Artificial intelligence is a constellation of many different technologies working together to enable machines to sense, comprehend, act, and learn with human-like levels of intelligence. Maybe that’s why it seems as though everyone’s definition of artificial intelligence is different: AI isn’t just one thing.
Technologies like machine learning and natural language processing are all part of the AI landscape. Each one is evolving along its own path and, when applied in combination with data, analytics and automation, can help businesses achieve their goals, be it improving customer service or optimizing the supply chain.
The Benefits of AI
There are many ways to define artificial intelligence, but the more important conversation revolves around what AI enables you to do.
- End-to-end efficiency: AI eliminates friction and improves analytics and resource utilization across your organization, resulting in significant cost reductions. It can also automate complex processes and minimize downtime by predicting maintenance needs.
- Improved accuracy and decision-making: AI augments human intelligence with rich analytics and pattern prediction capabilities to improve the quality, effectiveness, and creativity of employee decisions.
- Intelligent offerings: Because machines think differently from humans, they can uncover gaps and opportunities in the market more quickly, helping you introduce new products, services, channels and business models with a level of speed and quality that wasn’t possible before.
- Empowered employees: AI can tackle mundane activities while employees spend time on more fulfilling high-value tasks. By fundamentally changing the way work is done and reinforcing the role of people to drive growth, AI is projected to boost labor productivity.
- Superior customer service: Continuous machine learning provides a steady flow of 360-degree customer insights for hyper personalization. From 24/7 chatbots to faster help desk routing, businesses can use AI to curate information in real time and provide high-touch experiences that drive growth, retention and overall satisfaction.
AI is used in many ways, but the prevailing truth is that your AI strategy is your business strategy. To maximize your return on AI investments, identify your business priorities and then determine how AI can help.