Artificial Intelligence in a nutshell.
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ARTIFICIAL INTELLIGENCE IN A NUTSHELL

What is Artificial Intelligence?

Simply put, Artificial Intelligence (AI), also referred to as machine intelligence is the science behind intelligent machines that ‘think’ and react like humans.

 

This involves incorporating features into machines that mimic human intelligence and cognitive attributes like self-learning, visual perception, speech recognition, logical problem solving, and decision making. The Artificial Intelligence field aims to solve human intelligence and put its features in software, robots, and machines in general for increased efficiency in performing tasks that exceed common mathematical boundaries and human capacities. It involves problem-solving skills and pattern recognition from abstract audio-visual or input data, deep learning for automatic error perfection that is ‘self-learning’, prediction capabilities based on present datasets, and accurate simulation from raw data to name a few.

 

The core of artificial intelligence includes programming computers for certain traits such as:

  • Speech recognition
  • Knowledge
  • Reasoning
  • Problem solving
  • Perception
  • Learning
  • Planning
  • Ability to manipulate and move objects

 

Artificial Intelligence, among other business verticals can also be adopted into disciplines such as Computer Science, Biology, Engineering, Mathematics, Neuroscience and Psychology.

Why Artificial Intelligence?

Let’s try to explain why AI matters by reviewing some of the key opportunities it presents.

 

The primary reason why AI matters is because of the immense potential it presents, both currently and speculatively, to benefit our lives. This includes serious benefits – such as supporting more effective health, production, transportation and decision-making systems – as well as more frivolous benefits such as minor efficiency gains and novelty or entertainment value provided by a proliferation of ‘gadgets’. Nonetheless, even apparently inane examples can also provide indirect benefits by generating capital, expertise and data which can contribute to more serious application areas in the future. For example, tools trained to identify images of zebras and dishwashers can be redeployed to identify cancers, and AI capacity gained through developing game playing AI can be redeployed in healthcare.

 

Artificial intelligence and machine learning are helping people and businesses achieve key goals, obtain actionable insights, drive critical decisions, and create exciting, new, and innovative products and services.

 

Business goals include things like increasing revenue and profits, cutting costs, improving operational efficiency, and so on. Businesses are also very interested in increasing customer acquisition, retention, and growth.

Benefits of AI in business.

The rapidly developing AI technology offers significant opportunities to businesses. Let’s look at some of the ways businesses can benefit from AI and Machine Learning.

 

1. Operational Automation

AI is able to operate other technologies that increase automation in business. For example, AI can be used to control robots in factories or maintain ideal temperatures through intelligent heating. In Japan, human-looking robots now serve as receptionists in some of the countries’ hotels automating check-ins, booking services and dealing (in four languages) with customer enquiries. In retail, AI is also being linked with RFID and cloud technology to track inventory. In China, police forces use AI to catch criminals. The country has a vast CCTV network and AI uses facial recognition to spot and track suspects so that they can be apprehended.

 

2. Predicting Outcomes

Another advantage of AI is that it is able to predict outcomes based on data analysis. For example, it sees patterns in customer data that can show whether the products currently on sale are likely to sell and in what volumes. It will also predict when the demand will tail off. This can be very useful in helping a company purchase the correct stock and in the correct volumes. It is predicted that, within 10 years, the days of seasonal sales will be over as AI will mean there is too little leftover stock to sell off.

 

This ability to predict is not just useful in retail. AI is also being used in many other areas, for example, in banking where it can predict currency and stock price fluctuations or in healthcare where, remarkably, it can predict outbreaks of infections by analysing social media posts.

 

3. Improving shopping experiences

Providing customers with personalised marketing increases engagement, helps generate customer loyalty and improves sales. This is why companies are putting so much effort into it. One of the advantages of using AI is that it is able to identify patterns in customers’ browsing habits and purchasing behaviour. Using the millions of transactions stored and analysed in the cloud, AI is able to provide highly accurate offers to individual customers.

 

4. Automating customer interactions

Most customer interactions, such as emails, online chat, social media conversations and telephone calls, currently require human involvement. AI, however, is enabling companies to automate these communications. By analysing data collected from previous communications it is possible to program computers to respond accurately to customers and deal with their enquiries. What’s more, when AI is combined with machine learning, the more the AI platforms interact, the better they become.

 

One example of this is AI Chatbots which, unlike humans, can interact with unlimited customers at the same time and can both respond and initiate communication – whether on a website or an app.

 

It is estimated, that by 2020, 85 percent of all customer interactions will be taken care of by intelligent machines that are able to replicate human functions. The days of using a call centre look like they are coming to an end.

 

5. Predicting Outcomes

Another advantage of AI is that it is able to predict outcomes based on data analysis. For example, it sees patterns in customer data that can show whether the products currently on sale are likely to sell and in what volumes. It will also predict when the demand will tail off. This can be very useful in helping a company purchase the correct stock and in the correct volumes. It is predicted that, within 10 years, the days of seasonal sales will be over as AI will mean there is too little leftover stock to sell off.

