Artificial Intelligence services transforming business in 2020
Artificial Intelligence (AI) seems to be seeping into every aspect of our life with AI-powered solutions positively changing tech and trade, healthcare, education and even our personal everyday life. On the daily, we are challenging the usual order of things by automating the mundane routine work and having smart devices assist us with our tasks. The shift to smart technologies and intelligent workspaces goes even beyond that. Business giants across industries have recognized the limitless possibilities brought on by the innovative technologies and leverage artificial intelligence services to transform the way they work and deliver services to the market.
Artificial intelligence: an overview
Artificial Intelligence covers a multitude of areas in technologies including but not limited to Machine Learning, Natural Language Processing, Robotics, Neural Networks, and Knowledge Representation.
Artificial Intelligence components
Companies using artificial intelligence have an obvious advantage that helps them stand out from the competition. AI introduces solutions for operating bigger data volumes faster with no need to factor in human error or inconsistencies, meaning that we are left with solid data and analytics stripped of any bias. This means that we can apply the data-based research with high accuracy which can be crucial if we are operating in the medical field and making predictions for patient outcomes or look into making an investment and need to analyze the stock market.
Just like that, AI can be applied to any field that operates on big data: medicine, environmental studies, socioeconomics, education and scientific research. Given a large database of information, deep learning can be applied – analyzing the data, finding patterns and making predictions based on the AI model. Smart technologies learn the more data they process meaning that the algorithms and output of the AI-driven systems improve with time and the more information you introduce into the system for analysis.
Artificial Intelligence services can be applicable across industries and customized to meet the needs of the consumers. AI-based services largely depend on the type of data that you offer the system for analysis, so there’s a wide range of products and services, and ways that they can be applied in real life. AI systems may operate on all types of data: visual, audio, text, data and so on.
AI Vision Systems
AI is used in image recognition which is applied in practice in the medical field (e.g. processing scans for diagnostics and planning treatment). A similar principle is used in face recognition systems that may identify a person from a digital image. This technology is already being used by Android to let you unlock your screen or certain apps on your smartphone by simply scanning your face. Face recognition technology is now in high demand so we may expect more advances in this area soon.
Speech recognition systems may seem on the other side of the spectrum but utilize similar principles and technology. It is used in speech-to-text software as well as for voice–operated home assistant devices like Amazon Echo or Google Home, and smart assistants Siri or Google Assistant for smartphones.
Dragon NaturallySpeaking developed by Dragon Systems, Massachusetts is another example of utilizing AI for audio data processing. It’s the most long-standing speech-to-text software on the market with over 20 years of experience in the industry. Dragon is used by doctors, lawyers, writers and other professionals for voice transcription and captioning.
ML and NLP
Personalizing user experience is an example of AI service that’s particularly in demand now, becoming an integral part of technological progress and a driving factor in digital transformation in many industries. Heavily based on machine learning, AI-based systems analyze user behavior and come up with personalized recommendations aimed at enhancing user experience and creating a higher-quality product or service. Personalization solutions utilize both machine learning and natural language processing.
As it often happens, ML and NLP go hand in hand and complement one another. Such is also the case in machine translation, where AI is used to analyze language patterns and produce a text equivalent in a foreign language. Neural machine translation is rapidly progressing and expanding to new areas. Whereas some fifteen years ago you would have to purchase pricey translation software, now all the functionality is easily available for free and without a drop in quality in online translation services like Google Translate. Moreover, companies like Facebook and Twitter are integrating this functionality applying the principles of machine learning to provide a better user experience and connect users across all continents, erasing the language barriers that stand in the way of communication.
Some other examples of AI services are chatbots, handwriting recognition, credit risk determination, spam detection, parsing of data, predictive analytics, etc.
Artificial Intelligence services
Benefits of AI solutions for business
Companies that incorporate Artificial Intelligence solutions in their core values reap the benefits of the technical progress and the informational revolution as we are all standing at the dawn of a new era of virtual transformation and automation.
AI is indispensable in dynamic environments, requiring you to work with data on a large scale. It makes data processing faster and more efficient, as it’s specifically designed to work in a data-intense environment and learn through operating large volumes of data and analyzing information. Combining Artificial Intelligence services with Cloud Computing would be something to consider in this regard as it gives instant advantages in terms of data manipulation. Cloud environment allows you to store massive volumes of data and makes it easily accessible.
With automating many tasks and reducing the need for human labor, companies can significantly lower operational costs. This means that funds may be redistributed or repurposed for further economic benefit.
