Whilst there are many people that associate AI with sci-fi novels and films, its reputation as an antagonist to fictional dystopic worlds is now becoming a thing of the past, as the technology becomes more and more integrated into our everyday lives.
AI technologies have become increasingly more present in our daily lives, not just with Alexa’s in the home, but also throughout businesses everywhere, disrupting a variety of different industries with often tremendous results. The technology has helped to streamline even the most mundane of tasks whilst having a breath-taking impact on a company’s efficiency and productivity.
However, AI has not only transformed administrative processes and freed up more time for companies, it has also contributed to some ground-breaking moments in business, being a must-have for many in order to keep up with the competition.
What Is Artificial Intelligence?
In order to understand how this technology is transforming the world of business, it’s first important to understand what AI actually is. Essentially, AI is a term that is used to describe computer software that simulates human-like/human intelligence processes. It can involve problem-solving, learning and planning. Two of the main examples of AI are:
- Machine learning
- Deep learning
Machine learning is typically used in processing a lot of data in a short amount of time. This type of AI involves algorithms that seem to “learn” and improve with certain tasks the more they are used. Machine learning can help to process large amounts of data that would be impossible for humans to sift through manually, and presents the information in a more digestible way.
AI Companies can use this to gain useful insights into various different areas of their business, helping them to understand where they can improve whilst increasing efficiency and productivity.
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A subset to machine learning, Deep learning relies on artificial neural networks to learn from data. It can be used to help with various different functions, including fraud detection and self-driving cars.
In self-driving cars, deep learning helps to identify important information such as pedestrians or obstructions on the road, and the distance they are from the car. It can also be used to measure the rate at which they are moving, and from this predicts where the object will be a few seconds later. This can help self-driving cars to spot any hazards and make decisions on their movements accordingly.
How Can My Business Use AI?
On a business level, it starts with taking lots of data from your company and this could include customer data, quotes, machines, processes, delivery times, engagement and several other factors.
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An AI company can take this data and find patterns and insights, which can be turned in models to create what is known as ‘predictive behaviour.’
According to AI company, Optalitix, For insurance and finance particularly, AI can be applied to reduce the risk of fraud or provide better underwriting for insurance premiums, by better understanding the patterns of previous customers.
If you can find out when certain patterns emerge, you can use AI to trigger the best response for your business. Do people search 5 products on your site then leave? Use AI to give them a discount code.
Does your machinery get overloaded and fail on certain times of the month? You can use AI to notice the patterns and prepare for any sudden interruptions.