AI in Action

This chapter discusses the use of Artificial Intelligence (AI) in business, focusing on three main areas: enhancing customer service, optimising processes, and generating insights. AI enhances customer service through chatbots, recommendation engines, and image recognition, leading to improved customer satisfaction and revenue generation. It optimises processes by transforming unstructured data into structured data, using capabilities like Image Recognition, Voice Recognition, and Natural Language Processing (NLP). This leads to cost reduction, cost avoidance, and improved compliance. AI generates insights by creating new sources of value from existing data, enabling better, more consistent, and faster decisions. This can help a company mitigate risks, reduce unnecessary losses, and minimise revenue leakage. The author provides examples from various industries, including retail, banking, insurance, legal, telecom, museums, and social housing, demonstrating the wide applicability of AI in different sectors.