Artificial Intelligence (AI) is an umbrella term that encompasses various fields of study. These include natural language processing and machine learning among others. With the explosion of data in recent years, new technologies for analyzing this data have emerged. Artificial intelligence and Big Data analytics are among the top in such technologies. These technologies have transformed the way businesses operate, and more importantly, in which businesses make decisions. In this article, we will find if AI truly helps Business Managers making the best decisions for their business.
How are things happening today?
Currently, numerous businesses are already making use of artificial intelligence in different ways. Chatbots and recommendation systems are two prime examples of this. However, artificial intelligence for business decision making is still an area that is relatively unexplored.
Large-scale organizations are already making the move towards intelligent data analytics. A bigger variety and volume of data, better computational processing speed and power, and cheaper data storage solutions are collectively enabling AI technologies to analyze big data sets for delivering useful results. Since the datasets are usually huge and complex, machine learning extracts meaning from them in a way that humans cannot. Therefore, machine learning is now able to drive fruitful business decisions without human intervention. Still, according to a survey by Tech Pro Research, only 24% of the businesses currently implement or plan on using artificial intelligence as a standard decision-making tool.
What could be the results if more companies decide to use AI?
According to Dr. John Kelly III, IBM Senior Vice President for Research and Solutions: “The success of cognitive computing will not be measured by Turing tests or a computer’s ability to mimic humans. It will be measured in more practical ways, like return on investment, new market opportunities, diseases cured, and lives saved.”
The very quote from Dr. John can answer our question. The returns on investment, new opportunities, lives saved, and many other things that might come with the development and implementation of AI solutions shows that benefits are virtually infinite.
Are there any successful cases recently?
There’s a lot of cases, we’ve listed two of them:
1- Arby’s is a fast-food quick-service sandwich restaurant chain that is based out in the USA. The restaurant makes use of artificial intelligence, in the form of data mining, to determine the best segments for targeting their ads. Through the analysis of opinions and feedback of customers, Arby’s determines which of their ads are the most effective and on which target markets. With each ad, Arby’s can also determine which channel (social, print, among others) is the most receptive. This enables them to target appropriate ads to relevant audiences using the best channels to achieve maximum returns from their advertisement campaigns.
2- PwC has put together massive amounts of data from the US Census Bureau, US financial data, and other public licensed sources to create $ecure, a large-scale model of 320 million US consumers’ financial decisions. The model is designed to help financial services companies map buyer personas, simulate “future selves” and anticipate customer behavior. It has enabled these financial services companies in validating real-time business decisions within seconds.
Is there a way a business manager can learn more about AI?
Yes! Especially if you are in Sweden. We are planning on launching a workshop about the theme soon. Why don't you join us by pre-registering? It will take only a minute! Check out the link below and fill the form.
Pre-Register to the Workshop!