{"id":2175,"date":"2017-08-03T09:12:58","date_gmt":"2017-08-03T09:12:58","guid":{"rendered":"https:\/\/www.octalsoftware.com.sg\/blog\/?p=2175"},"modified":"2019-11-15T13:45:10","modified_gmt":"2019-11-15T13:45:10","slug":"how-can-businesses-use-artificial-intelligence-for-greater-success","status":"publish","type":"post","link":"https:\/\/www.octalsoftware.com.sg\/blog\/how-can-businesses-use-artificial-intelligence-for-greater-success\/","title":{"rendered":"How Can Businesses Use Artificial Intelligence for Greater Success?"},"content":{"rendered":"<p>It is perceived by some of the most prominent leaders that today is the era of the Fourth Industrial Revolution. Now, this means that the different branches of science are coming together and new magnificent results of human genius have wonderfully changed the picture of the world. It won&#8217;t be a moment of a surprise if you find yourself talking to your computer as if it were your real companion? Even though presently we don&#8217;t see the computer as a full-fledged friend, however, world-leading scientists are putting great efforts to make the computer think as if they were human beings.<br \/>\n<!--more--><br \/>\nSoon we can see our gadgets processing a large amount of information, helping us solve daily issues however still they can&#8217;t be compared to the human brain at least yet. But artificial intelligence in business can change things tremendously.<br \/>\nEarlier then-President Barack Obama, MIT Media Lab Director Joi Ito, and Wired Editor-in-Chief Scott Dadich got together for an issue of the magazine Obama guest-edited. There Obama stressed, AI, or at least specialized AI, &#8220;has been seeping into our lives in all sorts of ways, and we just don&#8217;t notice.&#8221;<br \/>\nToday AI in the form of machine learning, and complex algorithms are turning out to be a bigger factor in users&#8217; mobile devices, inside data centers and some industries, ranging from retail to manufacturing. With the evolvement of AI, we need to see how it impacts the way business gets done, the relationship between workers, companies, and technology, as well as society writ large.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_41_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69f037b826ca4\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69f037b826ca4\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.octalsoftware.com.sg\/blog\/how-can-businesses-use-artificial-intelligence-for-greater-success\/#Here_lets_explore_the_future_of_AI_in_the_business_arena_and_what_we_can_expect_from_it_in_the_coming_years\" title=\"Here let&#8217;s explore the future of AI in the business arena and what we can expect from it in the coming years:\">Here let&#8217;s explore the future of AI in the business arena and what we can expect from it in the coming years:<\/a><ul class='ez-toc-list-level-6'><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.octalsoftware.com.sg\/blog\/how-can-businesses-use-artificial-intelligence-for-greater-success\/#Virtual_Assistance\" title=\"Virtual Assistance\">Virtual Assistance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.octalsoftware.com.sg\/blog\/how-can-businesses-use-artificial-intelligence-for-greater-success\/#Getting_Insights\" title=\"Getting Insights\">Getting Insights<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.octalsoftware.com.sg\/blog\/how-can-businesses-use-artificial-intelligence-for-greater-success\/#Automation_of_Manual_Processes\" title=\"Automation of Manual Processes\">Automation of Manual Processes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.octalsoftware.com.sg\/blog\/how-can-businesses-use-artificial-intelligence-for-greater-success\/#Unlocking_Structured_Data\" title=\"Unlocking Structured Data\">Unlocking Structured Data<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h5><span class=\"ez-toc-section\" id=\"Here_lets_explore_the_future_of_AI_in_the_business_arena_and_what_we_can_expect_from_it_in_the_coming_years\"><\/span>Here let&#8217;s explore the future of AI in the business arena and what we can expect from it in the coming years:<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h6><span class=\"ez-toc-section\" id=\"Virtual_Assistance\"><\/span>Virtual Assistance<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>The apt way to use artificial intelligence is for virtual assistants. Many of us have already experience speaking into the phone to find answers to basic questions, like directions to the nearby grocery store or who invented the telephone. It has become such a commonplace and we don&#8217;t even stop to think, and a decade ago it would have seemed like some kind of science fiction.<br \/>\nNowadays companies even deploy chatbots for various uses, with most obvious being customer service. Even though, few believe that it rather causes more issues than it solves, as for how often you do perceive yourself talking to a machine when caught in a terrible situation. Still, there is potential in blending machine-driven assistance with human customer service.<br \/>\nFor instance, in the case of a spike in demand for customer service, when a plan gets delayed or when cable service unexpectedly goes out. Then an artificial intelligence can be there for your rescue by answering questions like, what other flights are available or how much time will it take for the service to be restored.<br \/>\nWhen deployed in such a manner, customer service has a lot of scopes to be enhanced, by allowing human agents to focus on more complex issues.