The Impact Of Artificial Intelligence

Gone are the days when Artificial Intelligence belonged to the realm of hardcore scientific technology. Today, it happens to be an integral segment of daily operations and day-to-day life. From the retail space to crime investigations, AI has revolutionized various sectors across the globe. We all have come across spam filtering and voice recognition systems. Those using iPhones are well acquainted with Siri, the personal voice assistant.

In a nutshell, AI has been there for a long time, and it is revolutionizing various aspects of human life and how! Here’s a short account of how Artificial Intelligence systems and technologies are taking human lives to the next level!

Focusing on the future

We just can’t deny our advancements towards technology and innovation. The time isn’t far when computerized robots would replace human workforce. We already have chatbots serving us, and that gives us crystal clear ideas of automated technologies. The prime focus is on the future and how AI can create opportunities for further development!

1. Chatbots in retail space

Customers will always want to get personalized experiences. While associating with a brand, they will want the company to understand their requirements, needs, and preferences. Chatbots collect crucial data about consumers thus creating endless opportunities for data analytics. Brands get the chance to create personalized products for consumers thus maximizing their revenues to a great extent.

Powered by Artificial Intelligence, chat bots and smart assistants have transformed the retail space completely. Even if you shop online, you can be sure of getting unmatched experiences.

2. AI powered financial advisors

Some of the companies are leveraging AI systems in a never-seen-before way. By extracting and analyzing historical data sets, they are learning about their customers’ investment decisions. Based on these reports and data, they are making meaningful assumptions thus offering the best investment opportunities to clients.

Digital financers are getting the chance to understand a person’s financial credibility thus offering the best assistance to him.

3. Empowering the general workforce

If you are operating in the service arena, you will need to know whether you are getting the right price for your service. AI systems and strategies have empowered service professionals, thus helping them know their true worth. With the help of Artificial Intelligence, employees can find out whether they are underpaid or get the right remuneration. The consequences are beneficial for both the employer and employees, as a satisfied workforce delivers unmatched performances.

4. Weather predictions

AI software and systems can come up with precise weather predictions. Individuals will get clear ideas of weather conditions in a particular place, which will help farmers to a great extent. That’s not all; with prior notifications about bad weather conditions, aircrafts can identify dangers and fly safely.

5. Increased security

No matter where you are, you can always play the careful vigilante. Whether it’s your home or office, AI systems will help you keep them safe and secure. You simply don’t need to worry about home safety, as smart security systems powered by Artificial Intelligence will do the needful.

AI systems have become a prime requisite for homes, commercial units, and business enterprises. With such remarkable footprints as of now, it won’t be wrong if we say that Artificial Intelligence is here to make lives better!

AI Industrial Applications

Technological advancements have always been the prime force behind the creation of innovative applications. From the business landscape to service industries, tech innovations have completely revolutionized operations and functionalities. The latest inclusion in the list of technological discoveries is AI, which is ensuring unmatched experiences for users.

From the entertainment industry and service sectors to manufacturing and production, Artificial Intelligence or AI is the source for numerous revolutions. On that note, we can take a quick look at the most significant applications of AI.

Identifying the applications

Take a look around, and you will come across innumerable operations where Artificial Intelligence is used. Whether it is a coming-of-age gaming app or online shopping portals, AI is helping developers create personalized user experiences. Here are some of the industrial applications of the technology.

1.     Artificial Intelligence in entertainment

Games development is a significant project in the entertainment industry. With the ever-changing needs of individuals, developers are trying their best to create gaming apps with improved functionality. You must be aware of some of the names like Far Cry and Middle Earth. While playing these games, the player can impersonate a real-world person and perform several activities like him or her. Doesn’t it sound interesting? Well, it is the AI technology that makes it happen.

2.     Artificial Intelligence in e-commerce 

Every shopper wants to enjoy personalized shopping experience. You will surely love it when your targeted store knows your preferences and can offer products according to that. Almost every leading ecommerce store leverages AI to identify their consumers’ interests and develop specific shopping plans for them. Recommendations and the presence of chatbots will help consumers find answers to their queries.

