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ASSIGNMENT REPORT

On the Role of Business Analytics in the Artificial Intelligence and its Effectiveness

A report submitted in partial fulfilment for the reward of the degree of

MASTERS OF BUSINESS ADMINSTRATION

(2018-2020)

School of Management Studies

PUNJABI UNIVERSTY, PATIALA

Submitted To :- Submitted By:-

Mrs. Shivinder Kaur


ASHISH KUMAR

Roll No:-

18421214

Section - C
How Artificial Intelligence
Will Transform
Many people still associate artificial intelligence with science fiction dystopias, but that
characterization is waning as artificial intelligence develops and becomes more commonplace in
our daily lives.

AI in business. Robotic process automation is being applied to highly repetitive tasks normally
performed by humans. Machine learning algorithms are being integrated into analytics and CRM
platforms to uncover information on how to better serve customers. Chatbots have been
incorporated into websites to provide immediate service to customers. Automation of job
positions has also become a talking point among academics and IT analysts.

While artificial intelligence's acceptance in mainstream society is a new phenomenon, it is not a


new concept. The modern field of artificial intelligence came into existence in 1956, but it took
decades of work to make significant progress toward developing an artificial intelligence system
and making it a technological reality.
In business, artificial intelligence has a wide range of uses. In fact, most of us interact with
artificial intelligence in some form or another on a daily basis. From the mundane to the
breathtaking, artificial intelligence is already disrupting virtually every business process in every
industry. As artificial intelligence technologies proliferate, they are becoming an imperative for
businesses that want to maintain a competitive edge.

Business
WHAT IS ARTIFICIAL INTELLIGENCE?
Before examining how artificial intelligence technologies are impacting the business world, it's
important to define the term. "Artificial intelligence" is a broad and general term that refers
to any type of computer software that engages in humanlike activities, including learning,
planning and problem-solving. Calling specific applications "artificial intelligence" is like calling
a 2013 Honda Accord a "vehicle" – it's technically correct, but it doesn't cover any of the
specifics. To understand what type of artificial intelligence is predominant in business, we have
to dig deeper.

Examples of AI technology

MACHINE LEARNING
Machine learning is one of the most common types of artificial intelligence in development for
business purposes today. Machine learning is primarily used to process large amounts of data
quickly. These types of artificial intelligence are algorithms that appear to "learn" over time,
getting better at what they do the more often they do it. Feed a machine learning algorithm more
data and its modeling should improve.
For example, if you manage a manufacturing plant, your machinery is likely hooked up to the
network. Connected devices feed a constant stream of data about functionality, production and
more to a central location. Unfortunately, it's too much data for a human to ever sift through, and
even if they could, they would likely miss most of the patterns. Machine learning can rapidly
analyze the data as it comes in, identifying patterns and anomalies. If a machine in the
manufacturing plant is working at a reduced capacity, a machine learning algorithm can catch it
and notify decision-makers that it's time to dispatch a preventive maintenance team.
But machine learning is also a relatively broad category. The development of artificial neural
networks, an interconnected web of artificial intelligence "nodes," has given rise to what is
known as "deep learning."

DEEP LEARNING
Deep learning is an even more specific version of machine learning that relies on neural
networks to engage in nonlinear reasoning. Deep learning is critical to performing more
advanced functions, such as fraud detection. It can do this by analyzing a wide range of factors at
once. For example, for self-driving cars to work, several factors must be identified, analyzed and
responded to at once. Deep learning algorithms are used to help self-driving cars contextualize
information picked up by their sensors, like the distance of other objects, the speed at which they
are moving and a prediction of where they will be in 5-10 seconds.
Supervised learning

Data sets are labeled so that patterns can be detected and used to label new data sets

