You may not realise it at first, but artificial intelligence (AI) is already playing a big part in both the business world and everyday life. Data charted by the MIT Technology Review helps visualise just how fast the technology is being adopted and developed across the globe, with companies and governments pouring resources into the technology. With this, AI is poised to contribute some 38% of profit gains for businesses and around 1.2% to the global GDP growth over the next decades.
So it's understandable why AI has become the dizzying buzzword it is today. However, Ayima points out how the hype surrounding AI may let its reputation precede itself. You might believe it's all about machines that have developed their own conscience — kind of like what we see in sci-fi movies. But for today's businesses looking to get a slice of the sizeable AI pie, it's important to understand how the technology works and what it can do.
E-Commerce and Customer Service
One of the most common manifestations of AI technology is through chat bots, which are basically AI-powered bots that send a preset range of replies based on your inquiries or comments. They can be used on websites as well as select social media platforms like Facebook. These are meant to improve customer service by providing quick responses, reducing human error, and taking care of uncomplicated tasks. The workings of AI can also be witnessed in e-commerce. Much like Netflix recommendations, any time an e-commerce site recommends a product to you, it is a result of AI algorithms. These are based on your demographic profile, purchasing habits, and viewing history.
Searching for the right candidates can be time-consuming for recruiters, but AI can make the process more efficient. Glider CEO Madhu Narasa describes AI’s role best: “Think of an AI bot as a diligent recruiter who works 24/7 to find the right matching profiles for all of the open jobs at your company.” It then engages candidates through automated screening tests to check whether they are qualified for interviews. AI systems can also handle scheduling for recruiters, as long as it has access to their digital calendars.
Marketing and Advertising
AI has become vital for digital marketers for several reasons. One, it can serve ads to anyone who has Googled your business or visited your website. This is because AI can track your past searches and utilise them for targeted advertising. Data gathered by AI can also suggest ways on how a business can improve and drive more traffic to its website. There also exist specialised AI platforms that can help with price optimisation. The technology would gather information from competitors, suppliers, consumers, and risks to create pricing models accurately and efficiently.
Healthcare presents huge growth potential for AI applications because the industry holds millions of personal records that date back decades. This presents a rich ground for an AI to "learn" — especially useful for tricky areas like diagnostics. For example, although some diseases require immediate attention, doctors have to check the patient’s previous records in order to diagnose and treat it properly. AI systems can take over the diagnosis by accessing patient data and stored knowledge to automatically spot any subtle patterns or signs of illness.
Cybersecurity is now a global concern as data breaches on massive corporations have become more common in recent years. In light of this, AI is being developed to become a powerful tool for fighting off cyber attacks. CSO Online discussed the recent development of AI-based analytics, a solution that uses machine learning to study network behaviour and improve threat detection. These technologies are applied to existing cybersecurity tools in order to drive greater efficiency, efficacy, and value.
Last but not least, the legal profession is yet another field that has a huge amount of records. AI can step in and sort through millions of documents at a much faster pace than humans, making legal research and reviewing documents much more efficient. This is the rationale behind the M-Files service, a solution we offer here on the EBC Group. The system manages content and automates office work, which makes a world of difference in the everyday operations of legal firms.