3 Ways AI Will Have an Impact on Your Business

Featured article by Matthew Walker-Jones

The rapid development of artificial intelligence technology means one thing for all of us: it’s here to stay. AI’s impact can already be observed in fields like medical diagnostics and treatment, customer support, baking, and even our homes as so many of us now ask our digital assistants to dim the lights or restock dwindling supplies of batteries. Inevitably, businesses are also experiencing an AI revolution and changing many pre-established operations and processes. To understand more about how AI will impact businesses in the future, continue reading below.

First, let’s clarify what’s meant by AI and how it’s different to automation. Artificial Intelligence, AI, is the theory and development of computer systems that posses an ability to perform tasks that normally require human intelligence. It differs from automation in that it does not require human configuration or, simply put, there’s no setup where you must define ‘X’ to get the ‘Y’ outcome. Businesses can use AI to reason, extract, and collect knowledge, recognise patterns whilst adapting and learning in new environments.

It will improve online security

Fraud and online security are huge concerns for companies working in finances and handing sensitive data. In recent years, cyberattacks have managed to compromise the security of not only companies but also governments, and the number of attacks is predicted to steadily increase. Security company McAfee have released a estimated cost of cybercrime to the global economy – $600 billion, or 0.8% of global gross domestic product. However, a new generation of algorithms, created on the basis of how people think, will help to reduce fraudulent activity. This technology can study an individual’s spending habits through data and determine, by evaluating the gathered information, whether a transaction is genuine or not thus reducing rates of cybercrime and subsequent economic losses.

It will enable better customer support

Chatbots are already a commonplace method of assisting customers with a range of enquiries but the technology is improving even further. Data gathered by companies can be used to optimise various touchpoints, like a chatbot’s interactive ability, to create a feedback loop of customer data that improves customer experience. Goldman Sachs is taking this even further by employing a system called Kensho; it deploys scalable machine learning and analytics across critical global institutions to help solve particularly complex analytical problems. Kensho’s highly intelligent systems have the capacity to answer complex financial queries when posed in plain English in real time thus enhancing and scaling previously human-intensive labour.

It will improve workplace culture

Sourcing, interviewing, and training the right talent is an expensive exercise, the costs increase even further if businesses aren’t able to retain these employees. The average candidate is now looking beyond an attractive salary when deciding which company to join so if your company culture isn’t up to scratch (prospective employees will search for company reviews before making the ultimate decision) then then you may experience issues in attracting as well as retaining top talent. AI can assist in facilitating positive and engaging employee experiences, through gathering and analysing data, making company environments more pleasant to work in. Tools like employee feedback solutions can help to increase engagement, reduce turnover, and boost productivity by transforming feedback and insights into tangible actions.