What is Artificial Intelligence?
Unlock the next level of operational efficiency
Definition and types of AI
Artificial intelligence (AI) is defined as an intelligent entity that uses computer science and datasets to perform tasks like problem solving and decision making without being explicitly instructed to. AI systems are programmed to complete tasks and enhance their capabilities based on the data they collect over time.
The difference between weak AI and strong AI
Artificial intelligence falls under two broad categories — weak AI and strong AI:
- Weak AI or narrow AI: This type of AI is trained to perform well on one specific task — operating within a limited context. Even though it is called ‘weak,’ its capabilities are far from inferior, as it enables essential applications and systems such as industrial robots, self-driving cars and virtual assistants.
- Strong AI or artificial general intelligence: It is a theoretical kind of AI that possesses human-like intelligence and self-consciousness to learn from experience, make informed decisions and solve problems. As it is theoretical, the only examples of strong AI are fictional for the time being.
Challenges organizations face that can be solved with artificial intelligence
As organizations look toward scaling growth and future-proofing their processes, AI will play an important role in driving these initiatives. Some of the challenges that can be solved with the help of AI include:
- Costly delays in workflow: When an organization grows, operations need to scale with new employees and processes. With AI, employers avoid time-consuming, costly operational burdens with a system that automatically routes information and develops processes for greater efficiency.
- Error-prone information: Staff speed processes and reduce inaccurate data entry due to manually receiving, processing and inputting information into core systems.
- Limitations to organizational planning: In an ever-developing digital landscape, organizations can get a better view of future business outcomes as they set corporate targets.
Benefits of AI
AI offers operational efficiency and accuracy beyond the status quo:
- Boosts productivity: The ability to automate and optimize manual, rule-based processes ensure error-free operations so that employees can focus on higher-level tasks.
- Improves user experience: AI adapts through progressive learning algorithms to find structure and regularity in data. This means AI can accurately predict responses and redirect users to a suitable solution or product recommendation to enable real-time decision making.
- Increases competitive edge: Forward-thinking organizations apply AI insights to their business objectives to remain ahead of the digital race in today’s competitive landscape. AI optimizes processes and makes data-driven recommendations to produce more effective outcomes.
- Always available: AI helps ensure 24-hour availability and helps to maintain performance and consistency.
- Enhances customer experience (CX): AI-powered CX solutions can provide customers with the personalized guidance and support that they need and address problems effectively. This increases productivity as it reduces the strain on customer service employees.
AI in action
AI’s capabilities are always increasing, and it's become evident how it can radically change how organizations across different sectors operate. These are just a few examples of how AI solves everyday challenges:
- Banking and finance: Financial organizations today face diverse challenges and risks. AI can effectively help with data management, from real-time fraud detection to eliminating false positives. For example, fraudulent transactions can be predicted in real time, reducing the need for recurring screenings and streamlining investigations to provide customers with a speedy resolution.
- Healthcare: AI helps healthcare professionals improve health outcomes and patient experiences and supports clinical researchers with their work. AI tools help eliminate human error in processes like analyzing scans. It can also alert the medical team when it detects disease among critical care patients.
- Media and entertainment: In the age of online news sources, there is always a need to verify the accuracy and credibility of information. AI can help fact-check and filter out false or misleading sources. It can also be used to live caption broadcasts and videos, allowing journalists and content creators to work more efficiently.
Learn more about the Hyland AI platform and how it helps streamline processes and improve decision making.