You might ask yourself: “Why should I apply Artificial Intelligence in my organization in the first place?” A justified question in our opinion. First of all, the interaction between humans and Artificial Intelligence can make a very effective team in many business processes. However, applying Artificial Intelligence should never be a goal in itself, rather a means to achieve business goals. Below, we have listed the three main advantages of this partnership between humans and computers in Data Science.
Advantage #1: efficiency
Let’s face it, computers are faster. Therefore, from a business point of view, it is interesting to assign tedious and well-specified tasks such as certain types of administrative work and straightforward calculations to a specialized Artificial Intelligence algorithm. Not only does it reduce the costs of these processes significantly, but it also frees up employees’ time to focus on more complex, creative and emotional problem-solving. For example, we see that many customer service centers are operating much more effectively towards a positive customer experience when they have Artificial Intelligence applications to support them to focus on the most important matters. Besides, their working days are more interesting because they can now focus on typical human-related tasks.
Advantage #2: objectivity
For human beings, it is hard, or even impossible, to be completely objective about the world around us. It is well known in psychology that humans are masters in finding (not necessarily existing) patterns that confirm our beliefs. We call this confirmation bias. The human brain is focused on our perception of truth. On the other hand, Artificial Intelligence is by definition objective. It doesn’t form an opinion before having analyzed a sufficient amount of data. Contrary to a human being, an algorithm does not make any presumptions on what the expected outcome of analysis should be. Therefore, Artificial Intelligence is much better suited for tasks requiring objectivity. For example, optimizing conversion rates for potential customers by determining the best personal discount at the right time.
Advantage #3: scalability
Humans are able to oversee things better if they omit the (seemingly) unimportant details. However, sometimes details are essential to really comprehend a certain situation. One of the advantages of an Artificial Intelligence algorithm is that it can take the smallest details (e.g. all individual customer journeys) into account and translate this to the bigger picture. We especially see these advantages in organizations where commercial and logistic actions have a strong interdependency. A good example is the challenge of managing the on-shelf availability (logistics) when products are being highly promoted (commercial) in the market. Here, such a holistic Artificial Intelligence approach typically leads to an improved business strategy and better results for both customers (better on-shelf availability) and the organization (more sales).