Artificial intelligence (AI) involves the utilisation of advanced computing techniques, such as Machine Learning (ML) to replicate human behaviour and decision – making capability, thereby enabling machine driven completion of tasks that require intelligence. Machine Learning is the process of continuous improvement, wherein specialists create algorithms to actualise the automatic identification of patterns to (for example) analyse large volumes of data. The analysis then leads to algorithmic predictions, which in turn lead to decisions and automated workflows.
Enterprises are already taking advantage of AI to influence their decision making and to take actions before their competitors do. A recent study undertaken by McKinsey predicts that companies that use AI will increase their cash flow by over 120% by 2030. With this in mind, it is not surprising that McKinsey also highlighted that 70% of companies will implement at least one type of AI technology by 2030 and a little under half will adopt the full range .
What are the Benefits of Artificial Intelligence?
Our clients have hugely benefited from Venturiq’s AI solutions capability, with the advantages derived from AI combined with Intelligent Automation having an impact across their businesses:
- Reduction in operational costs
- Increased output and efficiency
- Reduction in errors
- Generating key business insights at speed
- Enabling faster decision making
- Reduction of mundane tasks
- Maintenance of a competitive advantage
What are the Key Areas of Businesses Where AI is Having an Impact?
Below are just a few examples of the areas AI can be effectively used:
- Customer Service – by using chat bots, companies can automate communications as well as personalise the experience, therefore increasing customer satisfaction.
- Data Mining – AI can quickly analyse huge volumes of data to provide insights and a major advantage against competitors.
- Predictions – AI can see patterns in online behaviour and predict things such as demand in order to match supply, which is essential to decision making.
- Forecasting – produces forecasts on cash flow using past data to help you predict revenues.
- HR Processes – analysing candidate applications and automate screening calls.
Get in touch with one of our experts and discuss how Venturiq can help your business today.
 Source: McKinsey: Notes from the AI frontier: Modeling the impact of AI on the world economy