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) …
"We've seen the beginning of a fundamental shift as companies start implementing AI to streamline and improve our daily lives. Conversational interfaces or chatbots have quickly become a daily part of consumer life for many through products such as Amazon's Alexa and and Apple's Siri, [which] significantly reduce the friction and time spent on basic activities. This trend will accelerate in 2018. Gartner estimates that by 2019, 40 percent of enterprises will use chatbots to facilitate business processes using natural language interactions. They further predict that chatbot built-in functionality will replace 30 percent of all human-to-human customer facing interactions by 2021.
Though not an alternative to human knowledge and ingenuity, AI is considered a supporting tool to help humans. Though Al presently has a tough time completing different tasks involving common sense in the real world, it is able to process large amounts of data faster compared to a human brain. Artificial intelligence systems play a vital role when unstructured data like images, social media or open-ended surveys are needed to make a decision. Amazon, for instance, recommends products to buyers before even they search for that particular product. Amazon has made this possible using machine learning techniques and now layer in unstructured data on top of its powerful, integrated collection of structured analytics such as product histories, addresses, and payment details of customers.
– Digital wallets are becoming the new way to pay. Most interesting factor here is to know companies who are most successful in this field actually came out of payment industry with no prior knowledge or payment intelligence but rather came with Artificial Intelligence. How to pay and where to pay, when to pay etc. Disrupted the most unknown and unsecured payment methods like contactless payment systems. Does any one ask any question from these ventures weather their suggested methods are safer, secured or how much vulnerable than chip-enabled plastic cards, and what it might take for contactless systems to be used as widely as cash. How the data or sensitive data of a customer been treated and used in their systems.
As 2018 gets rolling, it appears that various aspects of big data are morphing into machine learning and AI. The changes that machine learning models bring to big data analytics are not readily apparent. To sort through recent developments, including data science and DevOps, reporter Jack Vaughan caught up with James Kobielus, lead analyst for AI, data science, deep learning and application development, at SiliconAngle/Wikibon. He had just finished a serious round of predicting 2018 with colleagues when we knocked on the door. AI was asleep for a few years.
An insurtech disrupter that provides customers with insurance in just six clicks is upping its investment in robotics and AI as it gears up to hit the £15m turnover mark this year. Manchester-headquartered Ripe, which last year rebranded after 20 years as the JRW Group, will also be using data analytics to study behavioural economics and determine what drives customers to buy policies. Ripe was established in 1999 and has been disrupting the traditional insurance model ever since. It uses cutting-edge tech and digital marketing to provide customers with better products, competitive pricing and a slicker online experience. The firm has built its own end-to-end technology platform which it claims allows customers to get a policy in just six clicks.
Artificial intelligence isn't coming to terminate traditional retailers -- just like in "Terminator 2: Judgment Day," it's actually here to help. That was a key takeaway from a panel on robotics and AI held at NRF 2018: Retail's Big Show in New York City on Jan. 14. Instead of seeing AI as a threat that eliminates jobs through automation, retailers should embrace the technology as a tool that can solve their business problems, retail AI experts said. Michelle Bacharach, co-founder and CEO of FindMine, a company that uses supervised machine learning techniques to create complete outfits around each product an apparel retailer sells, said on the panel that AI should not be an end in itself. "If you start there, you've already failed," she advised retailers.
Automation is everywhere these days enabling users to accomplish a wide range of tasks – from ordering pizza, checking luggage at the airport, booking a hotel room, right through to booking a doctor's appointment. And the customer service industry is no exception. Advancements in technology continue to transform customer service interactions. By 2020, experts project that more than 85% of all customer interactions will be handled without the need for a human agent. From improvements in loyalty and brand reputation to new revenue streams, the pathway to real-time self-service in customer service brings huge opportunities to forward-thinking businesses.
Monex has partnered with AI expert HEROZ Inc to introduce a new service to FX traders. Japanese online trading company Monex Inc, a subsidiary of Monex Group, Inc. (TYO:8698), is planning its next push into Artificial Intelligence. The company has unveiled a partnership with technology expert HEROZ Inc which is set to result in a new service for Forex traders. The main goal of the new service, whose launch is scheduled for January 2018, is to help Forex traders improve their trading strategy. An AI solution, called "HEROZ Kishin" will be at the basis of the analysis of transaction trends and history.
One of the hottest areas for subscription services right now are ingredient and meal-kit delivery services. Two of the companies in this space – Blue Apron and Plated – were both in the news. Blue Apron went public last year, raising $300 million in the process, and Plated was acquired by the grocery chain Albertsons. These companies make weekly deliveries of pre-measured ingredients with recipes and instructions on how to put the meal together. These meal-kit services have distinctive supply chains and difficult forecasting issues.
Chad Bockius, CPO, CarStory, says in a new report that: "Data is the lifeblood of AI, and in the last two years alone, approximately 90% of the world's data was created." In combination with processing power, data has allowed for companies to make greater advancements in the automotive retail industry now more than any other time in history. Bokius says that the big question to ask, for him, is: how will AI impact automotive retail in 2018? While everyone is looking for specific applications, the reality is that AI will impact nearly every part of the industry's approach to doing business. Automotive retail has seen a lot of change in the past five years, but nothing compared to what's coming next, concludes the report.