Artificial Intelligence Innovations: Changing Businesses for the Better …

created together with Carolyn Manion

The influence of artificial intelligence has penetrated almost every sector of business and science, laying a landscape of rapidly changing processes and products before us. While ethical concerns, suspicion of data privacy breach, and fears of automation taking over human jobs persist, many of these innovations are proving that industries and people have numerous benefits to reap from the use of machine learning, natural language processing, big data analysis, and more. Here are a few examples exploring the positive change that AI is currently bringing to the marketplace of ideas and products.

   Business Operations

Maintenance … 

Monitoring the condition of complex equipment is a difficult and specialized realm. Tiny robot sensors that listen to machines and identify symptoms of deterioration or malfunction offer the chance to resolve problems early on without unnecessary and costly repair or replacement. Predictive Maintenance in this way could not only lead to huge cost savings, but also to opportunities for development of machinery that sets itself apart by its functionality and (perhaps soon in the future) self-healing capabilities.

Legal analysis …

Machine learning algorithms can scan documents, identify relevant cases, and even predict outcomes as countless new applications for AI appearing in the legal sector reveal. One great example of this is apps like DoNotPay, which allow people to fight parking tickets, sue big corporations, and fill out transactional legal forms, for free. When artificial intelligence augments the legal process, information can be procured more quickly and accurately, thorny and time consuming settlements can be arranged more amicably, and justice becomes more accessible both financially and operationally.

Transport and Mobility … 

Connected mobility is changing the way people travel and interact with the world around them, while opening new and exciting opportunities for businesses to utilize the new connected world ahead. Delivery management, geographical expansion, and a more eco-friendly future are just a few of the exciting benefits approaching with the normalization of smart cities and an infrastructure tuned into the Internet of Things. The “Smart Efficiency” afforded by the prospect of seamlessly connected devices, services, and transport will allow for new and faster ways to offer and deliver products, streamline communication, and save time and energy.

   Profitability   

Pricing … 

AI is already transforming competition and pricing in the e-commerce arena. Amazon, for example, uses dynamic pricing to determine the price of items. artificial intelligence scans the competition and uses algorithms to update the prices for similar products. You might check the price of an item in the morning and come back in the evening to find that the price has changed. Amazon uses this technique to drive its success as the provider of the most competitive prices, and it is especially evident at times such as Black Friday, when prices surge and change based on demand even within a single day. Beyond e-commerce, startups like Beyond Pricing offer property managers and Airbnb hosts a simple tool to sync and optimize prices on their listings, with daily automated price updates that result in increased revenue.

 

Inventory … 

In Southern California, Walmart uses robots to take inventory and give real-time updates on areas that need attention, alerting employees when shelves need to be restocked. Walmart also hopes to implement drones that can also identify mislabeled or misplaced products much faster than human employees might, and there are rumors of customer assistance drones to come as well. Walmart, a global leader in big data use for retail, can even use this data to gain insight into which items make very few sales and should be taken off the shelves

Sales … 

AI is proving invaluable to sales teams as well by eliminating unnecessary work, allowing people to spend more time developing personalized and human relationships with clients. Artificial intelligence’s ability to process data quickly and provide insight, monitor customers and leads, and model businesses frees up invaluable time for the sales team to do what they do best: relating to and engaging the customer. With the insights as well as the free time provided by AI, teams can be more present with and more knowledgeable of the customer, resulting in a more pleasant and successful relationship. The variety of applications has given rise to numerous options developed to boost every aspect of a business’s sales experience.

  Customer Service    

Chatbots …

Chatbots are providing companies with an opportunity to focus more time on urgent and unusual problems, while giving customers quick answers to urgent but simple questions. “Jack” is a new AI that allows landlords and property managers to communicate with tenants about maintenance issues. “Jack” uses past data and history tailored to each user to help resolve issues. With an omni-channel platform that connects to Alexa or Facebook Messenger, developers hope “Jack” will eliminate the hassle of reporting problems as well as collecting information in a way that will make future solutions more efficient. 

In the financial realm, Mastercard is set to release their chatbot this year, which will be available for banks to use and edit. Any Mastercard holders can connect their cards through Facebook Messenger and can then ask the chatbot—named Mastercard KAI—about the status of their accounts and other similar inquiries. This project aims to simplify the bank user experience and address financial inquiries faster and without the stress that often accompanies them.

KLM has invested in what is commonly referred to as BB, short for BlueBot. This bot helps customers with repetitive tasks, such as booking tickets, sending confirmations, and delivering flight updates, as well as answering basic questions about a journey. This helps KLM’s huge social media team handle the large volume of customer enquiries by taking on the simple tasks and allowing employees to address specific, personalized concerns more quickly. BB can even help you pack through Google Home! 

Search Engines … 

Presearch is one company that aims to use peer-to-peer networking and artificial intelligence to bring transparency to the world of search engines. Google controls nearly 80 percent of the search market, yet few people fully understand how Google determines what content is shown to a particular consumer. Presearch plans to use cryptocurrency to incentivize participants to lend them the computing power of their personal computers. In return, the company promises to build a more transparent search engine platform. 


