Companies that utilize artificial intelligence and machine learning will gain a competitive advantage over those that don't.
The applications to business are as varied and vast as the business landscape, but one thing both AI and machine learning can provide is more confidence in decision-making by producing data-driven findings.
Machine learning has the capability to understand patterns in data at a level of complexity and nuance many orders of magnitude deeper than a human being could ever recognize.
"Amazon and other gig opportunities have been using these technologies for years. Companies must move from acting on lagging indicators to acting in anticipation of the most probable future."
An algorithm is a set of steps intended to accomplish a task. Your favorite chocolate cake recipe is an algorithm. The more frequently you make it, the better you get at judging how external factors such as the temperature of the butter and the moisture content in the air affect the finished cake. Repeatedly making the cake and learning from it each time will contribute to making you a better cake-baker.