Benefits which MNCs are getting from AI/ML
Day by Day AI/ML become more popular in the market. They have lot of requirement in the market. So today I came up with a new article which will help you know how MNCs are using Machine Learning / Artificial Intelligence??
Welcome to the World of Artificial Intelligence and Machine Learning!
Artificial Intelligence and Machine Learning become the most popular technology in the market and it seems like it will go grow high in the technology field…
And this, of course, directly translates to their hiring. Thousands of vacancies are open as organizations scour the world for AI and ML talent. There hasn’t been a better time to get into this field!
Emphasizing the enhancement of AIprovided to their products and make them the top-notch companies of this generation.
The last decade has brought about a huge revolution in the form of Artificial Intelligence (AI) and Machine Learning (ML) cutting across industries. These changes brought an evolution in the overall operating scenario of companies by providing them insights to improve their product and service offerings. It wouldn’t be wrong to say that AI made lives easier through chatbots, algorithms, recommendation engines, hardware infrastructure, language processing and much more. Now, the industry is expected to experience some strategic shifts from enterprises.
The AI industry witnessed tremendous growth in 2019. According to the Deloitte report from late last year, 9 out of 10 companies investing in artificial intelligence. Whereas 70% of such companies also accepted to have seen minimal or no impact from their investments in AI. Over the last decade, while organizations actively associated with AI companies, implementation of models has remained a challenge. 2020 will see a visible shift towards intelligent automation changing the face of all major sectors right from the Indian Government to Startups and Small Medium Entrepreneurs.
Artificial intelligence and its applications have made a significant impact on nearly every industry. Defined as a technique enabling machines to mimic human behaviour, brands are using AI to automate processes at an increasing rate. We see this at many points of brand interaction site suggestions on our search engine, lane assistance in passenger vehicles, and app troubleshooting, to name a few.
AI isn’t a new phenomenon. It has been around for almost 50 years, learning constantly, almost on a daily basis. As we evolve and become more efficient, and artificial intelligence learns to better emulate human intelligence, businesses benefit from the increased process and operational efficiencies. As just one example, analysis by PWC predicts that AI could contribute up to $15.7 trillion to the global economy as soon as 2030. Of this, $6.6 trillion will likely come from increased productivity; $9.1 trillion, from consumption side effects.
Machine Learning
Imagine that you were in charge of building a machine learning prediction system to try and identify images between dogs and cats. As we explained above, the first step would be to gather a large number of labelled images with “dog” for dogs and “cat” for cats. Second, we would train the computer to look for patterns on the images to identify dogs and cats, respectively.
Trained machine learning system capable of identifying cats or dogs.
Once the machine learning model has been trained, we can throw at it (input) different images to see if it can correctly identify dogs and cats. As seen in the image, a trained machine learning model can (most of the time) correctly identify such queries.
for example, the image search and translation tools use sophisticated machine learning. This allows the computer to see, listen and speak in much the same way as humans do. Much wow!
Google uses machine learning algorithms to provide its customers with a valuable and personalized experience. Gmail, Google Search and Google Maps already have machine learning embedded in services. Google is the master of all. It takes advantage of machine learning algorithms and provides customers with a valuable and personalized experience. Machine learning is already embedded in its services like Gmail, Google Search and Google Maps.
Uses and Applications of Artificial Intelligence and ML in Business
Artificial intelligence has dramatically changed the business landscape. What started as rule-based automation is now capable of mimicking human interaction. It is not just the human-like capabilities that make artificial intelligence unique. An advanced AI algorithm offers far better speed and reliability at a much lower cost as compared to its human counterparts.
Artificial intelligence today is not just a theory. It, in fact, has many practical applications. A 2016 Gartner research shows that by 2020, at least 30% of companies globally will use AI in at least one fragment of their sales processes. Today business across the globe are leveraging artificial intelligence to optimize their process and reap higher revenues and profits. We reached out to some industry experts to share their outlook on the applications of artificial intelligence. Here are the insights we received:
1. Artificial Intelligence in eCommerce:
Artificial Intelligence technology provides a competitive edge to e-commerce businesses and is becoming readily available to companies of any size or budget. Leveraging machine learning, AI software automatically tags, organizes and visually searches content by labelling features of the image or video.
