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Artificial Intelligence

Artificial Intelligence (AI) is already changing the landscape of business irrevocably. The error rate for machines with certain perceptive tasks stood at thirty percent barely seven years back, but has now dropped to between three and five percent. Even humans have a five percent error rate. While machines or robots may not be ideal for driving, or face recognition or for credit decisions, even humans don’t always get their decisions correct. This newer trend is rectifying Polanyi’s Paradox as it was previously understood. Companies are taking advantage of the enormous quantities of data now generated to procure authentic business intelligence about their operations. Recently a company after conducted training sessions collated the entire data which will soon become a set of records for such future sessions. New business models will emerge out of this automation that is getting generated.

Source:https://hbr.org/ideacast/2017/07/how-ai-is-already-changing-business?utm_medium=email&utm_source=newsletter_daily&utm_campaign=dailyalert&referral=00563&spMailingID=17697807&spUserID=OTY0OTMwNTk5NwS2&spJobID=1061524157&spReportId=MTA2MTUyNDE1NwS2

Uploaded Date:31 July 2017

When the term Artificial Intelligence (AI) was first coined back in 1955 by mathematician John McCarthy, a lot was initially made out. It was predicted in 1957 that within a decade, computers would be able to beat humans in chess, whereas in reality it took them four decades. But over the past few years AI especially Machine Learning (ML) has really caught up. Technologies have proven to be the significant drivers of business over the past two and a half centuries. Especially the general-purpose technologies such as steam engine, internal combustion engine and electricity have given rise to significant business innovations leveraged by the likes of Wal-Mart, Uber and UPS among others. ML has particularly achieved breakthroughs in two broad ways- perception and cognition. Perception includes the identifying patterns and predicting moves accordingly. One such benefit has been in voice recognition done via digital assistants such as Siri and Alexa. Perception also includes image recognition as done frequently on Facebook and visual systems in use for self-driving cars. Cognition includes problem solving post the initial analysis. Google’s Deep Mind is one such example and IBM has an ML aided system that helps it in detecting and subsequently preventing money laundering.

Source:https://hbr.org/cover-story/2017/07/the-business-of-artificial-intelligence

Uploaded Date:31 July 2017

According to a recent study, the business consulting industry in the US alone is worth sixty billion US dollars. The consulting firms’ advice is especially sought on activities such as budgeting, allocation of capital, human resources and corporate strategy. While these consultants have gained a certain expertise in this, a lot of tasks can eventually get automated using Artificial Intelligence (AI). It is estimated that the work which four consultants can together perform on excel spreadsheets can be done quicker by a single robot using AI. This trend will be a difficult pill to swallow for the big consulting firms such as McKinsey, BCG and Bain. The top tech platforms such as Apple, Amazon, Google, Facebook and Microsoft have created AI based products for aiding clients in customer engagement and marketing. Even imbalances and human error trends such as politicizing the workplace are getting freed up using AI in the human resources arena. It has also been observed that capital allocation is often unequitable with the same departments racking up the funds year-on-year. This trend is also getting rectified. In the near future Quant Consultants or Robo advisers are set to disrupt the world of consulting.

Source:https://hbr.org/2017/07/ai-may-soon-replace-even-the-most-elite-consultants

Uploaded Date:31 July 2017

Artificial Intelligence (AI) is going to affect the world of digital marketing and advertising enormously in different ways. One such way is in robotic process automation which as the name suggests automates large manufacturing tasks being used already by the likes of GE, ABB and Seismic. Another aspect AI is used in is speech recognition. Another is biometrics. A fourth area is Natural Language Processing (NLP) and Text Analytics. Here digital assistants collate vast data to predict the next phrase of content to be written. Due to the vast data now being collected, AI is helping in generation of business intelligence which is firther giving rise to informed decision making. Virtual agents such as Siri, Bixy, Jarvis and Alexa are being used by several top IT companies such as Apple, IBM, Google, Amazon and Microsoft. A lot of these companies have also actively invested time and money into machine learning platforms.

Source:http://www.huffingtonpost.com/entry/what-is-ai-and-how-it-will-affect-our-200-billion_us_58eba189e4b0ea028d568b4c

Uploaded Date: 20th May 2017

There are several advantages that Artificial Intelligence (AI) will add to the field of human resources. Like marketers, HR professionals are also leveraging the power of AI to bring business results. One of the reasons why AI is proving to be so popular is that it solves immediate problems. Younger people these days are comparatively impatient and want results immediately. AI aided tools reduce the time lag. Chatbots in particular are providing immense support in servicing customers or clients. Frequently asked employee questions are being answered more efficiently by chatbots. They are even helping in talent recruitment by tracking data to create candidate profiles, schedule interviews and decide on candidates’ suitability. Talla for example is a chatbots which performs most of the basic functions so that the senior HR pros can concentrate on more strategic level operations. Chatbots also help in corporate training as teaching assistants can even help deliver sessions using online tools such as MOOCs. IBM’s Watson capabilities have for example been extensively used by the Georgia Institute of Technology. AI has enabled learning experiences tailored to individual requirements at organizations.

