Artificial Intelligence And Business Today

February 12, 2020

Rather than serving as a replacement for human intelligence and ingenuity, artificial intelligence is generally seen as a supporting tool. Although artificial intelligence currently has a difficult time completing common sense tasks in the real world, it is adept at processing and analyzing troves of data far more quickly than a human brain could. Artificial intelligence software can then return with synthesized courses of action and present them to the human user. In this way, humans can use artificial intelligence to help game out possible consequences of each action and streamline the decision-making process.

“Artificial intelligence is kind of the second coming of software,” said Amir Husain, founder and CEO of machine learning company SparkCognition. “It’s a form of software that makes decisions on its own, that’s able to act even in situations not foreseen by the programmers. Artificial intelligence has a wider latitude of decision-making ability as opposed to traditional software.”

Those traits make artificial intelligence highly valuable throughout many industries, whether it’s simply helping visitors and staff make their way around a corporate campus efficiently or performing a task as complex as monitoring a wind turbine to predict when it will need repairs.

Machine learning is used often in systems that capture vast amounts of data. For example, smart energy management systems collect data from sensors affixed to various assets. The troves of data are then contextualized by machine learning algorithms and delivered to human decision-makers to better understand energy usage and maintenance demands.

Artificial intelligence is even an indispensable ally when it comes to looking for holes in computer network defenses, Husain said.

“You really can’t have enough cybersecurity experts to look at these problems, because of scale and increasing complexity,” he said. “Artificial intelligence is playing an increasing role here as well.”

Artificial intelligence is also changing customer relationship management (CRM) systems. Software like Salesforce or Zoho requires heavy human intervention to remain up to date and accurate. But when you apply artificial intelligence to these platforms, a normal CRM system transforms into a self-updating, auto-correcting system that stays on top of your relationship management for you.

Another example of artificial intelligence’s versatility is within the financial sector. Dr. Hossein Rahnama, founder and CEO of artificial intelligence concierge company Flybits and visiting professor at the Massachusetts Institute of Technology, worked with TD Bank to integrate artificial intelligence into regular banking operations, such as mortgage loans.

“Using this technology, if you have a mortgage with the bank and it’s up for renewal in 90 days or less … if you’re walking by a branch, you get a personalized message inviting you to go to the branch and renew purchase,” Rahnama said. “If you’re looking at a property for sale and you spend more than 10 minutes there, it will send you a possible mortgage offer.

“We’re no longer expecting the user to constantly be on a search box Googling what they need,” he added. “The paradigm is shifting as to how the right information finds the right user at the right time.”

Retrieved from: Uzialko, A. C. (2019, April 22). How Artificial Intelligence Is Transforming Business

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