Artificial Intelligence For Business Apps Is Back With A Bang!

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: valuable addition to numerous business applications. Sophisticated technologies encompassing neural networks and business rules along with AI-based techniques are yielding positive results in transaction-oriented scenarios for financial services. AI has been widely adopted in such areas of risk management, compliance, and securities trading and monitoring, with an extension into customer relationship management (CRM). Tangible benefits of AI adoption include reduced risk of fraud, increased revenues from existing customers due to newer opportunities, avoidance of fines stemming from non-compliance and averted securities trade excetions that could result in delayed settlement, if not detected.

It is also being widely adopted in diagnostics and testing. Diagnostic systems are used to examine networks, aircraft engines, manufacturng machinery and other types of equipment, energy pipelines, hazardous materials, and so on. Similarly, in the transportation industry, which is also fast catching up with the trend, AI is being used for traffic management systems, aircraft maintenance operations, airport gate scheduling, railroad planning and forecasting assignments.

In the fiercely competitive and dynamic market scenario, decision-making has become fairly complex and latency is inherent in many processes. In addition, the amount of data to be analysed has increased substantially. AI technologies help enterprises reduce latency in making business decisions, minimise fraud and enhance revenue opportunities.

Enterprises that utilise AI-enhanced applications are expected to become more diverse, as the needs for the ability to analyse data across multiple variables, fraud detection and customer relationship management emerge as key business drivers to gain competitive advantage. Though the financial services sector is an evangelist in the implementation of AI technologies, other sectors such as manufacturing, transportation, logistics, and healthcare have fast caught on.

According to a report from a business research company, the total worldwide AI market was $11.9 billion in 2002 and is expected to grow at an average annual growth rate of 12.2 per cent to reach $21.2 billion by 2007. Isn’t this testimony to the fact that AI for business applications is truly back with a bang!