What’s all this buzz about artificial intelligence? Every company has some kind of AI strategy. Some companies are using it to control devices around their offices, while others are using it to schedule meetings and appointments more efficiently. Some have even used AI to write books and articles!

So what’s the big deal? Is artificial intelligence as big of an invention as everyone says it is? To answer that question, we need to address some common myths about artificial intelligence so we can truly understand how revolutionary technology is.

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WHAT EXACTLY IS ARTIFICIAL INTELLIGENCE?

Before I, continue on the 5 myths of AI, we need to know what is Artificial Intelligence in the first place. Artificial intelligence (AI) refers to a branch of computer science that deals with simulating intellectual functions that humans would typically associate with other human minds, such as learning and problem-solving.

The idea behind artificial intelligence is not new. People have been attempting to create machines or programs that can think like humans for many decades and there have been many attempts at making computers act like humans since the 1950s when Alan Turing created the first test for a machine’s ability to exhibit intelligent behaviour. Most people are familiar with Watson from IBM who won Jeopardy against two former champions in 2011.

Watson uses natural language processing and analysing among other things, to answer questions posed in natural language. And Deep Blue became famous in 1997 when it beat Gary Kasparov in chess.

We have come a long way since then. Today’s AI applications run into billions of lines of code, integrating multiple software tools including speech recognition systems, neural networks, fuzzy logic algorithms and expert systems into something more powerful than any one tool could be alone. So what are some myths about Artificial Intelligence?

MYTH 1: AI IS TOO EXPENSIVE FOR STARTUPS

A startup doesn’t need to spend millions of dollars on AI to get started. There are plenty of tools available that will offer an AI-powered solution at a price point that’s manageable for any size of business.

The Myth of Being Too Expensive for Startups is just a myth. If you have the necessary skills, you can use this technology even with a limited budget. But how does one find the necessary skills?

The answer is as easy as finding software and learning it. Artificial intelligence has been around for years, and there are loads of experts who know how to use it, especially when working with big data or specific tasks such as image recognition or language translation.

You might not be able to do everything yourself if you don’t know where to start, but there’s no reason why someone with the right education and experience couldn’t help you out by giving advice or even programming part of your AI project.

Additionally, you may find inexpensive machine learning classes on Udemy, Coursera, and even Pluralsight. These online learning environments are fantastic for self-paced learning.

MYTH 2: AI REQUIRES A LOT OF DATA

Data is not necessarily kinged when it comes to AI, but it is important. The more data you have the better your models will be and the more accurate they will be.

That being said, any company can use machine learning to make decisions with their existing data sets. For AI to work, there needs to be at least some baseline of data set up before it can start making predictions.

Machine learning algorithms are trained on datasets to produce useful results. These training datasets need to contain enough information so that the algorithm learns what patterns exist within them.

If we look back at our earlier example of predicting fruit based on colour, if we had only one instance of blue apples and no other information about fruit colours, then our model would not be very good.

For many businesses, these initial training datasets are an easy way to get started with Artificial Intelligence without having large amounts of data at first hand.

Often companies will find that as they grow, more complex models which require large amounts of data may also be necessary depending on how deep into business processes AI is used.

MYTH 3: AI IS FOR ONLY TECH COMPANIES

AI is not just for tech companies. It can be used for any industry, and there are a lot of startups that have used AI to grow their businesses. Founded in 2016, Buddy is an app that offers on-demand dog walking and poop scooping services.

The company’s founders recognized that people didn’t want to get up early to walk their dogs before work or deal with the hassle of picking up poop after walking them.

So they created an app where users could order a dog walker as soon as they needed it by selecting the service on the app and specifying how much time they need and where.

Once the request is accepted, users receive notifications when the walker arrives at their home. Customers like this process because they don’t have to worry about setting a timer themselves and being charged even if they forget to cancel it.

Another example of an AI startup is Puro Sound Labs. Puro specializes in noise-cancelling earbuds for athletes, travellers, business professionals, and more. Their headphones use cutting-edge technology designed to help reduce distractions from outside noise so that listeners can focus more intently on their tasks.

They also come with a free mobile app which allows you to personalize your experience based on your environment so you’re getting exactly what you need from your headphones no matter where you are. AI isn’t just for tech companies!

