What businesses are failing to see about AI

Robots will wipe out 6 percent of existing U.S. jobs by 2021, according to a new report from market research firm Forrester. But that doesn’t mean unemployment lines will soon wrap around the block.

Even the most sophisticated algorithms and machine learning technologies can’t replicate human creativity and ingenuity. As machines take over rote tasks, employees will have more time for work that demands uniquely human talents. In the age of widespread artificial intelligence, the most successful businesses will be the ones that use AI to help employees make smarter, faster, more informed decisions.

Artificial intelligence can make humans vastly more productive. When machines take care of crunching data, conducting micro-analysis, and managing workflow, humans are free to focus on the bigger picture.

Imagine a marketing team huddled around a table, plotting strategy. Right now, if they have a question, they might have to ask an analyst and wait hours or days for a response.

In a few years, that team will be able to ask an AI chatbot and get an answer within seconds. That will allow them to brainstorm more productively. It’s still the humans’ job to come up with a brilliant marketing strategy — the robots just help them do it quicker.

Or consider Kensho, a financial analytics AI system. According to a Harvard Business review, the program can answer 65 million possible question combinations — even off-the-wall ones like “Which cement stocks go up the most when a Category 3 hurricane hits Florida?”

Kensho doesn’t replace human wealth managers, who still must use their reasoning and intuition to invest wisely. But the program ensures they make the most informed decisions possible.

The AI revolution will also enable companies to predict and preemptively respond to customers’ needs.

Consider cable companies. If they could detect when a customer experiences a connection problem or has a bad viewing experience, they could reach out before the customer files a complaint or cuts the cord.

AI could analyze viewing patterns and online searches for signs of dissatisfaction. And chatbots could reach out to customers at the first hint of confusion or trouble, and loop in customer service representatives as needed.

Posted on 7wData.be.