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What can Artificial Intelligence (AI) do for Your Business? 

What can Artificial Intelligence (AI) do for your business?

Since Fritz Lang’s 1927 revolutionary sci-fi film “Metropolis”, there has been no shortage of terrifying AI-infused movies to fire our imaginations. Think The Terminator, Star Trek, Blade Runner, and Star Wars – we’ve had decades of entertainment that has sealed AI into our realm of consciousness.  

In the real world, however, AI applications are not always the stuff science fiction is made of. If walking, talking robots are what you’re expecting to see when you hear the term “AI”, to quote Star Wars, “These are not the droids you’re looking for”. For the most part, AI technologies are in the little things that make our lives easier.   

We interact with different types of AI every day. And sometimes, we aren’t even aware that we’ve had these “robotic” encounters. As digital transformation accelerates, the global artificial intelligence market is expected to reach $1,581.70 billion by 2030 (according to alliedmarketresearch.com). 

So, besides creating popcorn-selling blockbusters, what can real artificial intelligence do for businesses to simplify processes and make our working lives less boring? 

AI applications love paperwork 

One of AI’s most significant benefits in business is that it is excellent at handling anything humans might consider mundane or repetitive. While that may not sound like the plot for the next great sci-fi epic, investing in the right artificial intelligence for business can be very exciting if you’re tired of wasting time and resources on red tape. 

No human likes paperwork. But AI loves it. Robotic Process Automation (RPA), like the systems used in VisionDocs by Vision AI Suite, frees up human resources from dull, repetitive capture tasks, like manually verifying FICA documents, extracting data from Invoices or pulling reports from bank statements. 

VisionDocs also turns basic scans, PDFs and images into smart, structured information that is searchable. And it accomplishes that in seconds, whereas a human might spend hours doing the same thing. 

VisionService uses artificial intelligence for ID document verification, document extraction and OCR (Optical Character Recognition). OCR recognises text in digital images, which is useful when you need to digitise a paper document or flat image with text, making it editable. OCR is a product of Computer Vision AI, which also incorporates facial recognition technology for identity verification. 

AI simplifies identify verification 

Digital transformation and remote working come with a few challenges. For example, verifying someone’s identity isn’t as simple as them just handing you an ID document anymore. But identity verification is still necessary for businesses with KYC (Know Your Customer) or AML (Anti-Money Laundering) requirements for fraud detection. Once again, implementing AI can make things easier for you. 

When your company needs to know that someone really is who they say they are, or if you need to onboard new customers; the RPA in VisionVerify uses advanced AI to verify identity. And it can all be done in 60 seconds from any mobile device. 

To ensure that the business process is 100% effective, VisionVerify automatically performs verification checks via multiple channels, including Home Affairs, advanced face matching and third-party verification. 

Suppose you need your clients to submit FICA documents, medical reports or images relating to an insurance claim. In that case, the AI-driven VisionAutomate app allows users to photograph what you need and send it through with proof of the person who sent it and the location from which it was submitted. 

Data analytics and AI for business is taking off 

According to a report from Harvard Business Review in September 2021, the COVID-19 crisis accelerated the adoption of data analytics and AI in business. And the momentum continues. Surveys revealed that 52% of participating US companies accelerated AI adoption during the crisis. 

In our new reality, we are touched by AI applications every day. Whenever we say, “Hey, Siri” or, “Okay, Google”, a hardworking AI algorithm is ready to give us the answers we need. Fully autonomous self-driving cars are on the horizon. Your favorite streaming app uses AI to offer up suggestions on what to watch next, based on your viewing patterns, and we interact with AI bots on social media all the time. 

In our everyday lives, AI truly is in the little things – like processes we take for granted that have just become naturally easy. In his book of essays and stories entitled “Robot Visions”, Isaac Asimov discusses the possibility of an “automated world”, saying: 

It may be that machines will do the work that makes life possible and that human beings will do all the other things that make life pleasant and worthwhile”. 

With AI and machine learning becoming more entrenched in our daily lives, perhaps that “pleasant and worthwhile” life Asimov imagined is not that far off. 

Peter Reid
Head of AI, Mint AI. Since the inception of the Mint AI division, Peter has led his team to deliver significant transformation to the public, healthcare and commercial industries in South Africa through the application of disruptive AI solution to address local challenges. With a background in technology development, consultation, and architecture, Peter displays a drive to deliver true digitisation to customers through the application of advanced Machine Learning, Cognitive Computing and Artificial Intelligence techniques.

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