Artificial Intelligence (AI) Is Remodeling Business Models
For a long time organizations have used the conventional way to work by hiring a huge team. Businesses were assessed for the number of employees in their companies and it was a source of firm value for them. The trends have been evolving for the last few years, artificial intelligence (AI) has been taking over human intelligence. Now the combination of AI with the Human Intelligence is the next big thing and has been helping many companies to gain firm value.
How artificial intelligence is remodeling business models:
There are many uses of artificial intelligence and it has been revitalizing many industries.
AI has made advancements in the security protocols as well. Security is now defined in terms of artificial intelligence and not only unbreakable underground vaults.
Facial recognition, biometric verification, voice recognition, and eye retina verification are the advanced artificial intelligence-based security techniques.
- Regulatory compliance made easy:
The AI has been facilitating the compliance of regulatory frameworks around the globe. Banks and financial institutions are using the SAAS (Software as a Solution) products to filter their customers in compliance with AML (Anti Money Laundering) and other regulations.
- Business management:
Businesses are using AI to manage their business is a cost-effective and smart way. Employe verification and customer identity verification software are used by businesses to keep their customer and employee base clear of fraudsters. Every business needs to introduce artificial intelligence in their business model because fraudsters are always bringing up new ways to steal money or get free services by identity theft. Travel agencies use verification solutions for identity verification of travelers.
Other than that daily data management like employee attendance, timings record and payroll, etc are done through AI.
- Smart data management:
Huge data-oriented organizations where data is the most valuable asset are using artificial intelligence (AI) to manage their work and to secure their business from any data theft or forgery. Stock exchanges are a very good example as the whole system is running on the basis of artificial intelligence. Softwares are used to keep the data updated and generating the stock evaluations and price-predictions on the basis of data collected and stored by the software.
- Anti-fraud systems:
There are many businesses that are the providers of Artificial Intelligence-based solutions. These systems detect identity thieves, forged documents and invalid information. Integrated databases are maintained by the AI-based solution providers around the globe to secure the businesses from fraud and forgeries.
- Global village:
Artificial intelligence has made the world a global image. Online businesses are picking up hike due to AI. Businesses can reach their customers around the globe. Small businesses also have access to publicly available information and can use it for their own good.
Hence it is high time that the organizations should start combining human intelligence with Artificial Intelligence because it is the prerequisite of growth these days.