A study estimates the global market for artificial intelligence at over 136 billion US dollars in 2022. It is projected to increase more than 13 times by 2030. It’s safe to say that AI isn’t going away anytime soon.
One misconception about this growing trend is that machine learning and artificial intelligence are the same thing. You are not. When it comes to artificial intelligence and machine learning, there are several key differences that set them apart.
Both are useful for business growth, but how do you implement them in your business? And how can both make a decisive contribution to the success of your company?
If you don’t know the differences between the two and what they can do for you? Read on to learn more about this artificial intelligence and machine learning guide.
What is artificial intelligence?
Artificial intelligence, also known as AI, refers to a computer’s ability to mimic human cognitive functions. This includes tasks such as studying and problem solving.
In AI, a computer system uses a combination of mathematics and logic. These create a simulation of the thinking that humans use to learn and make decisions.
What is machine learning?
Machine learning is also sometimes referred to as ML. This refers to the application of AI.
Machine learning uses mathematical data models that help a computer learn without direct instruction. This allows a computer system to continue to improve and learn based on experience.
Artificial Intelligence vs. Machine Learning
Although AI and ML are closely related, they are different. In short, machine learning is considered a subset of artificial intelligence.
Because an intelligent computer uses AI to think like a human. It then carries out tasks independently. Machine learning describes how the computer system develops its intelligence.
How AI and machine learning work together
It can be difficult to see a clear difference between AI and ML as they are intangible. If you’re trying to figure out the differences between the two, the best way is to look at how artificial intelligence and machine learning work together.
- Step 1 – The AI system is built using machine learning
- Step 2 – ML models are built by examining patterns found in the data
- Step 3 – Scientists optimize the ML models based on patterns found in the data
- Step 4 – Repeat and refine the process until the models are sufficiently accurate to complete the tasks
How companies use AI and machine learning
In almost every industry, to be successful, a company must have a strategy in place to transform its data into actionable insights and strategy. The use of artificial intelligence and machine learning enables companies to automate a variety of manual processes that involve data and decision making.
Organizations that use AI and machine learning in their processes are able to understand, plan and act on data-driven analytics faster and more efficiently, which in turn increases productivity and profits.
Possible uses of AI and machine learning
Most industries are finding innovative ways to use AI and ML. The following are some of the standard usages that have become critical in helping organizations transform their processes.
- Predictive analytics – to identify trends and behavioral patterns as well as cause-and-effect relationships in data
- Recommendation engines – the use of data analytics to recommend products that customers may be interested in
- Speech Recognition – Allows a computer system to identify words in spoken language
- Natural Language Comprehension – the ability to recognize and understand meaning in written or spoken language
- Image and Video Processing – Allows systems to recognize faces, objects, and actions that can be used in visual search
- Sentiment Analysis – the computer’s ability to identify and categorize positive, neutral, and negative attitudes
Benefits of using AI and machine learning
There are some key benefits that organizations should not overlook when considering implementing artificial intelligence and machine learning. Here are just a few reasons companies are making the switch.
- More sources of data input – enables companies to gain valuable insights from a wider range of data sources
- Accurate and Faster Decision Making – Based on data integrity and reduced human error
- Increased Operational Efficiency – Process automation reduces costs and frees up time, resources and staff
Industries using AI and machine learning
Many industries are already using the connection between artificial intelligence and machine learning. Here’s how they’re helping different sectors transform the way they work.
retail trade
Retailers use AI and machine learning to optimize their inventories. They also use recommendation engines to improve customer experience through visual search that helps increase sales.
sales and marketing
Marketers can use AI and machine learning to tailor campaigns to a specific audience. This may take the form of personalized offers or information about which products a consumer is likely to purchase. AI and ML are used in AI content marketing, sales forecasting and analytics.
banking and finance
AI and machine learning have proven their worth in the fight against fraud. They can also be used to predict risk as well as provide proactive financial advice to clients.
Internet security
AI and machine learning help organizations protect themselves by detecting anomalies. In the ever-expanding world of the internet, AL and ML have proven to be powerful cybersecurity weapons.
Customer service
One of the most popular uses of AI and ML in customer service is the use of chatbots. They are also used to perform cognitive searches to answer specific questions and measure customer intent before human interaction.
healthcare
AI and machine learning have been harnessed by healthcare organizations to use image processing to detect diseases and ailments. This has changed cancer detection and predictive analytics in genome research.
How can you use AI and ML to help your business grow?
So, have you spotted the difference between artificial intelligence and machine learning and how they can help your business grow?
Whether you’re a startup or a more established company, you may still have questions after reading this guide to machine learning and artificial intelligence. Read more great articles like this one on our blog to find actionable solutions to transform your business into a profitable business.