3.     Artificial Intelligence in Reporting and journalism

Report preparation is an integral part of journalism and news-making. With the emergence and widespread popularity of digital platforms and channels, articles and blogs have gained huge importance amongst voracious readers. Those who wish to stay informed about the latest developments and stay abreast with tech advancements follow well-written blogs. What some of us don’t know is that simple reports and articles aren’t that tough to prepare, and one can do so by leveraging Artificial Intelligence.

4.    Artificial Intelligence in Finance and banking

The rise in banking transactions and an increase in the number of financial accounts have created the need for automated processes. Data accumulation, analysis, and processing have become quite crucial for the hassle-free maintenance of business accounts. It’s here that AI makes your job easier in the following ways:

• Tracking consumer base
• Identifying and solving issues
• Ensuring 100% transaction security
• Offering suggestions on beneficial schemes and policies

Banking institutions and financial service providers are making the most of AI, thus ensuring unmatched experience for consumers.

5.     Artificial Intelligence in healthcare industry

The healthcare sector is growing by leaps and bounds thus creating the need for innovative processes and technologies. Doctors and physicians need a technology that can help them diagnose a patient easily. AI applications, specially created for the healthcare sector, can also help in the treatment procedures. That’s a great way of reducing the time which will automatically cut down costs.

Signing off

The usage and application of Artificial Intelligence have become highly important for the growth of diverse sectors. It finds specific advantages in industrial uses, as depicted in this post.

Predictions For 2017-18

Disruption has moved from an infrequent inconvenience to a consistent stream of change that is redefining markets and entire industries. In 2016, we saw the astonishing rise of Pokémon Go, which demonstrated accelerated digital change in areas such as augmented reality. Gartner’s top strategic predictions for 2017 and beyond describe not only the disruptive effects of digital business innovation but how secondary ripple effects will often prove to be more disruptive than the original disruption.

Three high-level trends emerge from the predictions:

• Digital experience and engagement will draw people into non-stop virtual interactions
• Business innovation will create extraordinary change from mundane concepts
• Secondary effects will be more disruptive than the initial digital change

Gartner’s Top 10 Predictions for 2017 and Beyond

1. Immersive Shopping Experience – By 2020, 100 million consumers will shop in augmented reality.

Whether they allow you to try on makeup or place virtual furniture in your home, immersive technologies such as AR increase consumer engagement by enabling them to fully explore features and conveying additional information that can aid in a buying decision. Popular applications, such as Pokémon Go, will help propagate the technology and bring it into the mainstream. 1 in 5 global brands will use AR for shopping by the end of 2017.

2. Voice First Browsing – By 2020, 30% of web browsing sessions will be done without a screen.

Many teens already use voice search daily and new audio-centric technologies, such as Google Home and Amazon’s Echo, are turning “voice first” interactions into ubiquitous experiences. By eliminating the need to use your hands and eyes for browsing, vocal interactions extend the web experience to multiple activities, such as driving, cooking, walking, socializing, exercising, operating machinery, etc. By the end of 2017, watch for room-based screenless devices to be in more than 10 million homes.

3. Mobile Apps Decline – By 2019, 20% of brands will abandon their mobile apps.

Many brands are finding that their mobile apps are not paying off. They simply haven’t delivered the level of adoption and customer engagement that companies expected. App stores are crowded and the cost of application support in not only maintenance, upgrades and customer support but also marketing to drive downloads, exceeds original ROI calculations. Google’s effort to make the mobile web more “app like,” will gain traction, and companies will opt to reduce their losses by allowing their apps to expire. Watch for Apple’s reluctant embrace of the mobile web as a vehicle for customer engagement.

4. Algorithms at Work – By 2020, algorithms will positively alter the behavior of over 1 billion global workers.

Employees, already familiar with behavior influencing through contextual algorithms on consumer sites such as Amazon, will be influenced by an emerging set of “persuasive technologies” that leverage big data from myriad sources, mobile, IoT devices and deep analysis.

JPMorgan Chase uses an algorithm to forecast and positively influence the behavior of thousands of investment bank and asset management employees to minimize mistaken or ethically wrong decisions. Richard Branson’s Virgin Atlantic uses influence algorithms to guide pilots to use less fuel. By year end 2017, watch for at least one commercial organization to report a significant increase in profit margins because it used algorithms to positively alter its employees’ behaviors.

