Artificial Intelligence, or AI, is the ability for computers to use algorithms (complex sets of instructions) and large datasets to perform specific tasks and, through many iterations, improve their ability to successfully perform those tasks over time. Machine Learning uses the data created by the AI’s processes to improve. In other words, AI can see its own results, learn from those results, and try to produce better results next time. And repeating a task a few million times allows the AI to get really good at it.
Distinguishing between Artificial General Intelligence (AGI) and Narrow Artificial Intelligence is important. AGI is the stuff of science fiction, with computers thinking like humans—it is often the bad guy in sci-fi movies. Narrow AI is the type being adopted by technology-savvy businesses.
The advantage AI offers is its ability to automate certain business processes and functions that are tedious and repetitive. This increases efficiency and frees up time for employees to handle more important assignments. For example, AIs can create and process invoices automatically, answer basic customer service questions, and make product recommendations.