“It is change, continuing change, inevitable change, that is the dominant factor in society today. No sensible decision can be made any longer without taking into account not only the world as it is, but the world as it will be” - Isaac Asimov
Artificial Intelligence for Business is Here Today
For years, we’ve lived with the expectation of artificial intelligence, brought forth by science fiction movies and books - of a world where we can live at leisure, our every whim being met by machinery. In terms of robot development there is still much to do to achieve this existence – but one area where artificial intelligence has achieved bigger strides than most people realize is the area of big data, and the ability of machine intelligence to process large amounts of information to streamline and manage the business environment in which we work.
A.I. Companies You Need to Know
The Harvard Business Review (HBR) recently published an article “The Competitive Landscape for Machine Intelligence” where the authors, Shivon Zilis and James Cham, pulled together their list of the most important artificial intelligence companies, to demonstrate the depth and breadth of resources available in artificial intelligence software today. We were honored to be included in their report.
The most surprising thing for many in corporate management, when they begin to investigate artificial intelligence and big data, is the considerable number of options already available across a wide variety of business areas. The message seems clear – if you aren’t already using artificial intelligence to run your business more productively, it isn’t due to lack of options. It also seems clear the development of technologies in this area is happening faster than many companies are adopting it, although this is beginning to change. The article’s authors have noticed a switch in the last two years between the interest being shown by academics previously and the growing awareness and questions they are now receiving from Fortune 500 executives.
Over $5b was invested in AI by venture capital in the past year
And it seems clear that early adopters of the technology are securing an advantage over those who arrive late to the party. The report breaks AI providers into over 30 categories, demonstrating the extent to which machine intelligence can be adopted across the board in business.
As the authors illustrate, some of the earliest business benefits from AI have come in productivity gains where AI has been able to achieve results previously requiring hours of human work time. AppZen’s ReceiptIQ™ is an example of this, with the ability to accurately audit large amounts of expenses without the need for extensive human intervention. As we have outlined, managing compliance risk is an important part of any business’s audit procedures and using machine intelligence is the most cost effective way to achieve these results without over-burdening your business resources.
What do you think? Have you started to look at AI tools for your business processes?
View the full report on how Artificial Intelligence is impacting industry here:
Want to see how AppZen’s artificial intelligence audits T&E expenses in real-time?
Check out this quick two-minute video here: