Data & AI Business Benefits

It’s the final curtain call for 2022 and, as 2023 is slowly approaching, it’s already clear that Data & AI (Artificial Intelligence) technologies will play a major role for many businesses in the future. Companies around the globe have already switched their business model and, in some cases, mindset to the digital world and are now looking for ways to bridge the gaps they found in their digital experience. The best solution is now also the talk of the town- Data & AI technology.

With such a wide range of uses in business, from streamlining job processes and aggregating business data, AI is ready to take the two-dimensional technology and surround the consumers with a three-dimensional physical environment.

We probably already interact with AI on a daily basis without even realizing it. However, it is not the same AI most of us imagined, culturally influenced by decades of science-fiction books and movies. Instead, today’s AI can be something most people, especially younger generations, consider a norm, like ”Alexa”.

The idea of AI is not new, but it certainly took a long time to develop. AI technology came into existence in 1956, and it would take decades of developing the technology and systems to get what we have today. Now, Data & AI go hand-by-hand and are even applicable, soon to become invaluable, to any business if they want to ensure success and steady growth. With the potential to simplify the mundane work process and achieve breathtaking results, AI technologies are becoming necessary if you want to gain a competitive edge in any industry. What was once a theory is now a tangible business toll perpetuated by tech giants like Microsoft, Google, and IBM.

So, if you are a business owner looking for a way to transform your business, this article will help you learn about the benefits of Data & AI in business.

What is Artificial Intelligence (AI)?

In order to fully understand how AI technologies can help a business, it’s essential to know what they are. There are many definitions of ”Artificial Intelligence.” Still, the broad term is that ”AI is any computer software that engages in human-like activities like learning, planning and problem-solving”. A bit vague, huh? It’s like saying your colleague is a ”human”- it’s technically correct but doesn’t specify anything. We must go beyond the basic definition and scramble through the details to learn more about different types of AI and where artificial intelligence is used.

Machine Learning

One of the most used AI technologies in business must be machine learning. Machine learning uses algorithms that process large amounts of data in an extraordinary short amount of time. Plus, those algorithms have the ability to ”learn” over time. The more data the algorithm processes, the more its modeling improves.

For example, you own a factory with all sorts of different machinery, and you need each and every one of those to work like a clock. This is where AI comes in. A large amount of data about the functionality and production of your machinery goes into a central location where, thanks to AI technology, a human worker is presented with real-time information about the condition of your machinery.

Such quantities of data and patterns are impossible for a human to sift through, and that’s why AI technology plays an important part. Machine learning can process all the data more rapidly, recognize the patterns and anomalies, and finally notify the decision-makers if maintenance or a repair is needed.

Deep Learning

The development of an interconnected web of artificial intelligence ”nodes” is also known as deep learning. It is a specific type of machine learning relying on neural networks to engage in nonlinear reasoning. Sounds confusing, right? So let’s try to simplify it.

There’s been a lot of hype around self-driving cars, and understandably so. The idea that a vehicle could make the right decisions in traffic as a human would is revolutionary, but thanks to deep learning, today it’s a reality. Self-driving cars use deep learning algorithms to process data collected from their sensors. Information like the distance from other objects and their speed, predictions of where those objects will be in 10 seconds- all that data helps self-driving cars decide when to change lanes. Moreover, deep learning models can improve with every bit of data they process.

Data & AI in Business Today

While the idea of AI was still fresh and developing, many feared that AI could and would replace humans and their job positions. Still, rather than taking over the world, AI today serves as a supporting tool for all of us.

AI technology still has some difficulties completing common-sense tasks in the real world, but what it can do is process data- and fast! By analyzing data faster, AI can also present us with every possible solution for our problem and the consequences of each action. This can help businesses streamline the decision-making process.

For decades, data collection has been a central business practice but impossible for any individual and company to use efficiently. Why? There’s simply not enough time to interpret all data. However, with AI-enabled applications and other digital tools, businesses can collect real-time data from an established database and learn about their consumers’ problems and preferences. Once they know that, they can easily increase efficiency, personalize their product or service, make informed decisions, and reduce costs. All this will eventually lead to increased revenue.

Common Uses of AI in Business

While there’s more room for AI to grow, as it inevitably will, today, we use artificial intelligence technology in the following ways.

• Machine learning: is often used in systems with a large amount of data. AI helps contextualize that data so the company’s decision-makers can understand energy usage or maintenance demands.
• Customer Relationship Management: CRM systems are rapidly changing with AI technology into a self-updating and auto-correcting system that helps businesses stay on top of their relationship management.
• Internet and Data research: AI has become irreplaceable when it comes to providing internet users with customizable experiences. Now, businesses of all sizes and types can easily target their specific audience without relying on the users’ search box. Thanks to AI, the right information is finding its way to the user now.
• Digital Personal Assistant: businesses can leverage Data & AI in many different ways, not just by transforming their services and customer relations. Artificial intelligence can help reorganize a company’s operations and streamline the workflow. Everything from emails, calendars, and work processes can be done with the help of AI personal assistant bots. So, by leaving smaller tasks to AI, employees, managers, and decision-makers can dedicate themselves to developing strategies that will increase revenue and boost company success.
• Cyber-security: AI serves as a 24/7 ”extra set of eyes” that monitors data input patterns, finds anomalies and threats, recognizes cyber-attacks, and backtracks to their source. It can also prevent future threats.