 

This ability to predict is not just useful in retail. AI is also being used in many other areas, for example, in banking where it can predict currency and stock price fluctuations or in healthcare where, remarkably, it can predict outbreaks of infections by analysing social media posts.

 

6. Data Mining

One of the biggest advantages of using AI is that artificial intelligence apps are able to quickly discover important and relevant findings during the processing of big data. This can provide businesses with previously undiscovered insights that can help give it an advantage in the marketplace.

 

7. Real-Time Assistance

AI is also useful for businesses that need to constantly communicate with high volumes of customers throughout each day. For example, in the transport industry, bus, train and airlines companies, which can have millions of passengers a day, can use AI to interact, in real-time, to send personalised travel information, such as notice of delays. Some bus companies, for example, are already tracking the location of their buses and using AI to provide travellers with real-time updates about where the bus is along its route and its estimated time of arrival. Customers receive this information on the bus company’s app.

 

AI systems provide businesses with a wide range of benefits, including personalised marketing, customer service, operational automation, inventory management and recruitment. And these are just a few of the many ways AI can be used. AI applications have been dominating in various fields such as gaming, natural language processing, visual input systems, robotic process automation, biometrics, machine learning platforms and virtual agents. Besides, AI is also gaining a major role in computational biology, HR analytics, banking and retail.

Future of AI.

Artificial Intelligence is getting deeper into our daily lives, but this is not as scary as many may think. With Artificial Intelligence, we have seen things getting better and easier for us but this change does not stop at homes. Today many businesses are coming forward to use AI in new different ways so as to engage their customers, drive sales and make business processes simpler. In short, the demand for Artificial Intelligence development services will go high in the coming years.

We have already seen how Facebook was using AI to improve its ad campaigns as well as seen the effective use of AI-powered chatbots. So, what’s next? What should we expect out of Artificial Intelligence in the new year to boost business success?

Some of the Artificial Intelligence trends that we will see in upcoming years are mentioned below:

 

More Advanced AI Assistants

With the introduction of Amazon’s Alexa, Apple’s Siri, and other kinds of similar devices, consumers were seen hugely benefitting from AI assistants in their homes. Such AI assistants can be used to get a weather report, to play a song, to switch off the lights in the room, to look for some information online, and much more.

 

The new AI-powered technology is being embraced by the consumers. Based on the study of Adobe Analytics, it is said that around 71 percent of people who owned smart speakers used them at least once in a day while around 44 percent of smart speaker owners who admitted using it multiple times in a day. So in 2019, we will be able to see more of advanced AI assistants helping homes and workplaces as well as influencing other areas of life.

 

Today, users make AI assistants do basic tasks like search for information online or play a song. In the coming years, the changes will be big as AI assistants will be seen doing bigger tasks. They will be able to offer individualized experienced to the users just by recognizing the voice of the users.

 

So instead of just speaking to AI devices like we do today, there will soon come a time where you will be talking to your TV or refrigerator.

 

Recruiting Tools Powered by AI

As per the survey carried out by Indeed, 42 percent of employers are not sure about finding the right talent for the job. For a business one of the time consuming and hectic tasks is the recruiting process. Things can be changed with Artificial Intelligence. This means in 2019 businesses will be able to use AI powered recruiting tools which will help them with recruitments.

 

For example, a chatbot recruiting agent like Mya — My recruiting Assistant — can communicate with candidates through text, email, or Skype. The application can help with the first level of tasks and qualify or reject a candidate for you.

With the use of AI-powered candidate communication and screening tools, a number of AI tools are coming up, which will help companies and organizations save more time in the process of choosing candidates.

 

Conversational AI-Powered Search

With more people coming forward to use AI-powered assistants, the future trend will be about using advanced conversation AI-powered search. The way consumers search for things and answers online has changed quite with the introduction of voice search. Instead of typing words into the search bar, the users will be able to just speak the search queries to the devices but framing normal conversational lines. This clearly means that the way the users get answers from the search results will change too.

 

We can say that users will get more than just answers from the AI-powered search engines. It will be more than just listings. The answers will be followed by more conversational ones. It will ask some questions back to figure out what the users are actually looking for. So, by answering those questions, it will become possible for the users to easily find what they are looking for through the search results. With the fact that people are changing the way they are searching the web there will be a change in the quality of the answers that they get back. AI will be instrumental towards acting on this front.

 

Better Virtual Agents and Conversational Chatbots

In recent years, chatbots have been working to improve customer service for different types of businesses. In 2019, the change will be better and you will be able to see chatbots becoming more advanced than what it was before and more of human-like. The robotic conversations will come to an end with the use of natural language processing. Just like speaking to a live agent on chat, people will be able to speak to chatbots easily. Businesses will move towards having animated virtual agents for them rather than going for simple chatbots to improve customer service and support with AI chatbots.

 

For example, Autodesk came up with its virtual agent named Ava. This virtual agent looked like a human and was helping people with the checkout process, answer their questions, direct them to content as well as interact with the users based on the emotional signals.

