Why AI has the Potential to Build a Winning Enterprise

The adoption of AI and its impact on organizations is at a turning point, particularly after the pandemic when its adoption accelerated rapidly. The global AI adoption rate is growing steadily at 35%, a four-point boost from 2021. This number indicates how enterprises globally are waking up to the importance of the technology that delivers new efficiencies and benefits through accessibility, ease of use, automation, and a wide array of well-established use cases.

AIIs Becoming an Integral Part of Winning Organizations Across Industries

The adoption of AI is helping businesses in several aspects, such as automating repetitive tasks, addressing skill shortages, focusing on sustainability goals, savings on costs, improving networking performance, and enhancing customer experience. Employing analytics has also enabled companies to accelerate their innovations in developing new products and services.

With industries witnessing a tech-driven shift led by AI, it only makes sense to embrace it. And with artificial intelligence, business leaders realize how technology can fulfill business expectations through deep learning and machine learning. Let's have a look at the impact of AI on some industries:

Banking

AI is viewed as the future of banking because of its numerous benefits. It has helped banks improve compliance, combat fraudulent transactions, handle large volumes of data at record speed, automate error-prone banking processes, and ensure service accuracy. Machine learning and analytics can predict future scenarios to detect fraud, analyze patterns, and make better customer recommendations.

Insurance

AI and data are already impacting underwriting, distribution, policy pricing, and purchase. By leveraging AI, insurers can identify various risks, including underwriting, compliance, and credit risks. In addition, AI-based solutions can also address liabilities, decide underwriting pricing, and even incentivize safe behavior to decrease claim volumes.

Healthcare

AI has been a game changer in the healthcare sector. With the help of AI, healthcare providers are able to improve their diagnostics and treatments and make faster and better decisions. Natural language processing and machine learning algorithms can offer advanced treatment for patients, boost patient engagement, and support administrative workflow, allowing healthcare providers to focus on delivering top-notch quality care.

Public Sector

Public sector agencies are regularly flooded with a large number of information from numerous sources. Adopting artificial intelligence technologies like big data and predictive analytics helps these agencies to extract intelligence from this large pool of information and make better decisions. AI has transformed government agencies by improving service delivery, preventing fraud in tax compliance, and improving crime prevention and prediction.

Key Takeaway

The fundamental thing that companies need to remember is that just sprinkling a bit of AI or ML is not enough. To bring artificial intelligence into play and unlock its true potential, organizations must ensure they are architected in a way that they can leverage the new capabilities and opportunities that the technology brings with it.

Authored By: RajanNagina, Head of AI Practice, Newgen Software