Indeed, the dawn of Artificial Intelligence is upon us, and it’s starting to reach Philippine shores.

Although it is to be expected to have some fear about AI, particularly contact centers, we have to know that AI can be harnessed to help businesses in the Philippines become better and competitive.

Among other things, artificial intelligence can tremendously improve analytics for business. Sure, a human is more than capable enough to interpret and analyze data, AI can make the process faster and more accurate, giving you, the person doing this work, more time to focus on important details.

As for purchases, artificial intelligence can also aid in foreseeing situations, which allows companies to form a proper response, and emergency plan. Specifically speaking, manufacturers looking to purchase supplies that experienced a delay. With AI, companies can avoid this as it can provide a full-scale view of the suppliers, which will allow them to find the best partner in this endeavor, and avoid those erring companies with track records of delays.

Financial Industry to Benefit the Most

Although AI, and smart analytics can be applied in almost all industries, experts see that it is the financial sector that will benefit from it the most.

This new technology can provide predictive accounting, and predictive auditing, which are both important in this sector.

With predictive accounting, AI will oversee the transition of finance systems from existing models, which will help in validating business issues, leading to a quick solution.

On the other hand, predictive accounting will test existing financial data, and can see when there’s a significant change on the cycle.

AI also has tremendous potential to provide comprehensive risk evaluation, which can predict defaults and instances of bankruptcy.

With AI, banks will now have a consistent, automated and secure way of identifying signs of fraud, and even money laundering, thus saving time and resources for these institutions.

By stating these benefits, we can see that artificial intelligence shouldn’t be feared, as it can bring tremendous help to businesses in the Philippines, that can lead to a prosperous economy.

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