7 Business Applications of Artificial Intelligence Technology
The sky is the limit when it comes to introducing artificial intelligence to business operations. Artificial intelligence serves to efficiently tackle the repetitive tasks that human employees are now doing, and in some cases can enrich the resources a company has.
Here are 7 of the most interesting uses of artificial intelligence in business.
- Blockchain Evolution – From Smart Contracts to Intelligent Contracts. Smart contracts are self-executing contracts between a buyer and seller with the terms of the agreement being directly written into lines of code. The code and the agreements exist across a distributed, decentralized blockchain network. The problem is existing smart contracts, are not particularly smart at all. They are essentially just a compilation of static code that run on blockchain networks. It is why smart contracts are almost exclusively used by coders and programmers, rather than the much larger and scalable audience of ordinary people and businesses. MATRIX AI Network, a Hong Kong-based blockchain technology company is designing proprietary Intelligent Contracts that leverage natural language programming, semantic analysis, and adaptive deep learning-based templates to auto-code in English and Chinese. The user simply types or speaks the features that they want to include and the Intelligent Contract automatically handles the coding. MATRIX’s Intelligent Contract prototype currently supports One-Click Token Launch, One-Click ICO, Voting, Insurance and Auctions, and is poised to eliminate the smart contract adoption barrier with a promising next-generation Blockchain 2.0 solution that is safer, more efficient, and more secure.
- Energy Efficiency and Worker Safety. Machine learning is at the heart of this example. Atomiton, Inc. provides an artificial intelligence system to the energy industry that learns what is happening on a drilling site and can predict what the machine operators may or may not find as they drill for natural gas or refine petroleum. Historically, the energy industry calculated this data by hand, utilizing data points from previous jobs to determine the future. Now, an AI system is used and ends up reducing waste and cutting costs for the company’s bottom line. General Electric also uses an AI system called Predix to monitor the performance of its machinery and plants. The system can even predict if and when a piece of machinery may fail, which could lead to not only loss of productivity, but could actually injure workers, as well.
- Questions and Answers. Basically, any question you can think of when staying in a hotel has been answered a thousand times by the front desk or concierge desk. Now, artificial intelligence is being introduced to tackle those unending common questions, allowing the concierge representatives more time to handle the hands-on, creative tasks of ensuring a guest’s comfortable stay. Passage AI is one company exploring intelligent conversational interfaces, including making the voice of the AI machine more human-like. Hilton’s AI concierge, Connie is the first AI-powered concierge bot, powered by IBM’s Watson. The Cosmopolitan of Las Vegas, is also using an AI concierge.
- Power Health and Wellness. Doctors will never be totally replaced by artificial intelligence, but AI could be used to enhance the treatment and care of patients. For example, AI could help doctors communicate with one another about the same patient, helping to solve the communication issues so common in the healthcare industry. According to the American Cancer Society, a high proportion of mammograms yield false results, leading to 1 in 2 healthy women being told they have cancer. The use of AI is enabling review and translation of mammograms 30 times faster with 99% accuracy, reducing the need for unnecessary biopsies.
- Simplify Document Review. In the construction industry, proposals are mammoth undertakings taking hundreds of hours of employee time to review and encompassing thousands of pages of information. ServiceChannel is looking at ways to streamline the construction proposal process by entering the proposal into a database and having the AI evaluate the scope, pricing, and performance of a contractor which helps management quickly figure out if it’s a worthwhile proposal to consider.
- Smarter Sales. When a company is focused on B2C sales, they are constantly looking for ways to gather more insight into their target market and how to turn interest into a sale. Online sales channels are particularly sensitive to this type of AI. For example, by combining big data with predictive analysis and real-time decision-making, the company Apptus helps consumers find other products that may be of interest to them after they search and/or purchase a different product.
- Cybersecurity and Analysis. Artificial intelligence has the capability to monitor online networks to ensure their security from hackers. As it analyzes the network, it can search for excessive traffic or spot anomalies in the network pattern. IBM is one company on the leading edge of AI for cybersecurity, as it aims to produce AI products that can fill in the gaps between humans and other technologies to ensure network safety. For the first time, AI and cognitive intelligence are being used to transform the cybersecurity industry and help analysts identify threats more accurately and resolve them faster than ever before, some Watson clients have experienced 50% faster threat analysis times with IBM’s QRadar Advisor.
Most business applications can be automated and enhanced with artificial intelligence technology. As the business community begins to adapt to utilizing AI in their everyday operations, unnecessary costs and critical human errors can be avoided and the world will move at a faster, more secure, and more predictable pace.