5. Blockchain Grows Up – By 2022, a blockchain-based business will be worth $10 billion.

Blockchain technology is established as the next revolution in transaction or event recording. A blockchain ledger provides an immutable, shared view of all transactions between engaging parties in a distributed, decentralized network. While the Bitcoin blockchain ledger is itself well-understood, blockchain remains an immature technology. By 2020, new businesses and business models will emerge based on smart contracts and blockchain efficiencies. These smart contracts automate at a reliability, customization level and speed not achievable with traditional business systems.

6. Digital Giants Everywhere – By 2021, 20% of all activities an individual engages in will involve at least one of the top-seven digital giants.

Many of us interact with at least one of the digital giants (by market capitalization: Google, Apple, Facebook, Amazon, Baidu, Alibaba and Tencent) in our digital worlds of web search, mobile, social networking, messaging and music streaming. As the physical, financial and healthcare worlds become more digital, many of our activities will be connected and within reach of the digital giants. Note that collectively, the digital giants will have direct and indirect knowledge of what we do as individuals and the fundamental issue will be what they do with the data.

7. Innovation Requires Greater Investment – Through 2019, every $1 enterprise invest in innovation will require an additional $7 in core execution.

Many organizations have adopted a bimodal style of work to jumpstart innovation. While exercises are designed to experiment and “fail fast,” those that do receive approval for implementation involve a level of complexity, scale, and business change ramifications that may not have been considered in the initial planning stage.

8. IoT Saves Trillions – By 2022, IoT will save consumers and businesses $1 trillion a year in maintenance, services, and consumables.

Digital twins capture real-time data, allowing smarter maintenance and service schedules for physical objects such as large pumps, airframes, and turbines. When the sensor-enabled real world twin sends data to the digital twin, it can simulate the physical state, allowing the digital twin to be inspected instead of the physical object. This would be helpful for a submerged sewage pump or any other asset in which on-site inspection is inconvenient, costly or hazardous.

Consumers, too, will benefit when they can extend the life of the oil in their cars from a prescriptive replacement “every 5,000 miles” to replacement triggered by a measurement of the engine’s performance.

Emerging and established companies need to keep in mind these predictions, especially the tech leaders during hiring and procurement. Investments need to be smarter, better and more calculative in nature.

Source: Gartner

The AI Surge

The continued interest of businesses and consumers alike in going beyond the norm has spawned the massive rise of Artificial Intelligence globally. Even if we are ready or not, AI is definitely entering our lives and will not stop anytime soon. Be it NLP, ML, or cognitive computing, AI is providing tremendous gains to businesses in improving their sales and marketing functions, and assist in design of new business models.

Some eye-opening stats indicate the way businesses are embracing Artificial Intelligence like never before–

• Gartner predicts that by 2020, almost 1/3^rd of the companies will use AI in some form within atleast one of their primary sales processes.
• IDC predicts that by 2019 (just two years down the line), 40% of the digital transformation initiatives will involve AI capabilities
• IDC also predicts that by 2019, almost all IOT initiatives will be supported by AI capabilities

Be it self-driving cars or digital PA’s, AI is growing and growing fast. 2017 can rightly be called as the watershed year for AI. There are four primary reasons for this statement:

1 – Decreasing computing and bandwidth costs

Chips are becoming smaller and more cost-effective. This means that in all likelihood there will be a chip or processor in every single thing. This reversal of Moore’s Law will be the primary accelerant for increased adoption of Artificial Intelligence the world over. Also the steadily falling bandwidth costs means that faster speeds can be availed of at a lower price.

2 – Data – The oil needed to run AI machine

Any AI system is as good as the data it generates, analyzes and acts upon. Fortunately, with the rise of Social, Media, Analytics, and Cloud (SMAC), the volume and velocity of data being generated from various sources has literally exploded in the last decade. This data is now being harnessed in smart ways by AI systems to improve their performance and provide a better user experience. It is data that enables machine to learn. Instead of models, we now have actual data to describe various conditions to feed into the AI system.

Google’s AlphaGo Beats a Go World Champion

3 – Connected devices

The parallel rise of IOT and connected devices is also a big boost to the Artificial Intelligence industry.  RFID and sensors have enabled transmission of huge amount of quality data among connected devices that can also receive instructions and be programmed for specific actions.

