Artificial intelligence (AI) is an umbrella term for a number of data sciences with funky names like machine learning (ML), deep learning (DL), neural networks, computer vision, natural language processing and propensity/decision modelling – often collected summarised as AI/ML.
At a practical level, AI simply means using a computer to perform tasks that normally require human intelligence, such as visual perception, speech/pattern recognition, decision-making, and translation between languages.
By 2035, AI will increase business profits by an average of 38% across all industries and as much as 50% in retail. Accenture Research & Frontier Economics
In addition to the “AI-powered” features within modern software systems, there are many ways for your business to benefit from off-the-shelf and custom developed AI solutions – perhaps best explained by a range of examples:
- Automatic AP/AR: It is now routine for greater than 97% of your AP/AR documents (invoices, purchase orders, statements etc) to be processed automatically, without human interaction. However, it’s not limited to just AP/AR. The same technology can process any form of structured information, including insurance claims, shipping documents, HR time sheets, real estate forms and many more. Typically deployed as one step in an end-to-end RPA process (see above), AI document processing delivers a ROI within months.
- Personalised Offers: Retailers displaying products and offers most likely to trigger a purchase by the recipient. For example: offering “20% off” to recipient 1 and “free shipping” to recipient 2.
- Reducing Free Returns: Many retailers offer ‘free returns’ which has created a huge increases in shoppers buying the same item in multiple sizes/colour, then returning most of them. To help recover shipping costs, AI is used to analyse each shopper’s cart and purchase history to then increase shipping price for this order if the AI suspects items will be returned.
- Order Picking/Shipping: Using cameras to ensure warehouse workers pick, pack and ship the correct products to the correct customer – warning them before an error is made.
- Aged Care Patient Monitoring: Using cameras and sensors to provide nursing staff with early-warning alerts to anomalies in patient behaviour.
- Early Detection of Failure: Monitoring noise generated by machinery to provide early-warning of mechanical failure and automated shutdown to limit damage.
- Contract Rewriting: After a change of legislation, AI was employed to recognise and rewrite affected clauses in legal contracts , automatically sending the document for final review by the partner/associate lawyer.
- Weeds & Chickens: Agricultural projects include using cameras to identify weeds in crops and monitor the weight of chickens as they grow – to optimise the outputs of the respective clients.
Closely related to AI, Business Intelligence (BI) helps decision makers to extract value from business data.
Usually presented via customisable dashboards, BI visualisations use powerful analytical tools to identify opportunities, drive innovation and achieve profitable outcomes.
Combined, AI/ML and BI help identify and solve problems as unique as your business. Talk to us today. We love a challenge.