Few would argue that artificial intelligence (AI) has proved itself to be a truly impactful technology. The raw computing power available in 2018 allows organizations to unlock the insight from the big data they hold (both structured and unstructured), which gives them previously unavailable knowledge about their customers, competitors and the wider industries in which they operate in.
Yet as AI stands on the threshold of true mainstream appeal – Squirro research from earlier in 2018 revealed 83% of top tier banks have evaluated AI and more than two-thirds are already using it – it is time to start looking to Augmented Intelligence.
This is a technology that builds on the potential of artificial intelligence by using computing power to address some of the biggest challenges the world is facing and to help turn organizations into insights-driven firms. 2019 will be the year that sees the rise of Augmented Intelligence – these are just some of the ways in which it can help.
The need for insight
Insight is everything in modern business. Industry analyst group Forrester has predicted that by 2021, insights-driven businesses will be generating $1.8 trillion annually. Organizations that choose not to follow the insight path will pay a significant financial price.
Insight is crucial to differentiating experiences, products and services and businesses that use insight in this way – Uber, Amazon and Netflix are just three – are often more profitable, dynamic and powerful than those that do not. It is therefore vital for organizations to do more with the data and analytics tools they have at their disposal.
Yet the Forrester report also revealed that only one in 10 businesses are currently insights-driven. Why is there such a relatively small number of businesses ready to embrace insight? The answer lies in a combination of a lack of agility, legacy infrastructure, siloed and unstructured data and CEOs that are not fully engaged with becoming an insights-driven business. This all highlights the need for augmented intelligence solutions that collect data from across the enterprise, siloed or otherwise, structured and unstructured.
The power of Augmented Intelligence
Augmented intelligence stands taller, building on artificial intelligence, by enhancing human input and intelligence to create something infinitely more powerful. Augmented intelligence is essentially people and machines working together, rather than the perception of AI as something that will see machines replace humans.
This partnership will see the augmentation and extension of human decision making, addressing deep but specific challenges within business and providing insight and recommendations with reasons and with learning. It’s a powerful proposition and one that has the potential to transform business, in ways such as these:
Data insights – the insight that is delivered by augmented intelligence platforms is where it can really deliver for any organization. Because it is capable of managing and analyzing so much data, the insight extracted from that data and then presented to the user is deeper and greater than anything previously possible.
Lead generation – one way in which the data insight generated by augmented intelligence can help an organization is in lead generation, identifying opportunities for clients and recommending the best product or solution for them. Augmented intelligence will look at data on competitors, partners and markets and identify catalysts that provide additional upsell or cross-sell opportunities to existing clients, and fresh approaches to prospective clients.
Next best action – not only will Augmented Intelligence identify catalysts and triggers that could prompt contact with a customer or prospect, it will also factor in the context of each opportunity to recommend which is the best course of action to take. In fact, it will prioritize every opportunity and provide actionable recommendations to account handlers.
The pairing of human beings and machines enables industries to apply AI to business process intelligence, allowing more powerful, effective and value applications of the technology. The fact that augmented intelligence can have such a profound and tangible impact on an organization, in such a variety of ways, means that it will be a technology that is truly embraced by business over the coming years, starting with 2019.