Yes, AI Is Flashy, but its True Value is Practicality

They tend to emphasize the thoughtprovoking and controversial use cases of AI like using it as a replacement for onair talent creating programming or becoming an engine for developing ad creativeItamp8217s true that generative AI can produce imagery copy and video with prompts Its relevancy and quality remain in question amp8211 at least in these early stages Itamp8217s easy to get caught up in the forwardfacing aspects of what this technology can do However itamp8217s a relatively immature area with many things like regulations and disclosures still undeterminedSo itamp8217s wise to look past the flash and toward the true backbone of AI amp8212 its practical applications The benefits of AI for those on the finance and business sides of media companies are more about how it can augment human intelligenceAfter being in and around AI for 10 years I believe the value youamp8217ll realize from adopting AI will primarily be from its practical use cases related to automation and data analytics Letamp8217s look at what AI can do for you right nowAI Helps Automation Be amp8220Smarteramp8221You experience some level of automation in almost any technology you touch In fact we expect this from our platforms This foundational automation falls into the category of robotic process automation RPA RPA uses amp8220digital robotsamp8221 to create deploy and manage automation It can emulate the actions of human resources in rulesoriented tasks that donamp8217t deviate It can do things like keystrokes navigation data identification data extraction and moreAnything manual on your side is ripe for errors and a slow pace so RPA enables faster processes and greater accuracy Infusing AI with RPA creates intelligent process automation IPA AI subsets that enhance automation include machine learning computer vision and cognitive automation It makes automation more valuable and better able to assist humansSome examples of this includeAccounts payable activities related to matching invoices to purchase ordersManaging vendor contracts by aggregating data from multiple systems so you are always aware of payments and renewalsReconciliation of general ledgers by allowing automation to do cursory reviews before humans do it to mitigate the risk of errorsLegacy and new platform integration to ensure data sharing and workflows rather than paying high costs for bridge compatibilityAccount setup with RPA bots pulling information from different documents into oneData collection and integration to support audit trails and complianceUsing electronic invoicing and payment platforms that automate processes in the cycle and reconciliationImagine how much manual work you can eliminate that is repetitive Nearly any time AI is mentioned these days however people express concerned that automation will replace humans Thatamp8217s not the case at allFear that Automation Replaces Humans is Another Flashy HeadlineIn considering which activities businesses can automate there is much trepidation around the answer The World Economic Forum Future of Jobs Report concluded that machines perform 34 of all businessrelated tasks The results also revealed that 50 of organizations expect AI to create jobs while only 25 believe it will eliminate themTechnology has always worked this way displacing some jobs but creating new and better positions AI is falling into the same trajectory With AI more accessible and usable the future business or finance jobs it may supplant would relate more to manual repetitive work In its place will be work that relies on those who embrace AI and become experts at leveraging it to deliver better processes and greater insightsYour people can engage in more meaningful work using problemsolving and critical thinking skills which are essential for data analysisAI and Data Analysis Insights are Waiting in Your Big DataData is critical in business intelligence but only if itamp8217s accessible and you have the frameworks to analyze it Human review of data is too expensive and timeconsuming Findings from this are usually late and no longer actionable because of the human labor required AI speeds all this up Again this is where AI and human intelligence work togetherData analysis platforms powered by algorithms can aggregate and interpret data from many systems It can find trends patterns and anomalies It can create some whatif scenarios so you can make reasonable hypotheses regarding changeThe practical application of AI and machine learning algorithms analyzes your historical data The results are predictions about future trends For example you can use it to find patterns related to advertising revenue to determine seasonality trends which would be useful to salesThe other major area where AI can help is with forecasting With all types of data to consider it will deliver finetuned predictions Youamp8217ll then add your knowledge to its forecast to develop a more reliable and accurate onePractical AI is the FutureItamp8217s easy to get distracted by AIamp8217s flashiness but staying rooted in the practical is how to make it work for your media company As you upgrade and update your tech stack look for pieces that work within an AI ecosystem Youamp8217ll want them to be built on modern architecture enable easy integration and allow for data sharing With these things top of mind youamp8217ll be ready to execute automation and data analytics that yield high valueMFM will be offering three regional meetings in DC Atlanta and LA in October and November each of which will showcase the best ways to incorporate AI into finance processes Thereamp8217s still time to register but space is limited Youamp8217ll also be able to watch video interviews with several of the panelists here on MFMInSitescom this month and next Take every opportunity you can to learn how AI can work for youThis article was written by Beth Osborne who leads content strategy and execution at Marketron Sheamp8217s been a professional writer for over 20 years helping tech and software companies tell inspiring storiesPosted at MediaVillage through the Thought Leadership selfpublishing platformClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillageorgMyersBizNet

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Yes, AI Is Flashy, but its True Value is Practicality

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Yes, AI Is Flashy, but its True Value is Practicality

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