Artificial Intelligence

Ritesh Mehta By Ritesh Mehta, 28th May 2018 | Follow this author | RSS Feed | Short URL http://nut.bz/2y6zu4we/
Posted in Wikinut>News>Technology

Last year saw a steady growth in AI adoption all over the world. Industries, such as the financial sector, high tech and telecoms are leading the AI usage to better serve customers, operate in a more efficient manner and innovate quicker.

Seven Advances in Artificial Intelligence that are Expected this Year

AI has hade various targeted uses in the past years, which include self-driving cars. California, recently change that law, which required driverless cars to have a safety driver. Experts from Forbes Technology Council were asked regarding their thoughts on the implementations and advanced in AI, which they expect to see this year and in the years to come. All responses touched on how AI could help humans.

SEVEN AI ADVANCES EXPECTED IN 2018
1. Enhanced patient health outcomes. Expect more focus on boosting health outcomes using AI. Patients produce considerable amounts of health data with mobile devices as well as connected wearables. Also, providers are using electronic health records to generate huge amounts of information. Applying AI would use information from patients as well as healthcare providers to actively determine health conditions, which may not have been detected earlier.

2. Voice Assistants. There would be more natural and intelligent conversation between humans and voice assistants, such as Google Home and Alexa. As artificial intelligence gets better in machine learning, the systems could learn how to speak in a natural way and response to how humans communicate. This would enable more fluid search.

3. Accelerated Enhancement. Artificial Intelligence by definition improves that more that it is used. Scraping the driver requirement means that the cars would be logging more miles, possibly through orders of magnitude than ever before. This means that AI would get smarter and driverless would get better and safer at an even faster pace.

4. Where it Makes Sense. Use existing third-party services for implementing AI solutions, wherein there are unlimited costs and clear returns. Having a sales-focused chatbot is wonderful for lead nurturing as well as very easy to implement on a website. Test the waters with small experiments and then begin integrating AI more into core business functions.

5. Retail. Artificial Intelligence is emerging as a big tool and resource for retail. Retailers could leverage AI to boost the in-store experiences of customers, like digital fitting rooms or through interactive and innovative mobile applications and loyalty programs as well. Machine learning and artificial intelligence enable retailers to interact and engage with customers in a mutually-beneficial, two-way conversation, rather than just talking at them.

6. Communication. AI continues to grow and eventually would impact all industries in the world. In the not-so-far future, expect communication methods to be influenced heavily by artificial intelligence in a seamless manner. AI could help people boost improve how they communicate. With dictation technology, voice recognition and communication technology getting better, productivity and efficiency would boost in almost all professions. Artificial intelligence, in combination with other technology, like virtual reality would greatly improve how people communicate.

7. Online Chat. Online chat is a great way of engaging buyers at their moment of interest. Many do not realize that the helpful customer representative on the other side of the line is a bot, with a complex if-then-else statements, which drive the conversation. In the future, AI would replace this scripted logic to engage buyers and to answer their queries intelligently.

AI DRIVES BUSINESS VALUE
This year, expect to see problem solved, new services hit the market and processes revamped, all thanks to the application of AI and machine learning. Artificial intelligence could help more organizations drive business value as well as derive competitive edge from their data.

AI makes it possible for machines to learn from experience, perform human-like tasks and adjust to new inputs. Most AI examples today, such as self-driving cars and chess-playing computers heavily rely on deep learning as well as natural language processing. Using the technologies, computers could be trained to accomplish particular tasks through processing big amounts of data and recognizing data patterns.

CRUCIAL ROLES OF AI IN TODAY’S ENTREPRENEURSHIP
1. AI in Human Resource. The responsibilities of a human resource department includes overseeing training, development, compensation and benefits, compliance and other related responsibilities. Employee recruitment, which could be stressful and challenging is a particular area where HR could benefit from AI. When thousands of apps come in for one opening, HR staff could find it hard to study applicants in detail. AI deployment saves time and makes the job less tedious. An AI program that’s designed to sift through and separate apps based on criteria established, HR staff could do the remaining work when the mass of apps has been reduced, saving time and minimizes workloads.

2. AI in Customer Service. The reputation of a business could be made or marred by the customer service reputation. This what makes customer service a very important part of a business. But, dealing with large number of calls, inquiries and complaints daily could be burdensome and time-consuming. Nowadays, a business no longer has to take on the traditional route. Rather, the enhanced efficiencies that AI provides, could remove the stress and burden. With a chatbot, one could manage clients easily, as the technology makes it possible to have meaningful conversations with big volumes of clients.

3. AI in time management. One of the most important factors in a company’s success today is timing. As a matter of fact, it accounts for 42 percent of the difference between success and failure. Thus, it’s not surprising that a lot of companies are looking for a way of integrating AI to time management and boosting the chances of making accurate decisions, based on available historical and emerging data.

4. AI in portfolio management. Portfolio management is another area with a direct impact on entrepreneurship. AI apps as robo-advisors provide sound financial advice. The applications could assist in portfolio management with less human input, and often with less commission cost. The apps work through using algorithms that are designed to build a financial portfolio, which conforms to the goals set by an investor. Also, AI considers the risk tolerance of a client as part of the design for the right portfolio mix.

AI in the workplace could be a positive or negative development. If poorly used, it could be a waste of money, which only changes the image of a business without sincere value. However, if used well, it could drastically boost employee training and customer interactions, providing value to everyone.

About Author: Ritesh Mehta

Ritesh Mehta works as a senior Technical Account Manager in a software development company named TatvaSoft Australia based in Sydney, Melbourne and Brisbane. He specializes in Agile Scrum methodology, Marketing Ops (MRM) application development, SAAS & SOA application development, Offshore & Vendor team management. Also, he is knowledgeable and well-experienced in conducting business analysis, product development, team management and client relationship management.

Ritesh has a strong ability to lead an entire software development team and manage any project from scratch to final completion within the scheduled time and budget. And of course, his good rapport with clients makes him a trusted technical advisor and IT solution partner.

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Artificial Intelligence, Financial Sector

Meet the author

author avatar Ritesh Mehta
Ritesh Mehta works as a senior Technical Account Manager in a software development company named TatvaSoft Australia based in Sydney, Melbourne and Brisbane.
www.tatvasoft.com.au

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