Unsupervised learning
Data sets aren't labeled and are sorted according to similarities or differences
Reinforcement learning
Data sets aren't labeled but, after performing an action or several actions, the AI system is given
feedback
Machine vision
The science of allowing computers to see. This technology captures and analyzes visual
information using a camera, analog-to-digital conversion and digital signal processing. It is often
compared to human eyesight, but machine vision isn't bound by biology and can be programmed
to see through walls, for example. It is used in a range of applications from signature
identification to medical image analysis. Computer vision, which is focused on machine-based
image processing, is often conflated with machine vision.
Natural language processing (NLP)
The processing of human -- and not computer -- language by a computer program. One of the
older and best known examples of NLP is spam detection, which looks at the subject line and the
text of an email and decides if it's junk. Current approaches to NLP are based on machine
learning. NLP tasks include text translation, sentiment analysis and speech recognition.
Robotics
A field of engineering focused on the design and manufacturing of robots. Robots are often used
to perform tasks that are difficult for humans to perform or perform consistently. They are used
in assembly lines for car production or by NASA to move large objects in space. Researchers are
also using machine learning to build robots that can interact in social settings.
Self-driving cars
These use a combination of computer vision, image recognition and deep learning to build
automated skill at piloting a vehicle while staying in a given lane and avoiding unexpected
obstructions, such as pedestrians.
ARTIFICIAL INTELLIGENCE AND BUSINESS TODAY
Rather than serving as a replacement for human intelligence and ingenuity, artificial intelligence
is generally seen as a supporting tool. Although artificial intelligence currently has a difficult
time completing commonsense tasks in the real world, it is adept at processing and analyzing
troves of data far more quickly than a human brain could. Artificial intelligence software can
then return with synthesized courses of action and present them to the human user. In this way,
humans can use artificial intelligence to help game out possible consequences of each action and
streamline the decision-making process.
"Artificial intelligence is kind of the second coming of software," said Amir Husain, founder and
CEO of machine learning company SparkCognition. "It's a form of software that makes
decisions on its own, that's able to act even in situations not foreseen by the programmers.
Artificial intelligence has a wider latitude of decision-making ability as opposed to traditional
software."
Those traits make artificial intelligence highly valuable throughout many industries, whether it's
simply helping visitors and staff make their way around a corporate campus efficiently or
performing a task as complex as monitoring a wind turbine to predict when it will need repairs.
Machine learning is used often in systems that capture vast amounts of data. For example, smart
energy management systems collect data from sensors affixed to various assets. The troves of
data are then contextualized by machine learning algorithms and delivered to human decision-
makers to better understand energy usage and maintenance demands.
Artificial intelligence is even an indispensable ally when it comes to looking for holes in
computer network defenses, Husain said.
"You really can't have enough cybersecurity experts to look at these problems, because of scale
and increasing complexity," he said. "Artificial intelligence is playing an increasing role here as
well."
Artificial intelligence is also changing customer relationship management (CRM) systems.
Software like Salesforce or Zoho requires heavy human intervention to remain up to date and
accurate. But when you apply artificial intelligence to these platforms, a normal CRM system
transforms into a self-updating, auto-correcting system that stays on top of your relationship
management for you.

Another example of artificial intelligence's versatility is within the financial sector. Dr. Hossein
Rahnama, founder and CEO of artificial intelligence concierge company Flybits and visiting
professor at the Massachusetts Institute of Technology, worked with TD Bank to integrate
artificial intelligence into regular banking operations, such as mortgage loans.
"Using this technology, if you have a mortgage with the bank and it's up for renewal in 90 days
or less … if you're walking by a branch, you get a personalized message inviting you to go to the
branch and renew purchase," Rahnama said. "If you're looking at a property for sale and you
spend more than 10 minutes there, it will send you a possible mortgage offer.
"We're no longer expecting the user to constantly be on a search box Googling what they need,"
he added. "The paradigm is shifting as to how the right information finds the right user at the
right time."

AI IS EXCELLING IN THE BUSINESS ARENA

AI has evolved into that “can’t do without” technology in the modern business landscape. Small
to large enterprises are leveraging this technology to improve the efficiency of business
processes and deliver smarter, more specialized customer experiences. The question is, how is
artificial intelligence changing the scenes of today’s business environment?

