Is Artificial Intelligence

Ready for Business?

Case Study 3

AUBIH
Table of Contents
Introduction..................................................................................................................................... 2
Growth of AI .................................................................................................................................... 2
Hospital........................................................................................................................................ 3
Financial companies.................................................................................................................... 3
Transforming your business with AI ............................................................................................... 3
Good or bad? ................................................................................................................................... 4
Conclusion ....................................................................................................................................... 4
Introduction
If you can have machines automate the correlations and build the models, you save labor
and increase speed. With tools like Watson, lots of companies can do different kinds of
analytics automatically.

- Promod Haque, Norwest Venture Partners

As the Moore's law is doing its job in both processor and technology area, the usage of
smartphones and computers is increasing. This is the main reason why they are used, not only
for private things, but also they are becoming the essential part of the business world. None
company could not work on its strategy and business model, without involving the computer
technologies. However, as the data is proliferating more time is needed to analyze it and
make the final decision. Hence the AI comes, it decreases the analyzing time, helps to define
better decisions, and to be able to make personalized data.

Growth of AI
The Big Data is the first thing that happened to the business world. This phenomenon included
the great amount of data, such as patient information in hospitals or customer information in
a retail company. One of the main change that increased the possibility of AI usage in the
business it the creation of IBMs Watson project capable of understanding the human
language. 1 Watson is one of the first cognitive computer, that helps many companies to grow
their business, especially in hospitals and financial companies.

1
https://hbr.org/2015/03/artificial-intelligence-is-almost-ready-for-business
Hospital
Using the Watson AI in the hospitals helps a lot in personalizing the health care in checking all
data that one patient has. Merging the Big Data, machine learning, and the capabilities of
understanding the human language enables each company to make the best out of the saving
lives and decreasing the illnesses.

Financial companies
Another usage of the Watson AI is in the financial companies. There are three main reasons
why it used. The first one is the capability to have more personalized virtual agent in the banks.
Second, it is used as a wealth advisor that helps the customer to plan and manage the finances.
Third usage is in the risk planning and management for the customers finance.

The AI is giving the opportunity to most of the companies to get the competitive advantage,
which is the best thing to have in the business world. As soon as each company in every industry
gets the AI usage, the decisions would be more accurate.

Transforming your business with AI

Year after year, companies are getting the knowledge of how the AI systems could help their
business to increase in sales and get higher profit. It is a lot easier and cheaper to automate all
kinds of business systems, because the
hardware and software components are
not expensive anymore as they were in
1930s.

There are two main characteristics when

transforming and adapting your business
strategy to the usage of AI. First one, is
the quantity. You need to gather as much
as possible data useful data. This became more used as soon as the Deep Learning algorithms
are invented. Deep Learning is any technique that is capable to find a pattern in big data sets.2

2
http://cx.northfieldecocentre.com/artificial-intelligence-strategy-tips-data-
collection/?gclid=CjwKEAjw387JBRDPtJePvOej8kASJADkV9TL1Qx-
ge3OjGqbHlSHkVipWoEmQYbSdYk8WHQec9MM1BoC_oPw_wcB
Second important characteristic, is the quality. The better data you have, the more precise and
great decisions you will get from the AI.

By having these two characteristics, quantity and quality, the question why do Facebook or
other big social networks collect that much data about everyone is answered. Gathering a lot
of data, the AI knows how and with what to target their users.

Good or bad?
Regarding the good and bad things of using the AI, could be a lot discussionable. Of course, it
will improve the overall economy of the whole world, but also it will leave most of the workers
without their jobs. All jobs that are done by a mans hand, could be replaced by the AI
computer.

The usage of AI will increase in few years even more than 100%, just like the investment that
the government is giving. The main reason why it is so, is because it will increase the
productivity and economy of countries. Furthermore, it will improve the life of people who
need a medical health care or people who are disabled to do some things. However, as already
mentioned with good things comes bad as well everything is in the balanced. AI technologies
are sometimes lacking the security, some people are not trustful when it is about the
computers, or would lead to job lost. All these are representing the main challengers and
obstacles of the AI in the business world. Once it gets in the usage, it will impact most of the
people and economies.3

Conclusion
In the end, the AI usage together with the machine learning algorithms and the Big Data, will
change the business in such way that most of the things that are done in one way will be known
as obsolete. Even though, there are still skeptical thoughts among people and companies, the
AI is going further into the business, either as an improvement in the inquiries or in the search
algorithms. In instance, the Google's Did you mean... algorithm. The future of AI is lighter
than it is today. It will be capable of increasing the humans conscious of ecosystem, the working

3
https://www.internetsociety.org/blog/public-policy/2017/04/will-artificial-intelligence-change-world-better-
or-worse-read-our-new?gclid=CjwKEAjw387JBRDPtJePvOej8kASJADkV9TL1vHQKIY2jvhj5MT6gWF-
_YDsSvdm_Om4_wHi4wmkbhoCWKzw_wcB
hours, and the business strategy. As the main advantage of all, is that it will change in a better
way the economy of one company and lead it to their final goal competitive advantage.