08/07/2020
By
MJV Team

Advantages of applying Artificial Intelligence in companies

The application of Artificial Intelligence (AI) is still a somewhat gray area for many entrepreneurs and that is perfectly understandable, due to the huge range of applications.

The good news is that AI is becoming increasingly popular and accessible. In recent years, it has lost its “science fiction” aura and has become part of the daily lives of countless people worldwide.

We’ve already gone in-depth on Artificial Intelligence in our e-book (Download it now if you haven’t read it yet). This article intends to go over the advantages that the application of Artificial Intelligence can bring to your company!

What is Artificial Intelligence 

Gartner defines Artificial Intelligence (AI) as a technology that simulates human performance – typically learning, reaching conclusions, understanding complex content, engaging in natural dialogues with people, improving human cognitive performance (cognitive computing), and even replacing people in performing non-routine tasks.

Experts point out that AI’s biggest impact will be on marketing, customer service, finance, and HR.

The research associated with Artificial Intelligence is highly technical and specialized. The central challenges of this technology include the use of programming devices (computers, machines, hardware) and applications (systems, platforms, software) for certain processes, such as knowledge, reasoning, problem-solving, perception, learning, planning, manipulating and moving objects, etc.

Why companies should have a strategy for applying Artificial Intelligence

Perhaps the most tangible and short-term gain that AI offers companies is to bring automation into an even more powerful state. 

Artificially intelligent solutions increase performance, optimize daily operations, and provide more time to take care of strategy.

Here is a list of the main benefits of applying Artificial Intelligence in companies:

AI powers business decisions

Artificial Intelligence software can provide synthesized courses of action and present them to the human user. 

In this way, humans can use it to eliminate the possible consequences of each action and simplify the decision-making process.

This is the case with the use of mechanical imaging systems to identify potential cancer cells. In this way, radiologists can focus on truly critical cases, communicate with patients, and coordinate with other doctors.

Causes machines to learn and evolve

Machine learning is often used in systems that capture large amounts of data. We can see intelligent energy management systems collecting data from sensors attached to various assets. 

In this case, the data sets are contextualized by algorithms and delivered to decision-makers to better understand energy demands and maintenance.

Another example is the reinvention of Amazon’s call center workflow and layout. This happened after the introduction of robots and optimization algorithms based on machine learning.

Facilitates fraud detection and increases machine autonomy

Another advantage brought by AI is deep learning, an even more powerful version of machine learning that depends on neural networks to engage in non-linear reasoning. 

Deep learning is essential for the performance of more advanced functions, such as fraud detection. This can be done by analyzing a wide range of factors at once. 

Another example: for autonomous cars to work, several factors must be identified, analyzed, and answered all at once. Deep learning algorithms are used to help autonomous cars to contextualize information captured by their sensors, such as the distance from other objects, the speed with which they are moving, and a prediction of where they will be in 5 to 10 seconds. 

All of this information is calculated side-by-side to help the vehicle make autonomous decisions – such as suggesting to the driver to change lanes.

Take information security to the next level

Artificial Intelligence is even an indispensable ally when it comes to looking for holes in your computer network’s defenses. Due to scale and increased complexity, cybersecurity experts are being supported by automated AI platforms.

Adds more intelligence to systems

AI is also changing systems in general; making them more powerful and smarter. This is the case with customer relationship management (CRM) platforms. 

Common CRM software requires heavy human intervention to stay current and accurate. But when you apply Artificial Intelligence to these platforms, they become systems of self-realization and self-correction that remain in control of the relationship with the target audience.

Modernizes financial services

Note the versatility of Artificial Intelligence in the financial sector. Banks are already working to integrate AI into regular banking, such as mortgage lending and customer support. 

We see this movement in chatbots that use AI combined with transaction data to provide information on spending, credit cards, help with everyday transactions, and also provide answers to frequently asked questions.

How about it, had you already thought about the advantages of applying Artificial Intelligence at your company? Go deeper into this topic; download our e-book “Artificial Intelligence: How it is transforming business models”!

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