Artificial Intelligence or AI is the theory and subsequent development and integration of human-like intelligent behavior in machines. Machine learning, a subset of AI finds key applications in a wide range of technologies. While machine learning is a simple way of achieving AI (say facial recognition), AI itself is a much more complex game. Businesses are using various facets of artificial intelligence to automate processes – saving both time and money.
Beyond automating processes, AI is also vastly used to solve complex problems. This is generally done by building a range of computer programs capable of automating tasks.
A virtual agent is a program that offers a conversational and cognitive user experience mostly through an animated character. More and more companies are using intelligent virtual agents as their customer service representatives. Moreover, virtual agents can spot data particular patterns that are very difficult to trace for humans.
The most overwhelming facet of both artificial intelligence and machine learning is their ability to automate. So employees can skip the manual and time-consuming routine to focus on higher value and innovative work. Improved use of Artificial Intelligence can also potentially extract newer insights, significantly impact decision making, and drive better business results.
Organizations with foresight have gone ahead with early adoption of artificial intelligence with the help of clearly defined applications. Some of these organizations have already derived enhanced business value and are now in the pursuit of sustainable transformation of business processes.
Businesses can use artificial intelligence to:
- Increase competitive advantage and improve efficiency
- Engage in advanced and automated interactions with clients and employees
- Multiply productivity by automating processes and powering smarter machinery
- Enhance customer intimacy and increase consumer demands
- Improve real-time audio and video analysis
- Amplify applications in industries like healthcare and automobile
- Detect fraud by comparing millions of transactions and distinguishing between legit and fraudulent transactions
Artificial Intelligence and Finance
The BFSI industry is also using artificial intelligence extensively to manage a vast amount of data and associated discrepancies. Even other financial institutions are now increasingly dependent on machine learning for portfolio management, and customer interaction.
AI is also proving instrumental in the prediction and management of assets and wealth. Specially programmed algorithms are better at discovering a shift in trends. This enables institutions to react to situations within a split second.
AI and Health
While not quite at the pace of most other industries, healthcare organizations are adopting artificial intelligence rapidly. Complex medical data can be broken down into human cognitive levels with the help of algorithms. Furthermore, surgeries assisted by robots are not just more successful but also inflict lesser scars, facilitating quicker recoveries.
Smartwatches and other wearable tech for personalized health monitoring have infused more realism in health telemetry than we could imagine. The US government is set to invest more than $1B in AI-powered medical initiatives like Cancer Breakthroughs 2020 and All of Us.
The Expanding Realm of Artificial Intelligence
To make the most out of artificial intelligence, it is important to link planned opportunities with problem-solving AI initiatives. Here are some pointers that will help you integrate AI into your business:
- Start by identifying the problem and describing where you can use AI to improve efficiency
- Identify the data source and collect the data from the relevant targets
- Develop an AI-based solution to aid algorithmic decision making
- Implement solutions and provide necessary training
As we slowly transition into a new decade, we will see a lot more of AI. It will be imperative for almost every industry to transform their processes. New business models will naturally become AI compliant. The bulk of the onus will stay with the management, imagination, and implementation.
Now more than ever, business leaders will need to come forward and make plans for AI to work well in their organizations. Using AI will make sure projects bear good results.
Futran Solutions provides knowledge sharing and trains AI resources through different numeric systems, pictures, and content that completely sums up machine learning for aspiring techies.