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Why use Artificial Intelligence for Business?

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Why use Artificial Intelligence for Business?

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In today’s data-centric business landscape, the ability to maximize the use of data is crucial. This has spurred many organizations to invest heavily in AI-enabled technology. Here are three primary reasons why AI’s impact on business has been so significant.

Increased efficiency

One of AI’s greatest impacts on business is its ability to save time and resources. AI can be used to automate repetitive and time-consuming tasks such as responding to customer service requests, assessing the creditworthiness of borrowers and processing insurance claims. This automation provides faster, more responsive service for customers, and it frees employees to focus on more strategic, higher-level work while eliminating the risk of human error.

Supported decision-making

AI is able to sift through enormous amounts of data quickly, often in real-time, to uncover valuable insights that might be difficult or impossible for humans to identify. Demand forecasting is a prime example of this technology’s growing role in supported decision-making. By drawing together and analyzing data from internal and third-party data sources, AI can help decision-makers in a variety of tasks, such as predicting their costs, identifying and reacting to potential supply chain disruptions and more accurately predicting product demand. AI-supported data analysis creates new opportunities for improved strategic planning, better resource allocation and more proactive risk management.

Innovation and new opportunities

By identifying new patterns and combinations, AI sparks innovation and discovery. It can be used to develop and test prototypes virtually, eliminating the traditional trial-and-error approach to new product development. It can also be used in competitive intelligence, gathering and analyzing publicly available data on competitors to develop an in-depth understanding of their products and pricing strategies.

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Examples of Artificial Intelligence in business

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Examples of Artificial Intelligence in business

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Healthcare

AI-supported digital pathology image analysis is helping physicians identify difficult-to-detect diseases such as cancer in its early stages, enabling patients to begin treatment sooner. Artificial intelligence is also being used to accelerate drug screening and molecule design, facilitating more rapid development of new medications.

Manufacturing

Capturing data from manufacturing equipment and other shop floor systems, AI can better predict the need for maintenance activities. This reduces unplanned downtime and prolongs the life of equipment. AI also plays an important role in quality control by identifying root causes and alerting for anomalies, reducing scrap and rework costs. AI-enabled image recognition can identify product defects, allowing quality control managers to take corrective action before poor-quality products are shipped to customers.

Finance

AI is a powerful tool for fraud prevention. It can detect unusual patterns and anomalies in financial transactions, such as credit card usage, allowing financial institutions to identify and block potentially fraudulent activity. Its ability to identify complex connections within that data makes it an essential ingredient in modern risk management activities, helping financial institutions better understand and manage risks associated with investments, loans and insurance underwriting decisions.

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The Impact of Artificial Intelligence on Business

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The Impact of Artificial Intelligence on Business

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As it transforms traditional methods of working, the impact of artificial intelligence (A.I.) on business is being felt deeply across many industries. A.I. has the ability to apply human-like reasoning and decision-making at scale, empowering businesses in a variety of ways. In this article, we’ll explore why A.I. has become such an integral part of many organizations’ long-term strategies and share examples of how modern businesses are applying A.I..

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After reading this article from snowflake.com, I learnt and understood how impactful A.I. is to the business world, how extremely useful and beneficial it is once implemented, and the wide spectrum of jobs that it can apply to, not limited to business.

However, as I read the article further, some concerns grew inside my mind about it: if A.I. is so better at performing tasks and solving problems than humans, would the human workers be viewed as insignificant and useless to the company, to the point of getting laid off and becoming jobless as A.I. took over? This is a serious concern, as humans also needed jobs to earn income to fulfill their everyday requirements for survival, especially those having financial issues. In addition, I have also read other articles about how people are now protesting against A.I. because of this, as well as criticizing some companies like Duolingo and Lego for using them, calling them "slack" and "money-grubbing" along with more negative names.

In my opinion, it is best to have people working alongside machines, as they can repair broken, malfunctioning ones if it ever occured. Furthermore, human workers understood better about humans than machines do, and are more lively and realistic than them. And lastly, it is important to share the workload between both of them, as they need it too for earning income for their own survivability.

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The Impact of Artificial Intelligence on Business

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AI has become such an integral part of many organizations’ long-term strategies. In this article, we share examples of how modern businesses are applying AI.