Since the invention of computers, computers were designed to perform different but specific functions. In these modern days, computers are part of human life and are in almost every institution running businesses, parking services, in hospitals, restaurants, factories offices, schools and almost just everywhere. But the idea that computers cannot operate on their own without human intervention is still a challenge. Automated machines are still taking their stage but the advancement is still gradual. Computer and program developers are still working on how machines can work without the human intervention and that is where AI or Artificial Intelligence comes in. AI or Artificial Intelligence is a branch of computer science that aims to design computers and computer programs that can bring simulation of human intelligence in computers.
AI (Artificial Intelligence) Development
It is everyone’s desire to develop an Artificial Intelligence or AI that will work and actually depict human intelligence and give the expected results. Developing an AI, if you have been thinking towards that direction, AI development is a kind of a complex and very expensive exercise that involves an extensively complex project to come up with actually something you can term as a real AI. Previously available exclusively to tech giants, artificial intelligence is now making its way into more organizations’ processes. Now democratized, the technology can be used by all businesses to modify customer experiences, meet the changing needs of the market, soothe the pains of employees relying on guesswork – bring real value.
Things to Consider in Artificial Intelligence
As mentioned earlier, AI development was something meant possible for only big tech companies. Though complex and so costly to come up with, it is still a possibility. If you need an AI for your business, their things that you need to put into consideration. I will briefly state them below:
- Learn how to work with R&D projects
AI projects are much like experiments – and in order to get on board with AI adoption, you need to be ready to test ideas, and let some of them fail. To learn, sometimes some things might fail to work to your expectations but you should not stop trying. AI development is not a walk in the park so; you should expect failures at some points.
- Gain understanding of data-driven culture
Don’t underestimate the human factor of AI – it’s created to augment your team, so you need to get them ready for being more data-driven and AI-friendly
- Find just the right use case
Identifying the proper use case is one of the common bottlenecks to successful AI adoption – don’t let it happen to you! Find the model that will solve your most burning problems
Artificial Intelligence in Finance
If you are a businessman and you are running your company and you need an AI, there are great benefits of artificial intelligence and how you can use AI to improve your business or your company. You can use Artificial Intelligence in finance to improve sales and maximize your profits in your business or company with Artificial Intelligence in finance. There are several ways through which Artificial Intelligence is used in finance.
Various Ways through Which AI Is Applied In Finance.
There are various ways through which artificial intelligence is used in finance. Artificial intelligence has several diverse applications on both the sell-side (investment banking, stockbrokers) and the buy-side (asset managers, hedge funds).
Sell side
- Firms are using machine learning to test investment combinations (credit/trading)
- Banks are experimenting with natural language processing software that listens to conversations with clients and examines their trades to suggest additional sales or anticipate future requests (credit/sales)
- Supervised machine learning algorithms seek correlations among asset prices and other data to predict currency prices a few minutes or hours into the future (foreign exchange/trading)
- Reinforcement learning AI runs millions of simulations to determine the best prices to execute client orders with a low market impact (cash/trading)
Buy side
- Computers are sifting through historical data to identify potential stock, bond, commodity, and currency trades, using machine learning to project how they would perform under various economic scenario.
- Machine learning algorithms analyze data on market changes to accordingly model changes to trades. Furthermore, analysis is performed on valuations and prices are forecasted (monitor trades)
- Algorithms analyze diverse sets of data such as consumer sentiment towards brands and oil-drilling concessions. Data such as satellite imagery and property listings can be used to track economic trends.
Machine Learning
To perform artificial intelligence, machines must be trained to learn how to give response autonomously. Machine learning, a subset of artificial intelligence, focuses on developing computer programs that autonomously learn and improve from experience without being explicitly programmed. The three broad types of machine learning are supervised learning, unsupervised learning, and reinforcement learning.
- Supervised Learning
The goal of supervised learning is to create predictive models. Initially, a training data set with labeled input and output examples are fed to the algorithm (hence the name supervised). Then, the algorithm runs on the training set with its parameters adjusted until it reaches a satisfactory level of accuracy. From this analysis, the algorithm creates a function that can predict future outputs.
- Unsupervised learning
Unsupervised learning is to find patterns in data. Contrary to supervised learning, an unsupervised algorithm is given a training set without classified or labeled examples (hence the name unsupervised). To discern patterns, the algorithm uses clustering. Each cluster is defined by the criteria needed to meet its requirements; those criteria are then matched with the processed data to form the clusters. The training set is then broken into clusters based on common features.
