The use of artificial intelligence in business is continuing to grow at ever faster rates, with more and more executives buying into the new technology. It has the potential to transform a variety of business operations, including automating tedious or time-consuming processes and much deeper data analysis.
AI technology can also support engagement with customers and employees, helping create dynamic websites and a more productive working environment.
The question is no longer whether AI can help businesses, but at what scale each business should introduce it. Here we will discuss the types of AI technology and what it can do for modern businesses.
Types of AI Technology for Business
The three main types of artificial intelligence that can benefit business are process automation, cognitive insight and cognitive engagement.
Process automation is the automation of certain tasks using automation technologies and machine learning. The tasks this covers include data transfer processes, replacing lost credit or debit cards, and updating customer records. It can also be used to extract information from multiple documents and files. It is relatively easy and inexpensive to implement this AI technology and can result in a high return on investment.
Cognitive insight uses algorithms to detect patterns within huge volumes of data. This technology is often used to predict user behavior such as what products a customer is likely to buy, as well as automate personalized advert placement. It can also be used to identify credit card fraud in real-time and analyze the likes of warranty data to identify any concerning issues in manufactured products. The cognitive insights gained from AI technology are much more data-intensive and detailed than other types of analytics, and generally, only get better as they gain more ‘experience’ from completed projects.
Cognitive engagement involves natural language processing chatbots and intelligent agents to communicate with customers and employees in their own language. It is the basis of many modern 24-hour customer service systems, which use cognitive engagement tools to provide an automated customer service system to answer basic requests and FAQs, especially during periods where human agents are not available. It can also be used internally by a business, answering employees’ questions about the likes of HR policy, IT protocols and employee benefits.
The Benefits of Artificial Intelligence for Business
According to the Harvard Business Review survey of 250 executives, the biggest business benefit of AI technology was to the enhancement of features, functions and performance of products. A total of 51% of those surveyed said this was the biggest benefit of AI to their business, which was the most popular benefit by some distance.
Joint second was the optimization of internal operations and the automation of tasks to free-up employee time for more creative tasks, each at 36%. A similar number said AI helping them make better decisions was the best benefit, while 32% said they used AI to create new products.
If you would like to find out more about artificial intelligence and what it can do for your business, please contact our team at +1 800 974 7219 ext. 202. Alternatively, complete the online form here and a member of our team will contact you.