How are Businesses Using A.I. in 2019?
Posted September 4, 2019 in Articles
While artificial intelligence (“A.I.”) used to be a subject for science fiction authors, in today’s world, companies that aren’t making effective use of A.I. are quickly falling behind the times. From manufacturing facilities to cars and trucks, and from data analytics software to consumer marketing platforms, A.I. has become mainstream in 2019. So, what should your business be doing to take advantage of A.I.?
“Low-Hanging Fruit” vs. “Moon Shots”
According to a report published by the Harvard Business Review, a “survey of 250 executives who are familiar with their companies’ use of cognitive technology shows that three-quarters of them believe that A.I. will substantially transform their companies within three years.” However, the survey also found that A.I. initiatives targeting “low-hanging fruit” are far more likely to be targeted (and to be successful) than what the Harvard Business Review calls “moon shots” – highly-ambitious projects that have the potential to be market disruptors. What qualifies as “low-hanging fruit” in today’s world of A.I.? The Harvard Business Review identifies three potential business uses in this category:
• Process automation – Using A.I.-driven robotics and data analytics to streamline operations, reduce error rates, and add new intelligence to existing processes and procedures.
• Cognitive insight – Using A.I. to identify patterns, predict market trends, analyze risks and make financial decisions.
• Cognitive engagement – Using A.I. to enhance employee and customer engagement with companies and their brands and products.
Examples of How Businesses are Using A.I. Internally and Externally to Drive Growth
How are companies putting these abstract ideas into practice in 2019? Current A.I. initiatives range from the relatively-bland (i.e. parsing statistical data to discover previously-unquantified risks) to the truly mind-boggling (i.e. predicting the existence of new planets and galaxies). Some more practical examples of how companies are putting A.I. to work to drive growth and improve employee and customer engagement include:
• Amalgamating health care data to improve the accuracy of diagnoses and predict health risks in ways that were not previously possible.
• Determining what marketing strategies are most likely to resonate with potential customers, as opposed to using the iterative and trial-and-error methods that have been used in the past.
• Managing customer service platforms, from responding to questions and complaints to processing exchanges and returns.
• Writing software code in a volume and at speeds that are impossible for human programmers and updating applications to respond to changing needs and demands in real time.
• Assessing costs and risks associated with new proposals, underwriting, investments, and other business and financial opportunities and alternatives.
• Anticipating cybersecurity threats and developing new network security measures and protocols to protect sensitive business and consumer information.
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Mithras Investments is a technology and business consulting firm that helps companies derive maximum value from artificial intelligence and other technological advancements. If you have questions about how your company can use A.I. in today’s evolving marketplace, we encourage you to call 305-517-7911 or contact us online for an initial consulatation.