Artificial Intelligence is a name that has become way more familiar than we would want it to be. We are pretty familiar with AI at this point. Generative AI is also what most of us know about. But today, I am going to tell you about a new AI variant, Predictive AI. Sounds new, right? Don’t worry, this article is your crash course on Predictive AI; what it is, how it works, and how it is different from Generative AI, we are going to cover it all. Read along.
Let’s start from the basics and find out what Predictive AI is first.
So as the name suggests, Predictive AI makes predictions and projections from the data that is provided to it. It uses information from events that have already taken place to offer a response. This is something similar to the ‘Probability’ chapter that we studied in Mathematics.
Predictive AI algorithms require data from multiple sources to generate accurate predictions. For example, to forecast whether your favorite football team will win the championship, Predictive AI analyzes factors like chances created, chances faced, and historical performances against specific opponents. In the future, Predictive AI could replace methods like Paul the Octopus. Users can use these insights to inform further research or decision-making.
See the difference is in the name itself, one predicts while the other generates. Both of these use machine learning but the difference is that predictive AI uses the given information to predict something while generative AI generates new content out of the provided information.
Predictive AI can be used for various scenarios, let me give you some examples:
1) Cybersecurity: The predictive analytics of AI and the eventual warnings can also help escape cyber fraud. Like when we receive notifications of an unusual sign-in and are told to take action when needed.
2) Suggestions: You might have noticed how you get music suggestions, content suggestions, and other stuff within apps, and even your smartphone suggests Apps to open. This is all based on your past behaviour and uses predictive AI.
3) Predicting Text: This is something that we’ve seen a lot on our smartphones. Our keyboard automatically gives us suggestions to complete sentences based on our behaviour.
4) Business Decisions: Predictive AI can also help make more informed business decisions. Businesses can use this to help determine how their products will work, market predictions, advertising campaigns, and whatnot.
5) Weather Forecasts: AI has also entered the weather forecasting chat and will help meteorologists in the future.
6) Economic Projections: Predictive AI also helps economists and tells them how financial markets can change over time based on historical data and current global affairs.
