A study valued the 2022 global Artificial Intelligence market at over $136 billion. It’s predicted to increase by over 13x between now and 2030. It’s clear to say that AI isn’t going anywhere soon.
One misconception with this growing trend is that machine learning and artificial intelligence are the same thing. They’re not. When it comes to artificial intelligence vs machine learning, there are several key differences that set them apart.
Both of them are useful in company growth, but how are you implementing the two in your business? And how can they both play a pivotal part in your company’s success?
If you don’t know the differences between the two and what they can do for you? Read on to learn more in this artificial intelligence and machine learning guide.
What Is Artificial Intelligence?
Artificial intelligence also referred to as AI, refers to the capability of a computer mimic human cognitive functions. This includes tasks like learning and problem-solving.
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With AI, a computer system uses a combination of maths and logic. These create a simulation of the reasoning that humans use to learn and make decisions.
What Is Machine Learning?
Machine learning is sometimes referred to as ML. This relates to the application of AI.
Machine Learning utilizes mathematical models of data that helps a computer learn without the presence of direct instruction. This allows a computer system to continue improving and learning based on experience.
Artificial Intelligence vs Machine Learning
Although AI and ML are closely connected, they’re different. In short, machine learning is regarded as a subset of artificial intelligence.
This is because an intelligent computer makes use of AI to think like a human. It then performs tasks on its own. 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 because they are intangible to each other. 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 interact together.
- Step 1 -The AI system is built using machine learning
- Step 2 – ML models are created by studying 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 have a high enough accuracy to complete the tasks
How Companies Use AI and Machine Learning
In nearly every industry, for a company to be successful, the organization must have a strategy in place to transform its data into actionable insights and strategies. The use of artificial Intelligence and machine learning allows companies to automate a variety of manual processes that involve data and decision-making.
Companies that utilize AI and machine learning in their process are able to understand and plan and act on data-driven analysis with greater speed and efficiency, which in turn increases productivity and profits.
Where to Use AI and Machine Learning
Most industries can find innovative opportunities to use AI and ML. Below are some of the standard uses that have become vital in helping companies transform their processes.
- Predictive analytics – to see trends and behavioral patterns and cause-and-effect relationships in data
- Recommendation engines – the use of data analysis to recommend products that customers might be interested in
- Speech recognition – allows a computer system to identify words in spoken language
- Natural language understanding – the ability to recognize the meaning and comprehend in written or spoken language
- Image and video processing – allow systems to recognize faces, objects, and actions to use in visual search
- Sentiment analysis – the computer’s ability to identify and categorize positive, neutral, and negative attitudes
Advantages of Using AI and Machine Learning
There are some key benefits that businesses shouldn’t overlook when considering implementing artificial intelligence and machine learning. Here are just a few reasons businesses are making the switch.
- More sources of data input – allows companies to discover 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 That Use AI and Machine Learning
Many industries are already taking advantage of the connection between artificial intelligence and machine learning. Heres how they are helping different sectors transform the way they work.
Retailers are using AI and machine learning to optimize their inventories. They also make use of recommendation engines to enhance customer experience through visual search that helps to boost sales.
Sales and Marketing
Marketers are able to use AI and machine learning to tailor campaigns to a specific audience. This can be in the form of personalized offers or learning what products a consumer is likely to buy. AI and ML are used in AI content marketing, sales forecasting, and analysis.
Banking and Finance
AI and machine learning have proven valuable in the fight against fraud. They can also be used to predict risk as well as provide proactive financial advice for customers.
AI and machine learning help organizations protect themselves by detecting anomalies. In the ever-increasing world of the web, AL, and ML have proven powerful weapons for cyber security.
One of the most popular uses for AI and ML in customer service is the use of chatbots. They are also used to perform cognitive searches to answer specific questions and gauge customer intent before human interaction.
AI and machine learning have been utilized by health organizations to use image processing to detect illness and disease. This has transformed cancer detection as well as predictive analytics used in genomics research.
How Can You Use AI and ML to Help Your Business Grow?
So have you discovered the difference between artificial intelligence vs machine learning and how they can help your business grow?
Whether you’re a start-up or a more established business, you might still have questions after reading this machine learning and artificial intelligence guide. Check out more great articles like this on our blog to find actionable solutions to help turn your business into a profitable one.