How artificial intelligence has become more relevant in the post lockdown era

The pandemic has reshaped the way people work, play, and live. It has deepened their relationship with technology as they depend on digital mediums for almost everything, including work, education, leisure, social interactions, everyday transactions, and more. A key takeaway from this accelerated pace of digital adoption is that there has been a fundamental shift in consumer behaviour, leading to the instant gratification mindset. Today, customers are conditioned to expect super-fast personalized services, driving enterprises to reinvent their customer journeys. And artificial intelligence (AI) and machine learning have become the go-to technology for enterprises to cater to changing customer needs.   

Winning with artificial intelligence

A study by PwC indicated that 52% of organizations accelerated their AI adoption initiatives due to the pandemic. Business leaders are beginning to understand the power of artificial intelligence and machine learning technologies that can help optimize the business, improve decision-making, and better understand their customers. Here's how AI is making an impact across industries-

1.       Prevents fraudulent transactions

Fraud management is complex and can vary across industries. A PwC survey showed that several business leaders globally found an increasing threat from external perpetrators in 2022. Industries like banking, insurance, and healthcare face the most risk from fraud. Artificial intelligence models prove to be very effective for fraud detection. AI/ML models can not only detect fraud but can predict it by analyzing fraud trends and preventing it immediately. For instance, financial services that are always at risk of fraud can apply advanced artificial intelligence algorithms to detect good and bad loan applications.

2.       Improves customer journey

With the help of AI/ML tools, business leaders can create a seamless end-to-end customer experience. Machine learning and predictive analytics can provide detailed insights into customers' behaviors, trends, and issues and enable businesses to personalize the customer experience. The ability to easily extract and analyze customer data can help companies create the right personas, match offerings to customers' needs, and share customized communication.

3.       Enables intelligent decision-making  across processes

With the complexity and dynamics of modern-day businesses, organizations require the capability to make the best decisions in the shortest time in a risk-conscious, adaptable, and personalized manner. Artificial intelligence can analyze massive amounts of data in minutes and extract rich and meaningful information. As a result, an increasing number of organizations are introducing AI and data analytics into their workflows to help them make better data-driven decisions.

4.       Automates content-heavy processes and harness content intelligence

Apart from enabling intelligent decision-making, AI/ML also brings content automation and content intelligence to the table. AI technologies like natural language processing (NLP) and machine learning can be used for document classification and text classification to make it easier to search, manage, filter content, and semantically understand text. Image, audio, or video processing tasks with artificial intelligence capabilities can also help in detection and classification. For instance, businesses can use AI-enabled image processing for face recognition in public places or even recognize patterns and objects in images and videos.

The Way Forward

Low code-based AI/ML platforms make AI/ML accessible to every enterprise and can process raw data into real-time insights in no time to solve various business use cases.  Scalable artificial intelligence can enable enterprises to stay prepared for sudden shifts. This requires collaboration across different business users such as domain experts, business analysts, data engineers, and IT teams. While one set of users would be responsible for prepared data to create AI/ML algorithms, other users can experiment with the models and deploy them in production to ensure that organizations have the latest insights for smart decision making. 

The article has been written by Tarun Gulyani, Head of AI Products, Newgen Software