Even before the COVID-19 pandemic struck, artificial intelligence (AI) and machine learning were topics on everyone’s mouth. There have been numerous conversations regarding the realm of possibilities that these two technologies can enable humans to achieve.
Already 77% of devices in our daily lives use some form of artificial intelligence (AI). The events of 2020 will only accelerate the adoption of AI and machine learning.
At its core, AI aims to create machines that can simulate human behavior and thus automate tasks that would otherwise require human intelligence. Machine learning is a subset of AI that focuses on building machines that can utilize historical data to create optimal solutions for problems.
Machine Learning and AI Success
The two technologies have already had a major impact in almost every sector you can think of. For instance, Mattel Inc.’s Hello Barbie Fashion doll now uses machine learning that makes it able to respond to over 8,000 lines of dialogue from children accurately.
In advertising, personalized ads continue to bombard us more and more each passing year. Your browsing history gets analyzed using AI to show you content that’s most relevant to you. Google Maps and similar applications can now work out the most efficient routes to get us to work and even where to eat lunch, personalizing these suggestions for our tastes.
Beverage manufacturers such as Coca-Cola and Heineken are collecting and analyzing vast amounts of data to help predict trends in consumer tastes and develop new products accordingly. IBM has developed an AI powered app named ‘Chef Watson’ that gave both home-cooks and professional chefs new recipe ideas.
The music industry is now leveraging artificial intelligence to predict themes that are likely to give artists a hit song based on millions of conversations. In healthcare, companies such as Infervision. The company has developed technology that can augment the work of radiologists. It is now possible to detect cancer more quickly and accurately by automation of CT scan reviews.
New Frontiers in AI and Machine Learning
As our reliance on AI and machine learning continues to grow, the value of these technologies will rise beyond the current $150 billion valuation. Here is a look at trends in AI and Machine Learning including use case scenarios to watch out for in 2021.
Can artificial intelligence help predict the next pandemic and help the world prepare better than we did in 2020? Experts argue we already have what we need to achieve it, a lot of historical data and powerful computers.
Organizations such the Center for Disease Control (CDC) and the World Health Organization are constantly receiving data in real time regarding diseases and developing situations. Artificial intelligence will help visualize the data, reveal infection rates and trends, monitor social media posts, and therefore help decide what to prioritize as a response.
BlueDot, an algorithm developed pre-COVID-19 spotted the development in infection rates in Wuhan, China before the WHO even gave an official statement. In 2021 and beyond, we should expect greater reliance on such models which ultimately make the world safer.
Conversational AI in Customer Service
More businesses are embracing conversational artificial intelligence as a fundamental tool in customer service. Chatbots on websites and helplines can now use natural language processing to decipher human language.
The world has managed to conquer the problem of inconsistencies in human speech due to grammar mistakes, accents, and idiosyncrasy. Bots can now contextualize human speech and decipher intent then deliver an appropriate response.
We expect these technologies to get better in 2021 to deliver better and consistent human service. For instance, business will be able to deploy chatbots that can engage clients proactively. This further helps to personalize customer service, get new business leads, and improve client satisfaction.
Imagine a situation where a client keeps reviewing two substitute products on an online store. Conversational AI enables the chatbot to help them along by offering a comparison between them with an aim of closing the sale.
Organizations, especially banks and e-commerce companies, constantly face the threat of cyber-attacks. Cyber-security experts can rely on AI and machine learning to predict possible attacks and react accordingly.
Companies can collect data on visits to their websites, users of their transactional platforms, and websites. Experts can develop algorithms that use this data as well as that from external sources to pinpoint suspicious IP addresses. AI can also identify malware based on activity and isolate it before it breaches a system.
In 2021 and beyond, we are likely to see greater deployment of natural language processing to improve multi-factor authentication.
Great Reliance of Machine Learning/AI and IoT
Artificial intelligence and Internet of Things existed as two separate areas, but we are now seeing greater interaction. In fact, Artificial Intelligence of Things is now a buzzword.
The Internet of Things as a concept involves the installation of sensors on internet enabled devices such as phones to collect pre-determined data on usage. That data gets sent to a cloud for processing into useful insights.
The sensors on the devices had no intelligence capacity, until now. Those devices are now capable of decision making when AI chips get added.
For instance, retail stores can install cameras that can recognize human movement. The AI capability means that the cameras can recognize demographic variables such as age and gender. Such information can then inform store offerings. The store can also analyze customer movement behavior to organize their stores better.
The combination of artificial intelligence, machine learning, and IoT will see a shift towards prescriptive analytics. For instance, drones meant to monitor traffic flow will be able to not only predict the likelihood of traffic snarl-ups, but they will also adjust speed limits with little human intervention.
Integrating Learning Systems in Your Business
Many small and medium enterprises are realizing the need to take advantage of AI and Machine Learning. Companies are more and more incorporating these technologies into their business processes. In fact, those businesses that already have are likely to see faster recovery from the COVID-19 pandemic. Being able to track and make sense of customer behavior makes your business more agile.
Transcendent Software LLC uses descriptive, predictive, and prescriptive modeling to help clients adapt AI and machine learning. Any business that collects large data sets has a chance to see insights in such data. You will make more confident decisions, allocate resources to the right marketing efforts, and get to see the real impact of such moves.