AI is not just a buzzword – it is a transformative tool that enables businesses to automate repetitive tasks, derive insights from vast datasets, and enhance decision-making processes.
Its applications span across industries, making it a vital asset for businesses of all sizes, as well as their advisors.
To help businesses fully appreciate how AI can drive growth and efficiency, our experienced Business Innovation team at Milsted Langdon has put together a series of articles covering the ins and outs of this new technology.
Let’s start with the basics.
What is AI?
It seems like an obvious question, but with the constant evolution of technology, the definition of AI can feel increasingly blurred.
At its core, artificial intelligence (AI) refers to the development of computer systems designed to perform tasks traditionally requiring human intelligence. These include problem-solving, learning, reasoning, language understanding, and sensory perception.
Modern AI encompasses a range of technologies, from machine learning algorithms that improve with experience to neural networks that mimic the way the human brain processes information.
AI can generally be classified into the following categories:
- Narrow AI: Specialised systems designed to perform specific tasks, such as chatbots, image recognition or predictive analytics tools.
- General AI: Hypothetical systems capable of performing any intellectual task that a human can do.
- Machine Learning (ML): A subset of AI that uses algorithms to identify patterns and make predictions based on data.
- Deep Learning: An advanced form of machine learning that uses layered neural networks to analyse and process vast amounts of complex data.
How is AI relevant to businesses?
What was once the storyline of a Hollywood Sci-Fi film is now becoming business reality. AI has rapidly evolved into a practical tool that drives business innovation, efficiency and competitive advantage.
Its relevance lies in its ability to process data quickly, automate routine tasks, and support decision-making with unparalleled accuracy.
Multiple industries are starting to leverage AI to solve problems, improve efficiency, and create value in ways that were previously unimaginable.
Common AI processes used in business
- Predictive Analytics: AI analyses historical data to identify patters and forecast trends, enabling businesses to anticipate customer behaviour, market fluctuations, or supply chain disruptions.
- Natural Language Processing (NLP): This allows machines to understand, interpret and respond to human language, driving technologies like chatbots, virtual assistants, and automated translation tools.
- Robotic Process Automation (RPA): RPA uses AI to automate repetitive, rule-based tasks such as data entry, invoice processing, and report generation, freeing employees to focus on higher-value work.
- Computer Vision: AI systems interpret visual data from images or videos, making applications like facial recognition, quality control, and autonomous vehicles possible.
- Sentiment Analysis: Analysing customer feedback or social media content to gauge public opinion and sentiment towards products, services or brands, supporting more informed marketing and product decisions.
What’s next?
The next article in this series will delve deeper into how AI may be able to support the financial functions within your business, so keep an eye out for this insightful content in our next newswire.
In the meantime, if you would like to speak with our Business Innovation team about how to implement new technologies into your business, please get in touch.