AI: Managing Data, Improving Business Intelligence

Artificial intelligence (AI) has become a common household term. We all know about Siri, the intelligent virtual assistant that comes with Apple products’ operating system, but AI is much more than just her.

From a business perspective, AI has many uses. From data analysis to automation, AI is rapidly being endorsed by businesses and is already being put into use by numerous companies across the globe. 

One of the most popular is its ability to manage data, and it can do this much more effectively than humans ever could, in a fraction of the time. The AI can also help in identifying patterns and future trends, as well as helping companies refine their business strategy with more accurate data.

Another major use for AI is improving business intelligence (BI). By consuming large amounts of information from different sources such as social media posts via sentiment analysis or generating insights based on past events, the BI becomes smarter.

One of the many benefits artificial intelligence has brought to business is speed. Using AI, decisions can be made faster, partially due to the ability for constant updates.

The AI can also help in identifying patterns and future trends, as well as helping companies refine their business strategy with more accurate data.

Some other areas that AI can help are:

1. Customer support

In customer support, AI can process more than twice as many queries per minute with 100% accuracy. For example, a chatbot can help customers find the right product or service and answer their questions in real-time

2. Automation

New generations of more advanced autonomous systems are being designed to handle more complex tasks. These include self-driving cars, automated manufacturing lines, and even smart home devices

3. Using External Data

AI is leading to the ability to use data from external sources, and harnessing this power can be a huge opportunity in business. The investment community is an example; as investors continue to look for new ways to generate returns, alternative data is used from a variety of licensed and public sources. The aim is then to test these sources to increase their effectiveness in investment decisions.

Using AI to manage your assets

At CheckVentory, we use AI to take feeds from various sources, enabling customers to have a complete, accurate, and validated view of their inventory. The AI also assists with fraud prevention and detection to help eliminate risk. 

The CheckVentory Audit tool helps to:

• Provide a continual picture not just an infrequent snapshot
• Increase the speed of an audit compared to traditional methods
• Reduce the need for travel saving time, fuel cost, and vehicle emissions. The technology is easy to use and well received by dealers and auditors
• Deliver a random, more frequent approach to auditing which is light touch but can highlight issues more rapidly
• Enable a continual risk profile for a dealer

CheckVentory Audit is a digital audit solution that offers a complete, validated appraisal of your portfolio. This means stock can be managed proactively, maximising sales opportunities and allowing better-informed management decisions.

The cloud and app-based solution delivers a group-wide view of all of your stock at any point in time. Added to this, the AI-powered software consolidates data feeds from multiple sources to give you a complete picture.

And because it’s web based, Checkventory will work with no matter what device or operating system you’re using – making it easy for everyone in your business to use.

Interested in the benefits of CheckVentory Audit? To find out more, book a demo today.