Artificial intelligence is indeed one of the most revolutionary technological advancements that have happened to mankind in the recent times. Afterall, working out a programme to make a computer even try to mimic a human brain is a feat in itself.
The growth of AI in the business scenario has been significant as well. The inroads have been made in almost all the major domains; Healthcare, Hospitality, Construction, Real Estate, BFSI, BPOs, Aviation, etc. Most of these advents have been in the form of chatbots, virtual assistants, business intelligence tools, sales analytics, and automations. We have come thus far and there is a long way to go. This blog talks about the top AI trend one should follow in 2019; let’s have a look.
Siri, Ok Google (online version) and Cortana are some of the virtual assistants (VAs) we all must have come across or even utilised at some point or the other. These assistants were basic and performed simple tasks of transferring our message made to them to the relevant online partners to get the requisite response. The next level of these virtual assistants came in the form of Alexa and Ok Google (hardware console version), that were capable enough to give witty responses every now and then.
More significant developments have been made in the form of VCAs such as Ava (Autodesk Virtual Agent) which has a face, communicates well and can answer significant in-depth queries about the products and support services Autodesk has to offer.
What can be expected- With SOPHIA the bot becoming a fully functional experimental marvel, expectations are now that the same technology can help in the advancements of other VAs as well. Some firms (like Racetrack.ai for instance) have developed smart communicator that cannot just ignite meaningful conversations just like humans, but can also analyse the sentiments and traits of the person, who is interacting and develop key insights about factors that can impress the customers and segregate the hot leads for businesses.
The next level for such advancements could be the backend analytics, being able to pull down the data from all data channels and integrating all of it at a place, to provide a 360-degree view of the customer activity.
Many of us must already be enjoying the “Alexa, do this and that…” phase of the speech recognition. Afterall, sitting on the sofa, asking Alexa to start playing the latest movies on the Firestick is a “kingly” feel in itself. Tech giants such as Sony and Hisense have already launched their Newest Smart Televisions which can work taking cues from the words spoken (voice recognition). Voice command responses have been integrated by Whirlpool and LG to turn the simple homes into smart homes using smart switches.
Maybe, by the end of 2019- we wouldn’t need a smart switch or maybe the smart switches would become the next normal switches, and that smart home from Home Alone 2, where just asking the lights to switch on would switch them on and pull the curtains down would be a common reality for all!
We already have phone locking and unlocking by looking at the face of the person. However, this comes with its limitations. For instance, that racism issue Apple’s ‘I-phone X’ gave rise to in China when it was detecting most of the faces as same; concerns like this still needs to be addressed, but that the advancement is on its way to improvement can be said without any second thoughts.
We had mentioned in one of our earlier blogs about how Josh Brolin’s features were mapped to make the VFX based Thanos’ look real. The same AI tech can help fine tune the image recognition in not just phones but also for a lot of payment channels. For example. A simple face/eye ball detection coupled with a few automated questions can automate the process at the banks and give you access to your lockers and accounts.
Similarly, comparison of your current and previously stored facial features can help detect any anomalies in your health status as well.
AI to Drive Business Growth
As mentioned earlier, most of the major domains have already seen the inroads of AI into them. Starting from Virtual Assistants, chatbots to sales intelligence, AI is everywhere. Needless to say, the early adopters are reaping benefits out of it in the form of reduced operational costs and improved lead conversion ratios.
The upcoming businesses can however benefit the most from AI. The same can be done in two ways. First, AI is a new domain and there has never been a dearth of technological talent in India at least. Hence, many firms can grow up, trying to fill in the current technological gaps in other business domains- thus creating a sizeable B2B market. Second would be introducing automation to optimize operational costs from the very beginning.
A lot of AI being utilized in business these days has its roots in deep learning, i.e. it learns over time and so, if something like this is being implemented from the day one- it would grow at the speed of the business itself or even faster.
What do we expect to see by the year end? Maybe some AI tool used in BFSI will develop will start valuating the startups and all the buzz about why the startups get valuated so high will be put to rest with more accurate analytics. And of course, data driven analytics which do not just throw data in the face of the customers but give the action points, carefully substantiated by the facts in use might see the light of the day.
Shocking as it may sound, the bank frauds in India rose to about 72% (about INR41,167 crore) in 2017-18 as per the RBI estimates. Sadly, most of them were owing to human error or misdemeanor.
AI models can be of significant help in such cases helping to detect outliers. By selecting an optimal blend of Supervised (models fed with information and standards to be followed) and Unsupervised AI model (Self learning models which understand the work pattern over time), it will be possible to detect any outliers in the records. Thus, any form of behavior which was previously not seen or went undetected (either knowingly or unknowingly), will be flagged red.
AI has changed the way we used to think of advancements and the limits that science had. It has broadened our imaginations enough to believe that the Isaac Asimov novels will not be fictional anymore and we will have robots walking amongst us some day. How soon that day will come- well, let us just wait and watch!