AI and machine learning (ML) are transforming society and business practices. Businesses that are data-driven are 19 times more likely to succeed, attempting to make analytics and data an important part of business transformation. According to PwC, artificial intelligence could have a $15 trillion impact on the global economy by 2030.
AI/ML is being used by mid- and small-sized businesses in addition to large enterprises. Also, it empowers organizations to make challenging decisions accurately and at scale. AI is now used for credit eligibility, financial advice, trading decisions, and fraud detection. Chatbots powered by AI and deep learning drive business digital transformation.
AI and ML can be used to plan and implement a digital transformation that focuses on what is required to gain a competitive advantage. It provides guidance on how to improve client interactions and corporate operations.
Artificial intelligence (AI) and machine learning (ML) initiatives can fail due to a lack of clear business objectives, data strategy, post-launch operations planning, and feedback. When AI/ML initiatives are ready, they require proper infrastructure, organizational support, and a well-equipped team. Your AI/ML initiative should include monitoring, reporting, and evaluation.
AI/ML mimics human intelligence by identifying and responding to actions and events. It also provides insights into events and behavior to help businesses improve their operations. Real-time data analysis powered by AI and ML enables businesses to be more responsive to events and changes in customer behavior while also improving IT operations.
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