Artificial intelligence (AI) can be hard to define. With the technology signifying different things to various people in diverse roles and industries, it can be even harder to describe AI’s benefits.
This fuzzy definition is a problem, given that AI can provide tangible and immediate benefits to enterprise operations. AI creates more efficient workflows, allowing people to achieve much more with much less time, manpower and menial tasks. Enterprises that understand and leverage the advantages of AI are already outcompeting their less-savvy rivals.
So how can organizations start comprehending AI and capitalize on its advantages right now?
The answer is as simple as ABC—or rather AAA. That’s because the benefits of AI boil down to three As: automation, accuracy and analytics.
Let’s take a look at each of these attributes and examine how AI can transform business operations in each area.
A is for Automation
AI can automate a vast array of time and manpower-intensive tasks, employing cognitive engine technologies like transcription and object recognition to sort through massive quantities of data and uncover relevant insights. Using traditional manual techniques, such tasks can take thousands of man-hours to complete. But with AI, this time can be compressed to mere minutes, freeing up time to tend to more strategic tasks.
For example, take the legal profession. Each year, 350,000 new cases arrive in U.S. courts. Each of these cases generates massive amounts of information, with every lawyer managing about 18,000 documents in 2015, up 50 percent from 2013.
When combined with other types of data, such as recorded or videotaped evidence, the challenge of reviewing and analyzing all this information becomes nearly overwhelming.
AI solutions can dramatically cut the time and effort required to perform such discovery tasks.
For example, Veritone’s aiWARE operating system for AI leverages near real-time transcription, translation and object recognition to analyze legal content. aiWARE can render every second and frame of audio and video content searchable for things like faces, phrases, and sentiment. It also can produce an index of ingested evidentiary media for e-discovery and compliance within a matter of minutes.
With these capabilities, aiWARE can take the legal e-discovery process and transform it into an automated, accurate, and cost-effective activity.
A is for Accuracy
For years, AI technologies were playing catch up, constantly striving to come up to human standards for accuracy. For many types of cognitive tasks, those days are coming to an end, with AI meeting human levels of performance.
For instance, Microsoft in August of 2017 released a version of its transcription engine that boasted a record-low error rate of 5.1 percent—equivalent to human accuracy. The use of multiple engines in combination can reduce error rates even further.
Veritone’s aiWARE attains unprecedented levels of accuracy by combining face recognition, object recognition, transcription, translation and optical character recognition into one solution.
In applications like public safety, Veritone helps agencies analyze and leverage their audio and video assets by identifying suspects, clothing, weapons, vehicles and even spoken words with a high degree of accuracy. What’s more, they can do this in a timely and cost-effective manner, accelerating monitoring and investigations while expending less manpower and time.
A is for Analytics
With machine-learning algorithms, vast amounts of unstructured and structured data can be analyzed quickly. This plays a particularly important role in burgeoning area of analytics.
McKinsey & Co. noted the essential role that AI now is playing in analytics, stating, “The increasing availability of data has fueled advances in analytical techniques and technologies, with machine learning at the forefront.” Such capabilities can play a key role in tasks like tracking mentions of an advertiser’s brand.
Veritone’s aiWARE offers powerful analytics tools that can automatically track all verbal mentions and visual displays of advertisers and brands that show up in media streams. It can then capture detailed data and analytics related to search and watchlist items.
Using aiWARE, workflows that previously required weeks of work by production assistants to manually monitor, log and produce reports, now can now take just hours.
Furthermore, adding additional third-party attribution data into these reports from companies such as Nielsen further complicates and weighs down the workflow. aiWARE seamlessly works with Nielsen and other third-party attribution platforms, simplifying and accelerating the media-analytics process.
With Veritone, television and radio broadcasters can obtain detailed data and analytics related to their searches and watchlists to track brand chatter and sentiment, as well as to provide their sponsors with the most advanced and comprehensive data analytics and valuation reporting.
A for A-Okay
While many people struggle to understand AI and its benefits, the reality of the technology boils down to a simple fact: It makes businesses operate more efficiently. Veritone’s aiWARE operating system for AI facilitates a broad range of solutions to help organizations quickly leverage AI to solve real-world business challenges with ease, speed and accuracy.