 It’s rapidly transforming different industries. AI is quickly changing heavily regulated


industries like healthcare, financial services, life sciences and the trading industry. For
instance, in medicine, AI is taking the roles of clinical assistant to help physicians make
faster and reliable diagnoses. It’s also accelerating the creation and discovery of new
drugs and medication.
 AI is powering modern decision-making. Artificial intelligence is impacting all aspects
of modern businesses. Prior to the renaissance of AI, leaders had to depend on incomplete
and inconsistent data. Today, AI feeds on big data, chews it and then breaks it down into
actionable insights that aid executives in their decision-making processes. For example, a
marketing manager must understand their ever-changing customer needs and align
products and services to these needs. AI simulation and modeling techniques provide
reliable insight into buyer personas. Therefore, these methods are ideal for predicting
consumer behavior.
 AI offers better insights than ever before. AI is, essentially, automation of the
maximum sequence of decisions originating from prescriptive analytics. Its intelligence
comes from its ability to give real-time feedback data to enhance prescriptive models.
This ensures that the next prescribed decision will automatically be better than the
previous. This exceptional ability to adapt and learn enables AI to execute actions
following automated decisions. As organizations continue generating more data, the
analytical might of AI will help power the next phase of decision-making and
profitability.

WHY DO BUSINESSES DESPERATELY NEED AI-POWERED BI SYSTEMS?

AI-powered BI systems can transform your business data into simple, accurate, real-time
narratives and reports. Let’s look at why this is especially important.

 Dashboards are not enough. What happens when you have data blasting your BI from
different sources? This is where businesses need AI-powered BI tools that help digest all
the data and deliver tailor-made insights.
 Avoid a big data overload. Big data is growing at an unprecedented rate and can easily
gag the operations of the business. But, investing in AI-powered business intelligence
software can help companies break down data into manageable insights.
 Get insights in real time. The staggering speed and growth of big data in the market
makes it hard to make strategic decisions on time. However, thanks to leaps in AI,
Business Intelligence tools offer powerful dashboards that give managers alerts and
business insights they need for key decision-making.
 There’s a shortage of experts. According to McKinsey, there is a shortage of
professionals with data analytical skills in the United States. Moreover, there is an acute
shortage of about 1.5 million analysts who can make informed decisions based on data.
Employing data experts in every department within an organization is very important.
However, even if a company can afford to do so, making timely decisions with data
requires the right processing software.

THE FUTURE OF ARTIFICIAL INTELLIGENCE

So, how might artificial intelligence be used in the future? It's hard to say how the technology
will develop, but most experts see those "commonsense" tasks becoming even easier for
computers to process. That means robots will become extremely useful in day-to-day life.

"AI is starting to make what was once considered impossible possible, like driverless cars," said
Russell Glenister, CEO and founder of Curation Zone. "Driverless cars are only a reality because
of access to training data and fast GPUs, which are both key enablers. To train driverless cars, an
enormous amount of accurate data is required, and speed is key to undertake the training. Five
years ago, the processors were too slow, but the introduction of GPUs made it all possible."
Glenister said GPUs are only going to get faster, improving the applications of artificial
intelligence software across the board.
"Fast processes and lots of clean data are key to the success of AI," he said.
Other analysts, like co-founder and CTO of Nara Logics Dr. Nathan Wilson, said they see
artificial intelligence on the cusp of revolutionizing familiar activities, such as dining. Wilson
predicted that artificial intelligence could be used by a restaurant, for example, to decide which
music to play based on the interests of the guests in attendance. Artificial intelligence could even
alter the appearance of the wallpaper based on what the technology anticipates the aesthetic
preferences of the crowd might be.
If that isn't far-out enough for you, Rahnama predicted that artificial intelligence will take digital
technology out of the two-dimensional, screen-imprisoned form to which people have grown
accustomed. Instead, the primary user interface will become the physical environment
surrounding an individual.
"We've always relied on a two-dimensional display to play a game or interact with a webpage or
read an e-book," Rahnama said. "What's going to happen now with artificial intelligence and a
combination of [the internet of things] is that the display won't be the main interface – the
environment will be. You'll see people designing experiences around them, whether it's in
connected buildings or connected boardrooms. These will be 3D experiences you can actually
feel.

