If you believe the reports, the average IQ score may not have risen much over the last century. Yet, there’s no doubt we’re now able to make smarter decisions than we once were. Thanks to the wonders of modern technology, those with a computer and a rudimentary understanding of how to operate it can gain acute insights into a world of information. What’s more, even those with a limited amount of knowledge in a particular field can come up with answers that only a genius could suggest.
How? Through artificial intelligence (AI). By making computers smarter, we are, in essence, making ourselves smarter. While we may be some way away from a world run by super-intelligent computers, more areas of our lives are now being guided by machines. In fact, when it comes to making decisions, AI is quickly taking the lead.
Turning Data into Knowledge
Driving this wave of innovation is data analytics. Defined by the Alan Turing Institute as the process of “transforming a raw dataset into useful knowledge”, data analytics has become the foundation of AI. Beyond simply storing data, machines can now analyze, compare and make recommendations based on data. What’s more, they have the ability to use these insights to learn. In other words, AI software can use data analytics to improve its efficiency and accuracy.
On a corporate level, this technology is already being used to make crucial business decisions. From analyzing consumer trends to playing the financial markets, AI is now guiding us. However, as you move through the pyramid of innovations, our day-to-day lives are also being touched by this technology. Modern comparison engines are a particularly good example of this.
Recommendations Specific to You
By using the principles of data analytics and machine learning, users are now receiving better recommendations in all areas. For example, homeowners looking to remortgage can use Trussle to find personalized deals. Using sophisticated algorithms, the company’s software assesses 12,000 products and then performs live market reviews. Based on this, customers can use detailed reviews to learn about the top options. For example, for those that may be suited to a Coventry mortgage or remortgage, the platform explains how it’s the second biggest lender of its kind in the UK. From there, those looking to borrow can use their own research in tandem with the software’s recommendations to find the best product.
The same is true of Amazon. How many times have you gone online to buy a blender and Amazon has suggested a number of additional products? At first, the suggestions are fairly generic based on what other customers have bought. However, once you have an account, the software is able to track your browsing activity and learn about the things you like. This allows it to show a more personalized set of recommendations. In fact, this is similar to the way Facebook and Google show you ads. By using tracking cookies, their software can analyze your online movements and adjust things accordingly, to make recommendations more relevant to you.
In short, technology has the power to compare data like never before. Far beyond just saying “X is like Y”, AI software can interpret why there are matches, uncover patterns and, in turn, use this information to learn. Therefore, even if we’re not getting any smarter, modern technology is making it easier for us to make the best decisions possible.