Artificially Imitated Intelligence (LLMs) appears to be struggling in specialized domains like finance, medicine, and law due to its limited ability to reason.
Ontology is a knowledge representation of the domain that could help LLMs overcome its weaknesses and add semantic understanding about how things work.
Ontologies can ensure complete audit trails, consistency, and objective interpretations in specialist areas like banking regulations, asset and liabilities management with minimal effort.
LLMs are already making an impact on customer service chats and reducing human costs but is still prone to hallucination.
Moreover, LLMs can leverage knowledge graphs to achieve better results in Retrieval-Augmented Generation (RAG).
Ontologies and Knowledge Graphs are game-changers for real intelligence and for future specialist AIs that reduce hallucinations.
An example of a simple ontology created with the CogniPy library shows how structure, data, and logic can be united with minimal effort.
The example was able to evaluate rules, make deductions, and explain with complete audit trails.
Ontologies could benefit businesses for enforcing a common dictionary, understanding the rules, reducing effort on interpretation, and adding more knowledge to specialist fields.
A proof of concept that unites structure, data, and logic in a smart data structure, both human and machine-readable, could claim the title of AI.