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AI knowledge base is not just repository of data it's like fuel for Gen AI models providing them with necessary contextual information to generate accurate output & avoid Hallucinations.
Why is AI important in the banking sector? | The shift from traditional in-person banking to online and mobile platforms has increased customer demand for instant, personalized service. |
AI Virtual Assistants in Focus: | Banks are investing in AI-driven virtual assistants to create hyper-personalised, real-time solutions that improve customer experiences. |
What is the top challenge of using AI in banking? | Inefficiencies like higher Average Handling Time (AHT), lack of real-time data, and limited personalization hinder existing customer service strategies. |
Limits of Traditional Automation: | Automated systems need more nuanced queries, making them less effective for high-value customers with complex needs. |
What are the benefits of AI chatbots in Banking? | AI virtual assistants enhance efficiency, reduce operational costs, and empower CSRs by handling repetitive tasks and offering personalized interactions. |
Future Outlook of AI-enabled Virtual Assistants: | AI will transform the role of CSRs into more strategic, relationship-focused positions while continuing to elevate the customer experience in banking. |
Enterprises harness Generative AI for diverse purposes, ranging from automation to boosting sales operations and even Data Science & analytics.
At the heart of this revolution lies the AI knowledge base, a repository of structured information that fuels Generative AI models to deliver insightful and actionable outputs. Building a successful AI knowledge base for enterprise-level use cases requires a strategic approach that encompasses data acquisition, curation, and continuous refinement.
Generative AI, with its ability to produce creative text formats, code, scripts, analytical reorts and more, is rapidly transforming the enterprise landscape. However, to fully harness the potential of this powerful technology, organizations need a solid foundation – a comprehensive and well-curated AI knowledge base.
This knowledge base serves as the fuel for generative AI models, providing them with the necessary information to generate accurate, relevant, and insightful outputs.
The Significance of an AI Knowledge Base
An AI knowledge base is not just a repository of data; it's a organized collection of structured information that captures the essence of an organization's knowledge and expertise.
A recent study by Gartner that says the global market for AI knowledge bases is the fastest-growing segments of the AI software market & is expected to reach $20 billion by 2025
Determine the sources from which the knowledge base will be populated. This may include internal documents, external databases, industry reports, and other relevant information sources.
Curating data involves not just amassing a large volume of information but also ensuring its relevance and accuracy. Labeled data aids the AI model in understanding patterns and relationships within the dataset, enhancing its ability to generate meaningful content.
Chose your knowledge base platform/ Software where you would be hosting all your organisation wide data into any content management systems (CMS) platform or use software like Confluence, Zendesk, or Hubspot
Enterprise requirements often demand specialized data tailored to industry-specific needs. For instance, a marketing firm might need a dataset comprising consumer behavior patterns, while a manufacturing company might require data related to production processes.
Right data access to right person
Preparing data for AI models often involves preprocessing steps such as normalization, cleaning, and augmentation. Pandas, NumPy, Scikit-learn, TensorFlow Data Validation (TFDV) are some tools to clean and refine the data ensures that the AI model is trained on accurate and consistent information.
The scale of enterprise operations necessitates a scalable infrastructure capable of handling large volumes of data. Implementing robust data management systems ensures efficient storage, retrieval, and processing of information.
Enterprises handle sensitive and proprietary information. Implementing stringent security measures, encryption protocols, and compliance frameworks (such as GDPR, ISO, etc.) is crucial to safeguard data integrity and ensure regulatory adherence.
An effective knowledge base is not static; it evolves over time. Establish a process for continuously updating and maintaining the knowledge base as new information becomes available.
To maximize the impact of Generative AI, it is essential to integrate the knowledge base with existing enterprise systems. This integration allows the AI to access and utilize data from other sources, enhancing its ability to generate comprehensive and contextualized outputs. Enterprises should consider using APIs, data connectors, and integration platforms to seamlessly integrate the knowledge base into their infrastructure.
A study by Forrester Research found that organizations that use AI knowledge bases are able to reduce the time it takes to complete knowledge-intensive tasks by up to 50% and helped organizations to improve the accuracy and reduced the number of errors.
By providing a comprehensive and accurate foundation of knowledge, the knowledge base fuels Generative AI to Automate repetitive tasks that require knowledge retrieval and application, Provide real-time insights and recommendations based on the vast storehouse of knowledge, enabling informed and data-driven decision-making
Building a successful AI knowledge base is an investment that pays off in the long run. By providing generative AI models with the necessary knowledge and context, organizations can unlock new levels of productivity, innovation, and customer satisfaction. As generative AI continues to evolve, the role of the AI knowledge base will become even more crucial in enabling organizations to thrive in the ever-changing digital landscape.
Effective utilization of Generative AI requires a workforce that is comfortable working with AI tools and understands their capabilities and limitations. Enterprises should invest in training and education programs to equip employees with the necessary AI literacy to effectively interact with the AI knowledge base and leverage its potential.
Click here to get a free checklist that will walk you through steps to build successful AI Knowledge base.
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By integrating Generative AI Technology with Knowledge Base, organizations empower their teams with instant access to information, guidance, and support, thereby enhancing productivity, accuracy, and decision-making across various departments. Connect with us today ! To to make your organization future-ready, just like we’ve done for many others.
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