According to research, the global artificial intelligence market size was valued at $39.9 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 42.2% from 2020 to 2027. Unarguably, this is a clear sign that AI is rapidly becoming the significant revolutionary element of the new digital era.
Unlike traditional methods, the sophisticated Artificial Intelligence and Machine learning technology is providing outstanding solutions to the long-lasting business challenges like fraud, data analysis and more, in organizations. Artificial Intelligence is impacting business enterprises by disrupting existing business models and developing new ones.
By integrating AI algorithms into business softwares, organizations can identify patterns and draw insights from real-time data to make better decisions. More so, the introduction of more functionality such as analyzing large data sets for humans to process, real time predictions from existing data, and automation that reduce costs and boost productivity, through artificial intelligence is offering new opportunities to reshape the way businesses operate.
Today, industry verticals such as automotive, healthcare, retail, finance, and manufacturing take advantage of these AI-enabled solutions in customer relationship management, fraud detection, underwriting, automating processes, talent development and human risk management.
Interestingly, AI-powered business intelligence platforms like Clearfind are facilitating a quick, easy and better approach to critical challenges in organizations by applying smart and augmented decision-making or prediction tools.
Clearfind – AI-powered Software Intelligence Platform
Clearfind is a user-friendly, unbiased artificial intelligence platform that is disrupting the way companies manage and optimize software with data. This powerful technology combines a unique data set of software features with complex algorithms powered by machine learning to analyze an enterprise software product ecosystem and uncover which products they should keep, assess, remove and consolidate based on the functionality and characteristics of the software they have.
James Layfield, CEO of Clearfind.com, seems confident about the ingenious platform saying:
“It is a wonderful feeling to hear a potential client tell you that your product is Magic. That is what we have unlocked with AI, plus Data. Magic!.”
Without a doubt, Clearfind has unlocked a lot of opportunities for organizations to leverage and gain an edge over their competitors. Here are some of the dazzling benefits of the software intelligence platform.
1. Cost Optimization
Clearfind provides amazing cost benefits for business enterprises. Infact, it is the perfect tool to enable organizations to identify cost savings and functional gaps in their software ecosystem. According to James Layfield, CEO, Clearfind, he said: “Our AI typically identifies 20%-35% of software overlaps in functionality with software in our clients’ ecosystems.” As such, businesses are able to have consistent data to support their decision making, enabling them to make substantial cuts and smarter purchases as well as invest efficiently.
2. Optimum software product
The intelligence software platform captures a large volume of feature combinations to assess the software used by a company and make recommendations on what they should keep, assess, remove and consolidate. Clearfind enhances highly complex business processes by taking every variable and product into account when analyzing so as to determine the optimum software product ecosystem for a given company.
3. Business strategy development
Clearfind helps to uncover an ocean of insight from the data it receives to allow companies to make a well-informed decision. Clearfind’s database and sophisticated algorithms help businesses get the best insight within seconds, enabling them to make perfect business strategies to improve productivity.
One of the most exciting potential of AI-enabled solutions in organizations is to improve profitability and that is what Clearfind is offering. For instance, it has helped enterprises discover multimillion-dollar ERP systems in just a few hours rather than the months it usually takes. Thus, Clearfind applies predictive analytics to produce real-time, data-driven insights necessary to improve profitability.
Major challenges organizations encounter and how AI technology is addressing those issues
Typically, the rapid increase in the number of transactions happening in the global financial services has also increased the threat of financial frauds as it gives criminals the opportunity to target sensitive personal and financial data. As a matter of fact, organizations are struggling to keep pace with digital transformation thus making them vulnerable to digital frauds.
Well, thanks to Artificial intelligence, it has emerged as a technology for detecting fraudulent activities in real time. Artificial intelligence and machine learning applications use rule-based algorithms to analyze patterns and predictive analytics to prevent fraudulent transactions, thereby providing enterprises the opportunity to effectively minimize financial frauds.
Artificial intelligence can help to detect fraud by analyzing large streams of data at the fraction of a second, detecting complex patterns and potential red flags in the most efficient manner which can be difficult for humans to detect. Additionally, machine learning helps to understand customer’s behaviours as well as clearly distinguishing legitimate and fraudulent behaviours while adapting over time to next-generation fraud strategies. Thus, organizations have leveraged AI to significantly reduce frauds and increase their return on investment.
Basically, data is a big factor in creating predictive and intelligent solutions. Organizations encounter the challenges of having lots of data without a means to quickly analyze them and generate deep insights for accurate decision making.
On the other hand, Artificial intelligence excels at capturing and analyzing large streams of data as well as extracting insights and patterns in order to make accurate predictions. The analyzed data allow business enterprises to understand their customers; like what they want, how they feel about the products and services and more, so as to offer great value to their customers.
In fact, Machine language enables organizations to build intelligent systems that can analyze market trends, optimize workflows, provide precise forecasts, and much more, thereby unlocking an ocean of insight to facilitate well-informed business decisions. For example, AI-enabled solutions such as Clearfind, utilize predictive analytics to generate real-time, actionable insights required to make confident data-driven decisions. Interestingly, Companies are already adopting this powerful technology to gain an edge over their competitors.
Customer relationship management
Considering the increased rate of unstructured data as well as the growing complexity of customer relations or processes, Artificial Intelligence technology is becoming a necessity in customer relationship management (CRM) systems. AI technology has the ability to tackle the challenges of understanding unstructured data by converting them to structured data. By incorporating AI into CRM tools, they become more intelligent and offer accurate sales insights, thereby allowing organizations to make better decisions in sales processes.
Artificial Intelligence enables businesses to capture and analyze a large volume of data rapidly with minimum errors. It also automates CRM tasks and offers detailed insight to understand businesses relationships and patterns accurately for effective management. AI also helps to enhance the business marketing strategy and sales opportunities to improve productivity. Therefore, the integration of AI will enable organizations to improve CRM processes in order to satisfy their customers.
Clearly, AI-enabled solutions such as Clearfind, is practically impacting business processes by providing useful solutions to critical challenges in organizations, thereby improving efficiency and productivity.