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 term conversational AI (CAI) refers to the underlying set of intelligent technologies that enable software systems to interact with humans using natural language processing (NLP). This involves the ability of software to understand the intent behind what a human is saying and respond in an intelligent, conversational way. In the last decade, technologies and use cases have evolved so rapidly that we have seen a deluge of terms enter circulation like chatbot, virtual agent, voice assistant and conversational UI to name a few. For senior executives and customer-focused leaders, certainly they should be looking to make this new channel a fundamental part of their banks' wider customer engagement strategy. That's why EPAM has produced a white paper outlining 7 Lessons Learned from the Field as a practical guide for both business leaders and technologists with customer-facing responsibilities in banking.
The magnitude of how technology has changed the landscape of the legal profession so far is quite astounding, considering how legal professionals used to be insistent on sticking to the status quo. The digital revolution made practicing law significantly easier by supplying lawyers with tools that streamlined parts of their previously outdated workflow, from researching case files to client relations. As law firms are working remotely and switching to a client-centric approach, now is the right time to consider how the latest IT developments will further impact the legal industry. With clients demanding law firms to be faster, cost-effective, and more flexible, law professionals have embraced automation and law firm software as solutions for growing customer expectations. Automation, in particular, helped law firms save time and deliver more productive results.
Tesla privately admitted to a California regulator that CEO Elon Musk has been exaggerating plans to have fully-autonomous self-driving cars on the road by 2022. The acknowledgment was revealed in a summary of answers to questions put to the company by with the state's Department of Motor Vehicles. They were released by legal transparency group PlainSite, and first reported by The Verge. During an earnings call in January, Musk told investors he was'highly confident the car will be able to drive itself with reliability in excess of human this year,' reported The Verge. That call came five months after Musk told an AI conference in Shanghai that he was'confident' of producing a fully self-driving car by the end of 2020.
In this edition of Voices of the Industry, Service Express Chief Technology Officer Jake Blough shares how machine learning offers new opportunities for IT leaders to accomplish routine tasks in the data center. Digital transformation in IT departments enables businesses to take advantage of artificial intelligence (AI) and machine learning (ML) to streamline tasks and improve operations in the data center. The key to understanding the distinction between AI and ML is to view automation as an umbrella with artificial intelligence, machine learning and deep learning as subsets of automation. AI is broadly defined as a technique that mimics human behavior. Machine learning uses data and algorithms to understand and improve from experience over time.
In the past 12 months, there has been tremendous traction and advance of A.I. across industries. Moving from a buzzword, hype, or having some novelty level, firms have moved to an actual adoption, and more importantly, tangible business results. Organizations are now breaking through the struggle to implement projects that deliver business value and are well on their journey to become sentient enterprises. The examples and use cases are astounding in number. A great indicator is the number of start-ups driving radical innovations, for instance, in customer experience at scale.
Although the COVID-19 pandemic affected many areas of industry, it did not lessen the impact of Artificial Intelligence in their daily lives. Thus, we can assume that AI-powered solutions will undoubtedly become more widely used in 2021 and beyond. Knowledge will become more available in the coming years, putting digital data at higher risk of being hacked and vulnerable to hacking and phishing attempts. AI and new technologies will help the security service in combating malicious activities in all areas. With strengthened safety initiatives, AI can help prevent cybercrime in the future.
Digital transformation is not only leveraging new technological opportunities to accelerate the business. It is a cultural change and a shift towards making digital the heart of the business. It is a journey that many traditional FMCG brands, are undertaking to compete in a market that is now seeing more agile direct-to-consumer start-ups. These days, to have a competitive edge is to be customer centric. To have a deep understanding of our customers' needs and fulfil them better than anyone else.
Many studies post-Covid across industries have revealed how automation is becoming important for business processes. This is mostly true for sales. A study by Forrester revealed that the industry will require increasingly more automation in the business to business segments of industries. About 66% of the executives surveyed echoed this notion. Certainly, with recent updates it seems, Jake Tatel, the Global Director of sales enablement and productivity at Intel is one of those executives, who believes in the power of AI to increase sales.
Robots are not going to cut hair or perform other salon services any time soon. It requires human judgement and intuition and there's a bond of trust that develops between a stylist and their customer. However, technology can still transform a salon by streamlining processes, adding automation, and generating more business. By using technology solutions including various cloud-based platforms, salon owners, managers, and stylists can all benefit by staying busier and developing long-term relationships with loyal customers. As the country starts reopening and decimated salons dive back into business, they'll also need technology to develop competitive advantages as demand for their services grows.
Robotic process automation (RPA) and artificial intelligence (AI) have traditionally been viewed as separate and somewhat unequal worlds--RPA proponents consider AI to be impractical, while AI enthusiasts deem RPA primitive--but these two fields are highly complementary. Think of them as the brawn and the brains of performance. Companies can gain quick wins through RPA while strategically introducing AI for sustainable benefits and continual optimization. Services are especially amenable to this approach. By services, we mean both service industries, such as banking, insurance, and telecommunications, as well as services provided by in-house support functions, such as finance, HR, and IT.