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The future and purpose of Artificial Intelligence in your business

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Get on board with the digital revolution by implementing Artificial Intelligence solutions
AI is part of our daily lives, having a dramatic impact on the world’s economy as well as every industry and workplace.

Understanding the capabilities offered by a set of automation solutions, including AI, can help businesses advance their business capabilities. Before diving into the advantages of applying automation processes to your product or service, we need to understand the term Artificial Intelligence (AI). AI can be defined as an automation of processes; based on computer knowledge, like planning, collecting data and analysing more precisely than humans.

To succeed and run a strategic based company, it is vital to discover advantages wherever possible. Thorough research, being up to date with technology trends and more importantly, getting an expert’s opinion to help you understand how AI can be implemented into your business’ growth plan and expand your services is more essential today than ever before.

AI can help businesses improve customer experience, data analysis, financial services, automate business processes, detect fraud, increase sales, and provide better overall management.

Application of AI in Business
Here are some examples of fields and services where AI is often applied and used to improve the business activities and help you achieve greater results:

  • Business process automation – Improve service quality with the usage of AI tools.
  • Customer support – Automation programmes that rely on technology and real-time support to users.
  • Data analysis – Collect and analyse data more efficiently with use of Machine Learning algorithms.
  • Data security – Use AI algorithms to detect malicious activities and cyber-attacks.
  • Research and development – AI technologies enhance R&D in various fields and help you develop innovative products and services.
  • Finance and accounting – AI minimise human errors and supports increase in quality.
  • Sales – predict customer’s online behaviour.
  • Automation of marketing activities – improve your marketing and advertising tasks by tracking customer behaviour and website activities.

New regulations from EU on AI
On account of the above mentioned, the EU Commission in April 2021 proposed new regulations and a coordinated plan on AI in order to achieve harmonisation of the rules of applying AI solutions. The proposed new regulations are based on trust and providing a safe environment for users.

As they mention in the proposal; “Artificial Intelligence (AI) is a fast evolving family of technologies that can bring a wide array of economic and societal benefits across the entire spectrum of industries and social activities. By improving prediction, optimising operations and resource allocation, and personalising service delivery, the use of artificial intelligence can support socially and environmentally beneficial outcomes and provide key competitive advantages to companies and the European economy”. The proposed regulations classify the risk of AI systems into three categories. Unacceptable-risk AI systems, high-risk AI systems, limited- and minimal-risk AI systems, to achieve a sense of security for users of AI systems within the EU, and avoid violation of fundamental rights.

According to McKinsey Global Institute, and their research concerning the above mentioned regulations; “the proposed EU rules are just one more step toward global AI regulation”. Their research manifests that companies and organisations must prepare ahead for the new regulations and must understand the risks coming from AI.