 

With time, more businesses and retailers will be going for virtual agents and conversational chatbots to reach out to the consumers and solve their issues through customer service without having to pass them to real agents.

 

Job Changes

Artificial Intelligence has been instrumental in helping businesses to reach efficiency in what they do. For the same reason, job creation will be negatively affected by AI. With AI helping businesses to simplify different processes, certain positions filled up by humans will be taken off. The process of reskilling and retraining workers will become very crucial in the coming years with the increase of AI presence. The process should start as early as possible so that the people will be skilled and ready enough to take the advanced work.

 

Increased Efficiency in Logistics

The use of robots is increasing and its use will be seen particularly in the supply chain. Supply chains carry out functions that are routinely fashioned and executives are looking for ways to optimize it, lower the costs, and manage them in a better way. By making use of emerging technologies like AI, Blockchain, and robotics, supply chains have a better chance to improve and get ahead.

 

One of the companies that introduced robots into supply chains is Amazon. It acquired Kiva Systems in 2012 to change the course of their supply chain. Over the years, across 25 distribution centers, 80,000 robots were introduced. The AI-powered robots have helped them in gaining efficiency and cost savings to a great extent. With robots working, Amazon has been able to bring down operational costs by 20 percent and make savings of around $22 million per year.

 

Client Interaction and Communication

The introduction of AI in the workplace is going to greatly help those businesses that believe in having continuous communication and interaction with their clients. It becomes possible to record the conversations between the company and its clients using AI applications and tools, which can be later used for analysis and feedback for future references. Based on the customer views it becomes easy for the company executives to make better decisions in the coming days.

 

For example, one of the AI-based tools named Chorus.Ai helps to record and store the conversations automatically as well as measure the performance of the salespeople. This helps them to turn the sales process better and make effective conversations.

 

High Demand for Data Scientists

From the latest trendy technology right from augmented reality to advanced cybersecurity, data plays a crucial role. So as AI grows, the role of data scientists grows too. As per an IBM estimate, the number of jobs for data professionals will increase by 2.7 million by 2020. The candidates who will have the capability to work on large volumes of data through AI implementation will be high on demand. IBM itself believes that the roles for data professionals will be high, and the ones like advanced analysts and data scientists will increase by 28 percent.

 

Medical Breakthroughs

The role of AI in the medical sector is rising exponentially based on its ability to interact with data compared to humans. Many things that we thought impossible to achieve have been made possible for medical researchers by AI. The demand of AI chatbot development services in the medical field will see an upsurge in the coming years.

 

Speech Recognition

In 2018, Amazon’s Alexa turned out to be a huge hit among the consumers. It helped them do a number of things at home as well as search for information on the web. In 2019, you will be able to see more of these kinds of speech recognition tools. It is said that by 2019, around 66.6 million Americans will be using voice or speech recognition technology for various purposes. A good number of appliance-making companies like LG, Whirlpool, and Delta have come forward to make use of the voice recognition features of Alexa to control different appliances. Many companies will come forward in the new year to make use of this AI trend for company success.

 

Image Recognition

With AI, it has become possible for computers to understand speech and reciprocate back, but now it can do the same with images. Through image recognition, it becomes possible to process and analyze the collected data from different visual sources.

 

With image recognition, a number of tasks can be achieved like the detection of license plates, the diagnosis of diseases, and the completion of payments by photo analysis. This can also help businesses improve their marketing. In 2019, we can expect image recognition to become bigger and better. There are technologies that scan images from different pages on the web to offer relevant ads that can attract users.

 

Cyber Defense

Business owners are having a hard time today as cybercriminals are very much targeting software-as-a-service, cloud infrastructure, and devices powered by IoT. In 2019, Artificial Intelligence will work to fight cyber threats by preventing attacks from hackers.

 

With the use of Artificial Intelligence and Machine Learning, some companies are trying to identify the threats before its spread as well as detect online enemies in real time before they make any attacks. AI has the capacity to look for abnormal activity at the earliest and defend the system before things become uncontrollable.

 

Smarter Retail Recommendations

When shopping online at different stores, especially on Amazon, you would have seen product recommendations coming up based on the product you bought or browsed. The product recommendations will become smarter in 2019.

 

With Artificial Intelligence, it will become possible to make product recommendations based on sentiment and tone as well as browsing history. It will help companies offer a more personalized shopping experience on the website.

What can we do to help:

Optimising your business has never been easier or smarter. Lift your productivity and deliver exciting innovations through our enviable range of AI offerings.

 

  • Automation reduces your routine processes and tasks
  • Cognitive technologies deliver business insights to improve your customer relationships
  • Data mining for taking on huge amounts of information, both structured and unstructured, to identify new opportunities
  • Personalised experiences bring in new customers and strengthens existing loyalties
  • AI is your digital springboard for better outcomes

 

Our extensive working knowledge of AI means you can take a huge leap over your competition, slash away at inefficiencies and discover fresh insights to propel your company to new heights.

 

Contact us to know more about our Data and AI offerings.