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5 AI Solutions Benefits to Help Empower Business Decisions

Mike Adams
06/02/2020
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When futurists try to imagine how artificial intelligence will transform our world, they often talk about driverless cars taking over the road or robots that walk among us. But the fact is that artificial intelligence is already out in the world doing important work for businesses large and small. These roles may not be as exotic or exciting as you see in a movie, but they are every bit as transformative.

In fact, artificial intelligence has already proved its utility in business, education, healthcare, and various other areas. Custom software based on AI supports well-informed, long-term decisions that lead to company growth and helps organizations adapt the fast-changing business environment. Here are five examples of the kind of tasks AI is quietly taking over.

1. NUMBER CRUNCHING

Businesses today take in an overwhelming amount of data and need to turn it into information that humans can digest— and act upon. Whether your industry deals in medical diagnostics or manufacturing tires, your equipment produces enormous volumes of data. Humans are good at a lot of things, but they aren’t usually very good at looking at overwhelming stores of information and pulling out the patterns.

The good news is that this is exactly what AI is good at. However, we have seen simply applying machine learning and AI to your data stores is not going to magically deliver answers. It takes coordination and an ongoing feedback loop between machines and their human operators. Natural language processing is focused on improving communication between humans and machines, by analyzing human language inputs and providing output. It can deliver a conversation between man and machine which helps the machine analyze, parse, and even react contextually to voice cues.

2. FORTUNE TELLING

Planning and scheduling are things artificial intelligence is becoming especially good at. This can be applied to autonomous machines such as industrial machinery, autonomous cars, or robots. However, this technology is not just useful for manufacturing and moving physical objects. A study conducted by Accenture shows how automation will deliver 80% of the accounting and finance tasks in the coming years. This will make it possible for back-end departments to focus more on solutions for accounting, finance and investments.

Machine Learning for small businesses makes it possible for artificial intelligence to offer a broad view of not only the business but also economic considerations. AI software can build financial or sales trends and projections based on financial data and history. Suddenly, the road ahead becomes clearer and businesses are less likely to get caught by surprise.

3. LEARNING WHAT YOU DON’T KNOW

You can increase the likelihood of finding useful application areas for and real benefits from AI if you spend some time figuring out insights that would help deliver more value. There are machine learning algorithms that can search your data to deliver insights based on previously defined questions, and some can spot patterns in large data sets and provide completely novel insights to questions you haven’t even thought of. The challenge is for humans to ask the right starting questions, but with the processing power available today, either in the cloud or in local networks, AI can uncover answers to questions you may not have even thought of.

4. SMARTER HIRING

Can AI help find better humans? Imagine a custom-built software that uses AI to identify the right candidates for your company’s culture and values. We all know from experience that the hiring process is slow, inefficient, costly and painful. AI-based software runs a thorough analysis of the applicants using the available online data, then indicate the best matches. This allows human resources and hiring managers to find better candidates faster. The artificial intelligence can even highlight the key points and help managers make informed decisions about who should join the company.

5. FINDING NEEDLES IN HAYSTACKS

Did you know that investment in content management software is growing at a rate of 18.7%, with an expected total investment of $66.27 billion by 2021? Unfortunately, the dirty secret of managed content is that as much as 85% of all data stored in documents isn’t searchable and is considered dark data. How can a technology that is supposed to capture and make an organization’s document library searchable be so ineffective?

Finding information in your managed content solution should not take a PhD or in-house subject matter experts (SMEs). For example, IBM produced an application that allows sales and technical personnel to speak questions directly to the Watson-based interface about IBM’s complex server offerings. Watson returns the best answers it can determine, provides a list of other related resources, and allows the user to forward the specific reference document via email or text message.  

At GFC, have an application that builds on that basic model, but accesses a given collection of documents and delivers inquiry capabilities directly to the user via mobile app or website search function. With the use of Natural Language Processing (NLP), a user can simply ask a question in plain English and receive a rated answer, along with an analysis of the results and supporting documents.

If you’d like to learn more about how AI can help small and medium-sized businesses make more informed decisions, visit the AskGordy website. You can also reach out to a Gordon Flesch Company representative today for a free, no-obligation consultation to determine your business needs.

 

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