How Artificial Intelligence Will Change Business

Not a day goes by when we don’t hear more about the next generation of technology and how Artificial Intelligence will affect how we conduct business. There are huge opportunities to improve business practices as AI continues to evolve in new and exciting ways. But how is AI evolving? And where are the business use cases for AI?

One of the main areas AI has the upper hand on humans is its analytic capabilities. These algorithms can sift through more data than a human being could ever hope to process, and can spot patterns that are hiding in the vast data too. By harvesting patterns from massive data sets, AI can help businesses to make better decisions and plans for a brighter future.

As AI’s abilities continue to develop, the capacity to automate decisions also evolves. Businesses can improve their customer services by adopting AI to speed up their internal processes, automating systematic and simple tasks with machine learning algorithms you can trust.

The launch of 5G and the rise of AI offers untold potential for organisations. For starters, by enhancing the capabilities of smartphones businesses can bring people closer together. Real-time speech translation could improve business relationships, allowing more people to communicate and form prosperous deals.

But 5G also means that there will be more data exchanged between users and organisations than ever before. Developers will be able to create more sophisticated apps to delight their users in new and exciting ways, powered by 5G. How you use the increased data you gather will be up to you.

Apps and automated decision-making will feed one critical component for organisations: improved customer relationships. AI will fundamentally alter the standard B2C relationship, opening up new avenues for customers to stay in touch with brands.

For instance, AI-powered sentiment analysis could help detect customer temperament accurately without human assistance to accelerate suitable resolutions. Elsewhere, AI could be used to power a conversational user interface like a chatbot. These CUIs could invigorate your CX strategy by automating standard exchanges like frequently asked questions. They could also produce predictive insights that allow your organisation to identify and recommend relevant related products/services your customer is interested in.

The unparalleled pattern detection abilities of AI will also help with cybersecurity. AI will be able to monitor huge data sets from your systems in real-time, allowing it to track and flag potentially fraudulent behaviour.

In an age of increased risk from data breaches, and the risk of hefty fines under GDPR for those breaches, this is a game changer. AI will be able to protect businesses from complicated attacks, but simply adopting AI won’t be enough. Malicious hackers will also adopt AI, meaning there will be AI on both sides of the law working to outdo one another. But overall, AI for cybersecurity is much needed and will make data breaches less likely.

In the last AI webinar in October, we looked at the potential for AI to takeover some HR functions and screen candidates automatically. Our attendees weren’t very receptive to the idea in the Good, the Bad and the Ugly segment, with not one person voting it Good. But just because the ethics of using AI for recruitment are murky, it doesn’t mean it won’t transform business.

AI programs are being used by organisations like Unilever to assess potential candidates. Through video analysis and biometrics, these programs assess candidates’ tone of voice and body language to determine their suitability at early stages. Meanwhile, AI is also being used to assess online activity of candidates so they can weigh it against the company’s values.