AI is enabling shoppers to discover associated products whether it is size, color, shape, or even brand. The visual capabilities AI is improving every year. By first obtaining visual cues from the uploaded imagery, the software can successfully assist the customer in finding the product they desire. Many e-commerce retailers are already becoming more sophisticated with their AI capabilities, and I only expect this to grow in the future.
2. Retail —
Shopping online creates rich data footprints regarding the individual preferences, spending habits and preferred channels of individual consumers. Feeding these digital breadcrumbs into an AI-engine helps bring curated shopping journeys to mass audiences. Automated bots can create lifelike, seamless customer service experiences, addressing the consumer on their purchase history and known preferences.
On the marketing side, AI may deliver that extra dash of relevancy programmatic advertising has been waiting for all these years. On the consumer side, AI helps create individualized display ads that website visitors want to see, while on the accounting side, “the bots handle invoicing and payment for these transactions, giving marketers more time to focus on the big picture. With AI, predictive customer service and marketing could be just around the corner.
3. Sports betting Industry:
In its article Sports trading and AI: Taking the human out of sports betting, Gambling Insider argues that, “Just as more scientific analysis of sport is changing how coaches, trainers, and clubs play their respective games, greater analysis of sporting events is helping odds making database operators evaluate the potential permutations of each sporting event, increasing the accuracy of that respective odd and thereby making the subsequent odds determination easier.”
Human traders cannot compete with artificial intelligence when it comes to analyzing a huge volume of data. With AI we can perform analysis of the vast volume of sporting analysis data available to maximize our accuracy when it comes to predicting future outcomes. This proves especially fruitful in today’s expansive betting market, where a large number of games and bet types are offered to an increasingly insatiable betting public.
4. AI in Healthcare —
In the year ahead, and particularly in the next five to ten years, artificial intelligence is going to have a big impact on the healthcare industry and the ways in which healthcare-related companies utilize AI. Here is a short note from Dr. Jeff Dunn, CEO of Redivus Health. Redivivus Health is a transformative mobile app used by healthcare providers to prevent medical errors by offering both clinical decision support during critical medical events as well as documenting those events electronically in real-time.
AI presents opportunities for our application to take the data we have gathered from patients and be able to clinically innovate to improve patient outcomes to an even greater extent. AI improves reliability, predictability, and consistency with quality and patient safety. For us, AI, as applied to software, is used as a decision augmentation tool, but it should not have free reign without human interaction and guidance. While it can’t replace doctors and nurses, it can make them more effective, efficient and happier on the job as it takes the cognitive burden off our providers — which increases confidence as well as reduces stress and anxiety.
5. Intelligent Cybersecurity —
In regard to cybersecurity, Artificial Intelligence is making great strides. Although AI is considered to be in its infancy in cybersecurity and cannot always effectively address all issues, it works successfully in data protection. AI allows companies to detect vulnerabilities or anomalous user behaviour in such business applications as ERP or Financial systems.
A system of behaviour anomalies analysis in computer systems resembles the world’s most protected airport: when you are on the way to it, the security system has enough time to analyze your identity; you are examined by cameras and in case of any signs of danger, you are intercepted. Deep learning is empowered to see if a user has any suspicious activity. So, even if attackers have penetrated into a victim’s system, they start taking actions that differ from the usual ones and as a result, they do not leave unnoticed and their damage is prevented.
6. AI to Improve Workplace Communication —
Current business communication is overloaded with content, channels, tools, and so-called solutions, depriving individuals (and companies) of hitting targets while also harming work-life balance. Artificial Intelligence will help businesses improve communication internally and externally by enabling individual personalization for each professional, allowing for enhanced focus and increased productivity.
With such AI personalization, each individual will be empowered thanks to an intelligent virtual assistant, helping take care of mundane or repeatable tasks, save time by understanding your needs and goals, as well as recommend next-best-action to take…as to utilize time much more efficiently, without requiring any extra effort. In the short to long run, business processes will improve, innovation will grow as employees will clear their tasks, and stress may decrease.
