Significant opportunity for innovation and competitive advantage lies in applying AI to re-think how businesses operate and deliver dramatic improvements in how companies engage customers, make better use of their workforce and improve business operations. Business process re-engineering leveraging ubiquitous computing, data from corporate systems, the proliferation of sensors and the internet, and learning algorithms is commonly referred to as Digital Transformation. Yet today, prevalent use of AI in business is limited.
The use cases for AI in banking, for instance, are numerous. For example, AI applied to data produced by transaction and order systems, product systems, client masters, and document repositories can proactively identify the need to address corporate cash churn or to prioritize anti-money laundering efforts. AI and optimization techniques can be used to anticipate fluctuations in customer demand or supply disruptions, to better inform securities lending efforts, or for early identification of loan application risk. These are just a few of the many high-value AI use cases in the banking sector. Similarly, AI has been proven to significantly improve a wide range of processes across multiple industries, including manufacturing, aerospace, oil and gas, defense, healthcare, and utilities.
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