Artificial intelligence can extract deep meaning from the most complex data, empowering humans to make better and quicker decisions – welcome to our new blog series.
In spite of the many ‘big’ questions around artificial intelligence – what it is? how does it work? – there’s no doubt that AI has slotted into our lives with remarkable ease. We use it all the time – whether we know it or not – and have even come to rely on it to make our lives easier and more enjoyable.
For instance? Well, we can open our phones using AI-powered facial recognition and have a browse on social media, which is carefully personalised by the same technology. We can ask for a movie recommendation for tonight, before getting into our car, which will tell us the quickest route to the office. This amazing technology is all around us.
And yet, it’s not that simple to explain. Ask around and you’ll find that AI provokes curiosity, concern, amazement, optimism, as well as complete and utter bafflement. A good starting point for our new blog series!
Although there is no single definition of AI, broadly speaking it can be described as a simulation of human intelligence that gives computers and other machines the ability to mimic human behaviour. This in turn allows those machines to perform tasks that typically require human skill, intelligence and judgement – analysing, for example; learning from past experience; making decisions.
Of course, machines don’t do this on their own. Humans are deeply involved in training, testing and tuning each model so that the machines get smarter and more accurate.
You already know what a lot of this stuff looks like. Our smartphones and cars and security cameras and other internet-connected devices are hooked up to all kinds of nifty algorithms that get to know us with every interaction; grow to understand what we like; anticipate what we might want next; get better and more accurate at satisfying our needs and wants.
Some of the business applications of AI might not be quite as recognisable. In the travel and security space, for example, AI-powered screening technology can analyse the flow of passengers through an airport, monitoring staffing and queueing levels to avoid over-crowding.
In healthcare, AI can help to streamline processes and reduce inefficiency by leveraging data to extract meaning and augment human decision-making. Increasingly busy healthcare institutions, meanwhile, are also employing AI-enabled virtual assistants so their actual employees can get on with their day jobs.
There are countless examples of AI in action, some more obvious than others, and the possibilities are expanding at warp speed. Although the ‘how’ of this technological intervention takes a bit of unpicking, when all is said and done the ‘why’ is really quite straightforward. AI is there to make life easier; to save time and money; to ease suffering; to solve problems.
Here at Altada, that is very much our sweet spot – solving the apparently unsolvable. We work in sectors including financial services, travel and security, healthcare and others, typically collaborating with industry partners to come up with solutions to sector-specific challenges in order to give them a competitive edge.
The financial sector, for example, is plagued by inefficiency. Asset managers struggle to extract meaning from masses of diverse files and documents, making it difficult to understand the value of the assets they control. This results in huge time wastage, dragging out not only large-scale business deals like company mergers but smaller-scale and personal contracts like mortgages and loans.
Which is where we come in. Our financial solutions draw on millions of data points to provide market-shifting intelligence, putting our clients in the know before the competition even knows where to look. This, ultimately, delivers unparalleled accuracy as well as efficiency, helping to get even the most complex deals over the line in days rather than weeks.
We are working on the same for organisations in travel and security, healthcare and elsewhere, applying our insights to pain points and either tailoring or creating solutions that take the pain away. Over the coming months, we’ll explain how we combine human and machine intelligence with simple, responsibly-applied AI, all underpinned with privacy by design.
We also want to help take the pain out of understanding what this technology is, what it looks like and how it works. At its very heart, AI is a problem-solving tool; a human-led, tech-enhanced response to some of the trickiest challenges that exist in life, in society, in business. Making the impossible, AI possible – it’s just what we do.
Thanks for reading and please stay tuned for more blog insights!
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