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From Hype to Hero: A Look at Artificial Intelligence in the Consumer Packaged Goods Industry - Bain & Company

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Most consumer packaged goods companies (CPGs) have struggled to find solid footing in a turbulent industry. Bain research has found that 34 of the world's top 50 consumer goods companies experienced a decline in revenues, profits or both in recent years,1 forcing CPG executives to find new ways to compete. Emerging technologies, including AI, have given a sharp advantage to firms in other sectors. Companies at the forefront of AI are household names, known for changing the playing field and reinventing their industries: Amazon, Facebook, Microsoft, Apple. To stay ahead, these leaders are investing heavily in technology. Amazon, for example, ranks No. 1 in R&D, spending more than 10% of its revenues on IT while retailers manage 1% to 2%.


Don't Want to Use AI? Too Late.

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You're likely an AI user, whether you realize it or not. Don't want to use artificial intelligence (AI)? Afraid to try it, or suspicious of it taking over the world? Too bad… you've probably already employed it, and don't even know it. But don't worry, it's not ready to enslave us all yet, at least according to a pair of CEOs… one from an artificial intelligence company and another from a live streaming company.


Where Chatbots and AI Fit into Your CX Strategy

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Customers expect and use multiple channels to access customer support. "Most customers will still prefer to use an automated or self-service option as long as it is convenient and easy to understand," says Jeff Toister, author of The Service Culture Handbook, "because when a customer does want to connect with a human, it's almost always because something is either urgent or complicated." During the recent California mass power outage everything powered by electricity – Internet Wifi, traffic lights, expresso machines – was brought to a halt. The sheer volume of over 700,000 residents looking for information also brought the PG&E website, chatbots and call centers to their knees. The 2019 CGS Customer Service Chatbot and Channel Survey found that AI technology implementations are happening faster than customers are able, or willing, to embrace them.


Understanding Artificial Intelligence, Machine Learning, and Deep Learning

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Technological change is the only constant in today's business world, disrupting everything from large organizations to small start-ups. Disruption affects everyone, but will you be the disruptor or the disrupted? You must pay close attention to the Hard Trends shaping the future of your industry, your business, and the outside world to identify opportunities used to innovate and grow rapidly, additionally using those Hard Trends to solve any problems your organization and customers might have before they occur. The shared definition and understanding of the words we use is an issue in business. While several companies are on course to use artificial intelligence (AI), machine learning (ML), and deep learning (DL), others hardly understand the fundamental differences between these powerful technologies.


Two-thirds of UK financial services firms are using machine learning

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Finance firms are using machine learning (ML) across their businesses with the technology's spread likely to continue as the obstacles it faces are not deemed insurmountable, according to a survey carried out by the Bank of England. The survey, which had more than 100 respondents, revealed that around two-thirds of financial services companies in the UK are using ML. The technology is used to replace manual tasks in the industry through its ability to recognise patterns in data and make decisions. "ML has wide-ranging applications in financial services and, when combined with increasing computational power, has the ability to analyse large data sets, detect patterns and solve problems at speed," said the Bank of England. "The use of ML has the potential to generate analytical insights, support new products and services, and reduce market frictions and inefficiencies. If this potential is achieved, consumers could benefit from more tailored, lower cost products and firms could become more responsive, leaner and effective."


Adoption on the rise

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Easing the pressure points: The state of intelligent automation, a new report by KPMG International and HFS Research, found most organizations are investing in the full spectrum of intelligent automation technologies, typically prioritizing RPA, but also more frequently exploring machine learning and artificial intelligence opportunities. The study found that two-thirds of respondents are adopting many elements of IA. The technology being experimented with or piloted the most is the field of artificial intelligence, earmarked by 36 percent of respondents. Respondents said that machine learning and smart analytics were the AI technologies being implemented the most, with each receiving 31 percent of responses. Smart analytics was flagged at the top as most scaled while robotics process automation was at the bottom rung, a surprisingly low result given its role as a gateway technology.


Seven out of ten Americans have chatbot fatigue ZDNet

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What do we want in our interactions with brands when we need to contact customer support or sales teams? A recent report shows that the rise of the AI chatbot is not progressing as well as hoped. Recent research from New York, NY-based outsourcing company CGS shows how AI impacts the customer experience. What is AI? Everything you need to know about Artificial Intelligence Its customer service chatbots and channels survey looked at how customers felt about AI and automation-based interactions. It polled over 1,000 US consumers to better understand their preferences around customer service interactions.


Security and Fraud Leaders Look to Tech Amid Talent Shortage

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However, amid a talent and skills gap in the security industry, most also said they think technology will be pivotal in the future of cybersecurity with nearly two-thirds (65 percent) of respondents saying that artificial intelligence or machine learning will be able to solve more problems than humans. Despite this belief, only 36 percent have deployed these technologies in their environments. This relatively low adoption rate correlates with two of the top pain points cited by respondents: managing the increasing complexity of the cyber tech stack (76 percent) and the volume and sophistication of attacks (75 percent).


The Future Is Now: Lawyers, Artificial Intelligence, And Data Analytics

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In my last column, I humbly welcomed our robot lawyer overlords. After it was published, a number of people called me out on social media and chastised me for joining sides with the robots so willingly. It would seem that they were decidedly unfamiliar with the well-known meme to which I referred. Well, rest assured dear readers, I have every intention to resist any and all invading robot overlords unless and until I feel that resistance will be futile, at which point I plan to blindly welcome them. And, judging by the results of two recent technology surveys, my fellow lawyers are in my corner when it comes to resisting the robot lawyers who've come to steal their jobs.


The Future Is Now: Lawyers, Artificial Intelligence, And Data Analytics

#artificialintelligence

In my last column, I humbly welcomed our robot lawyer overlords. After it was published, a number of people called me out on social media and chastised me for joining sides with the robots so willingly. It would seem that they were decidedly unfamiliar with the well-known meme to which I referred. Well, rest assured dear readers, I have every intention to resist any and all invading robot overlords unless and until I feel that resistance will be futile, at which point I plan to blindly welcome them. And, judging by the results of two recent technology surveys, my fellow lawyers are in my corner when it comes to resisting the robot lawyers who've come to steal their jobs.