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Getting_Insights\"><\/span>Getting Insights<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Why Data is being called the new oil is because it is mainly the raw material of the digital economy. Earlier it was trapped in a vast maze of incompatible database and protocols or even filing cabinets, however, now it is quickly turning into a fungible commodity that can be accessed by new technology platforms like Hadoop and Spark.<br \/>\nHowever, the same as oil, data is usually useless without adequate machinery that transforms it into something that is valuable. This is the role that machine learning begins to play. In today&#8217;s time, systems can not only take in billions of data points and analyze them in minutes, but they can also learn from the data and improve over time.<br \/>\nSome of the renowned leaders have even used machine learning technology to build a system that can predict a consumer&#8217;s demand for a mortgage based on specific life events and also market-based factors. This way loan originators can recognize high-value prospects earlier as well as increase deal flow.<br \/>\nIn fact, artificial intelligence systems are so powerful that they are even capable of learning, which is not the case with purely statistical approaches. This way they can adapt when change noticed in market behavior, and it also improves performance as more data comes in.<\/p>\n<blockquote><p><strong><em>Related Blog: <a href=\"https:\/\/www.octalsoftware.com.sg\/blog\/apple-wwdc-2017-know-all-about-the-big-announcements-made-by-apple\/\" target=\"_blank\" rel=\"noopener\">APPLE WWDC 2017: KNOW ALL ABOUT THE BIG ANNOUNCEMENTS MADE BY APPLE<\/a><\/em><\/strong><\/p><\/blockquote>\n<h6><span class=\"ez-toc-section\" id=\"Automation_of_Manual_Processes\"><\/span>Automation of Manual Processes<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Automation of work is something that remains constant throughout the rise of technology. First, labor-saving machines such as tractors and home appliances came in and then industrial robots and basic systems to automate things like travel reservations were introduced. And today even more advanced robots are capable of working alongside humans in factories.<br \/>\nIt is seen that artificial intelligence is quickly automating routine cognitive processes the same as industrial era machines automated physical work. This is one trend that is already underway. Smart algorithms are seen replacing junior lawyers for legal discovery and companies such as Narrative Science can do routine journalistic work. Not only these technologies perform a great job, but they are even capable of working 24 hours a day without coffee breaks.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Unlocking_Structured_Data\"><\/span>Unlocking Structured Data<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Earlier mostly all of the data analyzed by us was structured data, the kind that gets captured and stored in a database. This way we were quite good at deriving insights from data generated for that purpose, such as sales from a cash register or answers to a consumer survey, however, most everything else got lost.<br \/>\nIt was something of big concern, as structured data represents just a small part of the information available to us. It has been estimated that 80% of digital data is unstructured. Even though today analyzing unstructured data is a small area, but in the next decade, it is going to be the most impactful.<br \/>\nThe ability to understand consumer conversations is also where the big potential lies. There is a company, named Mattersight, which uses call center conversations to recognize customers&#8217; personality types. This way they can be served by someone with a compatible service style. So this way we are just beginning to unlock the potential of unstructured data. This helps in catering best, innovative and reliable <a href=\"https:\/\/www.octalsoftware.com.sg\/mobile-app-development\">mobile app solutions<\/a> across the globe.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">Apple <a href=\"https:\/\/twitter.com\/hashtag\/wwdc2017?src=hash\" target=\"_blank\" rel=\"noopener\">#wwdc2017<\/a> : All the Important Announcements made by Google <a href=\"https:\/\/t.co\/qjnRCaejQi\" target=\"_blank\" rel=\"noopener\">https:\/\/t.co\/qjnRCaejQi<\/a> <a href=\"https:\/\/t.co\/9AANClMcYx\" target=\"_blank\" rel=\"noopener\">pic.twitter.com\/9AANClMcYx<\/a><\/p>\n<p>\u2014 OctalInfoSolutionSG (@octalsg) <a href=\"https:\/\/twitter.com\/octalsg\/status\/892691709271842817\" target=\"_blank\" rel=\"nofollow noopener\">August 2, 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<b>Conclusion:<\/b> We are entering a new era of cognitive collaboration where machines become a lot more than just agents to execute tasks, as they also help in understanding the world and make better decisions. So, let\u2019s look forward to it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is perceived by some of the most prominent leaders that today is the era of the Fourth Industrial Revolution. Now, this means that the different branches of science are coming together and new magnificent results of human genius have wonderfully changed the picture of the world. It won&#8217;t be a moment of a surprise [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","_uag_custom_page_level_css":""},"categories":[115],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Can Businesses Use Artificial Intelligence for Greater Success?<\/title>\n<meta name=\"description\" content=\"Understand the facts of how Businesses Use Artificial Intelligence for Greater Success. 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