AI is an evolving field and knowledge-based agents are coming into the market to change the way businesses function, improve performance and create value. These agents rely on large amounts of data, use reasoning to perform tasks and make decisions and gain knowledge from new information. In the current world, it is clear that every company has to find new ways of remaining competitive and the use of knowledge-based agents is becoming essential.
Knowledge-based agents are changing business processes by implementing decision support systems for various activities that were previously done by human intelligence. These AI systems are able to scan through large amounts of data, find patterns and use the knowledge gained to give recommendations and answers. This capability is particularly useful in the finance, healthcare and supply chain industries that depend on accurate and timely decisions.
For example, in the financial sector, knowledge-based agents can analyze the market and economic conditions and recommend suitable investment opportunities. The capability of solving and making sense of a large number of variables in a short time and with higher accuracy than a human being increases the efficiency of operations and reduces the risk. Some of the companies such as JPMorgan Chase have adopted AI-based trading systems that not only optimize the process of trade execution but also enable human traders to concentrate on strategic decisions and clients’ relationships.
Through the application of knowledge-based agents, routine and analytically intensive tasks can be performed thereby decreasing the operational costs and possibility of making errors by human beings.
Take customer service for instance, where AI agents that have been trained to converse with clients, search for their profiles and offer appropriate answers to their questions. This cuts down on the working burden on human agents, thus allowing them to address more crucial problems that require human judgement.
This can be seen in practice in companies such as IBM; the company has created Watson, an award winning AI system that assists companies in data analysis and interpretation of unstructured data.
Watson helps the customer service agents in understanding the language of the clients and providing instant and accurate information from a large knowledge base. It is important to mention that such a way of communication reduces the time of the answer and the clients are able to receive more individual approaches.
Knowledge-based agents are not only meant to increase productivity but they are also agents of innovation in their respective organizations. They provide organizations with the analytical capabilities of AI thus enabling organizations to create new products, services and strategies. For instance, in healthcare, AI agents can help doctors with the analysis of symptoms and suggestions of the possible treatments based on the patient’s conditions.
One of the biggest tech companies, Google, has designed DeepMind Health to solve some of the most challenging issues in the healthcare sector.
DeepMind helps in the early identification of diseases and development of patient care plans based on medical records and historical data. This in turn improves the current medical practices but also unveils new possibilities for research and development in the medical field.
As more and more companies shift to digital transformation, the use of knowledge-based AI agents is becoming more and more common. Those organizations that have successfully integrated these technologies into their business can flexibly respond to the changes in the market, improve customer satisfaction and develop new products and services.
This is achieved by Amazon in all its sections including warehouses using AI agents and recommending products to customers based on their previous purchases. With the help of customer data, Amazon’s AI systems suggest products, controls stock, and transportation to provide the best customer experience and remain competitive.
The effects of knowledge-based agents in artificial intelligence on business are extensive. These agents not only improve the performance of the organizations, but also reduce costs and increase the innovation and competitiveness of the organization. Therefore, as more companies discover the value of AI, the role that knowledge-based agents play in the formation of the future of business will only grow, and will lead to a more effective, creative and competitive business environment.
What is a knowledge-based agent in AI? A knowledge-based agent in AI is a piece of code that operates on a knowledge base and logical inference to solve problems, come up with recommendations, and learn from experiences.
How do knowledge-based agents improve business performance? They perform repetitive and boring tasks thus reducing costs and possibilities of errors thereby allowing human employees to concentrate on more crucial tasks.
Can you give an example of a learning agent in AI? Watson is a learning agent developed by IBM to analyze unstructured data and offer contextual answers to help companies manage their clients’ queries effectively.
Why are knowledge-based agents considered useful AI? They provide strategic information, decision making, and creativity in the sense that they analyze data and gain knowledge from the information.
How can businesses gain from AI innovation? AI innovation assists firms to create new products and services, be competitive and meet the changing market needs.
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