (be it a slow one). But now, due to breakthroughs in computing power, the availability of big data, cloud hosting/storage, sophisticated software and complex algorithms, AI is now destined to fulfill its potential - with businesses being the most impacted benefactor.
Changing How Businesses Operate - We are at Level 1

What is AI and What is it Capable Of

- Level 1 Weak AI  Capable of demonstrating human intelligence to carry out specific tasks

- Level 2 Strong AI Capable of showing self-awareness, the ability to think and make decisions for
       itself to the same level as a human being

- Level 3 Super Intelligence Showing superior levels of intelligence to human beings and fully in
       control  of its existence.

For now, and in the distant future, only Weak AI is achievable and relevant

Weak AI is widely used by many different businesses. All of us have encountered some form of AI if you have a smartphone, watch streaming media, or order products online. Have you used Siri or Alexa? Have you searched for something and then received a slew of related ads and promos.

They are all using some form of AI software with the intention of bettering their customer experience, enhancing their financial opportunities, and improving their workplace efficiency.

AI can be summed up this way: Data is like crude oil. Valuable but unrefined. It has to change into something else before it can be profitably used.  Only 20% on available data is currently being used to generate profitable (usable) end products. The other 80% is held inside companies and not used.  This is where AI can be very useful, in: HR management, sales & marketing, best use of funds for capital outlays, analysis of new markets penetration, after-sales service are areas where AI will reine supreme.

As consulting firms, like Fund-House, exploit AI software capabilities within business suites, enterprise applications, infrastructure support services, the customer experience, and branding they will place your business on new footings and catapult it to greater growth and profits.


by: Jim Lavorato, Principal
Fund-House Ventures, LLC

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