Why artificial intelligence is important for businesses

AI is the science that will make the difference between two companies competing in the same industry.

The machine learning and artificial intelligence is important for companies because it can provide a series of competitive advantages that, if well exploited, will determine:

• Which companies will survive and/or grow.
• Which companies will remain or disappear.

Although it may seem exaggerated the above approach, but let's think that an optimal implementation in companies of AI-based solutions will bring two major capabilities:

• Automates processes, making them much more efficient.
• It allows you to customize products and services on a customer-by-customer basis, improving customer satisfaction and loyalty, while maintaining and/or improving operating costs.

In reality, what AI allows is for a company to continue developing its same activity but in a more efficient and optimized way, improving the service provided to its customers.

But how do companies achieve these improvements? The answer is simple: by freeing up the talent available in the company from repetitive tasks that can add little value.

In fact, talent is undoubtedly the most valuable asset that companies have. And thanks to AI, it can be focused on tasks that bring a lot of value to customers and, at the same time, be stimulating for the "natural intelligence" and motivation of the company's employees and collaborators.

How AI improves efficiency in your business. Practical examples

Let's look at some examples of how artificial intelligence is important for companies, improving efficiency, productivity and human treatment in companies:

Commercial

A salesperson, even in a digitized company, spends a lot of time taking orders (more or less repetitive) from customers and selling those products on which the focus has been placed.

If that same salesperson has an intelligent assistant, who already "assembles" the customer's order or discovers which products are the best "fit" for him, he will have much more time to talk to the customer. In this way, he will be able to analyze what the customer needs, why he buys certain product families from the competition and, in short, provide his work with a series of values that machines do not offer.

Risk Analyst

A risk analyst in a bank can analyze the risk of all risky transactions that come to it or it can leave those predictions of a future default to predictive models obtained by machine learning.

The accuracy of these predictions will be equal or superior to those of the best analyst. In addition, you will be able to monitor 24 hours/356 days the healthy portfolios of clients, with risk already admitted by the entity. 

The analyst will thus have the time to contribute his or her knowledge to a multitude of tasks such as the creation of products to help customers in difficulty, accompanying and understanding the specific needs of customers who are important to the entity, or studying the regulations of the ECB or of the EBA affecting their credit portfolios.

State security forces

Law enforcement agencies can take advantage of the enormous capabilities of AI.

Beyond the "Hollywood" screenplays (see Minority Report), data on illicit activities, both in the on-line and off-line world, monitored by law enforcement agencies, are a vital source of information to help predict the areas where crimes will occur, the typology of these crimes and even what will happen in the coming days (see ethis article from the U.S. Army).

In a context of limited resources, AI can optimize and make available resources (investigators and agents) more efficient at any given time, addressing the most priority threats.

The Spanish market

As we see, the applications of artificial intelligence are important and essential to the day-to-day life of many businesses. Advancing the design of intelligent robots or driverless cars is only part of its potential. The most important thing about Artificial Intelligence is that it can make your work or your business dynamically adjust to the changes that are coming, offering a better service than the competition and also at a lower cost.

Companies are increasingly aware that AI can make them grow, but many believe that it is impossible to implement AI-based solutions because of their complexity and high cost. But bringing AI to your business doesn't have to be complex or expensive.

Some companies use their internal resources to "shoehorn" AI into their processes, but only a few companies and professionals in the Spanish market currently have the necessary knowledge to exploit the potential of AI in real businesses. 

Therefore, it is advisable to turn to these professionals and specialized companies to help your company deploy new solutions based on artificial intelligence.