Artificial intelligence is quickly becoming the go to tech solution for decision-making processes. AI’s ability to absorb and process huge amounts of data are what makes them so useful, and if you combine that data harvesting with human-defined questions you have a powerful tool for analyzing.
Analysis
With the development of machine learning and natural language processing, AI has come on leaps and bounds in the way it collects and analyzes data. The levels of data handled by AI now completely outstretch human potential, allowing for analysis on unprecedented scale and with a great degree of detail.
Saleh Omar, a tech writer at OXEssays and UKWritings, points out that “when it comes to reporting, the amount of data is proportional to the detail of analysis. AI technology, the more data it can analyse the more varied its responses can be, and the more responsive its variables.”
In practical terms, that means AI are getting very good at detecting the slightest anomaly. This isn’t putting an analyst out of a job, far from it: having detected an anomaly, the AI will pass on the information to a responsible human, who can investigate the anomaly and respond accordingly. By working together, AI and human workers can create reports that are both wide-reaching and detailed.
Time
“As humans, time is our one weakness, and it’s where AI can help the most.” That’s Derrick Smalls, an AI blogger at Australianhelp and SimpleGrad. He explains: “Analysis takes up time, and time is a limited resource. This means that, if reporting is entirely undertaken by humans, at some point something’s got to give. Whether that’s in the level of input or the detail of output, reports are always imperfect.
“An AI is not hampered by human mechanical limitations. They can perform the same functions without getting tired, without needing a lunch break, without sleeping. Even working at the pace of a human worker, they could get the job done in a fraction of the time.” Luckily, an AI worker is even faster. With the speed and efficiency of AI reporting, companies are flocking to the technology. In fact, Integra International claims that, within 15 years, the entire annual reporting cycle could be performed solely by AI.
Challenges
That’s not to say AI is a perfect solution. There are still a number of challenges to be overcome if machine-learning technology is to radicalise reporting. Currently, AI technology is dependent on managers and compay owners that believe in its applications. Machine learning technology isn’t useful in itself, it has to be set to a task and fed with information. That means the true potential of the technology is only discovered when entrepreneurial people experiment with it. In order to make AI more widely adopted in reporting circles, more managers have to take a chance on it.
The other aspect of machine learning is that it can’t operate alone: it requires a large degree of human input to begin with. This is both a challenge and a benefit in a way, as eliminating the need for humans entirely is not a goal without consequence, but the fact is meticulous (and often monotonous) human labor is needed to get an AI system up and running. This might be part of the reason why companies are slow to adopt — large set-up costs in terms of resources and employee time — despite the fact that the systems prove to be worth it in the long run.
The Takeaway
The beauty of AI is its versatility. For the most part they are built as a blank slate, and then come to life with the information fed into them. That means truly every industry can benefit from AI reporting, if they are willing enough to invest the time and resources to begin with.
This reticence notwithstanding, AI is quickly becoming the only solution for analyzing large data sets. And with the population and internet growing exponentially, large seems to be the only size data sets come in. We are fast approaching a time in which we rely on machines to do our reporting for us, so it’s about time we embrace that.
Beatrix Potter is a business reporter at Best Essay Services and Research paper help services. She writes about AI. Beatrix is also very passionate about digital marketing (she blogs about it at Best Writing Services) and technology trends.