The core element in any cloud environment is data aggregation and management. Data is rightly being described as the Oil of the 21st century. Where there is data, there is an opportunity to generate value from it. With the right data in tow, organizations can build advanced analytics and artificial intelligence (AI) solutions to tackle specific problems. Typically, the process is to start with business intelligence, since it leads to a better understanding of your underlying data and then proceed to leverage the advanced analytics capabilities. Once you have a good picture of your underlying data, pathways emerge where AI can be applied.
“Everything we love about civilization is a product of intelligence, so amplifying our human intelligence with artificial intelligence has the potential of helping civilization flourish like never before – as long as we manage to keep the technology beneficial.”Max Tegmark
Commonly Recognized Benefits of AI
Better customer/user experience
Artificial Intelligence (AI) is quickly becoming a table stakes measure, and a differentiator for those who are leveraging it already. Since AI is ultimately tailor-fit to the business, organizations that use it are able to minimize errors, bias, and decrease interdependencies. As a result, these companies are able to derive a more complete picture of their business’s health than any competitor would be able to do.
Examples of Businesses Leveraging AI for a Competitive Advantage
Law Firm Optimizes Preparedness:
A law firm uses AI on a data lake environment for a legal case to quickly sift through discovery information for a court case.
When having the right information equals the strength of an argument, AI uses textual analysis to determine relevant case evidence and saves hours of work that law professionals would otherwise have to do.
Banking Firm Protects IT Systems:
A bank uses AI to identify malicious actors in their account databases, sending datasets through a rigorous quality assurance algorithm that determines falsifications and suspicious activity.
A process that took hours has been downsized to seconds, which helps keep the bank’s IT systems and mobile application safe from attacks and exploitation. With AI, bank employees can increase their focus on serving customers and streamlining the banking experience.
Media Company Hires the Best, Faster:
A media & entertainment company uses AI in their Human Resources department to sift through resumes quickly with pre-determined qualifications and personality tests to determine mindsets and cultural alignment with the business. No more shortlists or next rounds.
When the hiring manager pulls the results, they receive only the most qualified candidates to choose from.
A Must-Have to Compete
AI has now grown to the point that if you are not doing it, you are going to be left behind. But the AI journey involves an evolutionary phase with your data. As you sift through the datasets with your business, it may turn out that your data is not as good as you thought it was. It could be insufficient, incomplete or unreliable. The cloud helps to not only recognize how and where data is insufficient; it also gives your IT team a pathway for improvements.
Mastering AI for a Better Business Backbone
The cloud allows you to see these gaps and work towards improving your data, through collection, cleansing and retaining processes. The better you get in this process, the more robust your data will be to perform custom AI solutions. At the end of the day, the one who owns the best datasets wins the battle.
Most organizations have mastered the traditional forms of solutions to bring about these efficiencies. AI brings a dimension that normal human observation of data and patterns cannot match, using machine learning as its underlying technology engine. Take, for example, anomaly detection in a network. It is humanly not possible to look at the millions of transactions happening every minute to discern anomalies. Nor is it possible for traditional rule-based systems to keep up. AI can do all of these things, which makes it a baseline requirement for the coming years.