Monday, 1 August 2011

Scope of Artificial Intelligence in Business

Business applications utilize the specific technologies to try and make better sense of potentially enormous variability (for example, unknown patterns/relationships in sales data, customer buying habits, and so on). However, within the corporate world, AI is widely used for complex problem-solving and decision-support techniques in real-time business applications. The business applicability of AI techniques is spread across functions ranging from finance management to forecasting and production. 

In the fiercely competitive and dynamic market scenario, decision-making has become fairly complex and latency is inherent in many processes. In addition, the amount of data to be analyzed has increased substantially. AI technologies help enterprises reduce latency in making business decisions, minimize fraud and enhance revenue opportunities.

AI is a broad discipline that promises to simulate numerous innate human skills such as automatic programming, case-based reasoning, neural networks, decision-making, expert systems, natural language processing, pattern recognition and speech recognition etc. AI technologies bring more complex data-analysis features to existing applications.  Enterprises that utilize AI-enhanced applications are expected to become more diverse, as the needs for the ability to analyze data across multiple variables, fraud detection and customer relationship management emerge as key business drivers to gain competitive advantage. 

They stretch from the military for autonomous control and target identification, to the entertainment industry for computer games and robotic pets, to the big establishments dealing with huge amounts of information such as hospitals, banks and insurances, we can also use AI to predict customer behavior and detect trends. 

This generally involves borrowing characteristics from human intelligence, and applying them as algorithms in a computer friendly way. A more or less flexible or efficient approach can be taken depending on the requirements established, which influences how artificial the intelligent behavior appears. The potential applications of Artificial Intelligence are abundant. 

It is difficult for business to see general relevance from AI. This is probably one of the reasons for the compartmentalization of AI into things like Knowledge Based Systems. Business should not lose sight of where AI could go because there are many potential benefits to current and new businesses of future research. 

Thank You for reading! And Please feel free to comment!

All information presented here is © copyright Carkean Solutions Ltd., 2010 - Not to be used without our permission - The views expressed here are the views of an individual not the corporation

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