Benefits which MNCs are getting from AI/ML
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 have become the centrepiece of strategic decision making for organizations. They are disrupting the way industries and roles function — from sales and marketing to finance and HR, companies are betting big on AI and ML to give them a competitive edge.
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 AI provided 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. 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.
2. 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.
3. 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.
4. Human Resource Management:
AI and Machine learning are going to drastically and irrevocably change how HR and recruitment work in every company and this is going to be awesome. In fact, HR is likely to be one of the first areas of business that will benefit from AI for two simple reasons. Firstly there are tons of top quality data in HR, and secondly, HR is one part of any company that is both essential and yet feels the pressure of time.
If aspects of the recruiting and HR job can be automated, the HR workers can have the freedom to directly work with people in the business or potential hires, spending the quality human time necessary for a great HR department. It might seem paradoxical but the more Artificial Intelligence a company deploys in HR, the more ‘Human’ a company it can be.
Artificial Intelligence will essentially take out all of the “worst” elements of every HR professionals job (mundane screening, time-consuming paperwork, and annoying data entry) as well as deliver powerful tools and insights are a bonus to make their work better. HR’s automatic generation of top quality data and the incredible benefits of AI make it one of the first places to experience the 4th industrial revolution.
5. 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.
6. 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.
7. Artificial Intelligence in Logistics and Supply Chain —
When combined with customer data and analytics, physical artificial intelligence removes friction from the customer experience. Artificial intelligence empowers businesses to act on consumer data to drive improvements throughout many areas of supply chain operations. Mobile technology and the “Uberization” of things have made consumers hungry for AI.
Consumers demand shorter delivery waits from retailers and retailers will expect the same from manufacturers and distribution centres. Autonomous trucks and robotic picking systems allow supply chains to make fulfilment seven days a week. Within the next five years, the shipping term “business days” will become obsolete as consumers expect delivery on nights and weekends.
8. 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.
9. Streamlined Manufacturing with AI:
For most customers when it comes to AI or Machine Learning, the magic happens when vast amounts of data can be streamed at milliseconds from the machine and process data of various databases. This provides actionable insights that can help these customers reduce non-productive downtime, predict failures or build a “golden batch” that can be benchmarked across all production lines.
An example is a global adhesive manufacturing customer that is pulling data from their lab systems where the raw material is brought in and tested for quality. Data is also being pulled from what is called their “cooking process” where, based on dynamic conditions, AI and Machine Learning make real-time recommendations about which materials to inject at what time to ensure continuity of the process. This helps the manufacturer keep a continual “golden batch” manufacturing of their products, improving yield and customer satisfaction.
10. Casino/Hotels/Integrated Resorts:
AI can help hotels/casinos discover customer segments that they may not realize were there. Which customers want to be near the pool, which ones need three-morning papers before they can tackle the day. Armed with this kind of information, hotels can understand what matters the most to its guests at the individual level, enabling them to anticipate their guest’s needs before even the guests are aware of them.
Even more, hotels can understand key characteristics of their most profitable customers and recognize the next important ones when he or she happens to login onto the hotel’s online reservation system. The use of deep neural networks and image classifiers can analyze and parse images, which can enable hotel marketers to monitor the images that provide the highest booking conversion rate through each channel. AI can also be used to compute dynamic clusters of guests to create fluid segmentation in real-time.
11. 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.
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. Alphabet — Google
Alphabet is Google’s parent company. Waymo, the company’s self-driving technology division, began as a project at Google. Today, Waymo wants to bring self-driving technology to the world to not only to move people around but to reduce the number of crashes. Its autonomous vehicles are currently shuttling riders around California in self-driving taxis. Right now, the company can’t charge a fare and a human driver still sits behind the wheel during the pilot program. Google signalled its commitment to deep learning when it acquired DeepMind. Not only did the system learn how to play 49 different Atari games, but the AlphaGo program was also the first to beat a professional player at the game of Go. Another AI innovation from Google is Google Duplex. Using natural language processing, an AI voice interface can make phone calls and schedule appointments on your behalf. Learn even more about how Google is incorporating artificial intelligence and machine learning into operations.
3.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.
4. 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.
5. Baidu
The Chinese equivalent of Google, Baidu, uses artificial intelligence in many ways. They have a tool called Deep Voice that uses artificial intelligence and deep learning that only needs 3.7 seconds of audio to clone a voice. They use this same technology to create a tool that reads books to you in the author’s voice — all automated with no recording studio necessary.
6. 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.
7. 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.
8. JD.com
JD.com is the Chinese version of Amazon. Its founder Richard Liu expects and is driving toward having his company be 100% automated in the future. Right now, its warehouse is already fully automated, and they have been making drone deliveries of packages for the last four years. JD.com is driving business with artificial intelligence revolution, big data, and robotics while building the retail infrastructure for the 4th industrial revolution.
9. Microsoft
Artificial intelligence is a term that appears on Microsoft’s vision statement, which illustrates the company’s focus on having smart machines central to everything they do. They are incorporating intelligent capabilities to all its products and services, including Cortana, Skype, Bing, and Office 365, and are one of the world’s biggest AI as a Service (AIaaS) vendors.
