Harness AI to Reduce Inaccurate Data Costs

Bad data comes in many forms, but it’s always detrimental. Here are some ways artificial intelligence can help solve bad data problems in businesses.

SwissCognitive Guest Blogger: Zachary Amos – “Harness AI to Reduce Inaccurate Data Costs”

Human error can be costly in any profession. If a slight miscalculation can lead to irreversible damage on the operating table, manufacturing line or construction site, imagine what it can do to organizations operating globally. The same can be said about using bad data — it’s not good for business, however one looks at it.

Bad data comes in many forms — unstructured, inaccurate, incomplete or inconsistent information. It’s a prevalent problem in all companies and must be addressed. Here are some ways artificial intelligence (AI) can help solve bad data problems.

Automate Repetitive Tasks

Data entry may sound boring, tedious or exhausting. Most of the time, it’s all three and workers can get tired of doing the same repetitive tasks. Entering information is methodical work and the worst thing about it is it can lead to fatigue, resulting in potentially harmful errors on behalf of the company.

It’s an essential part of many businesses. Analysts depend on reliable data to make sense of current situations. Researchers working on in-depth papers need factual data to create accurate reports. A lot is riding on error-free knowledge entry, so eliminating mistakes should be a top priority for any enterprise if it wishes to succeed.

AI can automate repetitive tasks and help minimize errors, if not eliminate them. Workers doing the same job over and over again will undoubtedly get good at it over time. However, they may become complacent or distracted, leading to mistakes. Using AI will solve this problem.

Robots don’t get tired or bored from repetitive tasks. They can function at the top of their game 24/7 with little effort and supervision. Reducing errors is just one benefit of automating tasks. It can also lead to higher work quality and productivity, as skilled workers can focus on other essential tasks that require human creativity and problem-solving.

Process and Interpret Data Objectively

Companies have a lot to lose when it comes to handling erroneous data. They can miss out on around $12.9 million annually due to flawed analytics. Avoid hefty losses, penalties, and loss of confidence by ensuring data analysis is reliable and error-free.

Even the best researchers and analysts can make mistakes when working on projects, especially when the incorrect data aligns with their beliefs. Their biases come into play, leading to misinterpretation and wrong conclusions.

AI resolves this problem by processing and analyzing data objectively. It has no biases, which allows it to see data as it is and draw conclusions accurately. These algorithms can help professionals achieve truthful results by relying on the available data. Moreover, stakeholders and business leaders can make informed decisions using AI recommendations.

Process Large Quantities of Data

It’s common for businesses to handle large amounts of customer credentials like account names and numbers. Global enterprises can have millions of clients worldwide, meaning they’re dealing with a lot of information that may be too much for even the most skilled employees.

Using AI can be helpful when dealing with vast amounts of data. It can process, sort, and analyze big data efficiently and accurately. AI can also detect errors in the system, flag them for checking and solve them quickly. Lastly, the algorithm can do complex operations at a massive scale, reducing the margin for human error.

Improve With Continuous Training

One of the best things about AI is that it can be trained. Organizations can feed high-quality data into their AI-powered systems to make them more resilient to errors and efficient at doing various processes.

The more AI is used in a process, the better it gets. It can also learn from feedback using large data sets and pattern-detecting algorithms.

Organize and Present Data Accurately

Presenting data can also be prone to errors even with correct information. Some presenters may find communication difficult, leading to ineffective presentations. This can be costly for organizations, especially when key business decisions are on the line.

AI can help enhance presentations by organizing data using easy-to-understand visuals. The available AI tools on the market can help presenters convey complex ideas with dashboards and attention-grabbing slides. Some can even generate clear and concise summaries to conclude reports.

AI Is Capable of Reducing Business Expenses

Eliminating errors is essential for keeping business processes going smoothly. Thanks to technological advancements, organizations can rely on sophisticated tools like AI to improve operational performance and reduce costly mistakes.

About the Author:

Zachary Amos is the Features Editor at ReHack, where he writes about artificial intelligence, cybersecurity and other technology-related topics.