How AI can be used in business

What is AI and what can it do?

Artificial intelligence (AI) has transformed the way we interact with technology, making it possible for machines to process and analyze vast amounts of data at speeds that are impossible for humans to match.

With AI, businesses can automate repetitive and time-consuming tasks, gain insights into customer behavior, and make data-driven decisions.

Below are some ideas about how AI can be used in your business.

Understanding the Basics of AI

Before you can start harnessing the unweidling power of AI, it might be an idea to learn what it is and how it works. At its core, AI is a technology that uses machine learning algorithms to analyze data, identify patterns, and make predictions. The more detail we feed these AI models, the better the pattern recognition, and in turn, better predictions. The algorithms are based on statistical models that are trained using huge amounts of data, and they improve over time as they are exposed to more data.

How does ChatGPT work?

In an interview with Daniel Cossins from New Scientist Magazine (p48, New Scientist Magazine Special Issue "The AI Revolution" 22 April, 2023), Melanie Mitchell - Author of the book Artificial Intelligence: A Guide for Thinking Humans (Amazon.com.au), talks about a simple language model:

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Simple language model

Let's start with the concept of a simple languiage model. I take a sequence of words like "the green frog" and then I look for those words in a huge amount of text and see what words typically follow that phrase. So it might be "jumped" or "swam" or, less likely, "cauliflower". What's the probability of these words coming next? I store those probabilities for lots and lots of possible sequences of words. Now I can start out with a text prompt and I can look up what is the most probably next word . . .

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Prof. Melanie Mitchell
Santa Fe Institute New Mexico

Training an AI on a much larger number of examples of text results in a large language model.

Large language models (LLMs)

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[These] learn very complex statistical associations among phrases. The problem is that due to the complexity of the neural network and its operations, it's hard to look under the hood and say exactly what it has learned [in order] to predict those next words.

Dr. Alan Thompson on GPT

Dr Alan D. Thompson is a renowned expert in artificial intelligence (AI), specialising in the augmentation of human intelligence, and advancing the evolution of ‘integrated AI’. Alan’s applied AI research and visualisations are featured across major international media, including citations in the University of Oxford’s debate on AI Ethics in December 2021.

Here he gives the example of predictive text on your phone and how that relates to LLMs...

You can find Alan at Lifearchitect.ai

There are two main types of AI

1. Supervised Learning

Supervised learning involves training an algorithm using labeled data.

2. Unsupervised Learning

Unsupervised learning involves training an algorithm using unlabeled data.

Once an algorithm has been trained, it can be used to automate tasks, make predictions, and provide insights that can help drive business decisions.

OK, great, but how can I use this in my business?

Processes That Can Benefit From AI

Before harnessing the power of artificial intelligence, you need to identify the business processes that can benefit from AI. AI can be used to automate repetitive tasks such as data entry, customer service, and inventory management, freeing up time for employees to focus on more complex tasks. It can also be used to analyze customer data to identify patterns and make predictions about customer behavior, which can help businesses personalize their marketing and sales efforts.

Another area where AI can be particularly useful is in supply chain management. By analyzing data from suppliers, manufacturers, and logistics providers, businesses can identify inefficiencies and make data-driven decisions that can help reduce costs and improve delivery times.

Choosing the Right AI Tools

Once you've identified the business processes that can benefit from AI, the next step is to choose the right AI tools. There are a wide range of AI tools available, from pre-built platforms to custom solutions. When choosing AI tools, it's important to consider factors such as cost, ease of use, and scalability.

One popular AI tool is TensorFlow, an open-source platform developed by Google that allows businesses to build custom machine learning models. Another popular tool is H2O.ai, which provides pre-built machine learning models that can be used to automate tasks such as fraud detection and customer segmentation.

Here is a list of 100+ AI tools you can experiment with right now

Implement AI With Care

Implementing AI can be a complex process, and it's important to approach it with care. One of the most important things to consider is data quality. AI algorithms rely on large amounts of high-quality data to make accurate predictions, so it's important to ensure that the data being used is clean, consistent, and up-to-date.

It's also important to consider the ethical implications of using AI. As AI becomes more sophisticated, there is a risk that it could be used in ways that are harmful to individuals or society as a whole. Businesses should be transparent about how they are using AI and ensure that they are following ethical guidelines and regulations.

Measure the Impact of AI

Finally, it's important to measure the impact of AI on your business. This can be done by tracking key performance indicators (KPIs) such as revenue, customer satisfaction, and employee productivity. By tracking these metrics, businesses can identify areas where AI is having a positive impact and make adjustments to improve its effectiveness.

In addition to tracking KPIs, businesses should also regularly review their AI strategies and make adjustments as needed. As AI technology continues to evolve, it's important to stay up-to-date

Use the form (top left) to contact me to discuss how you might use AI in your business - or call me (Edwin) on 0417 0417 43.

Of course, if you want to hire me, you can. I'll make you millions. If not, I can always point you in the right direction.

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