Business executives who are forward-thinking are figuring out how to harness tomorrow’s technologies now.
As most business leaders realize, Artificial Intelligence (AI) has huge potential to change business. According to a global research conducted by the Boston Consulting Group and the MIT Sloan Management Review, 84% of the 3,000 company leaders polled believe AI will provide companies with a competitive advantage. Collaborative advanced analytics data sharing, or CAADS, is ready to help you do this now.
Despite the excitement, AI is currently underutilized in a number of today’s sectors. Only 23% of the executives polled have already implemented AI into their business models. This might put organizations that aren’t using AI at a significant disadvantage compared to those that have already embraced the technology and mastered its integration.
Artificial Intelligence, like any other technology, has its own set of applications in each business. Businesses who are behind can yet catch up in time to participate in the AI revolution by recognizing those uses and investing in the proper AI solutions.
Three AI-Utilization Techniques for Any Business
Although this technology is already playing an important role in a variety of fields, much of what we hear about AI is presented in a future light. While the majority of company executives have yet to deploy AI, many others are already benefiting from the advantage that AI provides in a variety of ways.
1. Monitoring Equipment Health Via Anomaly Detection
The goal of maintenance has always been to avoid problems. Companies have had to rely on routine, often redundant, servicing schedules to avoid equipment failure. However, routine maintenance generates a lot of waste and isn’t necessarily successful.
Instead, businesses are focusing on cognitive anomaly detection and prediction, which employs Artificial Intelligence to analyze gigabytes of real-time data about a machine’s activities. Data collected from machinery can show when performance is diminishing, according to DataRPM, a Progress company that provides predictive maintenance solutions and tools that assist detect abnormalities through Cognitive Anomaly Detection and Prediction (CADP). As a result, a technician can intervene before the equipment breaks out or shuts down. Therefore, businesses may fix abnormalities before they result in equipment failures, costly downtimes, and lost productivity and revenue.
2. Managing Attacks on IT Security
Computers work best in groups, and the IT world takes advantage of this fact for a number of IT security and support tasks. IT professionals may utilize AI to more easily trace hackers’ activities within a system and lock them out faster as hackers and bad actors from around the world continue to scale up cyberattacks.
AI has, unsurprisingly, had the greatest impact on IT professionals as one of the most significant technological developments in contemporary times. In addition to its cybersecurity applications, AI also aids in the resolution of technical support difficulties, makes it easier to embrace new technologies, and ensures that no risky computers are linked to corporate networks.
3. Improved Client Engagement
When it comes to AI adoption, marketing may not appear to be on par with manufacturing and IT security at first glance. However, marketers and companies are beginning to employ technology to improve their interactions with customers. AI enables businesses to generate the products and services that customers demand, as well as to strengthen customer connections in an increasingly digital world.
How does AI accomplish this? CMOs can use data to better understand who their customers are and take a more personal approach to customer engagement.
Other organizations can employ AI to keep their customers interested. For example, Amazon and Netflix use it to customize recommendations depending on user activity. The San Francisco Museum of Art, which uses an AI bot to offer out art on demand, is a perfect example of this engagement. Visitors can text a keyword — even an emoji — and get a text back leading them to a piece of art in the museum’s collection that matches what they sent. Nike’s AI-driven interactive design experience, which employs motion tracking and projection mapping to allow customers to create their shoes in-store, is another example.
Many of us still believe Artificial Intelligence to be a science fiction concept or even a menace that must be avoided at all costs. However, AI is a current technology rather than a futuristic notion. Consumers will migrate to businesses that recognize its relevance, so business leaders must begin to recognize it.