4 Key Benefits Of AI For Business
Artificial intelligence has many benefits for your business in Canada, including detecting fraud, reducing costs, and speeding up certain tasks. But if you’re wondering what AI can do for you, read on to find out how this technology can be used in your organization. These benefits can range from pricing to automation and everything in between.
Automation:
There are many benefits of automation. AI can increase operational efficiencies, reduce costs, and remove human intervention while improving quality. In addition, intelligent automation can help organizations reduce human interaction and improve productivity by increasing processing speed and regularizing outputs. However, the technology comes with some drawbacks.
Fraud detection:
Machine learning (ML) algorithms are increasingly being used for fraud detection. Using historical consumer data, these algorithms can identify patterns that suggest fraud. Because the data is so large and varied, it’s difficult for human analysts to identify fraudulent activities. These algorithms can reduce the time it takes to determine whether a transaction is legitimate and the number of false positives it generates. As a result, fraud detection algorithms developed with the help of AI can increase speed and improve the customer experience. Automated fraud detection systems allow human resources to perform other, more complex tasks.
Compliance issues:
Increasing reliance on AI technologies for risk control is causing many businesses to question whether they’re safe or not. In particular, companies must be wary of using AI for anti-competitive purposes, such as developing algorithms that might violate antitrust laws. While this is a concern, government bodies are zoning in on AI’s potential for antitrust abuse. Federal legislators are already diving into the use and abuse of AI. As companies adopt AI technologies, new compliance regulations will be introduced, affecting both the public and private sectors.
Pricing:
The AI services and products market has changed radically, and pricing is no different. Today, organizations can opt for an off-the-shelf AI solution that runs in the public cloud, on-premises, or even at the edge. This pricing reflects the market’s expectations for the capabilities of AI applications. However, many organizations are wary of this new technology, unsure of its best approach. Companies should focus on data quality and availability to avoid the pitfalls of previous pricing models.