How to Spot the Fake AI Claims?

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AI is the coolest and trendiest topic that a lot of people talk about. If you type “AI” into your search engine you will get bombarded with articles, videos, and blogs to explore everything about this incredibly fascinating subject. Unfortunately, AI also brings with it a whole bunch of ethical issues, social challenges, and fraudulent claims from companies claiming their products, specifically their repricer software, are powered by AI. For now, this is largely unethical marketing rather than tangible reality; most of these companies only use algorithms as opposed to Artificial Intelligence. And repricer software companies are not the exception.

In this article, we will be looking into what AI truly is and how to identify if the service or product you are using is indeed run by AI.

 

What is AI and How Does it Work?

AI (Artificial Intelligence) is an umbrella term for simulation of human intelligence processes by machines, especially computer systems. It involves tasks such as problem-solving, planning, learning, natural language processing, and recognizing patterns. AI is used to automate tasks that would be difficult or too time-consuming for humans to do.

AI encompasses a variety of different capabilities.  AI can be classified into several categories:

The 3 types of AI:

• Artificial Narrow Intelligence (ANI)

Narrow AI is a type of artificial intelligence that is designed to solve a specific task or a limited range of tasks by using machine learning algorithms trained on large sets of data to identify patterns and make predictions. It can perform certain tasks faster and more accurately than humans; however, it cannot generalize and understand the context.

Examples of products using Narrow Intelligence: Smart assistants like Siri, Alexa

• Artificial General Intelligence (AGI)

General Artificial Intelligence (AGI) is a term used to describe…