What comes to your mind when you hear about Artificial Intelligence (AI)?
To many people, AI refers to the robots in sci-fi movies that perform mind-blowing human tasks. That’s true to some extent. However, the primary goal of AI is to enable machines to undertake intelligent tasks.
As the challenges facing companies today keep rising, there’s an urgent need to steer them to the next level using the most modern technology.
That said, here are some common problems you might be facing in your business but didn’t know AI could be of great help in solving them.
Data Entry
Manual data entry is usually marred with inaccuracy and duplication. You can solve this problem effectively by automating the data entry processes. There’s no better way to do that than with Machine Learning (ML) algorithms and predictive modeling algorithms.
ML applications use the discovered data to enhance the process as more computations are made. Hence, machines can learn to carry out time-intensive data entry jobs. This will give your workers more time to perform other essential tasks.
Financial Analysis
Artificial Intelligence and Machine Learning can be used in financial analysis as well. ML is already being used in algorithmic trading, loan underwriting, and portfolio management. In their report on “The future of underwriting,” Ernst and Young noted that ML would allow for continual assessments of data for detection and review of anomalies and nuances to enhance the accuracy of models and rules.
Also, machines will take up a considerable number of underwriting jobs. Future ML applications in finance include chatbots and conversational platforms for customer service, sentiment analysis, and security.
Occupational Fraud Reduction
Occupational fraud is another problem that businesses have to contend with today. Companies need a solution that curbs fraud by closely checking employee receipts for fraudulent activities and expense violations.
With the aid of AI technology, you can easily detect some common expense violations, including:
- Prohibited and personal expenses
- Unverifiable receipts
- Banned suppliers
- Personal credit card usage
Managing Online Reviews
There are countless online review platforms for customers to post their experiences with a business. You may have your business reviews scattered across various sites. Reading, evaluating, and responding to these reviews can be a daunting task.
AI can easily handle this problem. For example, one popular hotel operator uses AI to monitor its reviews as well as those of its competitors to identify what guests want. You can also use an AI-powered review platform to analyze and contextualize reviews in a bid to gain insights on how to stay ahead of your competitors.
Bolstering Cyber Security
You can use AI to protect your business from cyber-attacks. One of the leading firms in the Cyber Security industry has an AI prediction technology that reviews millions of files and attacks to find out exactly what they are composed of.
By understanding this mathematical structure, they can effectively avert future attacks. You can talk to an IT outsourcing firm experienced in AI and ML technology to see if they can help you set up an AI-powered cyber security system for your business.
Conclusion
Artificial Intelligence is currently revolutionizing the business world, thanks to its exceptional ability to streamline processes, as well as increase the efficiency and productivity of businesses. There are countless business challenges that AI can solve, including Data Entry, Financial Management, Online Reputation Management, and Cyber Security.
