7 Applications of Artificial Intelligence in Business

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A computer generated image of a head representing artificial intelligence

The International Data Corporation states that artificial intelligence (AI) will account for $52 billion in global revenue by 2021. A variety of firms and organizations have been eager to adopt newly developed technology to simplify complicated processes and meet the needs of customers. Artificial intelligence refers to any computer system that performs tasks previously dependent on human intuition. In the near future, new AI systems, armed with quick processors and access to an expansive network of information, may completely restructure entire industries, streamlining calculations and administrative processes virtually instantly.

The Application of Artificial Intelligence in Business

The need for AI isn’t limited to tech-reliant firms. Health care, customer service and other fields stand to benefit from leveraging AI.

IT Services and Cybersecurity

Artificial intelligence in business settings can help organizations keep data secure. AI can analyze networks to identify vulnerabilities and breaches for large-scale businesses. Through the detailed analysis of an existing network, AI can identify typical usage and traffic and detect suspicious activity. This type of network security is superior to previous forms, such as firewalls, as AI can adapt seamlessly to a new network. Older technologies relied on “signature-based” detection, which limits protection to previously encountered “signatures,” or patterns of activity. This limitation exposes networks to newly created cyberattacks for which no signature is available, whereas AI can adapt and identify newer types of attacks.

Health Care

With the help of AI, medical professionals can detect diseases sooner and improve the quality of patient care. For example, a troublesome problem in the health care community is the distribution of patient data into non-connected silos, such as separate practices, hospitals and research centers. AI will be able to draw these separate data destinations together to facilitate doctors’ access to the information they need to make informed diagnoses.

Moreover, AI can greatly reduce the administrative burden in hospitals. “Smart speakers” are slated to capture interactions between patients and their health care providers, relieving doctors of their note-taking duties and allowing them to focus on their patients.

Finally, AI and machine learning can support the diagnostic process, especially for rural areas where specialists are not widely available. For example, San Francisco-based startup Viz.ai is working on an app that uses AI to detect strokes and notify a neurologist. New AI developments may completely restructure how we take advantage of health care and communicate with our doctors.

Recruiting

AI software helps job recruiters identify qualified candidates. How can AI facilitate candidate sourcing, screening and interviewing? First, AI can search resumes for candidates who meet certain criteria, using natural language processing to find the perfect candidate. Moreover, AI can provide unbiased screening for candidates based on target applicant traits and experiences. Finally, video interviewing tools set the stage for employers to gain valuable insight about job candidates via facial recognition, as AI can detect possible personality traits based on various facial cues. Interviewing can be challenging for both employers and job candidates, but AI can remove some of the roadblocks.

Customer Service

AI technology has automated certain customer service tasks. For instance, an Italian insurance agency has created a “cognitive help desk.” This system searches previously submitted problems and then analyzes the documented solution. It also includes an automatic routing system that forwards problems that are too complex for the computer to address. This technology is capable of adapting to the changing needs of the organization without increasing employee workload. Advances in language processing now allow AI to communicate directly with customers and employees alike.

Energy

In the past, energy producers relied on historical data for decisions about drilling for or transporting crude oil and natural gas. Now, with AI systems that predict future energy needs, companies can reduce their environmental impact via more efficient power management. AI can determine peak energy demand, identify areas of waste, and assist with managing and reducing energy needs.

Marketing

Advanced AI applications referred to as “cognitive insight” perform real-time analytics, drawing conclusions from massive data sets. These conclusions include what type of products and services a given individual might purchase. In much the same way that streaming services make “smart” recommendations based on a customer’s previously viewed programs, next-generation AI techniques help marketing agencies target advertisements toward customers most likely to buy a product or service. Because next-gen AI is able to process more elaborate data sets on target demographics, advertisers can be confident their campaigns are reaching interested consumers. Moreover, as the AI system gains feedback on its performance, it increases its own effectiveness by applying the results to future predictions — similar to how a human learns from experience.

Accounting and Fintech

Certain accounting and finance industry functions, such as data entry and reporting, can be automated, and firms in these fields have been quick to embrace AI. Robotic process automation, or RPA, can interact with data that is housed in a number of different locations by existing on a centralized server. Moreover, with access to a range of document types, AI can use extractive language processing (searching for specific language and collecting it in a single location) to ensure vendor contracts are in order and products/services have been successfully delivered.

How Can I Get Involved in AI Business Tech?

New techniques and applications are being developed every day to leverage artificial intelligence in business. Business leaders must stay on top of these trends, as AI developments will shape how tomorrow’s businesses work. If you are excited about how business will adapt to technology, consider pursuing an online Master of Business Administration from Rider University. Rider is committed to preparing its students to play key roles in a rapidly advancing world of technological innovation. Visit the Rider University online MBA program today and discover whether this advanced degree may be right for you.

Recommended Readings

Blockchain for Business: How this Booming Technology is Benefiting Corporations

Top-Level Business Careers: What Does a CTO Do?

What Is the Benefit of a Business Analyst Career Path?

Sources

Forbes, “15 Business Applications for Artificial Intelligence and Machine Learning”

Harvard Business Review, “Artificial Intelligence for the Real World”

Health IT Analytics, “Top 12 Artificial Intelligence Innovations Disrupting Healthcare by 2020”

HR Technologist, “3 Use Cases of AI in Recruitment”

Inc., “Four Ways Artificial Intelligence Will Impact Your Business in 2019”