In science fiction, Artificial Intelligence (AI) has often been portrayed as anthropomorphic technologies that take over the world to the detriment of human beings. From HAL 9000 in Arthur C. Clarke’s 2001: A Space Odyssey to Skynet in James Cameron’s Terminator movies, robots and AI just couldn’t catch a break.
Now that AI has become a reality, we can see how the negative portrayals in pop culture aren’t particularly coherent with the AI systems built today. Instead, we see that current AI technology is closer to Isaac Asimov’s supercomputer Multivac: human-serving and ultimately beneficial (barring the few that disobeyed the Three Laws of Robotics).
Of course, we don’t have sentient machines yet. In the grand scheme of things, AI in 2020 is still in the nascent stages of development compared to other forms of technology. But business leaders are excited to use the latest innovations in AI so that they can thrive and compete in the midst of the pandemic.
Understanding Where and What to Automate in 2020
With so many benefits, AI can be applied to any industry. But taking COVID-19 into consideration, here are some key areas where the use of AI can make life a bit better for businesses and consumers amidst the pandemic.
Insurance Claims
Healthcare insurance has never been more relevant. The global outbreak of the novel coronavirus is pushing the limits of every nation’s healthcare systems. In the US, many of us depend on health insurance to cover our medical expenses. In fact, 49 percent of Americans receive employer-sponsored health insurance.
But insurance claims, by nature, involve a painful, difficult process. This isn’t only limited to healthcare insurance. Insurance claims only happen when something has gone wrong: sickness, accidents, death. Generally, they take weeks or months to resolve. In an already stressful situation, claimants are left tired and frustrated.
AI has the potential to make insurance claims less daunting. Integrating AI into a smart claims management systems software tool can expedite claims processing, automate underwriting, and improve customer service. In addition, it can protect both insurance companies and claimants from fraud.
Research and Development (R&D)
As the world races to develop effective vaccines and treatments for the novel coronavirus, one sector that can benefit from AI is R&D, primarily in healthcare and pharmaceuticals. AI can collect and analyze huge quantities of information that can speed up learning and problem-solving. Because AI takes away the element of human error, it can also process data more precisely and accurately.
As AI can automate several tasks in R&D, it can open doors to new discoveries, leading to improvements in existing products and services. Applied to the medical field, workers can accomplish their duties more efficiently and deliver better service. This also translates well into other industries, such as financial and automotive R&D.
Sales and Marketing
The pandemic has brought a lot of stress factors into our daily lives, and consumers all over the world are looking for seamless ways to make life easier. With more consumers staying home and shopping online, the demand for accessible products and services has grown exponentially.
To meet this demand, businesses should use the latest tools and innovations available, including cloud computing and AI. That’s because AI can help businesses develop and execute sound sales and marketing strategies that appeal to the customer and improve customer experience.
AI also plays a critical role in sorting customers based on demographics and interests, which helps companies target ads to the right audience. By doing so, customers who are looking for certain products or services can easily find the right merchant for their needs.
Furthermore, analytics provide valuable insights that brands can use to improve their offerings and ultimately satisfy their customers. This is extremely important for businesses that need to stay ahead of the competition. With AI and other innovative technologies, businesses have a better chance of thriving during the pandemic.
Handing It Over
Decades ago, AI was just a figment of the imagination. But science fiction has always been prescient about future technologies, and today, machines are indeed taking over our jobs. The good news is that despite the bad reputation of AI in fiction, AI in reality is actually for the better.
In a nutshell, AI software offers businesses and organizations the capability to remove costly human errors, find evidence-backed solutions, drive innovation, and enhance the quality of service. These are valuable opportunities especially when the novel coronavirus has disrupted not only businesses but for personal lives as well. As we automate tasks and use AI to make tedious processes easier, we can strike a balance and truly focus on things that matter.
