Denave, Team, Designation
Transformation is the name of the game today and whatever is not adhering to this changed industrial as well as societal mandate, is falling prey to redundancy. However, at least the industry is not taking a chance on this one and that’s how we see so much being done in the realm of industrial application of AI.
AI isn’t a new concept though and it’s storytelling grubs go as far back. However, it was less than an era ago that the technological revolutions took off and AI went from illusion to a very credible reality.
Significantly, AI is booming into the diverse sectors across the industry and hence creating a buzz around the companies. According to a renowned firm Tractica, “The Annual Global AI business revenue will grow to nearly $39 billion by 2025”.
Considering some of the largest entities around the world are focused on advancing AI tech, it is certain that 2018 will see significant advancements in the space. In context with the imminent demand of AI in the market, let’s explore some of the top AI trends that will harvest significant rewards for the businesses this year.
Peer-to-peer networks will take the lead
Companies from around the world, for ex: Facebook/Amazon etc. are already using statistical modeling to help machines make informed decisions about what content to show you next. For these models to work seamlessly, a massive amount of data and significant computing power is required.
With the rise of peer-to-peer networks (the ones used by cryptocurrencies as well) – even the smaller/mid-sized organizations will have the ability to run advanced AI programs, by harnessing the collective power of networked personal computers.
AI to be leveraged in the intellectual content creation
Earlier brands used to spend hours and days, creating content for their websites or social media. However, in 2018, readers can expect to see more media companies adopting these natural-language and video-generation technologies. Significantly, brands around the world have started using AI technology to generate meaningful content.
For example, ‘Wibbitz‘ offers software-as-a-service (SaaS) platform, allowing publishers to turn written content into video format through AI video production. Similarly, there is a tool called ‘Wordsmith‘, by Automated Insights, that applies natural-language generation, in order to create news stories based on earnings data.
Intelligent recruitment and HR systems will grow
As the Global talent war is at its peak, organizations are coming forth at binding Artificial Intelligence with HR efforts. While the capabilities are utilized in optimization tools, data analytics and talent mapping will also get through the right talent for the essential job roles.
This will surely save time and costs engrossed in recruiting for HR managers, also allowing them to do away with the third–party service providers for talent sourcing.
It is predicted that in the coming years there will be less requirement/ no necessitate of human intervention to choose the best candidate for suitable job roles as AI will half the time for search engines by reaching out to only the best talent.
Internet of Things will become even more real
As per Forbes, two-thirds of companies believe that IoT is essential to their present business and over 90% believe that IoT will be important in the future expedition. Also, IDC estimates more than 80% of IoT spend through 2020 will be on B2B Applications and use cases.
The widespread adoption of AI technologies along with the continuing expansion of Internet of Things will begin to build upon the technological foundation. Nonetheless, IoT devices have started becoming intelligent enough to operate and maintain themselves without human intervention.
Machine Learning will renovate the future of jobs altogether
AI technology has the ability to aid employees, especially those in knowledge work. According to Gartner, AI will generate 2.3 million jobs by 2020. To be precise, the impact of AI on human workforce would also be dependent upon the type of job.
For example: for a customer service executive, intelligent chatbots might serve the purpose to a business. Also, with AI, we can see augmentation in jobs like data scientists, AI/ML developers, robot monitoring, automation monitoring etc. Amongst the enterprises, AI will surely cater the largest impact when it comes to customer-facing roles and processes such as sales and marketing.
Leveraging offline data for the online fulfillment
Online generated data is currently one of the major sources of insights for the data analytics and AI-based solutions. However, retailers have already ventured into an unchartered territory of offline data collected by digital devices such as sensors and actuators in several retail stores.
In a grocery store, for instance, these devices already track customers’ movements to see how long a customer interacting with the products. Data collected by the sensors is stored in their Android app account. This way, heaps of data about consumers can be collected and stored.
Using this data, AI algorithms can draw insights about the consumer preferences and behavior to create automatic price-setting mechanisms and introduce even more competent marketing and merchandising tactics. Sources of offline data, however, are not just limited to the grocery stores. With technologies like drones and internet of things, AI will gradually transform the entire physical space we live in, into a giant source of data.
Rise of the Chatbots & Virtual Assistants
In the customer-facing companies like banking, media and retail, Chatbots and Virtual assistants are another use cases of Artificial Intelligence that brands practice. Delving into the current scenario, billions of bytes of data is generated each second wherein a human assistant just cannot keep up with the information deluge.
Bots are not just facilitating the individuals to get any time support but also helping the businesses in augmenting their customer support – while utilizing human intelligence for even more productive tasks. As per industry sources, 65% of Generation Y prefers interacting to bots.
Considering the popularity and necessity of these communication channels, tech giants like Google, Facebook, Apple and Amazon, and others have installed chatbots to interact with customers across major touch points. With such great numbers and positive response received, we could see bots becoming the frontrunner of customer service industry in the subsequent time.
Manufacturing, healthcare, entertainment, retail, automotive – AI has caused significant disruption in every industry segment and with this massive technology growing steadily, the succeeding years are expected to see some exciting innovations.
Recent developments like emotion recognition, virtual reality, self – service platforms and conversational interfaces are also expected to essentially transform the operations of businesses with an increasingly digital and hyper-connected world in the coming year.
What do you think about the AI possibilities in 2018? Share your views with us in the comments below.
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