Do machines really have the power to improve upon and transform the way we make decisions? The answer is an astounding: yes! With the advent of artificial intelligence (AI) already upon us, our society is advancing technologically by turning what used to be a science fiction fantasy into reality.
In short, AI allows us to rethink the ways in which we use and analyze data to help improve decision-making abilities. The choices formulated by AI machines are meant to mimic a human response which is quite literally what they do.
This might seem a little frightening, but more often than not, it’s all a good thing. AI processes can be even more effective than the human brain at identifying data patterns; a discovery that is extremely beneficial to companies containing large data stores that require insightful findings.
Insurance, law, healthcare, finance, automotive and countless other industries are already discovering that incorporating AI into their daily functions can unleash powerful potential.It’s not a futuristic concept anymore; the technology is here now and is ready for utilization!
You may be thinking, ‘How does AI technology have the strength to transform our current processes?’ Since EOX Vantage works heavily with the insurance industry, we’ll start there!
When discussing insurance, AI seems to be in everyone’s best interest. With the power to improve risk prediction and underwriting processes, it’s no wonder the technology has taken adoption in the industry.
EOX Vantage is keeping with the latest technology and has incorporated AI into their own Enterprise Operating System, giving clients the capability to automate what used to be tedious and time-consuming manual tasks. This results in massive savings for both the company and their clients.
And it’s not solely the insurance industry that has experienced the benefits of AI. The healthcare industry has introduced ‘precision medicine’ with the help of AI to provide a more accurate treatment path for patients.
Pre-AI, we umbrella-categorized patients with a specific diagnosis under the same treatment plan; even though no two patients are the same. Now, AI is used to help predict which treatment path would work best for each specific patient based on their genetics and medical history; it’s not just a ‘one way works best’ tactic anymore!
AI has also integrated into the finance industry with its ability to quickly sense credit card fraud. Machines can rapidly detect unusual behavior by looking at past spending history.
You may be thinking, ‘Can’t humans do this too?’ Yes, but not with the accuracy and speed that a machine is capable of. If an odd behavior is identified by the machine, an alert will be automatically sent out to notify the cardholder.
We could sit here all day discussing the uses and benefits AI has brought to numerous industries. But even with all the excitement surrounding technology, AI is still instilling fear in some. With the dawn of this technology, there are worries that it will lead to potential job losses as well as increased unemployment rates.
But have no fear; AI has proven to work in-sync with humans and has created more benefits and successes than losses and failures!
AI is a transformative technology that is no longer a hype but a reality. It has the power to shape our world and create promising answers to the problems that until now, we did not know how to solve!