How to future-proof your business with AI
By Donna Romer | 3 minute read | December 10, 2018
By 2020, according to Gartner, the amount of enterprise data created will increase by 800% (1). As companies accumulate larger amounts of data in different formats and locations, the complexity of understanding the totality, while still being able to derive useful timely insights from it, demands a robust AI solution.
Augment the capabilities of workers with AI
Even highly skilled advisers find researching and validating recommendations requires more time than they have. Enabling fund managers to act with confidence as well as speed improves productivity and delivers better results.
Accrete.AI uses AI technology like Watson Natural Language Understanding (NLU) to better look beyond traditional data and sort through masses of unstructured information. Finding actionable answers fast enough to respond to market changes and market expectations depends on creative and independent thinking informed by unbiased facts regarding a fund or firm’s entire corpus. Accrete.AI teaches its AI about inflation, employment and other related matters to deliver highly accurate insights in real-time to their customers. For example, their Rumor Hound solution scrapes unstructured data to provide a filtered list of rumored merger and acquisition targets scored by recency and credibility. Rumor Hound is currently able to forecast which rumors are most likely to move stocks with 85% accuracy.
Speed reviews of governing documents while mitigating risk
In addition to complex audit and legal documents that play central roles in most business undertakings, enterprises depend on contracts for nearly every relationship and transaction they execute. According to HBR “recent technological developments like artificial intelligence are now helping companies overcome many of the challenges to contracting.” (2)
The procurement industry has taken a data-driven approach to procurement using cognitive systems to harness institutional knowledge for contracts. AI helps procurement professionals find the insights they need without having to spend hours searching for them manually. As a result, teams can make better decisions faster because they are able to pose questions – and get relevant answers promptly – using natural language. These systems let employees quickly create ideal contracts, and find critical gaps in existing contracts, by automatically identifying terms and conditions even if the phrasing differs across documents. AI helps procurement professionals be more productive and create contracts that are directly suited to the relationship they are building.
Increase client satisfaction
As the amounts of data continue to increase, there will be much more information available for workers to base their decisions upon. Nearly 80% of the expanded data resources will be unstructured, meaning decision-makers need to deal with images, email and audio clips, making any kind of evaluation nearly impossible without a tool that will allow them to sort through the noise.
When the Gordon Flesch Co. (GFC) wanted it to be it easier for its staff and customers to find and make use of their corporate data, they adopted a Watson AI solution that allows workers to search for relevant data using natural language processing. Once a question is asked, the system automatically conducts a detailed search across all available content repositories. The application dissects the query and returns documents most closely aligned with the intent of the question – rather than simply matching terms or keywords. If the results don’t match the query, the user can type or speak direct feedback, which the system incorporates into its modeling to improve the results of future searches. Since implementing the solution and allowing users to find what they need quickly and easily, GFC reports that user satisfaction levels have risen to almost 100%.
Your data is your business
As Nicholas Thompson, editor-in-chief of Wired Magazine, said at the AI & the Future of Work Summit hosted by IBM Watson and Wired, “AI…is one of the most transcendent questions facing us as a society. It [will] change the way all of our business work…it will change the way society is organized, it will change the jobs we do, and the way we do them. There are all kinds of questions about how society works that are tied into…AI and the future of work.” Technology is not just propelled by discovery, but also by business and societal need. As data increases, success relies on our ability to mine this complex raw material. The pursuit of understanding the influx of data is something a business should tackle not because they can, but because, in order to be future-proof, they must.
Learn more about how you can future-proof your business with AI. Register to watch the Future of Work Virtual Summit, hosted by IBM and Wired.