Artificial Intelligence in Business
Artificial intelligence (AI) is the theory and development of computer programs that are able to do tasks and solve problems that normally require human intelligence. This includes visual perception, speech recognition, decision-making and word translation. It is believed that AI will eventually rival and exceed human intelligence. The technology is used in many different industries such as healthcare, education, banking and digital commerce.
In a business context, AI is used to automate repetitive tasks that can be time consuming or tedious. It is also used to process data faster and to find patterns and relationships that humans may miss. AI can perform these tasks 24/7, removing the need for employees to work certain hours and being less susceptible to fatigue and sick days. It also provides a higher level of accuracy than a human, eliminating errors and miscalculations.
The main purpose of AI is to improve efficiency, reduce costs and increase productivity. This is accomplished by analyzing large amounts of data, providing insights and recommendations that help to make better decisions. In addition, it can assist in detecting fraud and other security risks.
For example, in the financial industry, Brighterion, a division of MasterCard, uses AI to help block fraudulent transactions by analyzing big data and looking for patterns. They have a fast-to-market solution, AI Express, that is custom designed for specific use cases. Another company is Icertis, which has been in the business for a decade and manages millions of business contracts by using a method they call contract intelligence. They have developed a feed-forward neural network to help prevent document fraud by scanning and understanding the contents of documents.
Other companies are utilizing AI to automate customer service and improve employee performance. The goal is to provide a more personalized experience for customers and reduce the time it takes for staff to resolve issues. They are also incorporating AI to analyze patterns and identify potential risk factors that could impact customer satisfaction.
Some thought processes are still best left to humans, such as reading body language or interpreting tone of voice. However, there are many other things that can be handled much more efficiently by AI. This can include things such as researching competitor products, analyzing social media and email engagement, analyzing website traffic and more.
The bottom line is that companies can use AI to improve their operations and gain a competitive advantage. By identifying the areas in which AI can be beneficial, they are able to develop and implement an effective strategy to utilize this powerful technology.
The key to success is ensuring that all teams are aware of the role of AI, and how it can be used to help them achieve their goals. This requires leadership that is proactive in setting the right expectations, aligning AI with the overall business strategy and driving adoption by developing an internal culture of innovation. In addition, leaders should create a roadmap for the future of AI by establishing goals and ensuring that the appropriate resources are allocated to this initiative.