Intelligent technology can revolutionize business. Discover how artificial intelligence can benefit your business and transform your company.
72% of business leaders have called AI a business advantage. These business executives said they believe artificial intelligence will be fundamental in the future. And they have plans to actively implement it in their companies within the next three years. By 2025, the artificial intelligence market is expected to surpass $100 billion. Has your business embraced intelligent technology yet?
If you own a business, you’ve probably already heard much of the hype around AI. But what are businesses actually doing with this technology right now? And where will it take your industry in the future? In this post, you’ll learn about just some of the ways this technology is revolutionizing businesses around the world. You’ll also learn how it can make a massive difference to your own bottom line. Let’s get started.
Avoid Data Entry
Many businesses aiming for process automation find that they have massive problems with inaccuracy and duplication in their data. Luckily, machine learning algorithms and predictive modeling can make a huge difference. Machine learning is one example of how intelligent technology is changing the game for businesses large and small. These programs are able to perform mind-numbing, time-intensive documentation and data entry tasks, and can learn as they go. This is great news for employees who want to avoid boring work. And it’s even better news for business owners who can use employees for high-value tasks like problem-solving and decision making.
Intelligent technology can also identify outliers, predict problems, and prevent future issues. Machine learning can identify any anomalies or problems within unstructured data. It can examine everything from machine logs to user behavior within both websites and mobile apps. Before artificial intelligence was able to do this, data scientists needed to review huge amounts of unstructured data. In order to find outliers, these scientists needed to set static thresholds. Now, machine learning is doing the hard work and doing it even better than humans ever could.
Customer lifetime value, churn prediction, and segmentation, are always a challenge for marketing teams. Now, businesses have more data than they’ve ever had before. This comes from email campaigns, website visitors, social media, and more. Data mining can allow businesses to accurately predict which individuals would respond well to which marketing offers and incentives. This eliminates a huge amount of guesswork from marketing. Now, it’s easy to examine patterns of behavior by people using your product for a trial period. You can compare this to the past behavior of people who have converted to paying customers. You can then identify how likely it is that they will switch to a paid version. From there, it’s easy to trigger any customer interventions when needed.
Intelligent technology can now also be used for financial analysis. We have access to more data than we’ve ever had before, and data is quantitative. And that makes artificial intelligence perfect for these types of tasks. Machine learning is now being used for portfolio management, loan underwriting, and even fraud detection.
If you’ve noticed that many businesses have shorter “contact us” forms, this is also due to intelligent technology. In the past, when customers had a problem or issue, they would need to specify this before they filled out a number of different fields within a form. Now, however, machine learning is able to analyze the request and determine the main issue, before routing it to the correct person or team. Ticket tagging and efficient routing may sound like small tasks, but these can be incredibly expensive for some companies. If complaints are being sent straight to customer service teams, or sales inquiries are tagged for the sales team, businesses can save money while improving customer service.
Even medicine isn’t safe from artificial intelligence. IBM’s Watson is better at diagnosing patients than human doctors. The supercomputer first gained notoriety when it beat some of the world’s best Jeopardy players. Now though, Watson has an accuracy rate of 90% for lung cancer diagnosis. For human physicians, the average accuracy rate for this diagnosis is just 50%. While a physician may be able to read four to six medical research papers a month, this is where Watson excels. The computer can read 500,000 within 15 seconds. It’s easy to see the huge potential for intelligent technology when we compare Watson to human doctors.
Hackers and cybercriminals are continuing to find new ways to compromise computers and systems. Now, it’s no longer just individual hackers that businesses need to worry about. These are now organizations and they can do massive amounts of damage.
Before artificial intelligence, businesses had to rely on humans to search through security and system log files to find evidence of security breaches. Now, Ai is able to protect company data 24/7. These tools can see what actions are normal by analyzing user behavior. It can then monitor systems for actions that may be against company policy, or potential security threats. This could include a user suddenly downloading much more data than they usually do. Or it could be an employee attempting to access unauthorized files.
Engage With Customers
These days, customers expect businesses to value their time. The generation that has always had Google at their fingertips are well known for their impatience and short attention spans. This is why chatbots are becoming a preferred option for so many businesses. These bots use artificial intelligence to do a variety of tasks. These include scheduling meetings, answering questions, and providing guidance for purchases. 1.4 billion people interacted with a chatbot at least once in 2015. And soon, it may be impossible for customers to tell if they’re speaking to a human or a bot as they become more intelligent. Chatbots learn from previous conversations. They can do everything from processing payments to monitoring customer purchasing patterns and habits.
How Will You Use Intelligent Technology?
The above examples are just a few ways that intelligent technology can transform your business. And it’s easy to see how you can gain a competitive edge as you free up employee time, increase security, and improve your customer experience.