Industry-Specific Augmented Intelligence: A Catalyst For AI In The Enterprise

First published on Forbes

Artificial intelligence (AI) today is the new frontier in the digital transformation journey enterprises have already embarked on. But adoption to solve real problems and drive business outcomes has been slow. Driving up adoption is critical to unlock the real promise of AI and is going to depend on how we approach AI. And that opportunity is in front of us thanks to industry-optimized augmented intelligence.

Most realistic and successful AI initiatives have been focused on augmenting human abilities with powerful machine intelligence. Unlike the more hyped kind of artificial intelligence that replaces humans with machines, augmented intelligence extends human cognitive abilities through the pairing of people and machines to solve some of the biggest problems we face as a human race. Augmented intelligence systems differ from traditional AI systems in three key areas:

1. They help augment and extend human decision making and creativity as opposed to replacing humans through machine-led automation.

2. They are optimized to solve deep industry and domain problems with a high level of specificity rather than tackle broad, general intelligence.

3. They provide insights and recommendations with reasons (the notion of explainable AI) rather than operating as opaque black boxes where magic happens.

Selecting domain-specific problems to help customers and employees is the fastest way to scale AI adoption in enterprises. This method allows for focusing on a specific deep domain problem in order to drive business value instantly when solved and use beyond science experiments. This approach is supported by some of the world’s leading technology innovators. For example, in September, Microsoft announced a new health care division based on AI software. In December, Dell Technologies published its 2018 predictions, with one of them being that the future will be more about human-machine partnerships than about replacing humans with machines.

Across financial services, health care and other industries, this new class of technology, data, methods and skills is driving transformative change, delivering valuable business outcomes and greatly improving shared employee knowledge. Here are some examples of how augmented intelligence is driving transformation for organizations and the industries in which they reside.

Transforming Industries With Augmented Intelligence

Heavy regulations and compliance in industries like financial services and health care mean that organizations need to verify and defend the machine-driven data and insights they use in their business processes. Transparent and explainable AI delivered through industry-specific augmented intelligence is non-negotiable. Cognitive technologies must not only provide the right advice at the right time, but they must do so while surfacing the evidence used to reach those conclusions.

In wealth management, AI helps financial advisors better understand their clients, as well as provide an enhanced portfolio determination beyond the usual aggressive, conservative or balanced choices. AI systems can derive relevant signals from social media to give advisors insight into their clients’ current and potential future financial needs. For example, information can be gathered about clients who may want advice on retirement planning or others who are celebrating the birth of a child. With this type of timely information, advisors can have important financial conversations with their clients at the right time — earning their trust for achieving financial goals.

Banks know augmented intelligence will help revolutionize the way they gather information and interact with customers, as they use it to understand the stated and unstated intentions of customers to enable better interactions. The pairing of humans and machines also enables banks to apply AI to business process intelligence, ensuring employees have the right answers and advice for the clients they serve.

And the health care industry is facing major disruption as market and regulatory forces drive an even greater need for operational efficiency while delivering better service. It is forcing providers, payers and pharmacies to engage in the health care journey and extend care beyond the traditional clinical setting. It is for these reasons that Global Market Insights, Inc. (via GlobeNewswire) estimates the health care AI market will exceed $10 billion by 2024.

Without industry-specific insights that are proven, explainable and trusted, AI is just a black box spitting out structured and unstructured data. It’s the industry-optimization of AI that helps you tackle domain-specific problems, combined with the pairing of experts and information that truly augments organizational intelligence. This approach is the only one that will drive better business outcomes for enterprises.

The AI market has never been more mature, more innovative and, of course, more hyped. Focusing on practical applications to help with domain-specific problems and pairing humans with machines is the only way to guarantee that this industry as a whole will thrive and solve the biggest societal problems.

Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives.



#AI and Healthcare. CEO @ Autonomize, @StoriesinAI . Scaled Data/AI biz to $B+ , 2x startups, ex-GM @DellTech . On life, startups & impact, sharing & learning

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Ganesh Padmanabhan

#AI and Healthcare. CEO @ Autonomize, @StoriesinAI . Scaled Data/AI biz to $B+ , 2x startups, ex-GM @DellTech . On life, startups & impact, sharing & learning