THE USES OF AI
Understanding how artificial intelligence (AI) and machine learning (ML) can benefit your
business may seem like a daunting task. But there is a myriad of applications for these
technologies that you can implement to make your life easier. AI-powered tools and automated
systems can help your company improve the use of its resources, with visible effects on your
bottom line.

1.The Use of AI in the Banking and Finance World

Right now, the BA role has been partially or fully automated in banking, finance, investment
banking, or portfolio management. As Artificial Intelligence makes it easy to simulate human
thinking and actions using “learning algorithms,” the future possibilities are endless.

Nonetheless, it is probably too early to say that smart machines will replace the Business Analyst
in the AI world, but it is probably not incorrect to mention that currently, many BA tasks in the
above industry sectors have been taken over by robots, digital assistants or automated apps. AI
has made rapid strides in the field of Cognitive Computing, and may be a day will come, when
machines will be able to “think and decide” based on changing parameters, the way the humans
do.

Globally, banks and financial institutions are using AI-based system to prevent fraud and money-
laundering. Most of the customer-facing units in worldwide financial organizations use chat bots
and robot customer service representatives to handle the routine customer management tasks.
Recommendation Engines have been used for years to make judicious product and service
recommendations to banking, insurance, and finance industry customers.
2. The Use of AI in the Investment World

In the field of investment banking, it is a commonly acknowledged fact that “thinking


algorithms” are providing technological support to BAs through automated valuations and pitch
book updates. The investment banking professionals prefer an outsourced service model, where
core AI or ML functionality will be available to them quickly and easily without much
downtime. Thus, the implication is that many of the manual tasks conducted by investment
bankers will be taken over by smart machines in future.

In 2016, a World Economic Forum (WEF) Report stated that in the near future, about 35 percent
of existing job skills will be new. Although the over-publicized, Year 2020 impact of Artificial
Intelligence is under the human scanner, many of the surveyed respondents of the report believe
that the newer technologies like Big Data, the Cloud, and Mobile Internet are the agents of
change for the future workplace.

White collar jobs will take the impact of data technologies, it is not clear whether a Business
Analyst in the AI world will peris.

3.In Cybersecurity Defense

In addition to traditional security measures, we have adopted AI to assist with cybersecurity


defense. The AI system constantly analyzes our network packets and maps out what is normal
traffic. It is aware of over 102,000 patterns on our network. The AI wins over traditional firewall
rules or AV data in that it works automatically without prior signature knowledge to find
anomalies.

4. Health Care Benefits

We are exploring AI technology for health care. It can help doctors with diagnoses and tell when
patients are deteriorating so medical intervention can occur sooner before the patient needs
hospitalization. It's a win-win for the healthcare industry, saving costs for both the hospitals and
patients. The precision of machine learning can also detect diseases such as cancer sooner, thus
saving lives.
5.Reduced Energy Use And Costs

We have used AI to cut energy use and reduce energy costs for drilling, crude and natural gas
transportation, storage and petroleum refining operations. Until recently the industry has been
looking at historical data points. The AI application we run can now learn and predict future
energy load at levels as granular as a single blending activity. This opens up an entire range of
opportunities to reduce waste, reduce peak demand and cut costs.

6. Predicting Vulnerability Exploitation

We've recently started using machine learning to predict if a vulnerability in a piece of software
will end up being used by attackers. This allows us to stay days or weeks ahead of new attacks.
It's a large scope problem, but by focusing on the simple classification of "will be attacked" or
"won't be attacked," we're able to train precise models with high recall.

7. Becoming More Customer-Centric

We’re using AI to better analyze customer responses to surveys and activities over time. This
enables us to understand not only the feedback they provide but whether or not there are specific
qualities and attributes that correlate to their response rate and likelihood to engage. This
information will allow our customers to alter their own client survey strategies.

8. Market Prediction

We are using AI in a number of traditional places like personalization, intuitive workflows,


enhanced searching and product recommendations. More recently, we started baking AI into our
go-to-market operations to be first to market by predicting the future. Or should I say, by
"trying" to predict the future?

