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) …
By the end of 2021, more than 1.6 billion people will use voice assistants on a regular basis, and it is certain they will want to do more than ask about the weather or hear their favourite song. Such assistants will provide retailers with an unprecedented opportunity as consumers use them to find, research and buy products. For this reason, exploring how voice assistants can improve the customer experience is a core focus for many retailers right now. Conversational artificial intelligence (AI) is powering voice technology systems and be it Alexa, Siri or Google Home, these platforms are enabling customers to interact with brands in ways that are not only convenient but also highly personalised and contextualised. In a conversational AI world, virtual assistants will search, open, fetch, command and engage the dozen or more websites, portals, apps and systems we all interact with daily.
This article is part of CMO.com's March/April series about emerging technology. Artificial intelligence has the potential to change business forever. To take care of all the mundane tasks employees currently handle, freeing their time to be more creative and perform the work that machines cannot. Today, the emerging technology is used mostly by large enterprises through machine learning and predictive analytics. Here's a look at the current state of AI and what lies ahead.
Consumers today expect from wealth management companies the same level of technical sophistication, in the form of personalized services that they receive from companies like Amazon and Netflix. Part of the appeal of wealth management services is the personal relationship and the insights an experienced advisor can offer clients. Believing this relationship is most crucial to client engagement, though wealth management services are failing to take advantage of back-end technology to drive revenue. Artificial intelligence can analyze trends and help advisors tailor advice to particular clients, highlighting connections between investment behaviors and allowing managers to provide their clients with customized services. The companies and advisors who learn to leverage technology will enjoy a competitive advantage over the market for years to come.
If you pay any attention to tech news, you've probably read extensively about how AI is transforming our world -- from creating works of art to making crucial predictions. As a business owner, you've probably wondered how you can get in on the action. Even if you're not running a tech-focused company, there are several ways that you can take advantage of cutting-edge AI. You might not have a multi-million dollar R&D division to develop your own AI initiatives, but there are plenty of opportunities to make use of what's already out there. Some of the major players in AI make their powerful tools available for a price.
Smart machines tend to elicit both awe and deep anxiety. This is especially true in health care, where people's hopes and fears tend to get magnified quickly. Consider three issues that get a lot of attention: the use of medical records, the "human touch" in medical care, and the future of jobs in the industry. On balance, are people more glass half-full or half-empty? Our research points to an optimism that may surprise expert observers.
This article originally appeared on MarTech Advisor. Artificial intelligence: What is it really beyond a big buzzword? Let's take a deeper look under the hood of this hot technology to see how industries like marketing can harness it. AI is the umbrella term used to describe the ability for machines to complete tasks that they can increasingly perform better over time. Machine learning involves getting computers to perform these tasks without being programmed in a rules-based way to do them.
Today's shoppers have developed a new standard of behaviors, preferences and expectations for all of their retail experiences. Responsible with meeting these elevated needs, retailers seek to overcome the hurdles of legacy technology and captivate each of their customers on a 1:1 basis. In the past, consumer value expectations were centered on three variables: cost, choice, and convenience. With instant gratification available at the push of the button, customers are looking to have more control of their purchase journey and are seeking out personalized shopping experiences. Accustomed to the instant access of e-commerce shopping, customers are looking for opportunities to skip the line and have direct communication channels to ask, troubleshoot, and of course, shop.
Despite all the hype to date AI's usage in advertising has been confined to very niche areas, from re-organising data more efficiently to tagging and organising inventory. AI's massive potential has only slowly built momentum, however, we have finally reached a tipping point where AI is starting to come in to its own. The trigger occurred as Reach lost its pole position as the ultimate metric, being sidestepped by a need for higher and more accurate engagement. Little wonder really, an overwhelming 2.5 quintillion bytes of data is collected every day turning it from marketers' gold dust to their nemesis. It can no longer be properly scrutinised for meaning and in some instances it can even be misleading.
Financial payments and banking started in a very inefficient and traditional way, which was slow but still acceptable to the customers due to the stage in the information age. FinTech is now changing the whole game. In my personal opinion and hand on experience FinTech was, is and will remain Blue Ocean player where its all about collaboration, partnership and synergies. Competition is red ocean game. So I say FinTech is the Blue Ocean Strategy player.
While the healthcare industry becomes increasingly adept at applying clinical and claims data to improve care, it has largely ignored other data sources that provide the greatest opportunity to positively impact health and cost at scale. The dependence on this limited data set originates in the system's orientation toward "sick care" -- treating illness. To radically improve health care, we need to apply consumer demographic and lifestyle data in ways that help the health care industry shift its focus from providing sick care to partnering with people (rather than "patients") to help them stay well. The government and private sector have dedicated enormous capital and energy to building electronic health record and claims systems to automate and record sick-care transactions. This digitization supports consistent quality of care and payment accuracy, but the data is primarily retrospective – it tells a story of what has been.