Artificial intelligence (AI) is becoming increasingly more present in our day to day lives. This growth has seen the technology integrated into home lives without people really noticing. However, the growth is making its biggest wave in the business world. From streamlining mundane, repetitive tasks, AI has now evolved and is transforming the way businesses operate altogether.
The tech behind it
AI works by simulating human-like methods and processes. Once implemented AI consistently learns the ins and outs of these processes to then make informed, problem-solving decisions. Within business there are two main examples of AI:
Machine learning is used to process a large amount of data in a short period of time. By utilising algorithms, machine learning’s aim is to “learn” and improve tasks the more and more they are used. With this “learning” businesses can gain insights into their organisation that they may never have discovered before.
Deep learning on the other hand works to identify crucial information to make critical decisions. When the information has been identified, deep learning then works to contextualise it to put the decision into practice. This type of AI is commonly used in business for procedures such as fraud detection.
Recently we took a further look into machine & deep learning, follow the link below to find out more.
How and where businesses are using AI
As mentioned at the beginning, AI is truly transforming businesses operations thanks to its ability to remove time-consuming, repetitive tasks from humans. Positioned as a support mechanism to staff setups, AI’s ability to process and sort such large amounts of data means the burden of these arduous processes are being removed from staff workloads.
Not only is it removing these annoying tasks, AI is also shaping the future of industries such as finance. For decades, the finance sector has struggled in dealing with consistently large amounts of data. This has led to numerous major issues with fraud and scams. Implementing AI solutions into these companies provides the opportunity to solve both these issues. Machine learning can assist by understanding, sorting and improving the data allocation procedures, while deep learning can identify crucial and potentially dangerous information.
From a business growth perspective, AI can also be very beneficial. Take the insurance sector for example. Each year thousands of customers must renew their policies with the information about the policy and its charges likely to change. Applying AI to work with this data will give the business a clearer picture of their customers. Being able to understand these trends and patterns means the company can tailor offers to specific customers as well as avoiding errors.
With AI already being extremely capable of transforming the way businesses operate, the future looks bright. More and more organisations are seeing the rapid benefits of the technology and the burdens it lifts from staff members. The biggest challenge AI has ahead is mastering the processing of “common sense” tasks. Once developed further, AI will become even more of a no brainer than it already is for businesses around the world.