5 in 5: How AI can benefit your business (EP 1)

AI of Things    12 November, 2018

Over the last 10 years, we have experienced a monumental shift in the way in which businesses operate. Terms such as Big Data and Artificial Intelligence are common place, and as the full potential of AI comes to light, firms are gearing up for a technological business revolution.

What is Artificial Intelligence?

Artificial Intelligence (AI) is the fundamental application of the ideology of creating a computer that is capable of solving a complex problem in the same way a human would. It is comprised of a multitude of factors, including machine learning, deep learning, neural networks and Big Data. 

AI is inspired by the human brain and, like the human brain, it is made of up of layers of neural networks, designed to replicate it´s complexity and functionality. Like us, AI systems aren´t perfect. They have to learn in the same way we do; by taking in information, processing it, and storing it for future reference.

1) Reduce Human error: Improve efficiency 

Although we may not like to think it, we all make mistakes. Even the brightest minds in the world aren’t immune from errors. AI has the ability to significantly reduce this risk. By combining human cognitive features and complex algorithms, the AI can improve efficiency by doing multiple calculations and functions simultaneously, with a lower rate of error than the human brain.  

The extraction of real-time data, and the analysis and description of this, will likely give a firm a competitive advantage over others in the market. Whilst Data Scientists are still crucial and their skills incredibly useful, the human brain would simply not be able to do all of these functions as fast or as consistently as the AI.

2) Automation of tasks: Time saving 

We all know the famous saying; time is money. By implementing AI into a business, time will be saved in a multitude of areas, such as analysis and processing.

AI uses its trained algorithms to store and interpret this data, with human intelligence only needed to use this data to whichever advantage they choose as, although computers are able to store a lot of data efficiently, humans are still needed to correlate and correct this data to then be analysed and used to aid the business. Taking out steps drastically changes the time needed for each task.

3) Combat the data deluge: Optimise resources

The quantity of information in the world is growing daily, and many firms are unable to utilise this data efficiently. Due to the information explosion we have experienced in recent years, along with the Big Data Boom, companies are unable to filter all of this data and turn it into useful information, which ultimately results in an unproductive use of resources.

By using smart insights, the AI is able to extract valuable data that can be used to stream-line the marketing process and make the most out of the data available to them, optimising resources efficiently and effectively.

4) Positive shifts: Increase employment

A common fear surrounding AI is that jobs will become redundant with the automation of tasks that are currently carried out by humans. Echoing a previous article by AI Ambassador Richard Benjamins, in which he explains five common fears of AI, if we look back through history we see that any revolution affects employment.

Whilst yes, some jobs will be lost, new jobs will be created, and the existing nature of jobs will adapt to these changes. Although the exact description of new roles is relatively unknown to us, experts say it is likely we will see a sharp increase in the demand for roles surrounding data, such as Data Scientists. These changes make space for a re-structuring of current business practices, which as history show us again, often has positive results for both employers and employees.

5) Identify and maximise sales opportunities (Marketing): Increase revenue

One of the most valuable areas of data to marketers is customer behaviour. With this knowledge, they are able to optimise marketing campaigns. For example, achieving more personalised marketing; AI has access to millions of data and can access it simultaneously and help create targeted strategies with higher success rates.

AI is able to decode raw customer data and segment this by behavioural patterns and/or traits. By using this technology, companies will be able to improve pricing models and delegate time to the creation of specific strategies; thus giving themselves a higher chance of executing them and reaching desired sales targets and maximising revenue.

Figure 2, Businesses must be innovative to compete

Overall, if implemented correctly and used with integrity and transparency, AI has the potential to greatly benefit companies. It is clear that the combination of Human and Artificial Intelligence is incredibly powerful. The simply unnnatainable processing speed of AI compared with the human brain, along with the unprecedented experience and adaptation of the human brain, can combine to create a powerful corporate force. Businesses should look at AI as an opportunity to grow and improve their practices.

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