4 – Improvements in Machine Learning capabilities

On its own, data cannot be used much. It needs to be refined and analyzed so that patterns emerge ad trends arise from seemingly random numbers and figures. With Machine Learning, algorithms and models can be applied to extract this advantage from unrefined data. Some examples include –

• Facebook’s DeepFace,
• Google AI platform, AlphaGo that beat a Chinese player in Go, and
• Google X Labs’ Machine Learning algorithm that picks cat videos on YouTube

As evident, Artificial Intelligence will be a significant disruptor across major industries in the world. The key question here will be – Are you already to adapt to the magical world of AI?

Tech innovations are revolutionizing human lives in ways more than one. With the advent and emergence of smart technologies, we don’t even need to put too much of physical efforts into doing something. Artificial Intelligence or AI happens to be one of those smart innovations. It’s vision for human beings and a new avenue for technological advancements. Innumerable people across the world are embracing this ubiquitous technology, thus shaping up their dreams in every which way!

It’s here that we come across some of the most crucial data. Stats suggest that by the end of 2020, a whopping 85% or more consumer interactions will take place without human beings. That clearly explains how innovative and disruptive technologies like AI are stepping into the business landscape!

From the healthcare sector and business arena to tech landscape and insurance industries, AI is surely making its presence felt and how! Today, we will take a look at what AI can do for the insurance industry.

Identifying existing issues

Conventional and traditional modes of process handling in the insurance industry have led to severe problems. Insurance belongs to the service sector where customer satisfaction is a prime necessity and not simply a choice. Before you leverage the power of AI, take a look at some of the critical issues plaguing the insurance sector.

• Claims handling
• Fraud detection
• Pricing problems

With AI systems, insurance professionals can deal with these critical problems. On that note, it’s high time to know how AI revolutionizes this particular sector.

1. Claims management

Managing insurance claims is a tedious job. However, AI can make your work easier than ever! With Artificial Intelligence systems, insurers will have the opportunity to deal with bulk data. Here are some of its effects:

• Automated claims handling
• Fast-track claims processing
• Reduced processing time

These benefits will help insurers deliver numerous projects within the shortest time span.

2. Detecting Frauds

While handling claims, insurance officials have to deal with fraudulent cases too. AI systems help you identify specific data patterns, thus finding out fraudulent claims. Since machine learning or ML is a highly significant part of Artificial Intelligence, insurance officials can use it to detect fraudulent issues and identify repair costs.

3. Customer experience and marketing

We all know that insurance services are integral parts of the service sector. Quite naturally, customer experience and consumer interactions are of paramount significance. AI systems and technologies will help you identify specific consumer profiles thus creating customized insurance plans for them.

Insurers can enjoy access to crucial data and information about consumers. Most importantly, they can find out whether a person is receiving appropriate insurance coverage or not.

4. Welcome chat bots

Consumers might have a lot of questions while taking a policy. Virtual assistants can take care of their queries and provide effective answers to each one of them. Some of the insurance companies offer chat bots that display human behavior.

From resolving complaints to analyzing customer behavior, chat bots can perform a multitude of functions.

Parting thoughts

Artificial Intelligence has created new avenues for growth and development in the insurance sector. If you are a seasoned player or a newcomer in this arena, it’s high time to welcome the change!

How effective will it be to embrace AI as a marketing enabler in today’s organizations? What will be the key problems that can be solved with the help of AI? How can AI give sales and marketing the much needed competitive edge to sustain and run a thriving business?

Let’s take a look at these questions and get a quick overview of the problems AI can solve for your business’ sales and marketing division.

The rise and rise of AI

Artificial Intelligence (AI) has been gaining tremendous traction in recent times. Multiple disciplines such as NLP and machine learning have shown the business world the type of problems Artificial Intelligence can solve. Right from providing a substantial reduction in cost overheads to boosting employee productivity, the number of areas that can be impacted by the smart use of AI is abundant. One such discipline that is ripe for embracing AI is the sales and marketing team.

Where do sales and marketing come in?

