Many organisations 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 analysing existing processes and identifying key objectives, you could find yourself closer to achieving these goals than you first thought.
Below, we’ve outlined five reasons organisations 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
With around 5.35 billion internet users worldwide, each person can potentially generate approximately 15.87 TB of data daily. 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. It also doesn’t get bored, distracted, or sleepy. This makes it ideal for handling 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
Organisations that manage data with AI can often make much faster business decisions and respond to change with greater agility.
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 traffic information and adjust their routes 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 boosts customer satisfaction and allows professionals to spend their time on higher-value tasks, such as face-to-face consultations.
For now, AI's newfound agility can help businesses become market leaders. However, this need for speed will soon become universal, and organisations lacking AI risk falling behind the pack.
3. AI can supercharge your efficiency
Managing data with AI can automate many tedious and repetitive business activities. With AI handling highly repetitive tasks, teams can pursue higher-value tasks, such as nurturing positive customer relationships. AI can also monitor processes around the clock, perfect for simple but always-on processes - for instance, AI can minimise the downtime of automated production lines.
AI can also help optimise more complex business activities. For instance, data science, scientific research, and finance professionals will likely use many different AI tools during their working week. By increasing operational efficiencies, organisations 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 addressing this risk is essential.
Since businesses can better understand data with AI, they can also gain the predictive power to forecast repairs and maintenance needs, identify health and safety risks, ensure compliance with industry regulations, and more. In the financial sector, where data privacy is paramount, AI can detect fraud attempts and unauthorised 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 can identify connections, patterns, and opportunities across complex data sets that 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 of AI.
AI will always require human collaboration.
By learning to understand data with AI, you can transform how your business operates, the revenue flow it achieves and the market intelligence it uncovers. However, research suggests that AI can’t do this alone - it needs a human touch.
Organisations 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.
Enjoyed this blog? Read our piece detailing 5 Ways to Manage AI Responsibly in Insurance.