You can use a system to do a job for you, but it was never an option to ask the system to take a decision on your behalf. Developing computer programs in a way that allows these programs to analyze certain inputs and make decisions without teaching them how to do so is what the world knows now as Artificial Intelligence. Thanks to technology, decision-making processes can now be greatly facilitated and expedited by the use of AI.
ARTIFICIAL INTELLIGENCE (AI)/MACHINE LEARNING (ML)
The AI developed programs can be used by proprietary system, or can be plugged to other systems to enhance the way they operate (i.e. developing AI components on RPA processes for simple decision-making). The part related to the machine process to be able to learn on their own without human intervention is what is known as Machine Learning. Adding AI components to do certain jobs and evolve and learn from different situations brings a whole new perspective and enriches decision-making process. It also exponentially increases current enterprise capabilities to boost productivity and efficiency.
INTERNET OF THINGS (IoT)
Whenever there is a need to collect and transfer large amounts of data, and work on it without any human intervention, the Internet of Things (IoT) comes into picture.IoT refers to the process of having multiple computing devices, inter-connected together, and they have the ability to collect and transfer data without the need for any human intervention. In a typical IoT ecosystem, IoT devices collect certain types of data in huge amounts, and transfer them over a network to be organized, analyzed and presented in a way that facilitates decision-making. Use of IoT facilitates the collection of certain types of data that is usually hard to obtain, and prepares the data to be used for various analytical purposes.
BLOCKCHAIN
If you would like to increase visibility, traceability, transparency, and security around a certain process, Blockchain is the answer. Blockchain technology adopts the principle of distributed ledger where transactions are organized in the form of blocks, and connected together in a chain. This ensures that nobody can tamper with records on a block chain since it is distributed, and since it is interconnected with blocks before and after these records, so (they will be validated) there is constant validation in a decentralized system which ensures accuracy while preventing fraud. Blockchain technology has been widely promoted for use in several industries, such as proof and transfer of ownerships, transactions reconciliation, and in the financial services sector. This is due to the robustness and transparency of the blockchain technology itself.
