What is artificial intelligence? There are many different types and uses for AI. From speech and image recognition, automatic translation systems, self-driving cars and many, many more. One type of AI is machine learning (ML). Computers learn from data and improve with experience – instead of being explicitly programmed to do so. You use mathematical algorithms to find patterns and correlations in large data sets to make the best decisions and predictions based on that analysis.
What are the benefits of AI?
Can you tailor machine learning to your business needs?
The answer is yes! An AI/ML model is a complex set of algorithms or neural networks that you or I would struggle to understand, which reflect the behaviour of a human brain. You train your model using historical data to replicate a decision that an expert would make when provided with the same information.
There are many widely available ML models to solve complex data issues available on the Internet. Once trained, use the model to ‘reason’ over data that it hasn’t seen before to deliver a prediction – resulting in smarter decision making. The prediction generated can then be returned to an application, process flow or third-party system through an API interface to determine the next step in the process.
Making AI available to all
Previously, machine learning was limited to large organisations with extensive resources and data science teams.
This is now being turned on its head. The technology is more widely available and much easier to use. The power of AI is being given to business users to understand and solve data problems addressing many more organisational needs. People can build and train their machine learning models using their own data to predict future outcomes and act on them. Ideally, all directly from within your applications and process flows.
What are the typical use cases for AI?
You can use AI and ML wherever additional insights into your data are required to deliver better outcomes and generate value out of your data. There are many use cases.
Whether it’s predicting the likelihood of a customer or patient missing an appointment to maximise appointment attendance, to identifying those struggling to pay council tax or those that might fall into rent arrears so you can offer support earlier. You can use AI to predict the impact of promotions and pricing, or demand in the contact centre, or to identify fraudulent insurance claims. Or, you could use AI to reduce customer or employee churn and predict those people that are likely to leave.Learn more about our machine learning solution, Liberty AI