A Human uses 10% of their brain at a time – Here are 3 ways AI can act as your business’s other 90%
A Human uses 10% of their brain at a time – Here are 3 ways AI can act as your business’s other 90%
The Brain vs AI
Artificial Intelligence (AI) is inspired by the way the human brain processes information, draws conclusions, and codifies instincts and experience into learning. However, the human brain can only use 1-16% of its brainpower at a time due to the overwhelming use of the energy it requires. This is where AI comes in.
With the support of Augmented Analytics, we are no longer held back by the “impossibilities” of human capability. Due to this, In 2021 AI augmentation will create 2.9 trillion dollars of business value and 6.2 billion hours of worker productivity, according to Gartner. With such prominent outcomes, many investors will no longer fund companies that don’t include AI in some form in their business plans, due to the rise in artificial intelligence.
One could ask however what is it exactly that makes Augmented Analytics such a quintessential component of a company? Is it worth investing in such significant technology? Isn’t the work of the current employees sufficient? This article will cover 3 key things that AI can offer your business, that humans physically cannot achieve as efficiently. Along with this, a look into 5 ways this can directly benefit your enterprise. What AI can do, that humans physically cannot?
Machine learning:
According to a study by McKinsey, “20 percent of C-level executives (across 10 countries and 14 different industries) report that they are using machine learning (or AI) as a core part of their business.” Machine Learning allows systems to automatically learn and improve, without being explicitly programmed. In order to learn, there are observations or data, such as examples, direct experience, or instruction, in order to look for patterns in data and make better decisions in the future. Methods to achieve this include supervised machine learning algorithms (MLA), unsupervised MLA, Semi-supervised MLA, and reinforcement MLA. These methods vary in how they manipulate data to acquire knowledge. Supervised MLA can apply what has been learned in the past to new data using labeled examples to predict future events, while unsupervised MLA deals with unlabeled data to find and describe hidden structures and data outliers. Reinforcement MLA on the other hand is a learning method that interacts with its environment by producing actions and discovering errors or rewards, based on trial and error. This all makes it’s possible to efficiently and automatically produce models that can analyze larger, more complex data and deliver quicker and more accurate results, even for a large-scale corporation. With these detailed models, a business can effortlessly identify profitable opportunities – or avoid risks.
“Humans can typically create one or two good models a week; machine learning can create thousands of models a week”-Thomas H. Davenport, Analytics thought leader excerpt from The Wall Street Journal
2. Accelerates time to obtain accurate insights:
To gain insights without the right technology would require hundreds of analysts and an immense budget. With AI, your business can access highly relevant, real-time analyses, which can be easily understood once democratized. AI enables business users and Citizen Data Scientists (CDS) to automatically find, visualize, and recount relevant findings, such as expectations, correlations, clusters, and predictions. This will lead to every department and individual in the establishment obtaining crucial information at an accelerated speed, increasing the efficiency and quality of the decisions made. This can apply to not only business corporations, but also the medical line. According to the Huffington Post, due to the ability to search through millions of patient records, learn from previous diagnoses, and improve the reasoning links between symptoms and diagnosis, the accuracy rate for lung cancer is 90%, compared to a mere 50% of human physicians.
3. Reduces bias:
“The challenge with unconscious bias is that, by definition, it is unconscious, so it takes a third-party, such as AI, to recognize those occurrences and point out any perceived patterns of bias” explains Kevin Mulcahy, an analyst with Future Workplace and co-author of The Future Workplace Experience: 10 Rules for Managing Disruption in Recruiting and Engaging Employees. It is human nature for expert analysts to explore their own hypotheses first, especially as finding data patterns can be a long and complicated process. However, in their actions to increase their expediency, analysts suffer the loss of thoroughness, which can harm the company. Instead of an analyst manually testing all of the combinations of data, AI can automatically apply algorithms for detecting correlations, segments, clusters, outliers, and relationships to data. With this, companies not only reduce human assumption and bias but avoid the risk of missing insights and determining accuracy.
5 ways it directly benefits your Enterprise
“In 2021 AI augmentation will create 2.9 trillion dollars of business value and 6.2 billion hours of worker productivity”, According to the Gartner Report. “Recruiters spend 60% of their time reading CVs”, “Why should a person read 300 resumes if a machine can propose the top ten?” accounted Juergen Mueller, SAP’s chief innovation officer,
reported.
Accessible augmented analytics creates CDS and improves efficiency, independence, and faster decisions. The integration of artificial intelligence tools is also generating organizations to become more collaborative and team-oriented, contrasting conventional hierarchical structures.
Advances in Smart Data Discovery and other sophisticated techniques and solutions can positively impact Return of Investment (ROI) and Total Cost of Ownership (TCO). ROI, growth, and loyalty are common KPIs for marketers. Leah Pope, CMO of
, says CMOs must religiously manage these KPIs for the best outcome. However, “32% of marketers have lost confidence in their team’s abilities to understand the ROI of marketing plans”, Pope says.
The American Marketing Association
advises the use of AI to improve data literacy and elevate marketing’s role within the business.
With CDS easily comprehending and utilizing data, DS and the IT community can now focus on strategic issues and special projects. According to the Gartner Report, by 2020, organizations that offer users access to an accurate catalog of internal and external data will derive 2X business value from analytics investment as opposed to those that do not.
This leads to better decisions, more accurate business predictions and measurable analysis of product and service offerings, pricing, financials, production, and other aspects of the business. Also stated in the Garter Report 2020 Assumptions, business Intelligent platforms that adopt augmented data discovery capabilities will grow 2x the rate of those who don’t.
With Augmented Analytics revolutionizing the way in which companies function, the investment to incorporate such an advantageous system is crucial. With companies like Uber, Facebook, Amazon, Salesforce and more already profiting from Artificial Intelligence and Augmented Analytics, it is clear why a large number of companies are transitioning to an Augmented Analytics employed enterprise. Evidently, technology is no longer just one fragment of a business, but the fuel which drives every other segment, and empowers the entire enterprise to reach their goals, and goes further. In the places where humans struggle, AA accommodates, which in return benefits the growth, profits, knowledge, communication, and overall success of any enterprise.
The human mind is a masterful instrument, but to amplify this tool with the competency of Augmented Analytics, would be to transcend a powerful commodity with another unceasing entity. Download the Gartner Report to further explore the possibilities of AI and the importance of tracking KPIs for your business.
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