In a recent study, Forrester Research predicted a “greater than 300% increase in investment in artificial intelligence in 2017 compared with 2016.” The benefits of artificial intelligence on productivity are incredible and we are in a moment in time where the possibilities are becoming quite endless.
Most notably, organizations are using artificial intelligence to enhance productivity and cut overhead costs. It has been predicted that the combination of artificial intelligence, human capacity, and automation could triple productivity at businesses if balanced correctly.
1. Virtual Assistance
Think Siri, for example. One of the first forms of virtual assistance could be found within your iPhone. It is no shock that artificial intelligence is seeping into our everyday business lives if we have access to it in the palm of our hand. Most notably, virtual assistants are being used in the form of chatbots to answer customer service questions.
Example: When a flight is cancelled and customer service expects a spike in demand, bots can be used to answer the less complicated questions such as confirming a cancelled or late flight.
2. Insights & Reports from Data
Now that we have an infinite amount of data available at our fingertips we need to find a way to package up this information into digestible form. We are no longer working out of file cabinets, but rather, straight out of the cloud. Data needs to be repackaged in order to be understood. Luckily, this can now be done artificially.
Example: A software that can turn raw data into a powerpoint presentation.
3. Automation of Manual Processes
Intelligent automation—the combination of artificial intelligence and automation— is already helping companies transcend conventional performance tradeoffs to achieve unprecedented levels of efficiency and quality. Intelligent automation systems that streamline decision making typically use tools for aggregating, extracting, and analyzing information—often, complex information such as human speech or unstructured text.
Example: Self-driving cars.
4. Natural Language Generation
This is the automated production of text from computer data. This is currently used in business intelligence, report generation and customer service tasks. This artificial solution transforms unstructured content into digestible and actionable items. It could be said a Natural Language Generation system is like a translator that converts a computer based representation into a natural language representation
Example: Credit card companies use NLG to create simple letters to customers such as a notification of a late bill or exceeding your credit limit.
5. Speech Recognition
No longer is transcription necessary. You can take any speech, movie, or conversation and ask your computer to automatically transform words into text that fit for computers.
Example: Speech-to-text Email Software, Voice Dialing “Call Home.”
6. Virtual Agents
A Virtual Agent is an computer generated, animated, artificial intelligence virtual character (usually with anthropomorphic appearance) that serves as an online customer service representative. It leads a intelligent conversation with users, responds to their questions and performs adequate non-verbal behavior.
Example: Watson on Jeopardy, Alexa (Amazon’s At-Home Agent).
7. Machine Learning Platforms
Machine learning is the subfield of computer science that gives computers the ability to learn without being explicitly programmed. These platforms explore the study and construction of algorithms that can learn from and make predictions on data.
Example: Email Spam Filtering, Search Engines.
Artificial intelligence, coupled with human capacity, has huge potential to change the way we do business today. With the cut to costs, the increase in productivity, and the ease of operations, AI is becoming less of an option and more of a business requirement with each day.