The adoption of artificial intelligence (AI) is predicted to continue unabated in 2019 on the back of technological breakthroughs that hold the promise of improving the operational and client offerings for businesses.
AI represents the evolution of traditional computing devices and applications into those capable of performing tasks that would typically require human intelligence, by mimicking cognitive functions such as visual perception, speech recognition, language understanding, learning, reasoning, reasoning, decision-making and problem-solving.
The quest for sophistication and improvement of existing technologies has paved the way for the development of AI in the business world, also AI technology is redefining and disrupting the way business across diverse industry segments is being carried out.
AI is making its way into everyday operations of companies right from workflow management to trend predictions and providing new business opportunities. AI is already helping organisations improve customer experience, optimize logistics, automate workloads, predict performance, prevent outages, increase manufacturing efficiency and output, manage and analyse data, predict consumer behaviour, and improve its marketing and advertising efforts.
Organisations are investing significantly in developing an analytics-driven mindset to automate and build an intelligent enterprise and AI helps with bridging the gap between data and insights. AI is witnessing widespread adoption in customer service, technical support, retail, transport & logistics healthcare, energy & mining, and IT service management among other areas.
For customer service, in particular, AI-enabled chatbots and virtual assistants are likely to replace traditional call centre executives. These technologies help companies to provide a personalised customer experience. AI enabled bots/chatbots can enable automated calls/chat for customer interaction thus helping companies gain a customer’s loyalty and can be programmed to manage an upset customer.
Various AI technologies, such as speech and text analytics, natural language processing (NLP), and machine learning, are able to leverage customer data to draw actionable insights into consumer behaviour. AI software also helps in listening to calls and analysing their impact on customers’ buying behaviour and shopping experience. AI-enabled chatbots also help retailers to collect a huge amount of customer data captured when users make digital requests to navigate websites and to make purchases online, allowing them to use such data to tailor their customer offering.
AI is also being increasingly deployed in the manufacturing sector for automation and optimisation of assembly lines. Knowledge-based industries like healthcare and the pharma sector are actively exploring AI technologies to enhance their decision-making capabilities. AI is being integrated with medical data and research to inform the practitioner’s diagnosis and treatment recommendations.
AI is also very popular among logistic companies as it can help them monitor cargo movement in a smart and cost-effective manner. In the transportation industry, AI is used for autonomous self-driving buses carrying passengers in China, Finland, and Singapore, railway cargo transportation and autonomous trucks in San Francisco.
Artificial intelligence is considered to be one of the most significant disruptive technologies for today’s banking and financial industry. The incorporation of various AI-powered technologies such as natural language processing, machine learning, and pattern recognition allows the bank and other financial sector enterprises for process optimisation, personalisation and customer service automation.
The ongoing AI research & development efforts led by leading companies such as Apple, Amazon, Facebook, Google and IBM are encouraging enterprises across verticals to look at AI enabled solutions as a means to modernise their mission-critical business applications and processes.
The development of multiple user-facing solutions – Google Assistance, Google photos, and HDR+ photography – by Google’s research arm, helped it secure top position in the AI industry.
In 2011, the emergence of Watson – a collection of algorithms for understanding natural language – helped IBM to create its mark in the AI technology industry.
DeepMind, an independent entity under Google, is also responsible for some of the most impressive feats of AI engineering from a purely scientific standpoint.
Microsoft software developers for desktop computers, collaborated with Facebook to develop the Open Neural Network Exchange.