Senior business executives and CEO’s are grappling to understand the difference between the interchanged terms; Artificial Intelligence (AI), Machine Learning (ML) and Natural Language Processing (NLP) and more importantly: how it be used to improve business, provide a better customer experience… And, generate operational efficiencies?
Definition of Artificial Intelligence
AI is simply any computer system that exhibits intelligent behaviour – one that isn’t programmed, it learns for itself.
It’s a subset of computer programming in general, though there are many computer systems that you wouldn’t really describe as being intelligent – a database for instance, arguably, does not exhibit “intelligence”, it just stores and retrieves data. But, what constitutes “intelligence” is a grey area and the boundary between AI and non-AI systems isn’t a sharp one – which is why it is difficult to tell which tools are truly powered by AI and not deep learning or machine learning (more on these definitions later).
How is AI beneficial to a business?
AI is the premium approach to analysis, offering these benefits:
- Programmatically achieving outcomes speeds up the process of analysis
- Frees up analysts to work on other projects that require more human intervention and insight
- Saves money through more accurate, prompt decision making
Here’s how it can work for specific sectors:
- Marketing campaigns. To create much more relevant messaging offers and creative to match the interests of potential customers.
- Online recommendations. To tailor products or services to customers based on their previous viewing or purchase history
- Credit and loan application decisions. Faster, more accurate lending decisions (improving the customer experience and protecting the lender from potential bad debt by lending to someone that cannot afford a loan, whilst also protecting the consumer)
- Healthcare. In some areas of medicine, AI is being used to generate automated diagnoses, most notably in the area of tumour detection. While AI can perform these tasks at a superhuman level, it is critical to understand how the systems produce their answers both because the cost of false negatives is so high and also to inform on treatment needs.
Watch the film here from our experts on which areas AI are delivering the best results: