How company are benefited by artificial intelligence

Artificial Intelligence :

Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. The term may also be applied to any machine that exhibits traits associated with a human mind such as learning and problem-solving

Benefits of Artificial Intelligence:

1. Reducing Human Intensive Labour:

AI has been instrumental in reducing human-intensive labour by leveraging on Smart Automation. As per the Oxford Economics Report in June 2019, more than 2.25 million Robots are deployed worldwide (Threefold increase from last decade). Now in many factories, all the heavy lifting, carrying, transporting and other mundane activities are carried out by AI-enabled robots. This saves a lot of human efforts which can be better utilized in more productive activities.

Example: Amazon deploys more than 100,000 AI-based Kiva robots in their fulfilment centre. The use of AI-enabled robots not only reduces human efforts in performing physically intensive work like carrying large inventory quantities from one shelf to another but also enhances safety at the workplace. These Cyborgs can load and unload one full trailer of stocks in less than 30 minutes which took more than a couple of hours for human workers.

2. Increasing Efficiency in Pharma Industry:

AI has been a boon to the Pharma and Healthcare Industry. As per the study by MIT, merely 13% of the drugs pass the clinical trial stages, further, it costs Pharma companies millions of dollars for any of its drugs to pass the clinical trials. Therefore Pharma companies in order to ensure better utilization of their R&D Budget deploy AI to increase the chances of their drugs clearing the clinical trials. Different Machine Learning algorithms aid scientists in finding the right composition of different salts in the drugs by analysing historical data related to Genes, chemical reactions, and other attributes.

Example: Novartis, A leading Pharma Company, has been using Machine Learning Algorithm to find out which compound is best at fighting the diseased cells under examination. Previously, this procedure involved the manual microscopic investigation for each sample which was both time consuming and prone to human errors. With Machine Learning based algorithms, they can run real-time simulations and get more accurate results sooner.

3. Transforming the Financial Sector:

Most of the Financial Applications revolve around analysing past data to get better results. There is no surprise that Artificial Intelligence whose USP is analysing past data enjoys huge success in Finance Sector. AI has wide-ranging applications in the Finance Industry ranging from Risk Assessment, Fraud Detection, Algorithm based Trading, Financial Advisory, and Finance Management among several others.

Example: Paypal has been using advanced Deep Learning Algorithm to detect fraudulent transactions. Paypal processes humongous amount of transaction data, it processed more than $235 billion in payments from 4 billion transactions done by more than 170 million users. Paypal uses Deep learning algorithm to analyse the large scale of data and compare transactions with fraud transaction pattern stored in their database. Based on this pattern comparison it can detect fraudulent transactions from normal transactions.

4. Quicker and Easier Customer Service using AI Chat-Bots:

An earlier version of Chat-Bots interactions was very time consuming and frustrating. The bots used to run into loops and could assist only in pre-defined tasks. The AI-powered chat-bots using Natural Language Processing have a better understanding of human interactions and can learn on its own and hence are far more adept in providing an adequate response to the customers.

Example: Bank of America virtual assistant Erica is one such example of AI-enabled chat-bot. It has already helped 7 million clients since its roll out in June 2018. Erica uses Artificial Intelligence, Predictive Analytics and Artificial Neural Network to serve more than 50 million client requests it received last year. The request ranges from normal banking tasks like Bank balance information, Bill Payment to complex tasks like Investment planning and budgeting suggestions.

5. Enhancing Safety on Roads:

As per World Health Organization Report, more than a million people die in road accidents every year. Artificial Intelligence is playing a major role in reducing such fatalities. Many companies have started using AI to record and analyse every minute details regarding the driving pattern of different drivers ranging from lane discipline, Traffic rules abidance, distance maintained with other vehicles on the road. The details so collected is used by AI applications to provide safety recommendations to the driver and help automobile companies to come up with safer vehicles.

Example: Microsoft has been experimenting with HAMS (Harnessing Auto-Mobiles for Safety) to enhance safety in Indian roads. It takes into account two factors- the driver’s state and his/her vehicle’s position relative to other vehicles. It makes use of Front and Rear camera mounted in front of Driver’s seat. The front camera is used to gauge the driver’s physical state like fatigue by detecting eye movement and yawning frequency. These are detected using Mouth Aspect Ratio. Rear camera analyses lane discipline and distance with other vehicles. All this data is analyzed using AI applications using Edge-based processing and safety based recommendation alerts are generated in real-time.

6. Predicting and Enabling Quicker Response to Disaster:

Artificial Intelligence has turned out to be a silver lining for us in the face of calamity. Now-days, Artificial Intelligence applications are being deployed to pre-empt natural disasters using different pattern recognition algorithm. It is also being used to mitigate the losses after such disasters by aiding in disaster relief work. AIDR (Artificial Intelligence for Disaster Response) is widely used for this purpose.

Example: AIDR was deployed in rescue effort post the earthquake in Nepal (2015). Volunteers and rescue workers were able to reach out to the affected victims quickly with the help of AIDR. AIDR uses Social Media analytics to categorize all the tagged tweets. The insights from these tweets not only helped rescuers to reach the affected area quickly but also helped them in categorizing areas based on urgency to better channelize the rescue effort.

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 signaled its commitment to deep learning when it acquired DeepMind. Not only did the system learn how to play 49 different Atari games, the AlphaGo program was 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.

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