A surprising fact that not many is aware of, is that Artificial Intelligence (AI) has been with us since the 1950s! It is hard to picture AI being involved in our everyday lives back then during the 50s, considering cell phones were not even in the picture. As the world progresses, so did AI. The subset of Machine Learning was then born, followed by Deep Learning. From 1957 to 1974, AI flourished. Computers could store more information and became faster, cheaper, and more accessible. Machine learning algorithms also improved and people got better at knowing which algorithm to apply to their problem.
Data Science and Artificial Intelligence have transformed entire industries and continue to do so. These revolutions and innovations have led to a spike in the demand for Data Scientists, Artificial Intelligence Specialists, and Machine Learning Practitioners. Now, AI is everywhere. AI is in our phones, our devices, our homes, heavily integrated in our work as well, whether we realise it or not. After all, we now live in the age of “big data,” an age in which we have the capacity to collect massive amount of data that are too complexed for a human to process on his own, without any help. The application of AI in this regard has already been leveraged and heavily integrated in several industries such as technology, banking, marketing, and entertainment. This is especially true in the Finance industry in Singapore, where most banks are relying heavily on AI and Data Science in their business strategy.
But what is Data Science? What is Artificial Intelligence? This blog will cover an in-depth introduction guide to what these two buzzwords of the century are all about!
What is Data Science?
Data Science helps with creating insights from data that deals with real world complexities. We live in a generation in which we swim in data everyday. 90% of the world’s data has been created in just the past few years. There is so much data that most companies do not even know what to do with it. The companies that do, have the upper hand, as they are able to effectively analyse and make smarter business decisions and take actions with their findings!
Data scientists use a combination of tools, applications, principles and algorithms to make sense of random data clusters. Since almost all kinds of organizations today are generating exponential amounts of data around the world, it becomes difficult to monitor and store this data. Data science focuses on data modelling and data warehousing to track the ever-growing data set. The information extracted through data science applications are used to guide business processes and reach organisational goals.
Some of the popular languages of Data Science are R, Python, SQL. These are the foundations of what incorporates Data Science. R is a popular programming language for data science, data analytics, statistical analysis and data visualisation. R is one of the most popular software for machine learning because of its user friendliness and powerful RStudio IDE. Python is heavily used today, in many sectors for example, banking, finance, manufacturing and engineering sectors. It is also widely adopted in the key areas like data analytics, machine learning, internet security and robotics. In addition, Python has become the scripting language of choice for many large multinational organizations, including Google, Facebook, Apple and Citibank. Lastly, we know that data may come from many sources. Data scientists may need to create their own database and then and SQL is required to retrieve data from databases. Of course, with all the languages available in the market to kick start a career in data science, most of these languages come hand-in-hand and compliment each other for a more comprehensive understanding and proper usage of data science.
What is Artificial Intelligence?
When we say AI, most would immediately think of robots. It is a term used frequently in our popular culture, but not many are actually aware of what AI is all about. Artificial Intelligence is an exciting and highly debated technology that offers transformative potential across all sectors of the economy. With modern innovation redefining traditional business practices, understanding the application of AI in business is paramount with a focus on real-world applications that go beyond the hype and fear regarding what AI could mean for the future.
In a brief overview, artificial intelligence aims at enabling machines to execute reasoning by replicating human intelligence. We are not just building a robot for the sake of building one. Typically, the main objective of AI processes is to teach machines from experience, feeding the right information and self-correction is crucial. AI experts rely on deep learning and natural language processing to help machines identify patterns and inferences. Thus, the human touch is imperative for AI’s progression. Data must be accurate and clean, before integrated into AI for it to be smart, and purposeful. The wrong information might cause harm, as AI only replicates what it being feed to them.
There are many subsets to AI, and Machine Learning is one. Machine Learning is where the system automatically learns and improve from experiences. This subset of AI aims at equipping machines with independent learning techniques so that they don’t have to be programmed to do so, this is the difference between AI and Machine Learning.
