The challenge. AI is now pervasive in every aspect of people's lives - in their homes, at work, and in every hand-held device, they touch. This not only provides a cue to businesses to improve customer experience & business operations but also brings to attention the need to address this data overload for reaping insights. Due to the explosion of data coming in from a variety of complex sources and the need to process this information in real-time, CXOs of the world are reinventing their businesses & their business processes with AI right in the center of all the action.
The benefits. AI brings to the table an enhanced ability to sift through volumes of customer data, build datasets of veracity, automate processes to manage the velocity of data, augment decision-making by comprehending data of high variability and finally, derive value from data. With human experts overburdened with information (now, Big Data) to process, AI takes on the role of the reliable partner in data management, insights generation and decision augmentation. Hence, alternate terms called ‘Augmented Intelligence’ and ‘AI-assistance’ are being used to drive home that fact that AI would enhance human capabilities rather than replace them.
Traditional vs. AI-assisted. Traditional analytics is highly dependent on the programmed workflows and restricted to defined data models. The superior AI-assisted analytics makes sense of dark data, finds patterns, makes connections between data points and provides prescriptive actions, all in real-time. As AI models evolve & self-optimize while they add new data and learn from any adversities or exceptions they handle, the business outcomes improve with each iteration. These AI-driven feedback loops create an opportunity for continuous process improvement than what can be achieved through traditional means.