The Business Case For Artificial Intelligence
Methods Analytics is a data and AI business that works with large public and private sector organisations such as the NHS and MoD to improve their digital offering. Methods Analytics offer a broad suite of data analytics, strategy support, platform architecture, data management, and quality & governance services to allow businesses to harness the full power of their datasets.
This article by Mattia Sanna and Peter Cooke of Methods Analytics highlights how AI technologies can enhance a business and improve their processes and productivity.
Artificial Intelligence (AI) refers to computer systems and machines that can perform tasks that typically require human intelligence, such as learning, reasoning, problem-solving, perception, and language processing. While the term may conjure images of robots and machines taking over human jobs, the reality is that AI is enhancing human capabilities. Common examples are automating routine and tedious tasks so employees can focus on more strategic initiatives or extracting actionable insights from large volumes of complex data to support decision-makers.
Implementing AI can deliver tremendous value for companies looking to streamline operations and it is already transforming businesses of all sizes, across all industries, making them more efficient, productive and profitable. The current technology landscape contains nearly endless business use cases for AI. Thus, focusing on high-impact applications that align with core business goals and capabilities is crucial.
With a strategic approach, AI can drive tangible improvements in performance, competitiveness, and, ultimately, unlock its true value.
AI has the ability to increase efficiency in existing business processes. Through the use of correctly implemented AI algorithms, processes can be completed quicker and more accurately. For example, companies working with large and/or complex data sets can utilise AI to quickly pre-process and collate that data. This has a dual benefit of allowing businesses to utilise this data in ways they were previously unable to and reduce the burden on the employees, freeing them up to focus on more cognitively complex tasks.
Improve Decision Making
As well as increasing efficiency, AI can be used to help improve decision making. Artificial Intelligence can provide insights from data well above the ability of more commonly seen dashboards and reports, allowing patterns and trends to be better analysed to draw correlation and causation from complex datasets. This can prove invaluable in areas such as project planning and resourcing, where AI can be used to assist in ensuring that those with the best possible combination of skills for the task are recruited and deployed effectively.
Artificial intelligence is enabling a wave of innovation, unlocking entirely new business models, products, and ways of generating value. Companies that harness AI as an innovation engine will be able to manage customer relationships in new ways, stay ahead of emerging needs, and reshape entire industries. For example, AI allows companies to create hyper-personalised recommendations tuned to each customer's preferences.
Media platforms leverage AI to recommend content viewers will love, while retailers use it to suggest purchases shoppers are most likely to make.
One of the most powerful aspects of Artificial Intelligence is its ability to play out millions of hypothetical scenarios to uncover insights humans would never think of. AI can model the impact of countless minor tweaks and changes that would be impossible to test manually.
This empowers businesses to make better strategic decisions and envision novel solutions to complex problems.
Generative AI is revolutionising business operations unlike any technology before it. Tools like ChatGPT enable businesses to create content at unbelievable speeds. By inputting commands into the AI generator, you can create entirely new pieces of work - from written words, images and video to even website and code development.
While current systems still require human guidance to correct errors, the available technology can hugely reduce the time required to generate high-quality content. These efficiencies increase businesses' productivity significantly, meaning they can service more clients more effectively. As the technology matures, generative AI promises to become an indispensable engine powering growth.
Humans and AI Working Together
AI is at its best when it is implemented alongside humans. When applied in the right way, humans and AI can work together to complete tasks at a faster pace whilst delivering more accurate results. Utilisation in areas such as automation of repetitive tasks, complex dataset collation and drawing insights from data enables AI to assist humans in increasing and improving their performance, making more informed decisions and ultimately driving more business value.
A widely used application of this can be found in companies using AI chatbot assistants. These chatbots can filter out the majority of easily answered questions, freeing up the employees to work on the more complex and challenging customer queries.
Forging Your Future
Though AI delivers immense opportunities, simply adopting tools is not enough. To fully benefit, companies must invest in proper implementation and training. Partnering with experienced AI specialists is key to successfully integrating solutions with existing workflows. They can help identify high-impact AI applications tailored to your business and provide hands-on guidance for maximising value.
The future competitive landscape will reward those embracing AI's capabilities while mitigating its limitations with human wisdom.