Understanding the Potential of Artificial Intelligence

Updated: Mar 22

Since this is our first blog post we thought we’d start off with some basic information about artificial intelligence, to establish a common understanding before we dive into technical topics. It is our hope that this post will help you understand what artificial intelligence actually is, what it can do and where it can be used.

What is Artificial Intelligence?

The term artificial intelligence (AI) is used to describe the intelligence of machines and their ability to “think” like a human. Specifically, AI can rationalize like a human would and proceed with an action that a human would deem to be the most valuable or capable of achieving a certain goal. It is a technology that learns from its experiences, adapts and solves problems.

What is the point of AI?

One of the primary reasons for AI’s existence is the large increase in data collected. Since our world became more digital, data is constantly being collected by businesses, governments, and individuals. According to Deloitte “2.5 million terabytes of data are created every day”, and this number is said to only keep growing as new sources of data collection become available.

Having all this data provides a tremendous opportunity for businesses to create a competitive advantage. However, without effective processing, this data has no value. This is where AI will help. By digitally examining enormous amounts of data with algorithms - AI is capable of providing valuable insights, automating repetitive tasks and optimizing processes, thus allowing businesses to not only reduce their costs but also to save time and focus on projects that make them successful.

Artificial intelligence must not be underestimated as it has the power to generate trillions of dollars of value to business owners, as long as they make an effort to understand what AI can do for their business.

How AI can be applied?

It has been proven that AI technologies can be helpful in various industries by increasing operational effectiveness and customer satisfaction, providing new and real-time insights that allow businesses to learn more about their customers, providing predictions and more.

Here are some of the ways AI can be applied in different industries:

  • Financial Services – predictive scoring systems for credit decisions, digital assistants to improve customer service, fraud detection, and general process automation.

  • Manufacturing – manage workforces and production processes, predict faults or errors before they occur.

  • Marketing – predictive modules to forecast the probability of net profit from customers depending on a customer profile type, personalized marketing communication.

  • E-commerce – examine customer satisfaction through sentiment analysis of reviews or feedback messages.

  • Automotive – predictive maintenance to reduce costs and manufacturing disruptions.

  • Take a look at the below infographic to understand the impact of AI across different sectors.

Is you business ready for AI?

The following steps should be taken in order to evaluate whether or not it is time for your business to integrate AI technologies:

  1. Research and determine the issues within your business that can be eliminated through the use of AI. This will help you identify the objectives you want to accomplish by integrating AI.

  2. Ask yourself – where is the relevant data? Do you have proprietary data or will you need to use public databases? Will your choice create enough accuracy and differentiation in the problem you set out to solve?

  3. Take a look at your budget and reflect on how much you should invest in AI. Remember – the benefits AI can bring to your business can greatly outweigh the costs over the long term so make sure you consider all relevant factors in your decision making.

  4. Select a vendor who can consult and help you grow your business with the power of AI technologies. Make sure you do your research and talk to different company representatives to determine which may be the best fit for you!

As you can see there is a lot to consider before integrating AI technologies into your business and like all matters related to your business’ success – it should be taken seriously. We hope that this article has helped you understand AI better and perhaps take a step forward towards integrating AI into your business.

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