The Importance of Machine Learning in Business – Will Machines Make Decisions for Our Businesses?

People keep talking about artificial intelligence, and for a good reason. AIs can do a lot of things, like suggesting searches. Yes, they eliminate the need to type a couple of buttons just to speed up the process. You can also find things you needed but weren’t able to phrase properly.

On a more technical side, AIs are now controlling cars, like Renault’s prototype Symbioz which was able to drive for about 200 kilometers without any human input, albeit on the motorway. Tesla already has a level 2 AI which can also drive on motorways, and it is in their production vehicles, ready to purchase at your will. AIs are also interviewing people for jobs, and the list goes on.

What about machines which can make business decisions for us? Is that a possibility?

AIs in Businesses – Goodbye Interviews

An AI is already doing test interviews in Sweden. Build by Furhat Robotics, Tengai is a female robot who does interviews. She is unbiased and asks questions which are only related to the interview itself. In May, she will be interviewing real candidates and not just already employed people for test purposes. It will also be a test phase, but this time with real candidates.

Once the data is there, Tengai will become a full-time interviewer. That is a business decision, to hire or not to hire.

AIs in Banks – Risk Assessment

When someone wants to get a large sum of money from a card, for whichever purposes, there is always the possibility of fraud. But if fraud is not the case, but a genuine customer, you could end up with having an unhappy customer.

AIs do risk calculations much faster, if they have the right data. The problem is that you have to obtain such data in the first place, and it needs to be in abundance. An AI could be trained to calculate potential risks in dealing with customers and approve or deny their withdrawals. Mistakes in this case would mean losing money, sometimes lots of it, or a customer, which either way ends with a loss of profit. AIs have to be trained and have to learn, otherwise there will be substantial losses.

AIs in Corporate Businesses – Financial Decisions

Even though humans are very good at calculating potential risks when it comes to profit and budget, an AI would be able to do it faster. There are plenty of companies which have tons of financial data. The majors AI researchers like Google and Amazon have lots of data to feed the AI with. Now, whether its decision is a good one can be cross-referenced with those made by humans, to assess its accuracy and level of competence. In the future, AIs could make those decisions much faster.

AIs in Casinos – Worthwhile Opponents

Imagine playing video poker against an AI, or real poker against a bust like Tengai? It would have a permanent poker face and you might give away something. An AI can be trained to look for signs of distress or habits you might do if you are playing frequently. AIs could also be installed into slot machines or be integrated into a casino’s surveillance, to spot potential card counters.

The future is here, at least in parts. AIs are doing some amazing things, but business decisions are still not one of those things, yet. In the years to come, AIs will be doing everything from making decisions about people, to making decisions for people. As long as they don’t decide to become Skynet, we will be fine.