Common Artificial Intelligence Applications in Business
Businesses can use artificial intelligence (AI) as a supporting tool to streamline their decision-making process. Here we look at a few common AI technology applications for diverse industries, using predictive algorithms and employing smart management systems.
Predictive Algorithms
Artificial intelligence supports business systems by processing vast amounts of data to identify unforeseen patterns and probabilities. Machine learning technologies effectively use AI principles to analyse the data as it comes in rapidly in the system.
One commonplace application of AI in business is identifying patterns and anomalies, and notifying decision-makers about any preventative issues, consequences and courses of action. This way, AI can further simplify and improve their decision-making ability.
For example, an ML algorithm can quickly identify problems at a manufacturing plant, e.g. reduced capacity or faulty machinery, and quickly signal the problem to maintenance teams. This predictive behaviour scenario can apply in different industries, e.g. mining.
The greatest advantage of AI is speed. Data can be processed much faster than with tedious human intervention or traditional software. Another benefit is the data accuracy presented to the user, which improves based on the longevity and quality of data fed into the system.
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Smart Management Systems
Artificial intelligence is a highly valuable asset in many industries. Organisations are increasingly investing in smart management systems capable of performing anything from complex automated tasks to predictive behaviour analysis and advanced asset monitoring.
Smart management systems use AI technologies to collect real-time data from sensors attached to various assets and connected devices – the Internet of things (IoT). Machine learning algorithms contextualise this data and deliver it to the user for decision-making.
Smart management systems have become indispensable due to the scale and complexity of everyday data generated in business and by stakeholder and third-party sources. Business is continuously exposed to big data and troves of information daily. Management needs to understand this growing data – which is the prerequisite of smart management systems.
There is no doubt that AI is changing business systems for the better. For example, an integrated energy management system employs AI to understand the organisation’s energy usage and maintenance demands better. A security management system, on the other hand, can leverage AI to look into cybersecurity vulnerabilities.
Whatever the applications, when artificial intelligence is added to these platforms, the business systems transform into an automated, accurate, up-to-date, auto-correcting and self-management system that can revolutionise the way businesses think and operate.
