The central goal of Artificial Intelligence (AI) is to create intelligent and smarter machines. In broader terms, AI refers to multiple fields of study, such as Machine Learning (ML), Robotics, Natural Language Processing (NLP), and Neural Networks. These technologies have transformed AI into a robust tool, that has radicalized the decision making process and promises to change the way we do business.
AI and Machine Learning are already impacting several areas of our lives, from the “Hey, Siri” and “OK, Google” interactions that facilitate our ability to find information or navigate our environments, to online recommendation systems that we get from Facebook, Netflix, Amazon, and others.
The question that now arises is how these AI and ML technologies will impact organizations and industries – and how will these technologies benefit companies in creating a competitive edge?
A key area where AI and ML promises to create value in organizations is the acceleration of the decision making process. ML technology is now able to analyze huge data sets faster and accurately due to access to larger volume and variety of data, greater processing and computational power and reasonable data storage solutions.
Various organizations and industries have been able to utilize AI automation technology to control their business process and drive operational work efficiency. Organizations can be slow in decision making due to work and data overload, too many steps involved for a single approval and other workflow bottlenecks that hinder profitability and productivity. AI, complimented by Machine Learning can handle data sets of huge size, complexity and variety. As a result, Machine Learning is now able to guide better decision making and give more intelligent direction to business and industry with minimal human intervention.
With the help of real-time data gathering, trend analysis and forecasting, AI and ML systems can supplement an organization’s ability to make cost-effective decisions. Because of these advantages, industry leaders will continue to look for new and innovative ways to incorporate AI and ML practices into their overall business strategy.