Artificial intelligence is rapidly transforming how companies across the globe operate. To stay competitive in this shifting environment, business students must know how to use AI applications effectively. But what exactly does AI technology encompass, where does machine learning fit in? And just as importantly, what skills do students need to leverage this technology for success?
Artificial intelligence (AI) is a technology that enables computers and machines to perform tasks that typically require human intelligence. Today’s AI-equipped applications and devices simulate human learning and comprehension to complete complex tasks such as proposing solutions to problems, locating and identifying objects, composing stories and poems, and more.
Since the 1980s, industries such as manufacturing and statistics have employed AI to optimize their processes and products. But in recent years, a new form of artificial intelligence has emerged that is transforming how businesses operate: generative AI.
Generative AI technology analyzes data using predictive algorithms to create original text, images, video, and other content. This is a significant evolution from early AI systems, which simply analyze human-input data to make a recommendation.
Today, generative AI is infused into countless business tools. Common applications include:
However, to understand generative AI, it’s important to grasp the concept of machine learning, which provides its foundation.
Machine learning (ML) is the sub-field of AI that enables computers and machines to imitate how humans learn. ML uses a set of instructions (algorithms) to train machines to adapt to new information without explicit directions.