If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
The mission of building one-to-one communication and engagement is not a new concept. Back in 1993, Don Peppers and Martha Rogers, Ph.D., proposed that organizations could use technology to gather information about, and to communicate directly with, individuals to form a personal bond. The book, The One to One Future: Building Relationships One Customer at a Time, stated that technology had made it possible and affordable to track individual consumers, to understand each person's individual journey, and to provide contextual offers at the optimal time of need. Six years later, internationally recognized best-selling author Seth Godin published Permission Marketing. He built a logical case for creating incentives for consumers to accept advertising voluntarily.
From personal assistants to legal counsel on parking fines, artificial intelligence (AI) and machine learning (ML) have established their potential as disruptive technology that will alter industries. With each passing day, further discoveries enable AI to become more sophisticated and viable in our world. Naturally, like all things digital, AI has had a profound impact on digital marketing as well. From Google's RankBrain search engine algorithm to Amazon's personalized recommendations, it is powering the world's leading organizations and changing the face of the modern digital marketing landscape. Currently, I work as senior vice president of marketing at CUJO AI, an AI-driven network security and intelligence company.
Artificial Intelligence is a technology solution with the power to change the world. Once the sole property of sci-fi writers and creative minds, artificial intelligence is now an increasingly common part of our professional and personal lives. We make purchases through virtual assistants hooked up to our phones and speakers. Our bots remind us when we have appointments and help us to manage our schedule. In the business world, artificial intelligence even has the potential to take care of mundane tasks on our behalf, freeing up more time for us to be as intuitive and innovative as we like.
Over the last few years, India has taken significant steps towards adoption of emerging technologies like artificial intelligence (AI) and machine learning(ML), with technology solutions providers, tech leaders, startups and government agencies playing a significant role in shaping the evolution of the technology in the country. According to a recent study, which observed the country-wide AI readiness in the Asia Pacific, India was ranked third in readiness, with its overall readiness score being 50.2 out of100, while Singapore was ranked the first with 63 points and Hong Kong was at the second with 56.5 points. As straightforward as it might sound, AI readiness simply does not refer a country's preparedness in embracing AI, rather, a number of key factors like the ability of its consumers, businesses and government to adopt, deploy and support AI technologies are taken into consideration to better understand the readiness capability of a country in adopting AI. In other words, AI readiness is not a linear process instead, multiple factors shape the outcome. "AI adoption is fragmented and uneven across the region. In some cases, governments' efforts and commitment have yet to be reflected in businesses' or consumers' adoption and usage of AI. In others, business and consumers are taking the lead, showing governments the way forward in terms of change and innovation," Eric Loeb EVP, Global Government Affairs points out in the study.
The pace of change cannot be determined, and that's the reason why business executives are seen keeping a pulse on emerging trends to keep their existing customers happy and loyal. Back then or now, customers always craved for friendly, efficient, and reliable service and with the advancement in new technology, their expectations have been raised. Being friendly is not enough; they want to feel like the service has been personalized for them. Customers are now in the driver's seat for smart business leaders when it comes to public brand perception. There was a time when a customer could do anything about if they faced any problem with the product, but tables have turned these days, consumers have a powerful voice, and they're not afraid to use it- all thanks to the internet.
Artificial intelligence (AI) is the word on everyone's lips. But in the automotive industry today, many products and services being labeled as such are in fact reliant on a form of advanced analytics (evolving from conventional algorithms) that enables those features--for example, predictive maintenance in manufacturing. Theories of AI have existed since 1950. However, AI itself gained wider functional applicability only in the past few decades, with the rise of machine learning and deep learning. This has also been facilitated by advances such as improved algorithms and training methods, greater computing power, and the availability of large amounts of data in the cloud.
Artificial intelligence uses data science and algorithms to automate, optimize and find value hidden from the human eye. By one estimate, artificial intelligence will drive nearly $2 trillion worth of business value worldwide in 2019 alone. Hence, that's an excellent incentive to grab a slice of the AI bounty. Also, fortune favors those who get an early start. Therefore, the laggards might not be so fortunate.
Machine learning models are on the rise. This is due to their potential for advanced predictive analytics, which is creating many new opportunities for healthcare. From models that can predict chronic ailments like heart diseases or acute diseases like infections and intestinal disorders, the capability of machine learning to predict infectious as well as non-communicable diseases is on its way to delivering considerable benefits to doctors and hospitals. This is transformative as, over the years, a large number of people have been getting diagnosed with infectious as well as non-communicable diseases which require complicated and costly treatments. These can be temporary or long term treatment, which may require hospitalization and at times re-hospitalization.
Twenty-five percent of customer service and support operations will integrate virtual customer assistant (VCA) or chatbot technology across engagement channels by 2020, up from less than two percent in 2017, according to Gartner, Inc. Speaking at the Gartner Customer Experience Summit in Tokyo today, Gene Alvarez, managing vice president at Gartner, said more than half of organizations have already invested in VCAs for customer service, as they realize the advantages of automated self-service, together with the ability to escalate to a human agent in complex situations. "As more customers engage on digital channels, VCAs are being implemented for handling customer requests on websites, mobile apps, consumer messaging apps and social networks," Mr. Alvarez said. "This is underpinned by improvements in natural-language processing, machine learning and intent-matching capabilities." Organizations report a reduction of up to 70 percent in call, chat and/or email inquiries after implementing a VCA, according to Gartner research. They also report increased customer satisfaction and a 33 percent saving per voice engagement.
While blockchain and quantum computing continue to inch up the emerging technologies hype cycle, artificial intelligence (AI) is revolutionising the financial services industry by stealth. Fuelled by the three'V's of big data – velocity, volume and variety – AI tools are being deployed across the bank, from the customer front end to deep in the back office. AI is an umbrella term that covers robotic process automation, or the simple automation of processes such as data entry; natural language processing (NLP), most commonly used in chatbots; and machine learning, as is used in robo-advisory services and credit scoring. To date, much of the focus has been on customer benefits, such as improved experience and more personalised products; however, Cathy Bessant, Bank of America's chief operations and technology officer, believes that the more exciting application areas are in risk management and financial forecasting. "AI gives us the ability to take vast amounts of data and produce forecasts and risk assessments based on changing variables to understand their impact. The opportunity for fast, world-class risk management is huge," she says.