Let’s harness the power of AI to excel

Artificial Intelligence is the 21st Century’s avant-garde technology that has revolutionised the ways in which people collect and process data, and has also radically transformed business operations.

AI systems, in broad brushstrokes, are undergirded by three major aspects: domain knowledge, which denotes the understanding and expertise of the real life scenario on why and how we need to engineer a task; the data aspect entailing the process of preparing databases necessary to feed on the learning algorithms; and machine learning encompassing a machine’s ability to detect patterns from the training data, hence predicting and performing tasks without being manually or explicitly programmed.

There are three attributes that distinguish the AI technology. One is the capacity for intelligent decision making. AI is backed by advanced data analytics, which means it can learn and gain insights as it keeps feeding on an inexhaustible reservoir of new data. The intelligence attribute of AI optimises productivity and lessens dependency on human support, which makes AI highly autonomous and convenient tool for businesses.

Second is intentionality, which is deemed as the technical and ontological attributes of computer programmes derived from knowledge engineering. With the development of limitless data ingestion, infinite storage capacity, and rapid processing speed and analytic techniques, AI is capable of responding to issues with increasing sophistication.

The final attribute is adaptability and prediction. Machine learning facilitates AI to discover the pattern of the data that were previously programmed, which empowers it to make its own changes as circumstances dictate. This attribute profoundly enhances AI’s predictive capacity and decision making.

Tailored AI solutions offer immense benefits to businesses. Firstly, AI solutions that are focused on deciphering the way businesses work can improve the quality of operations and aid in faster decision making, informed by analysing large quantities of data.

Secondly, companies have leveraged on AI in data mining processes, allowing them to pick up information that could be used to expand their customer base while delving deeper into company processes and procedures.

Thirdly, AI solutions can automate repetitive tasks with intelligence, replacing low-cost labour, hence cutting costs and enhancing efficiency among the workforce. Finally, AI has the potential to change the way a company approaches and interacts with customers. Common solutions include implementing chatbots to quickly address customer’s FAQs, recommendation engines for customised user experience, and 24/7 customer support using AI agents.

A study conducted by the University of Nairobi in conjunction with KPMG Kenya revealed that more than a third (37 per cent of Kenyan workers are already utilising AI in their professional roles. Moreover, 40 per cent of Kenyan employees expressed their willingness to trust and embrace AI, with 46 per cent comfortable with the idea of AI assuming a prominent role in their workplace.

They cite improved cost savings, improved efficiency, and the innovation AI powers as the key positive aspects of AI integration.

Mr Maosa is a banking and financial expert;       [email protected]; @ndegemaosa