Logistics … 

Predina seeks to combat the dire consequences of work-related driving accidents with a platform that uses AI and geospatial analytics to predict road transport risk as the context changes. It takes accounts of historical incidents and near-misses, hyper-local weather data, real-time traffic information, and driver risk profiles and automatically generates suggestions for risk mitigation intervention. Mass adoption of the product will hopefully prevent dangerous road accidents and the damage to human lives, company finances, and brand reputation that inevitably follows.

At the broader level, LogiNext offers solutions to analyze, track and optimize resources in real time. The software uses insights and visualizations based on big data and predictions to optimize operations. LogiNext aims to help companies streamline capacity and talent to make the shipping process as efficient and cost-effective as possible. 

  Security and ID

Facial Recognition …

The Biometric Mirror, developed at the University of Melbourne, explores the reactions people have to AI facial recognition and its potential for identification and conversely misidentification. Users are informed not only of age and gender estimates but also extremely personal emotional and psychological characteristics—such as aggressiveness and emotional stability. They are then asked how they would feel if, for example, such a program were used by a potential employer. The project aims to spark debate about the ethical implications of AI and the biases behind it.

Orlando International Airport has been testing facial recognition software on international flights, matching the faces of passengers with already stored biometric data. The pilot project aims to eliminate time consumed by presenting boarding passes at the departure gate while securely verifying identity to combat terrorism risks.

The future of payment could soon be transformed by facial recognition technology too. At CaliBurger, members of the loyalty program can log in with a smile and complete an order with stored financial information. The system also makes recommendations based on customers’ habits and past orders, creating a tailored dynamic menu experience. CaliBurger, a leader in using new restaurant tech, also famously implemented “Flippy” the burger-flipping robot, who proved too fast for his human coworkers.

Object Recognition … 

Security cameras are being equipped with better-than-ever object recognition technology. With machine learning, these cameras can even evaluate threats and warn users based on relevant or threatening activity. Once the stuff of sci-fi films, these developments could lead not only to improved personal and home security options, but faster apprehension and prevention of criminal attacks. With new smartphone apps like Blippar appearing on the market, whose growing databases utilize similar technology to eliminate the use of QR codes and facilitate information searches, we could see a future where aritificial intelligence recognizes objects and faces faster than humans can. 

Content Creation … 

Google Smart Compose autocompletes mundane emails for you and learns over time your colleagues’ names, common email formats, and more. For more complex tasks, apps like Frase provide a tool that acts as an incredibly intelligent word processor—or multipurpose research assistant—identifying key topics and relevant organizations or figures while you compose.

Smart Devices … 

The world of smart devices is ever developing, from examples of improved functionality to products that are almost bizarre. Some manufacturers are adding screens to Amazon Echo-like devices to make menus and option choice easier for users, since hearing a smart assistant list off a bunch of possibilities can become tedious. In more integrated examples of smart technology, Mercedes-Benz has continued to develop its multimedia user experience that leverages AI to provide only the best for drivers and passengers.

Transcending the fields of health, tech, and fashion, smart clothes are entering the market from all sides. From yoga pants that help you target muscles and hold poses to bikinis that alert you when you’ve spent too long in the sun, a myriad of uses makes this side of smart products an exciting one to watch. Some products are geared toward simplifying our daily routines—for example, Google and Levi’s paired up to make a jacket meant to help bike commuters who cannot look at their phone. On the other hand, companies like Athos have introduced workout wear that tracks numerous biometric details, all of which can be accessed on your phone. Amid the hype, some quite bizarre products have entered the market, unsurprisingly. The Tommy Hilfiger smart clothes collection which gives you customer rewards for wearing it have raised doubts and concerns over privacy, as well as a good deal of ridicule.

    Scientific Research   

Health … 

Artificial intelligence is both revolutionizing existing technology and saving time—and perhaps lives—in applications throughout the scientific and medical spheres. A few Canadian students invented the SmartArm that, while structurally simpler than the most advanced prosthetics available, learns from the user’s actions over time. The applications of data analysis prove once again invaluable, as AI in glucose management devices could analyze patient data far more quickly than ever before, saving patients and doctors lengthy appointments. AI could soon even take the place of a such appointments, as health consultation app development continues. While still controversial, the accessibility of medical advice from one’s phone is a welcome prospect. 

BenevolentAI uses artificial intelligence to mine and analyze biomedical information, from data from clinical trials to academic papers. Following this approach, BenevolentAI can, for instance, identify molecules that have failed in clinical trials and predict how these same compounds can instead be more efficient in targeting other diseases. By harnessing all the information available, BenevolentAI can save time that might be wasted on fruitless trials and pave the way for more successful and efficient pharmaceutical research. 

Science …

In chemistry and physics labs, too, the powers of AI are outperforming human scientists. Many of the toxic chemicals which have been traditionally identified through animal testing are far more accurately identified with a new AI data-based method. Similarly, scientists at particle accelerators can far more quickly identify abnormal behavior or make new discoveries with AI-powered observation techniques. The use of artificial intelligence may well lead the way for a more ethical, more beneficial age of discovery in the lab. 

In Conclusion

Artificial intelligence will soon be a part of almost every stage of every industry. These innovations offer just a glimpse at how integrating AI into our businesses will bring us opportunities to empower our lives—and lay the stones for a brilliant path into the future.

Next time I will focus on how to ensure using AI for the good and avoid disastrous business and ethical action.

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Posted by ricmiq

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