10. Tencent
Chinese social media company Tencent has incorporated artificial intelligence into its operations in its quest to become “the most respected internet enterprise,” Tencent relies on artificial intelligence. It has 1 billion users on its app WeChat but has extended its reach to gaming, digital assistants, mobile payments, cloud storage, live streaming, sports, education, movies, and even self-driving cars. One of the company’s slogans is “AI in all.” Tencent acquires huge amounts of information and insights about its customers that it processes and leverages to the company’s advantage.
Top Artificial Intelligence And Machine Learning Companies
Today, there are so many AI development companies on the market that it is becoming more and more difficult to choose the one. Based on my experience in IT market research, I’ve compiled a list of best AI providers. The companies were ranked according to their AI expertise, market presence, location, industry expertise, customer experience, and portfolio.
1. Iflexion
Founded in 1999, Iflexion is a software development company that delivers artificial intelligence to more than 30 countries around the globe. For almost 20 years of expertise, Iflexion has cooperated with a great number of clients, including such big companies as Philips, Toyota, and Adidas.
Iflexion develops AI solutions for image analysis, natural language processing, marketing personalization, predictive analytics, etc. based on the most efficient machine learning/deep learning algorithms.
Founded: 1999
Location: Denver, CO
Employees: 250–999
Major Clients: Adidas, Philips, Toyota, PayPal, eBay, Expedia, Xerox
Core Services: Mobile App Development, Web Development.
2. Hidden Brains
For more than 15 years of work, Hidden Brains has become one of the biggest software development companies in India with expertise in Healthcare, Real Estate, Logistics, Education, Energy, and other industries.
Hidden Brains provides its clients with a number of AI, ML, DL, and Data Science services. The company develops chatbots for Facebook, Microsoft, Oracle, and Telegram platforms and apps for Amazon Alexa. Hidden Brains also offers NLP software development for various purposes beyond dialogue systems.
Founded: 2003
Location: Ahmedabad, India
Employees: 250–999Hidden
Major Clients: NETGEAR, McAfee, LSI, Raymond
Core Services: Artificial Intelligence, Blockchain, IoT Development
Rate per hour: $150 — $199
3. Icreon
Icreon is a New York-based digital innovation agency that delivers AI development services. It creates AI strategies and provides machine and deep learning services. For this purpose, Icreon’s team analyzes the market and develops an AI plan for the creation of AI-driven applications, platforms, and ecosystems.
For AI solution development, Icreon uses such tools as Amazon Web Services, Azure, Caffe2, and Clarifai. Using them, the company has already cooperated with National Geographic Channel, Fox, and Nokia.
Founded: 2000
Location: New York, NY
Employees: 250–999
Major Clients: Nokia, Pepsico, Sabon, Fordham University, American Geographical Union
Core Services: Custom Software Development, Artificial Intelligence, Enterprise App Modernization
Rate per hour: $150 — $199
4. ScienceSoft
Founded in 1989, ScienceSoft is an IT consulting and software development company with a focus on data science services. The company helps businesses around the world solve their challenges with the help of AI and ML.
Having deep expertise in such advanced technologies as machine learning (including deep learning), natural language processing, machine vision, etc., ScienceSoft designs, implements, and upgrades AI-based software solutions. In the course of data science services, Sciencesoft mines their clients’ data to reveal the true reasons behind the low business performance, conduct effective root-cause analysis, and craft detailed forecasts and customized predictions.
AI expertise — 9.8
Market presence — 9.1
Geographic strategy — 9.0
Industry expertise — 9.4
Customer experience — 9.8
Portfolio — 9.7
Founded: 1989
Location: McKinney, TX
Employees: 700+
Major Clients: Walmart, Nestle, eBay, NASA JPL, T-Mobile, Baxter,M&T Bank
Core Services: Data science consulting, implementation, and support. Big data, AI, and ML (including deep learning).
Rate per hour: $150 — $199
5. Cyber Infrastructure
Since 2003, Cyber Infrastructure is a global and award-winning provider of AI-powered web development solutions. Recognized as a Microsoft Gold certified partner, the company has already worked with 100+ clients from all around the world.
Having deep expertise in machine learning technology, the company develops virtual assistants and other NLP software, provides AI solutions for data security, and integrates them with the customers’ enterprise systems.
Founded: 2003
Location: San Francisco, CA
Employees: 250–999
Major Clients: British Telecom, Bell, Mannatech
Core Services: Web Development, Ecommerce Development, Artificial Intelligence
Rate per hour: $25 — $49
6. Dogtown Media
Dogtown Media’s focus area is mobile app development, for which they use all the vast possibilities of artificial intelligence. The company takes on projects of various difficulty and uses its expertise to provide AI consulting and development.
Established in 2011, the company has already launched more than 200 successful mobile applications and has worked with such big companies as Google, Lexus, and Red Bull.
Founded: 2011
Location: Venice Beach, CA
Employees: 10–49
Major Clients: Google, Lexus, UN, Red Bull, YouTube
Core Services: Mobile App Development, Artificial Intelligence, UI/UX Design
Rate per hour: $100 — $149