11. Chatbots —
Artificial intelligence continues to be a hot topic in the technology space as well as increasing its inception into other realms such as healthcare, business, and gaming. AI-powered chatbots in enterprises will also see an influx of people get more comfortable with how AI can actually benefit businesses versus, say, take away their jobs. From an analytical standpoint, AI can be incorporated into interfaces to change how they receive and understand data.
Chatbots, in particular, are always on, delivering smart and flexible analytics through conversations on mobile devices using standard messaging tools and voice-activated interfaces.This dramatically reduces the time to collect data for all business users, thereby accelerating the pace of business and streamlines the way analysts use their time, preparing companies for the growing data needs of the near future.
How Companies Use Artificial Intelligence In Practice
All the world’s tech giants from Alibaba to Amazon are in a race to become the world’s leaders in artificial intelligence (AI). These companies are AI trailblazers and embrace AI to provide next-level products and services. Here are 10 of the best examples of how these companies are using artificial intelligence in practice.
The 10 Best Examples Of How Companies Use Artificial Intelligence In Practice
1. Alibaba
Chinese company Alibaba is the world’s largest e-commerce platform that sells more than Amazon and eBay combined. Artificial intelligence (AI) is integral in Alibaba’s daily operations and is used to predict what customers might want to buy. With natural language processing, the company automatically generates product descriptions for the site. Another way Alibaba uses artificial intelligence is in its City Brain project to create smart cities. The project uses AI algorithms to help reduce traffic jams by monitoring every vehicle in the city. Additionally, Alibaba, through its cloud computing division called Alibaba Cloud, is helping farmers monitor crops to improve yield and cuts costs with artificial intelligence.
2.Amazon
Not only is Amazon in the artificial intelligence game with its digital voice assistant, Alexa, but artificial intelligence is also part of many aspects of its business. Another innovative way Amazon uses artificial intelligence is to ship things to you before you even think about buying it. They collect a lot of data about each person’s buying habits and have such confidence in how the data they collect helps them recommend items to its customers and now predict what they need even before they need it by using predictive analytics. In a time when many brick-and-mortar stores are struggling to figure out how to stay relevant, America’s largest e-tailer offers a new convenience store concept called Amazon Go. Unlike other stores, there is no checkout required. The stores have artificial intelligence technology that tracks what items you pick up and then automatically charges you for those items through the Amazon Go app on your phone. Since there is no checkout, you bring your own bags to fill up with items, and there are cameras watching your every move to identify every item you put in your bag to ultimately charge you for it.
3. Apple
Apple, one of the world’s largest technology companies, selling consumer electronics such as iPhones and Apple Watches, as well as computer software and online services. Apple uses artificial intelligence and machine learning in products like the iPhone, where it enables the FaceID feature, or in products like the AirPods, Apple Watch, or HomePod smart speakers, where it enables the smart assistant Siri. Apple is also growing its service offering and is using AI to recommend songs on Apple Music, help you find your photo in the iCloud, or navigate to your next meeting using Maps.
4. Facebook
One of the primary ways Facebook uses artificial intelligence and deep learning is to add structure to its unstructured data. They use DeepText, a text understanding engine, to automatically understand and interpret the content and emotional sentiment of the thousands of posts (in multiple languages) that its users publish every second. With DeepFace, the social media giant can automatically identify you in a photo that is shared on its platform. In fact, this technology is so good, it’s better at facial recognition than humans. The company also uses artificial intelligence to automatically catch and remove images that are posted on its site as revenge porn.
5. IBM
IBM has been at the forefront of artificial intelligence for years. It’s been more than 20 years since IBM’s Deep Blue computer became the first to conquer a human world chess champion. The company followed up that feat with another man vs. machine competitions, including its Watson computer, winning the game show Jeopardy. The latest artificial intelligence accomplishment for IBM is Project Debater. This AI is a cognitive computing engine that competed against two professional debaters and formulated human-like arguments.
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