Artificial Intelligence can replicate human intelligence to perform actions, logical reasoning, learning, perception, and creativity. An intelligent machine developed by humans to input requests and receive the desired output.
Machine Learning is an artificial intelligence subdiscipline and technique for developing self-learning computer systems. ML platforms are gaining popularity because of high definition algorithms that perform with the utmost accuracy.
Neural Networks a technique of Artificial Intelligence modeled similar to the human brain, can learn and keep improving with the experience and learns with each task.
Deep learning is unsupervised learning, the next generation of artificial intelligence computers that teach themselves to perform high-level thought and perception-based actions.
AI and ML have the capability of creating an additional value of $2.6 Trillion in Sales & Marketing and $2 Trillion in manufacturing and supply chain planning by the year 2020.
Unmanned ground vehicles have registered revenues of $1.01 billion globally, in 2018 and expected to reach $2.86 billion by 2024.
Autonomous Farm Equipment market worldwide is projected to reach over $86.4 Billion by the year 2025.
Key Players in Artificial Intelligence:
- Nvidia Corporation
- Intel Corp.
- Iris AI
Industries Artificial Intelligence Serves:
- HR & Recruitment
- Public Relations
- Healthcare and Medicine
Artificial Intelligence can be applied in:
- Face Recognition
- Speech Recognition
- Image Processing
- Data Mining
- E-mail Spam Filtering
- Personal Finance
- Job Search
- Life and Vehicle Insurance
- Recruiting Candidates
- Portfolio Management
- Personalized marketing
Key Players in Machine Learning
- Google Inc.
- SAS Institute Inc.
- Hewlett Packard Enterprise
- Yottamine Analytics
- Amazon Web Services
- BigML, Inc.
- Microsoft Corporation
- Predictron Labs Ltd.
- IBM Corporation
- Fractal Analytics
- Ad text
Industries Machine Learning Serves:
- Information Technology
- Professional Services
Machine Learning can be applied in:
- Fraud Detection
- Risk Management
- Predictive analytics
- Augmented & Virtual Reality
- Natural Language Processing
- Computer Vision
- Security & Surveillance
Future of AI & ML:
Artificial Intelligence and Machine Learning can support in every task, predict the damages, ease the processes, bring better control and security to the applications and make businesses profitable. Overcome the challenges of every field with AI & ML technology.
In the future, the subsets of AI like Natural language generation, speech recognition, face recognition, text analytics, emotion recognition, and deep learning.
Natural Language Generation converts the data into text for computers to understand and communicate with the user. It can generate reports and summaries using applications created by Digital Reasoning, SAS, Automated Insights, etc.
Speech recognition understands the human language and these interactive systems respond using voice. The apps with voice assistants are preferred by many who don’t prefer text or have typing constraints and lets you pass on instructions while you are busy in other work, cooking, cleaning or driving, etc. E.g. Siri, Alexa, etc. Companies that offer speech recognition services are OpenText, Verint Systems, Nuance Communications, etc.
Virtual Agents interact with humans to provide better customer service and support. Commonly used as chatbots these are becoming easy to build and use. Companies providing virtual agents are Amazon, Apple, Microsoft, Google, IBM, and a few others.
Text Analytics helps machines to structure the sentences and find the precise meaning or intention of the user to improve the search results and develop machine learning.
NLP – Natural language processing helps applications to understand human language input, analyze large amounts of natural language data. It converts unstructured data to structured data for a speedy response to queries.
Emotion Recognition is AI technology that allows reading human emotions by focusing on the face, image, body language, voice, and feelings they express. It captures intention by observing hand gestures, vocabulary, voice tone, etc. E.g. Affectiva Emotion AI is used in industries such as gaming, education, automotive, robotics, healthcare industries, and other fields
Deep learning a machine learning technology that involves neural circuits to replicate the human brain for data processing and creating patterns for decision-making. Companies offering deep learning services are Deep Instinct, Fluid AI, MathWorks, etc.
Every sub-discipline of AI technology is worth exploring. Present-day applications are using these technologies to some extent and in the future, we will see outbursts and advance applications to benefit society and industries.