Throughout the customer acquisition journey, there are tons of routine tasks, documentation, and paperwork to be done. You may be surprised to know that only 20% of the sales rep’s time is spent on actual sales closing. The rest is spent on follow-up, monitoring, tracking, and support functions. It is these areas that can witness a dramatic surge in productivity with the help of AI. Let’s look at the three top benefits of having an AI system in your marketing team –

1. Qualifying leads

The leads qualification process is a tedious one. These include steps like

• Deep research on the right fit client for your product or services,
• Trying to phone or email the gate-keepers to find the right person within the target company,
• Carrying out a detailed vetting process as outlined in your marketing strategy

These are the key areas where AI can show its maximum impact.

2. Lead nurturing

The golden “Rule of Seven” stipulates seven engagements with leads before they remember your brand. Many inbound leads collapse due to lack of lead nurturing, or untimely interaction. This is where AI can fit in. It can not only keep track of which stage of the buying journey a prospect is in, but can also send personalized messages at the right interval – a positive sales conversion potential.

3. The human element

Today’s sales funnel is highly automated and looks robotic. As a result, the human touch is sorely missing from the sales conversion process. With the smart integration of AI into the various marketing functions, the human touch can be brought into many interactions with the lead. This helps make a deeper connection with the customer and enable conversions of leads to sale at a much swifter pace.

Wrapping it up

While lead quality and sales conversion cycle may not be made fully hassle-free, with the introduction of AI, issues with follow up and human connection can be mitigated for faster sales conversion.

At Goodworklabs we can drive the positive impact of AI to bolster your business margins. Do connect with us for a quick consultation.

Artificial Intelligence (AI) – A Great Marketing Tool

Effective marketing is the key to perfect branding in the business world, and numerous businesses owners across the world strive hard to take their brands to the professional arena. Here social media comes across as a valuable tool for businesses.

With 91% of the brands utilizing 2+ social media channels, and almost $8.3 billion in social media generated in 2015, this has become the primary channel to acquire users and improve brand visibility on the digital ecosystem.

In order to extend the dramatic business opportunities presented by a good social media strategy, businesses are increasingly adopting Artificial Intelligence (AI).

AI – A quick background

Changes in the tech world and business landscape led to the emergence of innovative marketing strategies and campaigns. MAPs or marketing automation platforms are the best examples of such remarkable innovations. If market reports are anything to go by, a whopping 91% of marketers believe that MAPs had been highly successful and effective in promoting brands.

We are in a consumer-centric business world where every company or establishment is working on consumer-oriented business models. Quite naturally, SMM or Social Media Marketing has emerged as one of the most effective business advertising strategies. The latest inclusion to this list is AI or Artificial Intelligence.

Ingenious and creative marketers in the B2B arena are including AI strategies while creating business marketing campaigns. Let’s find out how Artificial intelligence is helping marketers create better SMM strategies.

Harnessing the benefits of AI

How would it be if computers had the power to comprehend certain aspects and actions of the human world? That would be great, and this is what AI ensures for you. Artificial Intelligence refers to the computers’ ability of comprehending actions in the natural world. Business marketers simply can’t ignore the potential benefits offered by AI.

The idea of integrating AI into existing business marketing models is undoubtedly fascinating. Artificial Intelligence is a compelling proposition and a highly potent tool, and here’s how it can be used to improve business marketing.

1. Create a personalized experience for your customer

Consumers want special treatments and personalized shopping experiences. As a brand owner, you will have to offer the right set of products or services to the appropriate buyer group. It’s here that you need to identify and understand buyer personas. Artificial Intelligence not only helps you understand these buyer personas but also conforms your marketing contents to those insights. You gain the opportunity to create personalized experiences for your target audience.

2. Real-time social media interactions

When it comes to captivating the attention of your target prospects, none other than popular social media channels will prove to be effective. With refined AI strategies, you can build real-time and effective communications with potential leads and prospective consumers.

3. Analyze customer behaviour

Business marketers often have to mine effective Customer-Relationship-Management tools to understand consumer behaviors and preferences. AI will help you analyze emails, phone calls, and social media contents thus gaining targeted insights into aspects capable of driving your prospects to take decisions.

Irrespective of the business size or sector, driving a deeply personalized consumer experience is a crucial necessity. Artificial Intelligence can help you ensure an awesome CX for your target prospects. In case you haven’t invested in this technology for your business yet, it is time you start thinking on these lines.