Artificial Intelligence (AI) is not some sort of sci-fi or apocalyptic vision of the future. In fact, it’s already being used by some of the most successful businesses across the globe, both in and out of the Fortune 500, to reduce costs, generate revenue and increase productivity. Here are some of the top ways to use AI in your business now.
1. Turning Big Data into Understandable Narratives
The majority of us are not data analysts. We need systems that actually explain in plain English (or Spanish or French or whatever) what data means and what we should do about it. In short, we need systems that speak our language, not systems that speak dataese, to coin a term. We talk about this in and how one of the top ways to use AI solutions is to automate the last mile in data analysis and analytics. You can read more in the eBook “Natural Language Generation: The Last Mile in Analytics and BI”.
2. Writing Stories from Algorithms
Robo-journalism has been a buzzword for years but writing stories from data can be so much more than conventional systems that write simple descriptive stories like we’ve seen about sports. These conventional systems were very good at explaining factual events but they could not explain the rationale behind a conclusion, offer a summary of large amounts of data, or any contextual information. Today, companies focused on data monetization use Natural Language Generation software to automatically write content about data, that they would not have the man power to write without the tools. This white paper looks at this exact use case in financial services and how technology can help.
3. Turning Unstructured Data into Structured Data
We are all familiar with tools like Siri or Cortana. These types of technology are called Natural Language Understanding (NLU) software, not to be confused with Natural Language Generation software. We put together an inforgraphic to clear up the differences. NLU software turns unstructured data into structured data. Technically, when you speak to Siri, the software is taking your speech (unstructured data) and structuring it so the machine can use it.
4. Providing Analytics We Can All Understand
Today, dashboards have become so complex that businesses need to hire the services of a data analyst to explain what the data means and what trends to draw from it. However, according to McKinsey, the U.S. faces a shortage of 190,000 people with analytical data skills and a shortage of 1.5 million analysts who can make decisions from data. To address this problem, businesses are turning to Artificial Intelligence. Technologies like Yseop Compose can quickly analyze and explain what data mean as they draw insights and action items from the data set.
5. Sales Enablement and Sales Performance
It’s hard for businesses to sell complex products (such as financial services, automobiles or other big ticket items) because sales people can only keep track of so many products in their head. At the end of the day many sales people simply sell the products they know, not the best products for the customer. Sales enablement is one of the top ways to use AI. Natural Language Generation tools, for example, can write talking points for meetings and memos to help inside sales people and sales people more generally, sell the right product to the right customer at the right time.