1. Searches: AI technology has improved the way people search for information online, the text, image and speech search enabled with the recommendations from the search engines. Optimum search in minimum effort and time, faster response rate and relevant results along with the options to suit your requirements are what you can expect as a user. Better search optimizes web content, helps in lowering marketing and advertising expenses, increase in sales and productivity. Eg. Amazon Echo, Google Home, Apple’s Siri, and Microsoft’s Cortana deliver the best search experience. Google’s assistant receives voice instructions for about 70% of its searches.
2. Web Design: Companies know of the fact that how important it is to keep the websites working, creating a user-friendly website that is less expensive. Updating websites is another challenge. AI applications can empower you with pre-built designs of websites; assist you in creating one without any technical expertise, by uploading some basic content, images, etc. Select the buttons for call to action, themes, and formats to create a website that can interact with the user. Better user experience considers the location, demographics, interactions and the speed of analyzing the search and personalizing web experiences. Great web experience has a high probability of conversion. You may even add a chatbot to the website for faster query resolution and increased sales.
3. Banking and Payments: AI can automate transactions, help to schedule transactions and make general and utility payments. Personalized banking can let the banks focus on customer wise preferences and share product information of utmost relevance. Customers investing in the FDs, stocks, NFOs or even based on age to approach with specific marketing material. Loans and its procedures can be automated and the basic level information is shared using chatbots. Perform KYC checks necessary for continuing service from the banks. E.g. Simudyne is an AI-based platform for investment banking. Secure is AI and ML-based identity verification system for KYC.
4. E-Commerce: Retailers achieved a competitive edge using AI technology. It has recommendation systems based on location, age, gender, past purchases, stored preferences, (customer-centric search, etc. Tailor-made recommendations increase the chances of customers visiting the site and making a purchase or even return at a later stage to avail discounts. Chatbots are used for 24×7 customer support, image search lets users find the product faster without entering any text, better the decision making by comparisons and after-sales service. Companies benefit in inventory management, data security, customer relationship management and sales improvement using AI technology. IBM’s Watson assists customers with independent research about the factors relating to the product, its advantages, specifications, restrictions and multiple products that match the criterion.
5. Supply Chain and Logistics: This industry has benefited from the AI technology in improving operations, reducing shipping costs, easy tracking of vehicles, maintenance of vehicles, know about the condition in which the parcel was delivered, real-time reporting and feedback. It can help in quality checks for manufacturing, managing the supply chain vendors, keeping records of warehouse entries, forecasting the demand for products, reducing freights, planning and scheduling deliveries, etc. AI can automate many functions of supply chain and logistics for increased sales and better customer care.
6. Marketing and Sales: AI automation along with ML can give customers better options of products and prices, personalize the recommendations, eliminate geographical constrains, lower the cost of customer acquisition and maintaining touch with the existing customers. The intelligent algorithms predict what users want and what companies can provide to match the best possible. AI can even predict price trends, manage inventory, and help in decision making for stocking. Marketing activities can be channelized based on preferences and consumer behaviors. Services by companies like Phrasee and Persado can determine the perfect subject line for an e-mail, organize e-mail in a way that attracts the user to take desired actions. After-sales and customer care is an important aspect for companies expecting returning customers.
Overall it will increase the profitability of organizations and improve sales and marketing performance. AI can identify new opportunities for business and suggest an effective method too. Predictive analysis is of great help in customer service companies like Netflix and Spotify that run on subscriptions, would like to know if enough registrations are on the way for next month. Decide on additional schemes or marketing efforts are needed for increasing sales.
7. Digital Advertising: AI is supporting in marketing and sales, certainly it can assist in better focus for advertisements shown to the users. Google Adwords lets you focus on demographics, interests and other aspects of the audience. Facebook and Google ads are the platforms that use ML & AI for intelligent and accurate displays of relevant ads. Next is an audience management service that uses machine learning to automate the handling of ads for maximum response and it tests it on a variety of an audience to find the most active participation and likely conversions. The highest conversion rates received because of the increased performance of ads using ad text makes a business profitable.
The continuous progress of Artificial Intelligence and emerging sub-disciplines will lead to customization and improvement in products and services. Human to Chatbot conversations are new but bot to bot conversations, actions, negotiations and much more awaited and is in the developing stage.
The existence of technology will add value to human life, create reliance and businesses will have new openings and challenges to deal with. Intelligent tools will deliver smart solutions and give rise to innovation to cut the competition.