Two thirds of the U.S. workforce is currently engaged in some form of AI or artificial intelligence work, according to the Bureau of Labor Statistics. In this new digital age, there are many exciting possibilities that will allow businesses and organizations to achieve greater productivity and profitability. If you’re involved in any type of industry, you should consider using artificial intelligence as a means to improve your business. One of the fastest growing sectors is finance. The following article will explore some of the ways that artificial intelligence can be used in finance.
Finance is an area of science that has been around for quite a while. Most recently, we’ve seen incredible advancements in financial services such as forex trading and stock trading. Many investors use complex algorithms to determine what their investments are worth, and thus, are able to make incredible profits. However, it’s important to remember that these algorithms are extremely detailed and are subject to human error and corruption. Therefore, it’s extremely important that all institutions who utilize artificial intelligence for in-house ai automation and decision making to adhere to stringent standards and regulations.
In order to demonstrate the potential uses for AI in finance, we’ll first take a look at how pandemic outbreaks can be efficiently managed using AI. One such application is called the pandemic dashboard. Similar to traditional dashboards, it utilizes data from customer transactions to generate and present timely, informative reports. Although, earlier dashboards only showed data for a specific time period or geographic location, the pandemic dashboard will also generate reports for any time period or geographic location. For example, data from the New York State Department of Health will be compiled into a “Pandemic dashboard” which will allow users to more effectively manage healthcare outbreaks and prevent the spread of infectious diseases.
Another application is the long-term economic forecast, also known as the covid-19 crisis response framework. It uses an artificial intelligence called the economic model that makes use of knowledge from past economic cycles to make better assessments of future economic conditions. This may provide better forecasts of the severity and duration of recessions and recoveries, which may prove helpful in budgeting. This application is currently being tested on the Microsoft Cognitive Suite for the Department of Defense and the U.S. Navy.
Other possible applications include logistics and transportation automation. In the case of logistics and transportation automation, artificially intelligent software can be used to create custom logistics procedures and to monitor and refine existing procedures. This reduces the cost of transportation and reuses man-hours. Additionally, this type of automation will allow distributed organizations to monitor their supply chain more effectively.
Predictive analytics is one of the most important types of artificial intelligence currently being deployed for business processes. This uses historical data to make better decisions based on past performance. This application applies well to operational and customer support activities such as order processing, inventory management, call center management, and e-commerce tasks such as payment processing. It can also help businesses predict potential outbreaks of diseases such as the flu and SARS.
The potential applications of such technologies are potentially vast. A recent article in Popular Mechanics highlighted the need for companies to determine what forms of artificially intelligent software can be used to perform repetitive, monotonous, and boring tasks in the office. Many of these tasks can be automated with existing technologies; however, certain forms of repetitive business processes cannot. Such tasks include tasks such as data entry and transcription, which are typically performed by humans, as well as tasks such as customer service and accounting, which are typically performed by technology.
Gartner believes that as business processes continue to evolve, AI-based technologies will become more pervasive and sophisticated. In the coming years, it is likely that both companies and employees will have greater levels of access to artificial intelligence systems. AI will likely have a significant impact on both the creation and the maintenance of work processes.