AI for business is an incredibly helpful tool for enterprises when used correctly. And it’s one that’s growing exponentially in popularity. Just take a look at some numbers recently published in a Forbes Magazine article: 38% of 235 enterprises the NBRI looked at are already using AI for a variety of tasks; and more importantly, 62% of these enterprises expect to be using AI by 2018.
But here’s the rub: AI is a massively broad catch all term. Over the last few years, people have termed all sorts of machine coding techniques as ‘AI;’ in fact, saying that your business uses AI is kind of like saying your garden has plants. In other words, AI is an umbrella for a whole host of technologies.
To put a finer point on this argument, let’s refer back to that aforementioned Forbes article. They broke down ‘AI’ into manageable buckets; however, all of these different abilities need some explaining to the layperson. So first, will cover what AI tech is being used – and what it is supposed to accomplish:
• 58% use AI to help predict where their market or business is headed (i.e. opportunities, obstacles, new markets, etc). Generally, this is accomplished by what has been termed “Deep Learning,” but may be more familiar to others out there by its older name, Neural Networks.
In fact, Deep Learning goes by a lot of names; the takeaway here is that it enables algorithms to take data and make actual abstractions based off data (predictions). An additional report from Progressive Intelligence provided some other interesting perspectives on this: their case study found that their test subjects using AI for risk management found a Total Cost of Ownership decrease of nearly 40%.
• 26% are using AI to automate routine tasks. This is done via rules-based systems (i.e. when A) is true, then B) happens). While this is currently mostly limited to routine tasks, deep learning and other machine learning tactics can be leveraged to make AI even more effective.
• In addition to automating routine business processes, another 25% of the enterprises studied reported using Natural Language Processes to automate all written reporting and communication. This also includes document archiving, searchable via a Natural Language Semantic model.
• Finally, another quarter of the enterprises surveyed reported using Natural Language Machine learning techniques (a facet of AI) to improve voice recognition as well as providing a model for cogent responses (i.e. something that sounds vaguely human). Think Siri, or Cortana – those digital personal secretaries that are all the rage right now. Wrapped up in this is a full 10% of enterprises that use this to offer a better response to user queries and complaints.
Clearly AI, when used properly, can be a massive boon across the board for enterprises of all sorts. But, as with all new things, there is a danger of applying AI incorrectly. While the best fix to this problem is simply to contact SDI’s development team, there is one overarching principle that seems to lead to success: Complete lifecycle management.
In other words, the value of AI for Startups and SMBs can only be truly unlocked when AI is treated as an everyday fixture of how you run your business. AI is capable of helping your company in pretty much every imaginable way – but only when you use it as a full operational superstructure for business management.
The study from Progressive Intelligence also offered another interesting case study in the field of Insurance and Investment Portfolios: the company they studied used AI to assist their 112 agents in decision making. By automating many of the simpler tasks, this company’s AI assistant took what was once a 5 day process and reduced it to 3 hours.
Obviously, this is a massive success story and was picked for a reason; but that being said, it is truly indicative of the potential capabilities Artificial Intelligence can provided to enterprises of all stripes.
AI can be the single best resource your business has ever had. But only if it’s applied correctly, In other words, don’t try to climb this mountain on your own: Give our guides a call at 408.802.2885/408.621.8481 – or click to contact us!