Put simply, Artificial Intelligence or ‘AI’ uses machines and computers to mimic the decision-making and problem-solving abilities of humans.
The term ‘Artificial Intelligence’ was coined in 1955 by the scientist John McCarthy and represents how machines are able to think and learn on their own without being encoded with commands.
After each successful round of data processing an AI system gets smarter, since each interaction allows the system to test and measure solutions at a rapid pace.
AI systems can become experts far faster than humans and automate previously manual, repetitive tasks in a lot more time-efficient way.
The technology is an important tool, enabling smart systems to quickly and accurately analyse large datasets to find patterns – a task that could take humans a long time – if at all – to spot.
It is often used to make a product or service ‘smarter’ and therefore more efficient, improving an experience for end-users whilst offering a high ROI.
In a survey of 350 chief technology officers and IT directors, AI and machine learning was identified by more than half of respondents as being one of the most important technologies for 2022 and beyond.
It’s being used across almost all industries – from fitness and fire safety to retail and healthcare – to provide personalised, efficient and effective outcomes.
In 2020, UK businesses spent around £63 billion on AI technology. It’s a figure that’s predicted to grow to more than £200 billion by 2040, with 1.3 million businesses in the UK expected to be using AI.
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