AI is used heavily these days mostly for automation of tasks. This increases companies’ efficiency and of course eases a lot of pain points employees go through, especially when dealing with a big set of complex data, or mundane routine tasks such as administration work. For instance, many businesses across industries are also integrating AI into their chatbots – simply because chatbots are able to be the customer service representative for 24/7. Humans have limits after all, but AI does not burn out. Hence, we see progressively how smart chatbots are becoming simply through machine learning, and the data collected, analysed and fed into the system. As AI evolves, so does businesses. It comes hand in hand, and many are jumping into the hype, with the fear of missing out to technological advancement and transformation.
The hype surrounding Artificial Intelligence & Data Science
Consequently, there are a lot of hypes, or say misconceptions, or about the fascinating technology. There needs to be better understanding and awareness when it comes to AI and its subsets. Additionally, Artificial Intelligence is becoming increasingly ubiquitous across all industries, from the automotive industry to fintech, social media, e-commerce and entertainment. With modern innovation redefining traditional business practices, understanding the application of AI in business is paramount. Organisations whether they are ready or not must move toward AI driven practices to sustain in this highly competitive market, or lose out.
Learning the fundamentals of data science is a great investment you will never regret. After all, as we continuously progress into the ever-evolving digital era, there is no reason to delay learning and acquiring data science skillsets and knowledge. Challenge yourself this year! Join the revolution. No matter what sector you come from, or wish to pursue, everything involves data. There is no running away from it. Naturally, being able to study data and structure it would come in handy. So, the ability to make sense of all this data and use it to change the way we live and interact with one another is set to inevitably become a vital part of business.
Furthermore, Singapore considered the leading and strongest Data-hub in South-East Asia. This is further proven by studies which indicates data contributes a whopping value of S$1 billion a year to the economy. Additionally, the value of regions’ s big data and business analytics services is projected to reach S$37 billion by the year 2022! (Academy Xi, 2018) It is indeed a phenomenon you do not want to miss out!
Conclusion
It is not a stretch to say that AI and Data Science will continue to trend for the next few years to come. More and more companies, are embracing the fact that these are key pillars to integrate in their business, in order to remain competitive and be at the forefront. Additionally, more schools and institutions are also offering courses and higher education programmes on AI and Data Science. Such talents are in demand, and the pool still remains low in terms of numbers, especially in Singapore. It is a definite competitive advantage for individuals with such skillsets, as they will be highly sought after by organisations. Now is the best time to start your journey if you are keen to do so.
Learn more about Artificial Intelligence & Data Science
At Aventis, we offer a selective range of courses for learners to upskill and propel in their career or passion in these fields! From hands-on, to theory sessions, we have got a suite of courses for learners to choose from! If you would like to learn the critical elements of Data Science, from visualization to databases, Python and more, our upcoming course on Introduction to Data Science will equip you with foundational Data Science skills and prepare you for more advanced Data Science topics in future. Topics covered will include introduction to data science, consisting of data management, data visualization, data preparation, data analysis, data science modelling, and techniques to decision making with data. Learners can expect to learn basic knowledge of data science and how it can be applied to the real life!
We also have an Introduction to Artificial Intelligence course, which prepares you with strategic decision-making responsibilities to effectively analyses, articulate, and apply key Artificial Intelligence (AI) management and leadership insights within your work, teams, and organisations. In this course, you will explore how AI is affecting the development and execution of strategy in organisations. We do have a myriad of other upcoming AI courses you can check out as well, to be a more competitive you!
- Professional Certification in Artificial Intelligence Ethics & Governance in Action
- 2-Days Artificial Intelligence Strategy for Business (Virtual)
- Introduction to Artificial Intelligence (AI) Robotics for Beginners!
For more information, you can get in touch with us at (65) 6720 3333 or training.aventis@gmail.com
References
The History of Artificial Intelligence
Data Science vs Machine Learning and Artificial Intelligence
KPMG survey finds execs worry about AI hype — but they can address it
3 Reasons Why Learning Data Science should be on Your Bucket List!
