According to Forrester Research & IDC, analysts forecast a 300-percent increase in the deployment of artificial intelligence by businesses this year. Which is not surprising, since a similar study, conducted in 2016, found that 80-percent of surveyed executives expressed that the AI technology is viable for improving organizational outcomes. So the days of postulating whether AI has potential are long gone. Now, AI-power technologies are quickly becoming a standard tool among the world’s most fiercely competitive organizations.
Today, organizations – from the smallest SMBs to the largest corporations – have access to chatbots and predictive analytics services. If you haven’t already, now is the time to look into AI. If you don’t, it’s very likely that your competitors will – if they haven’t already.
The following are five examples of how businesses are leveraging artificial intelligence in 2019.
1. Natural Language Processing
In recent years, search engines have steadily improved in the ability to understand natural language. This includes both written and spoken communication.
In 2017 and 2018, personal digital assistants – such as Siri, Go Google and Alexa – sprung into the mainstream with their innovative user-controlled interfaces. Towards the end of 2018, however, a growing number of enterprises started leveraging natural language processing (NLP) technology for business applications.
As an example, NLP UX’s are finding utility in many business intelligence (BI) programs. Now, instead of clicking through a series of menus for a report, employees can simply say “run a quarterly report,” saving precious time and energy.
2. The Robotics Renaissance
Improved networking and processing speeds have created a revolutionary new era in robotics. Today, the technology is moving off the manufacturing floor and into nearly every imaginable business process.
The emergence of cloud computing combined with enhanced network speeds are positioning robotic technologies to take better advantage of artificial intelligence. Now, robots can coordinate with other robots as well as humans.
And robotic process automation (RPA) is emerging as the next evolution in efficiency optimization. RPA software takes on redundant business processes and computer tasks. The technology allows analysts to find tasks that can be automated, without employee bias.
This sort of advancement does not come without growing pains, however. Amidst all the AI-powered innovation, enterprise leaders have yet to find ethical harmony regarding this disruptive automation trend and learning how to adapt is more timely than ever.
3. AI-Powered Decision-Making
Relatively recently, the world’s enterprise organizations have become exceptionally skilled at collecting data. So much so that it’s impossible to analyze it manually. What’s more, it’s a challenge to even find patterns that are worth looking for.
Fortunately, data scientists have developed subfields of AI, such as machine learning and deep learning, that are up for the task. Walmart, for example, uses machine learning to analyze consumer-generated data. The mass retailer collects information from an average of 245 million in-store and online consumers from around the world. The company’s data analysts use a platform called 4HANa developed by SAP to bring important data to the forefront for analysis.
4. Safety and Maintenance
A growing number of manufacturers are using artificial intelligence to improve maintenance operations. One industry that can benefit from this technology is airline manufacturers. They’re continually searching for ways to forecast maintenance needs and prevent downtime.
AI-powered predictive analytics can help airline manufacturers optimize maintenance schedules. In a real-life example, General Electric uses Predix to optimize and scale industrial solutions for clients.
5. Cybercrime and Fraud Mitigation
Fraud investigators rely heavily on pattern recognition. This makes machine learning an ideal resource to enhance their abilities. This also applies for cybersecurity professionals.
One company, Deepsense.ai, develops fraud detection solutions for various industries. Their products recognize patterns to detect fraud, while at the same time minimizing false positives.
Fintech companies are leveraging AI and big data for anything from AI trading to personal loan analysis. This is causing major concern for big banks that are seeing loses in customer retention due to the products offered by Fintech startups. As Marc Navarro of Strands explains, “According to data collected by Mobey Forum and Aite Group, consumers appear to strongly prefer their main bank to provide them with new retail banking services over other providers. However, it’s undeniable that some of these third parties are offering a better customer experience, which is a great incentive to switch providers. “
Companies like CreditSesame use the information in your credit report to dynamically match you up with funding options. Other companies like Braintree use AI to fight fraud in the payment processing realm.
The Time for AI is Now
If you operate in a competitive market, it’s very likely that your opponents are already leveraging artificial intelligence in some form or fashion. Today, the cost of AI-powered services is dropping, while performance is improving. What’s more, the field is still maturing – and advancing at a rapid pace.
New technologies continue to emerge. Enterprises are privy to more information than ever, as innovations such as the IoT, self-driving vehicles and other remarkable achievements enter the marketplace. As this occurs, your competition is trying to figure out how to leverage this information. Are you?