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AI has become essential for businesses and organisations looking to remain competitive in the modern marketplace.
Artificial Intelligence (AI) has become a significant factor in modern business, enabling companies to streamline processes, increase efficiency, and introduce new business opportunities. AI is rapidly transforming how businesses operate, and understanding its capabilities is essential for companies to remain competitive in the modern marketplace.
What is artificial intelligence?
AI, or artificial intelligence, refers to technology that can simulate human behaviour and decision- making. It is often used to automate complex processes, allowing businesses to work more efficiently and effectively. AI can also analyse large amounts of data and uncover insights that would otherwise be impossible to detect.
Despite its reputation, AI is not the same as robots or automation. Instead, it is an umbrella term encompassing various technologies, including machine learning, natural language processing, and computer vision. Each technology takes some data (like text, numbers or images) and uses historical patterns and insights to produce a desired outcome. It does so using three cognitive skills: learning, reasoning and self-correction.
The learning process involves ingesting data and figuring out the rules that govern patterns in this data. Then, the reasoning part finds the appropriate algorithm to turn the data into actionable information. The last part of the process is self-correction: the algorithm continually fine- tunes the AI algorithm to increase or up-keeping results with a high accuracy.
For example, an AI model could interpret the language used by a customer that contacts customer support to route its request to the customer service agent of the appropriate department by looking at previous requests and how they were handled.
Why is artificial intelligence important?
AI has become essential for businesses and organisations looking to remain competitive in the modern marketplace. By leveraging AI, companies can gain insights into their data that would otherwise be impossible to detect and automate complex processes that would otherwise be too labour-intensive or inefficient for humans.
According to McKinsey, 375 million people globally will have to change jobs due to automation alone by 2030. Fueled by an explosion in efficiency powered by AI, front-runners that have already started to prepare for this shift will stay competitive and will have the ability to offer their services and products for a fraction of the price of traditional businesses, effectively running organisations that cannot adapt to the ground. Especially when it comes to repetitive and rigid tasks that require a focus on details, AI tools have a proven track record of completing jobs quicker and with few errors in various industries: automation has been shown to significantly reduce medical errors in hospitals, improve documentation and quality in accounting and finance tasks and significantly reduce risks in railway operation systems.
About 34% of businesses globally have deployed AI successfully, while 42% are exploring how their organisation can benefit from AI. Their main focus is on automating tasks and reducing costs: by investing in AI-driven technologies, they stay ahead of their competition. Additionally, by creating an environment for AI adoption, these organisations will be the first to unlock new business models that advancements in the field allow.
Whitepaper: AI fundamentals for Businesses
What to expect?
This white paper is intended to introduce AI and the possibilities it can offer businesses. It will cover the three biggest business opportunities (increasing efficiency, reducing churn and growing expansion revenue) and how to get started preparing your business for this technology.
