It's common for businesses to run into obstacles, but today's business leaders are traversing a business landscape that is more challenging than ever.
That's why at Louder Co. we've added Artificial Intelligence (AI) to our tool belt of business solutions. We believe the opportunities for growth and efficiency AI presents are immense.
We're incredibly excited about this!
So excited that we've been telling a lot of people about our AI capabilities. But in doing so, we've been asked a lot of questions.
We figured if our friends are asking all these things, maybe you've had the same questions. Hopefully we answered what's been on your mind. If not, we would love to chat with you about your questions. Grab a spot on our schedule here.
Let's get to the questions...
What is Artificial Intelligence (AI)?
Put simply it is technology that assesses data like humans do to make predictions. It can be more complicated than that, but we're keeping it simple here.
How does AI work?
It varies, but for the most part:
Data + Learning Algorithms = Predictive Outputs
The AI system (where the learning algorithm resides) can either learn to make decisions with your guidance (called supervised learning) or without your guidance (called unsupervised learning). Based on the patterns the algorithm discovers or that you tell it to follow, it provides powerful predictive outputs. See below for a visual of this:
For example: Using medical imagery like mammograms, and identifying the visual cues associated with breast cancer, allows for machine learning to help doctors dramatically increase their accuracy level when diagnosing breast cancer. The data (medical imagery) was taught what to look for visual cues (supervised learning) to alert doctors of potential for breast cancer (predictive outputs)
Automated systems have been around for years. How is AI different?
Automation can happen with AI or without AI. In the past, most automation has occurred without AI. In those instances, developers code each possible scenario and determine a set of steps in advance. Think of automation without AI as being a mindless drone. Add AI to that, and now you have a machine that thinks and makes decisions. It can adapt to what the data tells it, and make forward looking predictions. Automation with AI is smart automation.
How are businesses using AI today?
Just a few examples:
Customer Service Chatbots - Intelligent responses to customer chat inquiries are yielding better results than humans.
Identifying High Risk Students - Natural language processing reads student essays identifying signals that could prevent violent acts.
Predictive Sales and Customer Demand - Sales teams are using AI to identify clients at risk of leaving their services, and to equip them to be more proactive.
Inventory Management - Companies that need to manage inventory are using AI to better meet supply and demand, reducing inventory costs.
When I hear AI, I just imagine a bunch of robots taking over. Is that what that is?
No, not yet anyways. Artificial General Intelligence is a term used to describe a situation where AI can perform any intellectual task that a human can. From what we can tell, the world is nowhere near this right now. Most of the AI used today is considered Artificial Narrow Intelligence, where AI can perform only a specific task based on the outcomes needed.
What does it take to get AI going at my company?
Have a look at another post of ours that gets deeper into this question: 3 Questions to Ask Yourself When Considering an AI Project.
However, to really maximize the impact of AI on your business needs, you need to find the intersection what AI can do and what means a lot to your business.
Companies without an executable Artificial Intelligence strategy today will be losing in the next 3-5 years. At Louder Co., we help discover applications for AI that will revolutionize the way you do business so you can become the best in your industry. We make AI easy, really.
Curious about how AI can work for you? We offer a free 1-hour strategy session here. You’ll leave our conversation with a few tangible ideas.
You can also find our Intro to AI deck here.
Your guide,
Andrew