Artificial intelligence (AI) technology has become increasingly prevalent and influential in various sectors, leaving many people unsure of its true nature. Essentially, AI refers to the ability of computers or machines to learn from previous experiences. This means that AI platforms can comprehend and respond to written prompts, math problems, images, and more. Its applications span a wide range, from suggesting content on social media platforms to powering self-driving cars.

Different types of AI exist, each with its own set of capabilities. Machine learning, for example, allows machines to learn from data without requiring manual programming. Popular apps like TikTok and Snapchat utilize machine learning to offer users interactive filters based on their physical features. Deep learning, on the other hand, deals with more complex patterns and datasets, making it especially useful for tasks involving image inputs. Expert systems are designed to mimic human-level decision-making skills. They are not self-aware, but they can scale up human-level decision making. 

When these three types of AI are unified, there are amazing results. For example, Zillow Zestimate applies machine learning, deep learning, and expert systems to create a system for estimating the market price of any house using the input of an address. The integration of AI into many other companies’ business processes is rapidly progressing as well. Common AI capabilities include process automation through robotics, computer vision (extracting information from images or videos), and natural language text understanding. Investment in AI is expected to increase over the next few years, with predictions that by 2030, AI will contribute $200 trillion to the global economic output.

There are various key terms used to define and augment AI’s capabilities that businesses should be mindful of when considering which AI to implement. Application Programming Interface (API) is a set of defined rules that allow various applications to transfer information to each other. Data extraction is a type of machine learning that allows specific, targeted information to be pulled from large sources. Optical character recognition is text recognition that allows users to extract printed or handwritten text from images or documents. 

Businesses stand to benefit in numerous ways by incorporating AI into their operations. Increased efficiency and productivity can be achieved as AI takes over mundane tasks, allowing employees to focus on maximizing their human capital. Talent management can be enhanced through streamlined hiring processes, sentiment analysis, identifying high performers, and suggesting equitable pay. AI also improves data monitoring and shortens development cycles. However, AI is not a one-size-fits-all solution. The organization, whether a business or government, will have to be diligent about choosing the correct AI for their specific needs. 

To successfully incorporate AI into business operations, several steps need to be taken. Companies must first identify their business needs and determine how AI can align with their initiatives. Setting short-term goals for financial benefits and operational requirements is crucial. After evaluating their capabilities, businesses can decide whether to outsource AI development, collaborate with partners, or build solutions internally. They then must prepare the data and start small by testing AI performance on smaller projects. This way, they are able to identify the value of the AI solution before using it throughout the rest of the company. 

One specific example of AI is an input-agnostic language model used for Advanced Document Understanding. This AI can extract data from any document, regardless of its type or format.  Even handwritten text, including physicians' handwriting, can be recognized with up to 92% accuracy. It is able to understand 40+ languages as well. By leveraging this technology, businesses can save time on data collection and labeling, as the AI extracts the necessary information directly from the documents. This model exemplifies how AI can be applied in a business setting, transforming the capabilities of many organizations.

In conclusion, AI technology has gained significant momentum and has the potential to revolutionize various industries. Understanding the different types of AI, its benefits in business operations, and the necessary steps to incorporate it successfully is crucial. With proper integration, AI can drive efficiency, productivity, and talent management while providing real-time insights and higher accuracy in decision-making. As businesses embrace AI, they must navigate the complexities and identify the most suitable solutions for their specific needs.