Artificial Intelligence (AI) is gaining crazy momentum right now.
With ChatGPT4 breaking new boundaries, from co-founding successful start-ups to diagnosing dogs, it really is a brave new world out there.
Did you look at the image for this blog for example? We mean really look at it?
Well, it was created by AI by typing into DALL-E ‘the future of AI in the style of Alphonse Mucha with a robot and beautiful buildings‘.
But what people really want to know is what’s next? Specifically, what’s next for businesses and how can they harness this new tech?
The good news is that AI will enable companies to grow faster and further than ever before. It will bring with it a competitive advantage for those willing to embrace change and also boost overall efficiency.
How? And when? I hear you ask.
Well, we’ve asked the team at Agile Automations to cast their gaze into the future and give six predictions for AI and what’s next (it is fascinating stuff).
Here’s what they had to say:
Martin Keelagher – CEO
Improved risk management
There are so many impressive ways to use AI but I think it will be a real game-changer for risk management.
Mainly because I can see how AI and Machine Learning (ML) will boost efficiency and fairness across credit risk, insurance and human resources.
Once the dataset is correct (and unintentional biases ironed out) the AI-based approach will be more transparent and objective than humans ever can be.
A virtual asset manager
According to Technology, ‘more than two-thirds of banks already see AI and ML as crucial tools in tackling complex trade surveillance’.
This is because a shortage of skilled compliance staff is causing a bottleneck of work due to manual tasks and checks.
AI will speed things up by reading through forms and reviewing recordings to decide whether it needs intervention or, for example, there is a simple document missing and an automated email is a more effective follow-up.
Of course, this applies to all sectors but I see a real impact being made here.
Dan Holgate – Chief Technology Officer
By using Large Language Models (LLMS) like ChatGPT businesses will be able to use tools/plug-ins to integrate business data with systems.
It won’t be long before support mechanisms such as chatbots are revolutionised by advances in AI, especially for internal use.
These chatbots will be able to not only interpret a request more accurately but pull up the required information from a database to give a more thorough response.
For example, it could signpost new starters to ‘how to’ manuals or HR documents which are usually hidden away on an intranet somewhere.
This will save so much time for HR departments and speed up the whole onboarding process for new employees.
Also, with Machine Learning (ML) it will be able to recognise FAQs which can feed into the onboarding programme as an iterative process – making it much more useful.
Ronak Halani – Chief Operations Officer
Every sector can potentially harness the power of AI but one of the quickest wins I can see is around content writing.
Businesses now need to produce content to stay relevant but this can take hours of time for a copywriter to pull together and finesse.
By using an LLM like ChatGPT4 you can ask it to generate everything from LinkedIn blog ideas, to the actual posts, or even to co-author a book.
The best part is that it’s an iterative process so you can provide it with examples of blog titles you have already written and ask it to generate more.
This helps with ideation but it also saves time.
From the responses you get you can then ask for it to focus them in a particular direction or to write the blog for you as a starting point.
There’s lots of noise out there already about this but I think some writers and copywriters are fearful of being replaced.
My advice is to embrace AI for improving writing skills and use it as a tool instead of seeing it as a competitor!
Declan Messer – Software Engineer
This is an area which will be totally transformed by AI.
In fact, almost 50% of the world’s biggest companies will be using AI and ML to improve their customer experience within the next four years according to an IDC report.
As we have already seen with the ‘death of the high street’ businesses are having to move beyond transactional experiences to focus more on relationship-based experiences
The advances in AI and machine learning mean you can track and analyse customer behaviour better than ever before.
It will also be used to prompt customers into new experiences, to build a more personalised experience, therefore, increasing sales and the potential for upsell opportunities.
Predictions and forecasting
Right now, AI is great at spotting specific trends and behaviour.
However, it won’t be long before AI can spot future shifts in almost everything from spending and travel patterns to the time of day you are most productive (or least productive and likely to buy). Analysing sentiments and preferences achieve this.
Agile Automations is a Manchester-based automation and AI consultancy which set up in 2015.
Interested in finding out more? Schedule a chat today 📅.