People who are skeptical of artificial intelligence (AI) and machine learning (ML) often harbor fears of robots stealing jobs and human workers being replaced by automatons. But the reality is that AI is increasingly being applied across sectors not to replace our jobs but to enhance them. AI and ML applications are augmenting every facet of how we do business, giving knowledge workers superpowers to be more productive, capable and effective than ever before.
As a founding partner at an investment firm specializing in technology, I have a ringside view of the ways that companies are integrating new intelligent software into their business practices, bringing breakthrough solutions to major problems and opening up new opportunities for revenue growth. With the ability to avoid hours of menial labor and solve problems that were previously insurmountable, companies can elevate human potential in unprecedented ways. In this article, I examine the ways in which several major industries are turning AI into IA (intelligent augmentation) to augment their businesses like never before.
Financial Services
From detecting fraud to powering AI-enabled digital assistants, financial institutions are using AI and ML to enhance almost every aspect of business.
One key element of the customer experience is the ability to receive 24/7 access to accounts and other financial services. Financial institutions are using autonomous digital assistants powered by natural language processing to offer round-the-clock financial guidance, generating insights and anticipating customer needs. Corporate finance departments are also using AI and ML to help predict and assess loan risks. ML is a powerful tool to improve loan underwriting, reduce financial risk and fight financial crime by detecting anomalous activity. While it was previously next to impossible to glean insights from large amounts of structured and unstructured data, AI and ML tools have made it so that you don’t need to be a data scientist to understand the data. Finally, finance teams are now able to automate complex processes to minimize menial labor and better protect against fraud.
Continue reading: https://www.forbes.com/sites/forbesbusinesscouncil/2022/07/15/why-the-ai-revolution-is-all-about-augmentation/?sh=30cffd185eb2
As a founding partner at an investment firm specializing in technology, I have a ringside view of the ways that companies are integrating new intelligent software into their business practices, bringing breakthrough solutions to major problems and opening up new opportunities for revenue growth. With the ability to avoid hours of menial labor and solve problems that were previously insurmountable, companies can elevate human potential in unprecedented ways. In this article, I examine the ways in which several major industries are turning AI into IA (intelligent augmentation) to augment their businesses like never before.
Financial Services
From detecting fraud to powering AI-enabled digital assistants, financial institutions are using AI and ML to enhance almost every aspect of business.
One key element of the customer experience is the ability to receive 24/7 access to accounts and other financial services. Financial institutions are using autonomous digital assistants powered by natural language processing to offer round-the-clock financial guidance, generating insights and anticipating customer needs. Corporate finance departments are also using AI and ML to help predict and assess loan risks. ML is a powerful tool to improve loan underwriting, reduce financial risk and fight financial crime by detecting anomalous activity. While it was previously next to impossible to glean insights from large amounts of structured and unstructured data, AI and ML tools have made it so that you don’t need to be a data scientist to understand the data. Finally, finance teams are now able to automate complex processes to minimize menial labor and better protect against fraud.
Continue reading: https://www.forbes.com/sites/forbesbusinesscouncil/2022/07/15/why-the-ai-revolution-is-all-about-augmentation/?sh=30cffd185eb2
