Using a super-futuristic tech lingo, like Artificial Intelligence (AI) and Machine Learning (ML), can make you sound cool in front of your app developer pals. But if they make an awkward face, or send a confusing emoji because office hours are canceled right now, that means that you are using the terms interchangeably. Your pals already know there is a subtle difference in the meaning of these terms. They might also know that it is predicted for the global AI market will hit $191 billion by 2024. Ready to step up your tech lingo game and join the players of the future?
The Difference Between AI and ML
A Forbes article lays out the differences pretty clearly: Artificial Intelligence is the broader concept of machines being able to carry out tasks in a way that we would consider “smart”. And, Machine Learning is a current application of AI-based around the idea that we should really just be able to give machines access to data and let them learn for themselves. For example, Apple’s Siri and Amazon’s Alexa are AI programs that try to mimic human decisions and carry out processes in more human ways. Whereas Facebook uses ML algorithms to personalize the content of your news feed, based on what type of links you click on.
Predicting user behavior
AI is being used to win, retain, and serve customers in a more useful way. A clustering algorithm is continually saving and analyzing data. Businesses can use predictive analytics that provides info on price optimizations and ways to maximize revenue. Algorithms can optimize ad bidding and find the best cost per acquisition ads for businesses as well. Last but not least, a cost-effective way for businesses to retain customers is by enabling customer engagement with chatbot-based tech solutions.
Integrating with IoT
Predicting events to take future actions accordingly will be impossible without combining AI and the Internet of Things (IoT). When combined, they provide greater visibility and control of the wide array of devices and sensors connected to the Internet. The unique overlap between AI and IoT is already rapidly changing the retail industry and the health care system. It seems like the energy industry is next on the list to integrate AI and IoT. The combination of both could lead to optimizations in energy generation, system maintenance, power grid management, and domestic consumption.
Smart camera with subject identification
Surveillance cameras. You might not be fond of them when on the road, but they are keeping the street safe overall. AI algorithms built into surveillance camera operating systems can quickly and accurately identify different attributes of what the camera sees. Except for having safety purposes on the streets, the benefits of AI-enabled surveillance cameras can be also found within retail spaces. As, an already familiar, way of deterring theft, and helping operators track customer demographics.
Language and voice recognition
The voice-interactive devices on your phone, computer, and watch, like the already mentioned Amazon’s Alexa and Apple’s Siri, have an essential part in everyday life. From helping people with learning differences or impairments, to reducing paperwork, time, and costs associated with business operations. The secret of these technologies? They all heavily rely on AI and speech recognition to meet user expectations and automate everyday tasks. By simplifying outdated processes and improving UX, they are increasing overall efficiency.
Predictive analytics tools
AI’s symbiotic relationship with IoT, and AI-enabled devices are shaping a data-driven future. With AI managing devices and making sense of all the data, it ensures a more connected and practical world for all of us. Are you feeling more comfortable discussing AI and ML with your app developer pals now?