If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
What happens to Amazon's strategy as their data scientists, engineers, and machine learning experts work tirelessly to dial up the accuracy on the prediction machine? That said, one can imagine a scenario where Amazon adopts the new strategy even before the prediction accuracy is good enough to make it profitable because the company anticipates that at some point it will be profitable. Today, in the case of AI, some companies are making early bets anticipating that the dial on the prediction machine will start turning faster once it gains momentum. In 2016, GM paid over $1B to acquire AI startup Cruise Automation, and in 2017, Ford invested $1B in AI startup Argo AI, and John Deere paid over $300M to acquire AI startup Blue River Technology – all three startups had generated negligible revenue relative to the price at the time of purchase.
I will try to explain what I mean by this: traditional technical analysis is an unprofitable method of trading because strategies based on chart patterns and indicators draw their returns from a distribution with zero mean before any transaction costs. Traditional technical analysis, i.e., chart patterns, some simple indicators, certain theories of price action, etc., was not effective to start with. Some developed algos and AI expert systems to identify the formations in advance and then trade against them, causing in the process volatility that retail traders, also known as weak hands, could not cope with. However, some quantitative technical analysis methods often work well, such as mean-reversion and statistical arbitrage models, including ML algorithms that use features with economic value.
Viewers are more likely to be paying attention, and the clips ultimately reach a larger audience due to highlight reel replays and social media shares. First, by tuning an algorithm to look for specific entities -- in this case sponsors' logos -- cognitive technology can find and quantify brand placements in a video. With AI technology, production teams could efficiently source relevant content to integrate past segments into the current broadcast. To beat the competition, sports networks can utilize AI technology to provide an engaging viewer experience.
AI-powered virtual assistants are dedicated pieces of software that implement machine learning and natural language processing to communicate with users. AI-powered virtual assistants can directly help your sales team close more deals by providing them information during a sales call. By analyzing browsing and purchasing patterns, interests, and other relevant demographics, you can qualify prospects and show your sales team where each prospect is located within the buyer's journey. Although developing and perfecting an AI-powered virtual assistant takes time, you can increase your sales conversion rates if you implement it correctly.
Artificial intelligence can predict Supreme Court decisions better than some experts. Decision outcomes included whether the court reversed a lower court's decision and how each justice voted. The model then looked at the features of each case for that year and predicted decision outcomes. "Every time we've kept score, it hasn't been a terribly pretty picture for humans," says the study's lead author, Daniel Katz, a law professor at Illinois Institute of Technology in Chicago.
It seemed like yesterday when things like automated social media posts, blog content, and chatbots were something laughable, not fully able to compete with human intelligence. When you factor in the potential breadth of these systems, including the obsolete cost of hiring actual writers, and the increased accuracy of keyword inclusion and optimization, the new industry of SEO and AI will be immensely powerful. Even though this technological development sacrifices human perspective and insight, the return is going to provide content providers with articles that could potentially lead to the top of search results almost every time. This means that updating automated responses and search terms will occur instantaneously -- cycling through which ones will achieve the highest ROI in a matter of seconds.
But Bezos seemed especially energized when Internet Association CEO Michael Beckerman asked him about artificial intelligence and machine learning. "We are solving problems with machine learning and artificial intelligence that were in the realm of science fiction for the last several decades. Natural language understanding, machine vision problems, it really is an amazing renaissance." Those things use a tremendous amount of machine learning, machine vision systems, natural language understanding and a bunch of other techniques.
Such softwares reduce or totally eliminate the need for human intervention in the investing or trading process that is present in the traditional human discretional approach through fund managers and brokers. CPG is one of the few quant fund operators in Singapore today with total assets under management at slightly below US$100mil (RM434mil). Locally, BIMB Investment Management Bhd, which is a unit of Bank Islam Malaysia Bhd, recently launched its fund using AI technology. Whether or not quant funds outperform the traditional discretionary approach of investing is still very much open to debate.
Expectations for a match-up between a professional StarCraft player and sophisticated AI ratcheted up last year after an AI program beat a highly ranked human player at Go, one of the world's most difficult board games. Dave Churchill, an assistant professor of computer science at Memorial University of Newfoundland, who has run the AIIDE competition for the past six years, says the contest's AI bots generally play at a "low amateur" level and have never won against a proficient human player. Last November, DeepMind announced it would collaborate with StarCraft publisher Blizzard to create a free, open-source API tool to enable researchers to test AI algorithms in StarCraft II. Around the same time, Facebook's AI Research group described a reinforcement-learning algorithm it made for StarCraft and released its own free, open-source tools to help AI researchers link deep-learning algorithms to an early version of the game.
They can be used to perform a variety of different functions within the realms of customer service, customer interaction and many different "top of the funnel" advertising and marketing initiatives. While chatbots have been around for a while, they recently blew up in popularity when Facebook allowed branded chatbots onto its Facebook Messenger app. Instead of having to call and sit on a phone waiting to ask a five-second question, you can simply message a customer service chatbot and get your answer in a flash. Chatbots can play a large role analyzing customer data, and optimizing sales and marketing strategies in light of this analysis.