Tech Trends: Artificial Intelligence - What Does it Mean for Your Business?

Mar 5, 2020


While artificial intelligence might feel futuristic, in recent years it has permeated nearly every facet of our lives. In 2015, Amazon’s Alexa brought AI into our homes, offices and cars. Since its introduction, Alexa’s AI capabilities continued to grow – the intelligent virtual assistant now uses natural language modeling, machine learning and security features like knowing when you’re not home and listening for potentially dangerous sounds. If we take a broader view beyond Alexa, what is the true impact of AI, and where is it headed?

According to a report by PwC, AI technologies and applications will increase the global GDP by up to 14 percent between now and 2030. That is the equivalent of an additional $15.7 trillion contribution to the world’s economy. The future success of businesses will be partially contingent upon their adoption and usage of AI. According to Forbes, 40% of marketing and sales teams say that AI is critical to the success of their department.

So the question is, how can AI be best used in a business? Let’s explore the types of AI that can best serve an organization, according to the Harvard Business Review:

  • Process Automation
  • Cognitive Insights
  • Cognitive Engagement

Process automation is far and away the most common type of artificial intelligence being used in businesses today. Just as the name describes, process automation uses AI technology to automate tasks that are typically performed in back-office administrative settings. This can include data entry, updating customer files or transferring data from one system to another.

Cognitive insights use artificial intelligence to detect patterns in data. It is how advertisers are able to target consumers based on their online activity, their email content and their geographic location. As cognitive insights have developed and become more intelligent, these machine-learning applications can predict likely purchases, identify fraud and analyze and make available new data as their abilities continue to improve over time.

Cognitive engagement uses natural language processing, just like Alexa, but for things like web-based chat bots. These chat bots can complete simple tasks such as password resets, answering FAQs or responding to technical support issues.

Some of the leading tech companies are racing to further integrate AI into their products like Salesforce, Amazon, Microsoft, HP, Apple, Uber and many more. However, during an age where technology is rapidly evolving, companies can often be too quick to adopt AI before understanding which technology is right for the challenge they’re looking to solve, costing time and money. It’s important to identify the challenges and opportunities that AI tools can address and implement the technology incrementally and deliberately.

How is your company planning to use AI? Our team of experts at DLL can help you to identify flexible financing solutions for cognitive technologies, helping to maximize your IT investments. Contact us for more information on how financing can help with the acquisition of AI tools.  What to learn more? Click here to contact our team of technology payment solutions experts.