Many organizations still watch from the sidelines as competitors transform their understanding of data with AI. Why is this?
Few people fully comprehend the full extent of the benefits that AI could offer their company. However, by analyzing existing processes and identifying key objectives, you could find yourself closer to achieving these goals than first thought.
Below, we’ve outlined five reasons why organizations can better manage data with AI supporting them. Is your biggest business pain on the list?
1. AI can deal with huge volumes of data
By 2020, it's estimated that 1.7MB of data will be created every second for every person on earth. This amount of knowledge is simply incomprehensible to the human mind, so managing data with AI is a great solution to address this overload and ensure we can reap the full benefits.
AI is able to mine, process and analyse vast amounts of data. Not only that, but AI doesn’t get bored, distracted or sleepy. This makes it ideal to handle the most extensive elements of the data science process, providing your human team with some much-needed help.
2. AI can process data at great speed
Organizations that manage data with AI can often make much faster business decisions and respond to change in an agile way.
AI can process and interpret data at such speeds, some technologies can share real time data with end users. For instance, drivers can access real-time information on traffic and adjust their route to avoid congestion.
Customer-facing services can also manage data with AI to reduce the time needed to process complex client data, potentially accelerating an applicant’s journey to getting a new mortgage, bank account or tax return. This not only boosts customer satisfaction, but allows professionals to spend their time on higher value tasks, such as face-to-face consultations.
For now, the newfound agility offered by AI can help businesses to become market leaders. However, this need for speed will soon become universal, and organisations lacking AI will risk falling behind the pack.
3. AI can supercharge your efficiency
Managing data with AI can automate a great number of tedious and repetitive business activities. With AI handling highly repetitive tasks, teams are free to pursue higher value tasks, such as nurturing positive customer relationships. AI is also capable of monitoring processes around the clock, perfect for simple but always-on processes - for instance, AI can minimize the downtime of automated production lines.
It’s also possible to optimize more complex business activities with the help of AI. For instance, professionals in data science, scientific research and finance will likely use a number of different AI tools in their working week. By increasing operational efficiencies, organizations empower their staff to work to their full potential.
4. AI can protect your business (when it’s managed properly)
Provided AI systems are set up correctly, they can help your business to remove instances of human error from certain processes. Data science is a delicate process and a single mistake can skew an entire project, so it’s essential to address this risk.
Since businesses can better understand data with AI, they can also gain the predictive power to forecast any needs for repairs and maintenance, identify health and safety risks, ensure compliance with industry regulations and more. In the financial sector, where data privacy is of paramount importance, AI can detect fraud attempts and unauthorized access to personal data.
5. AI can enable innovation
Managing data with AI makes it possible to handle huge amounts of data, identify patterns and predict future trends. Knowing what will happen next is invaluable for any business.
Algorithms are able to identify connections, patterns and opportunities across complex data sets that simply aren’t visible to the human eye. This makes it possible to discover predictive insights from data that otherwise would likely go unnoticed. By managing data with AI, companies can move from reactively analysing data to proactively informing business decisions. This is arguably one of the greatest benefits that AI brings.
AI will always require human collaboration
By learning to understand data with AI, you can transform the way your business operates, the revenue flow it achieves and the market intelligence it uncovers. However, research suggests that AI can’t do this by itself - it needs a human touch.
Organizations see optimal performance from collaborative approaches between humans and AI. Subject matter experts bring invaluable experience and a depth of understanding that determines what this technology can do. AI really is a means of augmenting rather than replacing human capabilities.