In today’s modern society, artificial intelligence has become ingrained in plans for the future of technology and everyday life in general. Computers have evolved significantly over the years and the dream of machines being able to “think” like humans have come to (partial) fruition. AI is everywhere; even in places, we may not recognize it right away. For example, both the conversation you had with a virtual assistant and the time you asked your phone for directions involved artificial intelligence. The fact that it is everywhere is no truer than in the business world, with top companies fighting to keep ahead of their competitors. Gartner predicts, “By 2020, AI technologies will be virtually pervasive in almost every new software product and service.”
How Modern Businesses are Using AI to Stay Ahead
Modern businesses are using artificial intelligence in a number of ways to stay ahead. Here are just a few.
The implementation of predictive analytics will be a game changer for the businesses that find a way to truly leverage it. With predictive analytics, companies are able to forecast demand, patterns and trends and adjust business actions accordingly. SAP Hana, for example, is used to processing transaction records and mobile data amongst many other uses. Instead of having data but not truly understanding it, predictive analytics enable companies to gain insights and knowledge from the massive volumes of data that they have.
Customer service is arguably the most common example of how businesses are using AI to stay ahead. In previous years, many resources were tied up within customer service because each question or request, no matter how simple, was addressed. Automated chat systems, also known as ‘chatbots’, have been added to websites and even phone messaging by integrating AI with sophisticated natural language. The chatbots are able to answer simple questions and channel the rest to the appropriate departments. As the technology advances, AI is taking on more and more customer cases.
A significant part of human resources goes towards to the hiring process and training process. Businesses are able to use AI to automate analysis and sift through a stack of thousands of resumes in only a small percentage of the time. The less busy work that employees need to do; the more they can focus their attention on the candidates that would be the best fit. Training processes also benefit from the use of AI, as companies can run an analysis on their overall training and learn what is and what is not working. AI can even go so far as to recommend what businesses to do improve training processes based on location and business unit. Indeed, artificial intelligence is changing almost every aspect of HR roles.
Open Source Intelligence
Open source intelligence (OSINT), by definition, is data gathered from publicly available material (including the Internet) and then used in an intelligence context. Companies specializing in AI software now offer businesses OSINT tools, providing a means of using all publicly available information to understand what the data means and could mean that specific business. Businesses once saw OSINT as competition, but now it is understood that OSINT has too much to offer and is not going anywhere. So instead, it is something to utilize. Businesses that use OSINT have a greater understanding of where to set the bar and learn what did and did not work for other companies. For private and government organizations, for example, these tools are commonly used to assist with cybersecurity, risk assessments and fraud protection.
Artificial intelligence will continue to improve and become a greater part of our modern society. Small and large business owners alike are becoming more informed and involved in AI and therefore improving their company and keeping ahead of competitors that are not yet on the AI radar. The more that technology evolves, the success of any business will become largely dependent on how well it can adapt to the new changes and demands of the market.
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