Without data, there is no AI. That's because AI takes the cornerstone of the digital age—volumes and volumes of data—and enables companies to tease out patterns and make predictions. When coupled with greater collaboration and an adaptive, empowered workforce, it allows a business to be agile.
In the insurance industry, for instance, AI is enabling companies to determine risk at the individual policyholder level rather than pooling people by gender, age, or location. For example, if a smart home captures and shares the data it collects through sensors, insurers can use AI to build more detailed risk profiles, and calculate premiums more accurately and competitively.
In financial services, AI can enable banks and other institutions to make smarter and faster loans based on the conclusions drawn from customer data. And in the retail world, insights gleaned through the use of AI can enable a merchant to provide customers with a product or service before they even know they want or need it.