With advances in technology, applications of AI are expected to change how companies do business. This note looks at sectors likely to be early adopters of AI-based solutions, some of which are already in use.
With AI enabled machine decision making garnering all the noise, it is taking the spotlight away from machine learning and deep learning. A lot of work underway today is on data and pattern interpretation and for AI to bring it all together – WHAT is happening, WHY of it, FUTURE scenarios and HOW to deal with them – and routing the decision making to able hands. Sample how machine and deep learning may impact markets into the future:
The key to industry impact is to start evaluating if there are “routine activities” that adhere to set of rules, processes, and criteria to be completed. These, as a first, lend themselves to automation, i.e., a combination of hardware and software performing the activity. With this in mind, it will be possible to understand how ATMs have made their way into banks just as self-service check-in kiosks have at airports. The machine is controlled by software which in turn operates strictly as per the written code (and constituent rules). When the machine’s algorithm learns by recognising patterns in observed data and makes predictions (minus coded rules), machine learning is at play. From an activity standpoint, robo-adviser is a prime example of ML at work in real life. And when the machine starts making decisions, AI is in full pay.
Cognizant that technology is changing, companies are using market intelligence to understand the evolving landscape and become equipped for the future. To know how this impacts your business, which competitors are ahead on the curve and vendors that can help you, connect with us at [email protected].
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