9.Understanding Intentions And Behaviors

Bad actors follow specific communication patterns -- for example, colleagues spreading
malicious rumors tend to be pretty chatty. Advanced AI has the distinct ability to not just identify
these patterns, but leverage behavioral analytics to understand the intention behind
communication. Using AI to spot bad behavior is something we use to empower customers
across various industries.

10. Proposal Review

We found an exciting use of AI for our application that saves incredible time and improves
quality for customers. When a facility manager receives a proposal from a contractor, machine
learning analyzes the scope, the pricing, and the contractor's historical performance, to determine
if the proposal is the right cost and will be done at the right quality level. It's a huge win for our
client.

ROLES OF ARTIFICIAL INTELLIGENCE IN


BUSINESS
There is a public fear around the world that we humans have advanced technology so much that it
will surpass our capabilities and control. That is, technology will overtake us with the power of
artificial intelligence (AI). This fear is considered unfounded by some, and completely plausible
by some of the brightest intellectuals.

Regardless, AI is in fact changing our lives in different ways each year. We want to look at some
of the roles it’s playing in workplace, from the entryway to your cubicle in the back. These are as
follow:-

I.) Finance Analyst

A recent Ohio University infographic presents AI’s handling of financial analytics in the near
future. This prediction comes from observing the technology used in things like Google
Analytics. Being able to read monetary results and relate them to specific business decisions is
something that technology can do with the right programming, and it potentially could even
advise you on the most logical step next!

And according to Fiscal Tiger, we may live long enough to see AI having a unique, in depth
understanding of individual financial crises, replacing human beings in crucial steps to monetary
redemption. Time will tell, but it may be bad news for financial analysts.

Trending AI Articles:
1. Machines Demonstrate Self-Awareness
2. Visual Music & Machine Learning Workshop for Kids
3. Part-of-Speech tagging tutorial with the Keras Deep Learning library

II.) Help Desk

AI is already being used in online help centers. If you’ve gone to a website and a chat window has
opened up allowing you to ask it questions so it can direct you further, then you’ve seen this
personally.

It would be interesting if AI moved farther on the voice-activated front, as companies are already
using this technology on their help lines. If AI can figure and solve problems in the future, then
help desks and people working call lines may become a thing of the past.

III.) Market Research

Analytics is moving AI into all kinds of business fields besides finance, and marketing is one of
the most notable of those. With the data of previous consumer trends and the results of marketing
campaigns, AI may have the upper hand in deciding the next most effective marketing strategy.
AI’s ability to learn and technology’s lack of human fatigue may give it a better data-based
assumption than a person could come up with.
However, that’s not where AI is leaving the marketing field — currently, there is said to be an AI
Photoshop replacement coming, which could even create new designs for brands, products, and
campaigns based off of what is learned by the technology. Odd? Yes. Impossible? No.

IV.) Trend Prediction

We’ve already seen trend prediction being used by law enforcement, so why wouldn’t businesses
use it to make money? If you could be assured that the marketing tactics you plan on using won’t
blow your budget, wouldn’t you do whatever you could to become aware of this?

Trend analysis leads to trend prediction for AI, plain and simple. All data is compiled and
remembered by this technology and analyzed at once, providing users with the most logical
solution. Whether the most logical prediction is what ends up happening will always be told by
time, however.

V.) Planning

Of course, technology is being used to manage scheduling, payroll, benefits, and employee tasks
already. What’s stopping it from planning and self-organizing such things? There’s seemingly
nothing stopping the popularization and advancement of AI, and reason would lead one to believe
that this is the next step.

EXAMPLES OF AI
DOMO – AI for Business Dashboards

It is not just the giants like SAP developing machine learning platforms for business. Domo, a
fast-growing business management software company that’s raised over $500 million in funding,
has created a dashboard that gathers information to help companies make decisions. The cloud-
based dashboard can scale with the size of the company, so it can be used by teams as few as 50
or by much larger enterprises. There are more than 400 native software connectors that let Domo
collect data from third-party apps, which can be used to offer insights and give context to
business intelligence.

This gives companies using Domo a way to pull data from Salesforce, Square, Facebook,
Shopify, and many other applications that they use to gain insight on their customers, sales, or
product inventory. For instance, Domo users who are merchants can extract data from their
Shopify point-of-sale and e-commerce software, which is used to manage online stores. The
extracted information can be used to generate reports and spot trends in real-time, such as in
product performance, which can be shared to any device used by the company.

