Artificial intelligence or AI is slowly becoming one of the most coveted digital business assets globally. Without AI embedded in specific business transactions, companies lose the opportunity to analyze the vast amount of digital data that would have been useful in improving various processes. (1) Businesses need an excellent annotation tool to identify relevant data needed for better prediction and outcomes. For this reason, it can be challenging to optimize enterprise AI and machine learning functions without it.
If you are one of the many businesses still on the fence about using AI, then read this article to understand how AI benefits your organization.
Why AI Is Crucial in Modern Enterprises
The digital revolution has opened doors for businesses to gather voluminous data about the market, consumer profile, preferences, behavior, and others. However, this has also made it challenging to recognize relevant data. (1)
To enable business intelligence for better business decisions, enterprises must learn to optimize data gathering, handling, organizing, and analysis. This approach is only achieved using artificial intelligence. Also, this includes machine learning. Most consider intelligent computing better than human intervention, as it is less prone to biases and errors.
With enterprise AI, companies can experience business growth and competitive advantage in almost all fields of organizational processes. (2)
1. Enterprise AI Makes Recommendations to Businesses
Because AI is a new field and a novel addition to the tools used in computing, not many companies use it extensively. Firms would use part of AI once only. For example, when they have big marketing campaigns that require large chunks of data, only AI models can crunch in the shortest time possible.
What is recommended is that AI becomes Enterprise AI. In addition, the recommendation is that you use it in as many aspects of your business as possible. Doing so gives your company an edge over non-users today. In addition, in the near future, it is possible that Enterprise AI will be the norm. Implementing enterprise AI now gives your business a head start. (6)
2. Enterprise AI Has Unlimited Applications and Benefits
AI and its many forms, including machine and deep learning, are being utilized to revolutionize businesses. Companies use these technologies for several applications. For example, AI technologies streamline processes, optimize efficiencies, reduce business costs, expand to new markets, strengthen cyber security, and improve customer service and interaction. (1)
A survey of 250 enterprises conducted by consulting and advisory services giant Deloitte discovered that companies use enterprise AI to:
- Enhance features, functions, and performance of products;
- Optimize internal business operations;
- Task automation, increasing workers’ productivity;
- Arrive at better business decisions;
- Create new products;
- Maximize external processes such as sales and marketing;
- Enter new markets;
- Gather and use scarce knowledge; and
- Reduce workforce. (4)
With business AI being fully customizable, companies can find other uses for this technology apart from the ones on the list. For instance, banks and financial institutions reduce fraud and hasten loan transactions using this technology. (1)
3. Several Industries Benefit from AI
Because of these benefits attributed to AI, several sectors have been catching up and using the technology to improve aspects of their operations. The following significant industries have shown extensive use of intelligent computing:
- Healthcare: From wearable devices to electronic patient data and robot-assisted surgeries, AI has improved medical services and patient outcomes through better diagnosis and treatment. (5)
- Automotive: Forward-thinking trucking and transport companies use this technology to optimize routes and track the weather. AI technology also picks locations with the cheapest fuels. However, the projected AI use in the sector would have to be driverless cars. (5)
- Finance: Processing large volumes of data, detecting fraud, and real-time reporting are some of the significant AI applications in the financial sector. Some investing companies utilize Robo-advisors to provide personalized offers. (5)
- Manufacturing: Some factories use AI to predict demand, alert maintenance needs, and assist in product planning. (1)
- Travel: Mobile users often search for nearby entertainment, hotels, bars, and restaurants. In addition, smartphones are the main devices used in booking travel tickets. AI is being used to provide top recommendations based on your previous check-ins, profile, and preferences.
- Law: Attorneys rely on several documents and previous decisions to improve client services. With AI, it is easier to store and extract relevant data from volumes of documents. Moreover, it is easier to seek predictive outcomes. (1)
- E-commerce: Algorithms work to help consumers find what they are looking for. In addition, they compare items without too much work. As such, customers enjoy personalized service when buying new products or their favorite items. (5)
Concluding Thoughts
Technology companies continue to develop AI in various forms, and it remains to be seen where it takes companies in the future. This technology already provides a wealth of benefits to all businesses across all industries. Therefore, even if you are a small business, utilizing AI is a wise investment. However, make sure that you know how to optimize its uses.
References
- “A guide to artificial intelligence in the enterprise”, Source: https://www.techtarget.com/searchenterpriseai/Ultimate-guide-to-artificial-intelligence-in-the-enterprise
- “Why Is Artificial Intelligence Important To Business?”, Source: https://www.ictsd.org/why-is-artificial-intelligence-important-to-business/
- “7 Types of Artificial Intelligence”, Source: https://www.forbes.com/sites/cognitiveworld/2019/06/19/7-types-of-artificial-intelligence/?sh=4772d686233e
- “Artificial Intelligence For The Real World”, Source: https://hbr.org/2018/01/artificial-intelligence-for-the-real-world
- “Five Industries Reaping The Benefits of Artificial Intelligence”, Source: https://www.forbes.com/sites/forbestechcouncil/2021/06/02/five-industries-reaping-the-benefits-of-artificial-intelligence/?sh=27f45cfd59ca
- A Guide to AI in Enterprise: The What, The Why, The Who”, Source: https://www.defined.ai/blog/ai-in-enterprise/
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