A common phrase you may have heard is: “Data is the future.” What makes big data and technologically advanced computer systems so desirable is their ability to give a competitive advantage to those who opt to use them. In a study published by the Boston Consulting Group and MIT Sloan Management Review, Reshaping Business with Artificial Intelligence, it was stated how,
“84% of respondents say AI will enable them to obtain or sustain a competitive advantage. [While] 83% believe AI is a strategic priority for their businesses today.”
Artificial intelligence (AI) is defined as the simulation of human intelligence by computer systems. Several of the primary benefits of AI technology includes its advancements in productivity, the automation of regulatory processes, and derivation of meaning from large, robust data sets.
A focus of artificial intelligence is not necessarily to replace human behaviors and functions in totality; however, its goal is to amplify human intelligence to make jobs more efficient.
Particularly, machine learning, which is the science of getting a computer to act without programming, can help businesses streamline existing processes with its high quality algorithms.
By automating operational and business processes together, artificial intelligence removes mundane tasks from employees’ jobs. Ultimately, making an individual’s job more efficient and rewarding given the tasks they’d be able to devote their time towards would receive his or her total attention.
New infrastructure demands, as we progress into the technology of the future in business, reveals where machine learning can fit in the Financial Services industry. Moreover, leading insurance companies can use intelligent bots that are simulated to function like the human brain to process injury claims. Artificial Intelligence is also expected to deliver Business Process Outsourcing (BPO) gains in the Financial Services industry as well.
The future withholds a great opportunity for machines and computers to work alongside humans. By improving precision and accuracy in completing tasks, businesses can use this AI technology to increase profits and strengthen their teams’ performance.