In March, Domo announced Mr. Roboto, a set of new features for the platform that draw upon
AI, machine learning, and predictive analytics. The expectation is for Mr. Roboto to offer
recommendations and insights to decision makers at companies. Once these features are rolled
out, expected in late spring 2017, the platform is supposed to issue new alerts and notifications
for significant changes, such as the detection of anomalies or new patterns in data (similar
to approaches used in cyber security already).

Detecting these changes and patterns is expected to fuel the predictive analytics side of Mr.
Roboto and help companies predict the return on investment for marketing in real-time, customer
churn, and sales forecasts.

According to Domo, companies such as MasterCard, Univision, eBay, the Honest Co., and SAB
Miller use its platform. Television broadcaster Univision offered up a testimonial about the way
it uses Domo to give more visibility to its own data, which is then used to unify and focus
targeted campaigns. Univision said it uses the Domo platform with connectors for such
applications as Google Analytics, Facebook, and Adobe Analytics to get more value from its
programmatic advertising. “By launching Domo, we were able to quickly optimize and achieve
an 80 percent growth in yield during our first quarter,” said David Katz, Univision’s VP general
manager for programmatic revenue and operations.
Apptus – AI in Sales Enablement

There are numerous ways for machine learning to enhance applications, including those
from Apptus, which offer recommendations on actions that companies can take to boost their
sales channels. Apptus says it specializes in the connection between a customer’s intent to buy
and the realization of revenue by a company.

The Apptus eSales solution is designed to, among other features, automate merchandising based
on a predictive understanding of consumers. The software combines big data and machine
learning to determine which products might appeal to a potential customer as they search online
or get recommendations.

For example, when a customer visits an online store that uses Apptus eSales and starts to type in
search terms to look up products, the machine learning solution can predict and automatically
display related search phrases. It can also display products associated with those search terms.

Companies of varying size use Apptus, such as automated bookseller Bokus.com in Sweden,
which according to its testimonial has about 30 employees. Bokus, which needed to keep
overhead at a minimum, said that tapping into automated technology to convert customers is a
way to help achieve that goal. For instance, the eCommerce company reported that its average
turnover of customers increased 100% for each open of its digital, personalized
recommendations newsletter.

AI and machine learning platforms are getting better at predictive tasks, such as determining
what customers might want based on the information that they are fed. In an interview strictly for
this article, Nicholson stated that deep learning, a subset of machine learning, is in many cases
hitting an accuracy of 96% in interpreting data. “That is the upper limit of what humans can do,”
he points out.

Though the technology is still in its early days, Amr Awadallah, founder and CTO at machine
learning and software company Cloudera, says deep learning is already adept at prediction and
anomaly detection. It is not perfect yet, but it is getting easier for deep learning networks to
understand what information is relevant. “You don’t have to tell the algorithm which things to
look at,” he says. “You can give it the raw input data and it can figure it out for itself.”

Avanade is a joint venture between Microsoft and Accenture that leverages the Cortana
Intelligence Suite and other solutions for predictive analytics and data-based insights.

Insurance company Pacific Specialty tapped Avanade to build an analytics platform with the
intent of giving its staff more perspective and insight on the business. The goal was to use
customer and policy data to help the team drive more growth. By understanding policyholder
behavior and trends through analytics, the idea was to better advise the development of new
products.

Avanade says the world is headed towards a future populated with smart technologies where
machines take on more of the work that people traditionally do. According to a study
commissioned by Avanade, a survey of 500 business and IT leaders from around the world
revealed that they expect to see 33% increases in revenue as a result of smart technologies. They
also believe this will lead to new and redefined job roles for employees, as well as more benefits
to customers. The survey, however, did not specify which specific jobs could be changed by the
adoption of smart technology.

So far, these use cases point to machine learning largely used in service sectors, such as
insurance and retail, to address tasks related to customers, sales, and operations; however, AI has
also merged with BI applications in manufacturing and industrial domains.