Artificial intelligence (AI) delivers big time business benefits when it comes to capabilities. Automation and cognitive insight being among the top types of AI businesses utilize.
Did you know that 37 percent of businesses and organizations have implemented artificial intelligence in some way?
“CIOs have realized that sustainable digital transformation and task automation go hand in hand,” A Gartner press release explained. “AI has become an integral part of every digital strategy and is already used in a variety of applications.”
In fact, the Gartner survey found that 52 percent of telecommunications companies utilize AI chatbots. And 38 percent of healthcare institutions and/or providers depend on AI computer-assisted diagnostics. There is also large percentage use of AI in fraud protection, consumer fragmentation, and finance.
AI is everywhere, and it is breaking the business mold for a stranger tech-based business future, like cognitive AI for example. Let’s take a closer look at the types of artificial intelligence within automation and cognitive insight.
3 Types Of Artificial Intelligence (AI) Supporting Business Needs
To leverage artificial intelligence successfully for business growth, it is important to look at AI as lees of a technology, and more in the space of the capabilities AI provides. There are generally 3 types of AI and the business needs these AI types support.
1. Automation Of Business Processes
Automating business processes is a top priority for companies large and small. Digital and physical tasks in the space of administrative, financial, and customer service are automated via artificial intelligence. Robotic process automation (RPA) is utilized here. For instance:
- Data transfers from emails and customer service centers to digital systems of record (i.e. updating customer information, addresses, contact data, and services).
- Analyzing and understanding legal documents and pulling provisions of the legal contract via natural language processing (NLP).
- Ability to identify and replace lost credit cards or debit cards in the financial sector, updating records, and watching for fraud.
Robotic process automation is the easiest and less expensive type of cognitive tech via AI. Businesses can break traditional molds by using artificial intelligence automation.
It has a low cost entry and can be used as a starting point before implementing AI into other areas of a business. It is also a multiple system endeavor that satisfies business tasks and needs.
2. Cognitive Business Insights Supported By AI
Cognitive business insights can have serious positive impacts for businesses. Especially enterprise companies in very competitive industries. This is the second type of AI type that supports business needs.
Cognitive insights supported by artificial intelligence utilizes AI algorithms to compile large amounts of data, determine meaning of the data, and detect patterns within the data. This is where machine learning comes into play for processes like:
- Provide very accurate and detailed models across multiple sectors
- Predict customer trends and buying patterns
- Automate advertisements and marketing campaigns based on personalization
- Speed hiring processes via automated job search and onboarding
- Identify fraud and analyze claims and areas of cyber crime
Having cognitive AI insights in place can turn those traditional analytics gathering into antiquated systems and processes. For instance, they are far more data-intensive and highly detailed. Processing data faster can help stakeholders make more informed decisions faster.
3. Cognitive Insight Within Engagement
Engaging your business’ employees and customers more effectively can have a major impact on growth and success. It is the third AI type that is breaking the business mold. How? Natural language processing, artificially intelligent chatbots, and intelligent agents.
For example, in healthcare, AI cognitive engagement can help deliver treatment recommendations and assist providers in creating personalized healthcare treatment plans for a faster, safer recovery.
In the space of customer service, cognitive engagement via intelligent agents can serve up around the clock services. These services include addressing questions customers have, directing customers according to needs, and offering timely support.
Businesses also utilize cognitive AI engagement to interact more effectively with employees and teams. But the focus for the future will be to make engagement efficiency better within the customer service environment.
The Overall Artificial Intelligence Benefits For Businesses
The benefits of implementing AI into your business are clear. This is why 51 percent of executives believe that AI enhances products. And 36 percent believe that artificial intelligence helps optimize business operations.
Is your business ready to leverage AI and break the traditional business mold? The above 3 types of artificial intelligence and the tasks and processes they support are certainly worth considering. It may be time to make AI a top priority.