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) …
Consumers are increasingly making voice capabilities a central part of their mobile and home-based interactions. As a result, it is time for organizations to integrate voice-first technologies into consumer acquisition, sales, service and digital customer experience strategies. Subscribe to The Financial Brand via email for FREE!Based on the sales results of the past 18 months, there appears to be an almost insatiable appetite for voice devices by consumers. The demand and utilization of these digital assistants, coupled with the significant advancements in the underlying technology, indicate that voice-first devices are on the cusp of transforming commerce and marketing in virtually every industry. According to a recent study from CapGemini, "Voice assistants such as Google Assistant, Amazon's Alexa, and Apple's Siri, will revolutionize how consumers and brands interact in ways not witnessed since the dawn of e-Commerce.
As the calendar flips from 2017 to 2018, Chief Marketing Officers (CMOs) continue to witness a paradigm shift from traditional vendor-led customer experiences to ones where clients are firmly in the driver's seat. Building and executing strategies that empower customers, including mobile, personalization, customer self-service and omni-channel commerce, has never been more important -- and AI is helping to make it not only possible, but a competitive imperative. More than any other factor, rising customer expectations are driving change at an almost unimaginable scale. Early adopters of artificial intelligence (AI) are helping CMOs not only meet these challenges but also gain an edge over their more pragmatic, "wait and see" competitors. That could spell the beginning of the end for laggards, and the end of the beginning for leaders in the application of AI.
It was a noble experiment gone awry. A robot was just fired from a grocery store in Scotland for confusing some customers and freaking out others. An executive guide to the technology and market drivers behind the $135 billion robotics market. The robot, a customized version of SoftBank's Pepper humanoid, was programmed by Heriot-Watt University for Margiotta, a Scottish grocery chain. The retail experiment was orchestrated by the BBC for an episode of a series examining interactions between robots and humans, Six Robots & Us. "We thought a robot was a great addition to show the customers that we are always wanting to do something new and exciting," Elena Margiotta, who helps run the grocery chain with her family, told The Telegraph. Installed in the grocer's flagship Edinburgh store, the robot, which shop owners named Fabio, was programmed with directions to hundreds of SKUs. Like Pepper robots in retail environments in Japan, the unit was also programmed to be something of a ham, able to tell jokes, dispense hugs, and engage in lively banter. At least that was the idea. In practice, Scottish customers didn't want anything to do with the officious automaton. In part, it was a failure of the technology.
Imagine meeting someone you should know but whose name you can't recall. Now imagine you're wearing a pair of glasses that will scan social media for a match on their face and display their name in front of one of your eyes within two seconds, sparing you embarrassment. Activate the glasses' camera function, look at an object and in seconds the brand, model number, its price on e-commerce websites and reviews of the product will scroll in front of that same eye. If you think that sounds like science fiction, think again: this is what Rokid Glass promises to do. In the words of Rokid's Reynold Wu, they will offer "an anytime, anywhere AR visual overlay in front of your eyes [that] effectively synthesises voice interaction, AI, and image AI".
There will be many people who will say it does exist and has working technologies, hardware and software. It is an interesting error in thinking to focus on closed system devices/products as to what Ubiquity (IoT3) is. Devices are used to get across the point of various types of connections and networks being accessed. But more importantly in a full implementation of the concept of Ubiquity (often described as the IoT) devices may not even be owned anymore. The ownership of devices ceases to be important if you can own your digital identity, can verify it and establish your own ecosystem of assets in Blockchain.
PSFK's AI Retail Playbook, a collaboration with Microsoft, outlines AI's contributions to the customer experience With the rise of e-commerce titans like Amazon, today's retail landscape is built on a digital foundation--and words like AI, data, personalization, convenience and unified commerce are the new competitive advantages. As a consequence of this digital ecosystem, consumers have an entirely new set of behaviors and expectations when it comes to shopping. With on-demand services like Amazon Prime offering next-day delivery and 24/7 gratification, shoppers have a much higher bar than their coupon-collecting and bargain-hunting predecessors. They not only consider convenience and flexibility absolute musts, but also crave personalized service and experiences. As offline and online retail converge into a single, seamless channel, AI-powered experiences will become essential for retailers to meet their customers' needs, no matter when, where and how they choose to shop.
Siri, Alexa, and OK Google… these are the virtual interactions that Sci-Fi movies have portrayed for decades past. The future is, it seems, here at our fingertips. These technologies are sparking new expectations in today's consumers on an almost daily basis. We want intelligent interactions that are personalized to our own situations and we want them on demand – not after we waste our precious time sitting on hold. Long gone are the days when customers almost expected to experience IVR hell and would pretty much tolerate jaw-dropping wait times.
Thе sheer mаrkеt ѕіzе оf AI ѕоftwаrе аnd ѕуѕtеmѕ, which is expected to reach US$35,870 million by 2025, and the opportunities it opens are causing retailers to pay serious attention to AI. For shoppers who have drеаmеd оf having a реrѕоnаl shopper, AI simplifies the shopping process and provides personalized experiences that turn shoppers into customers who keep coming back for more. Shoppers aren't the only ones who benefit from AI. The innovative, always learning technology is contributing to higher sales and better customer experiences that improve the retail brand and bottom line. The following five retail use cases showcase how AI is transforming the industry and leading to better business outcomes.
Artificial intelligence has long seemed like more sizzle than steak, but 2017 may have been the year when enterprises decided to try it in earnest. According to a new report, AI's use as a mainstream business tool grew 60 percent over the last year. According to the Outlook on Artificial Intelligence in the Enterprise 2018, 61 percent of business and technology executives surveyed were already using AI to save money, boost productivity, personalize interactions and automate repetitive manual tasks. Predictive analytics, machine learning, natural language processing and voice recognition and response were the most widely used AI solutions reported. The survey report from Narrative Science, which helps organizations integrate intelligence into their platforms, said respondents using AI-driven solutions described benefits such as saving time and increasing operational efficiency, accuracy and employee productivity.
Digital consumers have become accustomed to dynamic pricing that reflects current relationships, household needs, market demand and business goals. The banking industry needs to move to this stage of pricing to optimize relationships and revenue in the future. Subscribe to The Financial Brand via email for FREE!Have you ever wanted to buy a ticket to an event or for travel and realize that the pricing for the ticket differs based on the day, time or location of the event? Have you ever searched for a product or service online only to realize that the price of the product changed in the short time you contemplated the purchase? This is the power of'dynamic pricing.'