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How AI Is Transforming Business Strategy as We Know It

Cognitive computing — a term used to describe technological platforms that are based on the concept of artificial intelligence (AI) — is changing the way we do business today. One of the main reasons for this is that AI systems can process information in a significantly smaller amount of time than humans.

An article by Ohio University attributes this efficiency boost to the fact that cognitive computing allows users to work through large amounts of data that were previously considered unusable. The article states that, “80% of all available data are unstructured, a category that includes text files, videos, websites, and mobile data.”

Considering AI’s capability to process a vast amount of unstructured data, it’s no surprise that cognitive computing is affecting the way decisions are made. AI is already shaking up the way traditional business processes are carried out, from streamlining innovation to improving efficiency across a wide range of fields. Let’s take a look at some of the industries in which cognitive computing is having a revolutionary impact:

Healthcare

Healthcare is one of the fields that will continue to benefit most as a result of incorporating AI technologies. From the ability to assist doctors during surgery to accurately diagnosing healthcare conditions, AI has already made a significant impact on the medical field.

For instance, consider an example cited by George Washington University: Due to cognitive computing and smart machine technology, 3D printers are able to “print” life-saving materials like organs, tissues, and more. In fact, in 2016, Spiritam produced the first 3D-printed pill to treat epilepsy. AI-powered 3D printers are also able to produce advanced medical imagery. These representations, comprised of liquids and plastics, give physicians a much deeper look into the workings of the human body and allow for better diagnoses and research.

Among other ways cognitive computing is changing the healthcare field is its ability to monitor and improve staff procedures. For example, the CDC found that healthcare professionals only wash their hands 55% of the time after using the restroom. Hygiene is extremely important in healthcare, and poor hygiene standards can have severe unintended consequences.

Using AI and the internet of things, Microsoft and Gojo were able to design a project to measure how often hospital staff washed their hands. The project used sensors mounted on the ceiling as well as on-hand sanitizer dispensers to track how often staff used them. Unfortunately, the project found that only 16.5% of staff complied with the required hand sanitization procedures. Developments such as these are useful in monitoring the behavior of professionals and subsequently improving hospital hygiene, reducing the spread of infection as a result of unsanitary habits.

Project Management

AI will become fully ingrained in the workforce by 2021. This is especially relevant to the area of project management, where cognitive computing has revolutionized everything from risk assessment to employee support, allowing employers to make more informed decisions when it comes to protecting themselves and their employees in many ways, including safety and the level of liability they may need to be covered for. By assessing risk on every level, business owners are able to make informed decisions about many different aspects across the board, even aside from those financially-based.

Currently, there are many types of AI technology that are impacting businesses in terms of project management. One of these is knowledge-based AI that understands data context and aids in decision making. This is especially useful for reducing risk and mitigating business losses as a result of utilizing data-based insights.

Secondly, because AI can quickly process past data, it is able to provide real-time information for resource allocation and management. Project managers are thus able to allocate employees in an effective manner based on proven insights, ensuring that resources are not wasted.

E-Commerce

The e-commerce industry is no stranger to automation. While the applications of cognitive computing are very obviously visible in consumer-facing aspects of e-commerce, AI has also made an impact on several logistical and fulfillment procedures as part of the industry. For instance, consider Amazon’s drone delivery and self-driving delivery truck initiatives — these are only possible due to the tremendous power of AI.

In fact, there are various ways in which AI has transformed e-commerce. These include the use of automated customer service chatbots that are able to process and respond to a variety of consumer queries. Additionally, automated fraud detection is also utilized in e-commerce, where payment information is linked to an account and continuously monitored for suspicious activity.

Finally, AI is also used to target new customers and power automated social media management systems. As we’ve mentioned in a previous article, AI is now central to marketing, allowing marketers to fully leverage big data. It’s safe to say that AI has permeated many facets of e-commerce, including targeting new markets, improving supply chain management, and providing efficient customer service.

These are just a few areas among many that AI has penetrated.  AI already provides value to different industries and aspects of business, it’s set to disrupt the future of business and industry practices even more. In the coming years, cognitive computing and AI will surely transform the face of business as we know it.

About the Author

Avery Phillips is a freelance human based out of the beautiful Treasure Valley. She loves all things in nature, especially humans. Leave a comment down below or tweet her @a_taylorian with any questions or comments.

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