AI for business platforms
We are living in an artificial world, but many of us don’t know it yet. It looks like the world we have always known, but there is something different. More and more of today’s industries are built on platforms powered by artificial intelligence (AI).
The world of document translation – controlled for so long by people with specialized training and experience – is increasingly being done by machines, for example. Humans with special skills are still needed to “fix” the language so that it matches the target culture. But the technology is improving constantly. It’s possible to envision a future when differences in languages will pose no barrier at all to doing business thanks to artificial intelligence.
Technology has created a massive increase in available data, creating a far more precise picture of the business landscape than ever. Big Data and those who analyze it will be among the leaders of the next wave of business. It is simply impossible to ignore all of the information that can be gleaned from all the technology supporting the platforms we use for business.
Then there is the way artificial intelligence is changing the way people do business on a day-to-day level, not specific to any industry. Companies are using AI-based technologies to improve communications, enhance their cyber-security, and even take care of mundane tasks that had previously been done with great difficulty or ignored entirely.
The filing of VAT returns is a primary example of that. In the past, companies often found the filing process too laborious, leaving millions of dollars in unclaimed VAT returns on the table. Today, companies that do business abroad can file their claims in minutes using software built through artificial intelligence.
AI as a Core Element of a Product
The use of artificial intelligence has reached a new level of adoption, and the trend is likely to continue. More products are being built with AI at their core than ever. This has always been the case for widely-used products such as search engines – which are built to learn how to deliver ever-improving results by processing user behavior. But today, developers are making machine learning a major element of their products.
According to Forbes, this will impact the landscape of business intelligence (BI) by adding a third element to the two basic functions of business intelligence. Traditionally, the goal has been to help people ask questions and to help them understand the answers. Those elements have improved dramatically over recent years. AI will help accelerate that improvement while also adding a new element, the ability to determine which question to ask in the first place.
That third element is crucial to improving efficiency. It helps identify priorities through data and analysis that may not be visible to people working on the surface. It removes some of the biggest obstacles to growth – human bias and human error. With the added benefit of machine learning, companies can be directed to where they need to go to be successful. Then advances in BI can help them design the question in a way that addresses the need, and understand the answer they find.
AI Makes Strategic Planning More Effective
The new wave of AI-infused products combined with the insights from BI create enormous advantages to strategic planning. That’s where the everyday uses of AI are already making an impact. Products with AI built are likely to lead the way in the next period of growth and innovation.
Applications that make it easy to apply for VAT returns that a company is eligible to receive serve as a case in point. The extra money can be part of the planning stage as a budget item, and the AI at the core of the technology can help ensure that planning keeps track of the different rules for different countries and the different expenses that are refundable. It also allows for more advanced planning of travel arrangements, making it possible to get better deals on flights and accommodations, as well as transportation, and entertainment.
Business Intelligence has always guided companies on the path to success, providing invaluable insight and reliable information. But with the growth of AI and it’s widespread adoption across virtually every industry has both accelerated the growth and effectiveness of BI and expanded the scope to new areas.
For companies operating today, the question is no longer whether they need to incorporate AI into their products and in the way their companies operate internally. The question today is just how to do it best. Otherwise, they will find themselves competing with companies that have already answered those questions.