MYTH 4: YOU NEED TO BE AN EXPERT IN MACHINE LEARNING TO USE ARTIFICIAL INTELLIGENCE

Many people believe that to use AI, you must be an expert in Machine learning. This is not true. It is possible to get started with AI by simply understanding the basics of machine learning and how it works.

It’s also possible to use a pre-made algorithm that has been coded by experts and fine-tuned for various purposes.

Remember, machine learning can be used for all sorts of things, so there is no need to specialize.One good way to start your journey into Artificial intelligence is by taking a course on Machine Learning or Deep Learning or reading the aforementioned book on the subject. O

Once you’ve learned about what machine learning is and how it functions, then you will have a better idea as to whether or not it’s something worth looking into for your business.

MYTH 5: AI IS GOING TO TAKE OVER THE WORLD

We’ve heard the stories before. Computers are going to take over the world, leaving humans in a post-apocalyptic wasteland. Whether it’s Skynet or HAL 9000, any machine that can think for itself and make decisions is seen as dangerous by some.

The reality is that we are still far from being able to build a truly intelligent computer. A Turing test measures how well an AI system mimics human intelligence but doesn’t measure its ability to be useful in the real world.

We should be careful not to get too complacent with this technology either. Yes, we’re still years away from developing true artificial intelligence – but even just an incremental increase in computational power can lead to very powerful machines with unintended consequences.

In his book Superintelligence: Paths, Dangers, Strategies (2014), Nick Bostrom notes that there are several ways this could go wrong: Some unfriendly superintelligence might destroy us; more likely our own ever more powerful technologies will bring about disastrous climate change or ecological collapse; maybe nobody will be around any more when future generations finally realize their full potential.

However unlikely these scenarios seem, they do suggest that if we don’t pay attention now, things could get worse later. It’s important to develop guidelines on the ethical use of AI and set clear limits on what it can do.

As one example, autonomous weapons systems need international restrictions since they don’t discriminate between friend and foe.It sounds like Hollywood movies but let’s focus on how AI is helpful instead of focusing on fears about its takeover.

BENEFITS OF ARTIFICIAL INTELLIGENCE FOR BUSINESS (START-UP) OPTIMIZATION

Businesses are increasingly turning to artificial intelligence to optimize their operations and increase revenue. AI is a great tool for start-ups in particular because it will help them grow and move into new markets with less risk. The benefits of AI for startups include increased efficiency, reduced costs, improved data insight, increased revenue, and decreased operational risks.

Startup success can be attributed to five factors: team, idea, customers, capital, and execution. An effective AI system would improve on all five factors by optimizing the execution element of the equation.

It’s time to stop worrying about whether or not we have enough data and focus instead on how we can take actionable insights from the data we do have available. The important thing to remember when designing any machine learning solution is that you should know what your input and output variables are before going through the process.

It’s also important to remember that not every problem requires deep learning; many problems are best solved using a simple regression algorithm. AI might make our lives easier, but it won’t solve every problem.

There’s no such thing as over-training your model if you’re doing something wrong – this is one benefit of AI startup success! Many startups use trial and error to figure out how their product or service should work. But that doesn’t always work. By the time they get customer feedback, they’ve already wasted valuable time, resources and money on a product nobody wants!

With machine learning models, you never waste anything because training models automatically adjust based on performance criteria.In other words, training models only get smarter as they go along and adapt to changing circumstances. Not only does this save resources like development time and money, but it ensures customer satisfaction too.

EXAMPLES OF AI’S THAT CAN BE USED FOR BUSINESS

AI can be used for a wide variety of tasks, such as detecting fraudulent behaviour or sorting through massive amounts of data. AI is being used by companies to automate customer service requests, process data more efficiently, and even evaluate job candidates.

The most popular AI tools currently being used by companies are chatbots, machine learning algorithms, and natural language processing programs. Chatbots use AI to answer customers’ questions while they’re shopping online or through social media channels.

Machine learning algorithms can detect patterns in large data sets and make predictions based on those patterns. Natural language processing programs make it easier for computers to understand human language by translating the text into computer-readable code.

THE MOST DISRUPTIVE TECH IN THE WORLD

The AI revolution is here, and it’s just getting started. As AI becomes a bigger part of our lives, we’re going to see more and more companies taking advantage of its powers. But before you start your business or implement AI in your company, it’s important to understand how it works and what the potential pitfalls are.

With these five myths debunked, you’ll be able to run your business smarter and more effectively than ever before. There have been some reports that point to AI being the most disruptive force in tech since the internet!

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