How Can AI Improve Business Processes?

Do you want to start using artificial intelligence technology in your organization but still don’t know which processes you can and should automate with AI? The latest Data & AI reports show that many industries that implemented this technology are already experiencing major growth in revenue just by automating a portion of their business processes. Well, let’s learn more about the stronger points of AI technology to know how a business can use artificial intelligence to their advantage.

Five Things AI is Just Better At

AI technology is a long way from surpassing human intelligence and has its limits, but there are some things where AI technology is a better solution. Easy to adopt and implement in any business practice, AI is very good at interpreting visual, text, and speech formats.

Visual

Many industries use visual tracking in order to increase productivity and efficiency. This is only possible with AI and its vision-trained capabilities that range from storing and captioning documents to supporting IoT (Internet of Things) sensor arrays.

In short, you can train AI technology to process, identify and search images using computer vision and later use it for things like tracking clinical workflow, automating inspections for a manufacturing process, or even monitoring store conditions.

Speech

So we are back to Alexa or Siri as an ultimate proof of just how much users and consumers love to be engaged. Customer engagement, in this case, excelled thanks to the AI technology converting speech to text and vice versa. You can also use this AI benefit for company staff training.

Knowledge

By mapping information, providing recommendations, and supporting semantic search, AI can be used to improve user experience and offer your consumers information they’ll actually find helpful.

Search

The profile of your everyday user has changed, and newer generations of consumers will be hard to satisfy and engage. Accuracy and search engine speed are the key to success. Still, they can only be achieved by using AI to enhance your search functionality while enabling it to use images, videos, web pages, and more to give your consumers exactly what they need.

Language

We’ve come a long way from communicating to technology in 0’s and 1’s, and today we can even hold a real, full-sentence conversation with it. Thanks to Natural Language Processing (NLP), businesses can integrate bots to chat with consumers. This type of AI technology can translate languages and even recognize sentiment, letting you know whether your consumers are satisfied or not.

How to Manage Data & AI in Business?

With great data comes great responsibility- this is something every business owner should know. You can quickly improve products and services with AI by using the data and increasing its value, but only if you manage and secure your information and protect your business, employees, and customers.

If you own a business that uses AI technology, you should have a comprehensive data management strategy for:

• access
• authentication
• creation
• privacy
• processing
• security
• storage

Cyber-criminals target other businesses’ information by looking for emails, addresses, phone, and account numbers. It is a significant concern of every business, regardless of the size or industry. AI technology can tackle a great deal of tasks related to security of any organization by fine-combining through all patterns and finding any anomaly within milliseconds.

5 Steps to Take Before Implementing Data & AI in Business

Using AI technology for business may be the next best thing, but you should still take steps before transforming your business with AI-based tools.

Step #1 Ask Important Questions

Using the latest AI technology trends can be beneficial for a business only if the right trend is picked and implemented. With that being said, don’t dabble in trends that offer little to no benefits to your business or industry. Instead, ensure that the AI technology is the best tool you can use for your specific industry, business size, and model. Ask yourself if AI can be used to boost your business, but also how you or your users can misuse it.

Step #2 Stay Human-Oriented

Remember that humans created AI technology and, as such, it is prone to mistakes. Dispose of the idea that you’ll create a mistake-free environment by replacing a human employee with AI technology. Always keep this in mind as you review the results your AI provides.

Step #3 Stay Unbiased

Believe it or not, human bias can affect the AI algorithm in many ways, so carefully choose the data set you’ll use as you create a training model. Also, ensure that the creator hasn’t unintentionally programmed their own bias into your AI.

Step #4 Explain Your AI

Your users or stakeholders will want to know the logic behind your AI and how it reached a particular conclusion. Explaining your AI’s decision-making process will help you maintain trust between you and all other parties.

Step #5 Use Data & AI Responsibly

Since AI technology can be quite a powerful tool, it mustn’t fall into the wrong hands. Responsible AI refers to frameworks that ensure businesses act transparently and ethically with AI technology. So ensure you can follow all government regulations regarding using AI technology before you even create an AI business strategy.

The Future of Data & AI

While we can’t predict the future, it is clear that Data & AI technology will become an even more integrated part of the workforce. With the potential to replace many human jobs, this technology can also lead to the specialization of employee skills. Where AI will take over data analysis, people will be required to cultivate qualitative skills like creativity and problem-solving.

With further technology development, we’re bound to see new business applications, consumer uses, and new startups emerging. The Internet of Things and Data & AI make a powerful combination that can easily change the economy. With so many benefits of artificial intelligence, those companies that utilize this technology in the right way can make it to the top in no time, completely turning the tables for themselves and their competition.

Start Your Data & AI Journey with Quantox Technology!

Quantox Technology ensures the best professionals in the field create your AI solutions. Our Data & AI experts have over a decade of experience building reliable AI applications engineered to scale your business and increase revenue. Discover the potential of AI technology and benefits of big data and how it can ensure long-term success for your business with Quantox Technology. Let’s Talk!

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