AI powered solutions operate large amounts of data and consolidate information that is later used to analyze the market and economic prospects of the company. All this directly affects and improves the decision-making process, making it more timely and precise with a better outlook for the future.
Increased team productivity is another expected result of AI implementation. One may argue that it comes at a cost as human labor is being replaced with automated algorithms making many roles redundant. However, where some job titles become obsolete, new ones emerge. It’s all part of the technological and economical evolution of our society that can hardly be stopped or reversed. Teams that embrace AI are more efficient and keep their focus on the bigger picture.
Utilizing intelligent workflows with AI services allows companies to enhance customer experience. This can be realized in a number of ways, like for example, chatbots with predetermined algorithms that analyze messages from the customer and give out a relevant automated response. This minimizes the time in which the customer gets a solution to their problem to mere seconds, leaving only the heavy-duty tasks to customer service operators. Integrating natural language processing gives a more personal touch to this semi-automated communication, making it seamless and natural. This hybrid customer service is time-efficient and effective.
These are just some of the benefits of introducing AI services into business operations. As technology progresses, there will come new opportunities and applications with the potential to completely change the way we run our economy.
Examples of companies using artificial intelligence
IBM’s Cognitive Enterprise and Yara
AI can help push for a drastic change in the way the company operates, making a complete transformation and stepping onto the forefront of innovation and technology. IBM is leaping forward in this regard with their concept of a Cognitive Enterprise.
Yara International is a farming company in Singapore that fully embraces digital transformation and, with the help of IBM, is steady on its way to becoming a Cognitive Enterprise. IBM and Yara have been working together since 2019 on a way to introduce data science into agriculture. They encourage using AI in analyzing the vast amounts of data collected from drones, soil testing, observing weather patterns, in predicting crop outcomes and planning for better yield.
With over 620 million families occupied in farming, it’s inevitable to see many sectors in agriculture become more and more fragmented. IBM helps Yara create AI technologies specifically tailored to suit the needs of agriculture and use the data that’s already available to create a more sustainable farming model.
Using AI solutions helps predict change in weather patterns and other factors conditioning the farming outcome. Equipped with data, farmers can produce better crop yields more consistently and meet the rapidly growing global market demand. The intelligent approach to farming also means that the soil won’t be exhausted in a matter of years because of neglect or overfarming. The crops are better quality as farmers can be more precise in zoning farmland for development, seed selection and sowing, using fertilizer, tending to the plants, and harvesting.
NHS and AI solutions
The National Healthcare System in the UK is already set on its way to leverage artificial intelligence as the driving force in transforming its approach to early diagnostics and prevention of diseases. The UK government predicts that by the year 2030 the healthcare sector will be positively revolutionized with the use of AI technologies and big data.
When it comes to healthcare, the AI has seemingly unlimited possibilities. Given the sheer volume of data that flows through the system every day, it’s a data scientists’ dream come true. All the data available for analysis helps train AI systems and build algorithms for predicting disease, planning the best possible treatment, and improving prospects of the patient. AI automates and streamlines mundane time-consuming tasks, leaving the healthcare professionals more time to spend on patient care and building a personal connection that gives back the healthcare system its humane face.
One of the AI solutions that has already made its way into the healthcare system in the UK is Google’s DeepMind AI technology. DeepMind has been working with the NHS since 2016 and developed technology for automatic detection of serious eye conditions like glaucoma or diabetic retinopathy. The system analyzes the scans of the patient’s retina in real time and evaluates how progressed the disease is, giving it an “urgency score”. DeepMind is preparing to launch the system for commercial use, although it might take some time before the new technology gets a green light from the regulatory authorities and is ready for wide-spread use.
Companies that are using AI right now, stand at the forefront of a new revolution. Our society and business are changing through innovative thinking and emerging technologies.
Many see the integration of AI technologies with cloud computing as the next step in this process. As already mentioned, cloud services are a tried and proven, cost-effective way to store massive amounts of data with instant access from any part of the world. Cloud makes it easier to get started with AI technologies that need to access and operate these large amounts of data.
It’s important to understand that cloud computing and AI solutions can greatly benefit the economy and the progression in tech, if they come hand in hand, combining the best of both worlds.
The question, whether or not to implement AI solutions in business or certain industries, doesn’t even arise. The answer is an obvious “yes”. This is the future we can see right before our eyes, and we’ve already dipped our toes into it. Those who have the wit and guts to take the next step will lead the way of the technological transformation with a complete shift in mindset.
The future is now. And it’s virtual, intelligent, and agile.