Source:https://www.forbes.com/sites/jeannemeister/2017/03/01/the-future-of-work-the-intersection-of-artificial-intelligence-and-human-resources/#ca1a55c6ad26

 

While the word Artificial Intelligence (AI) may evoke images of robots running the show and humans being their slaves, it is already being used in businesses. And it is no longer a geeky topic, but one which is in common usage. A study by Demand base has in fact outlined that eighty percent of marketers feel that AI will cause massive business disruption by the year 2020. One of such ways is through business analytics where AI helps in spotting trends out of customer data. It is also used for Voice Recognition which is something Taco Bell is doing to provide customized services to loyal clientele. Digital Assistants such as Siri and Cortana are easing the work of executives. Also easing the work is the activity of automation especially being leveraged by General Motors and Uber. Due to the enormous amount of data now captured, AI is helping gauge real time business intelligence allowing the prediction of customer behaviour.

Source:https://m.yourstory.com/2017/03/artificial-intelligence-next-big-thing/

 

Machine Learning (ML) has quickly emerged as one of the key areas for companies to gain competitive advantage. A study was recently commissioned by the Massachusetts Institute of Technology (MIT) to gauge the present trends of ML. It was found out that ML is very much happening now with about three-fifths of companies having already implemented this in some form. A bit more than a fourth of respondents claim that Machine Learning has already provided tangible gains in goal achievement. A few organizations even reported that fifteen percent of the entire IT budget was allocated to ML. Those best placed to take advantage of this growing field, are the ones who were the first to invest in such capabilities. The most common functions where ML is used in a large scale are Image recognition and classification, behaviour analysis, text classification and NLP (Natural Language Processing).The speed with which Machine Learning capabilities are being adopted are faster than the previous stage where the adoption of data backed business analytics tools was comparatively slower.

Source:https://www.technologyreview.com/s/603872/machine-learning-the-new-proving-ground-for-competitive-advantage/

 

Artificial Intelligence (AI) is transforming several companies in more ways than earlier thought. Business Consulting giant Deloitte has drawn up interesting conclusions from its 2017 Human Capital Trends Report. The survey reveals that more than two-fifths of respondents have implemented AI in some form within the workforce but a far smaller percentage at only fifteen percent feels confident to manage a workforce combining both humans and robots. Corporate training involving on the job learning has become crucial to educate people on how best to leverage AI or robotics so as not to fear the same but embrace it. More than half the organizations have already tweaked their HR structures to involve digital or mobile tools but only about a third are using AI to ease HR operations. Eventually a clear distinction has to be made by business leaders as to where to place human employees and where the robots. The best trained staff will be best positioned to take advantage of this enormous disruptive opportunity.

Source:https://www.fastcompany.com/3068492/the-future-of-work/how-ai-is-changing-the-way-companies-are-organized?partner=rss

 

The corporate world has always lapped up Pareto’s eighty-twenty rule by which eighty percent of any company’s revenue and sales is generated by twenty percent of the activities. Now with the advent of Artificial Intelligence in such a big way, this same principle is getting modified. There are three major ways, the first of which is called Smart Paretos. According to this, digital networks are the new twenty percent and due to the availability of business analytics, companies can pinpoint that fifth much easier than before where it was more of a hit-and-trial method. The next method is Super Paretos by which the eighty-twenty principle gets modified to more extreme deviations. For example in certain industries such as alcohol or gaming it is less than a tenth of users who are responsible for more than half of revenues. Big Data is getting leveraged to sort out these minute effects. The final category is Supra Paretos which implies collaboration across different Paretos. The need to own indicators no longer exists as analysts are no longer restricted to silos but intersect and overlap with others’.

Source:https://hbr.org/2017/02/ai-is-going-to-change-the-8020-rule?referral=00563&cm_mmc=email-_-newsletter-_-daily_alert-_-alert_date&utm_source=newsletter_daily_alert&utm_medium=email&utm_campaign=alert_date&spMailingID=16670407&spUserID=OTY0OTMwNTk5NwS2&spJobID=980043171&spReportId=OTgwMDQzMTcxS0

 

Several tactics have been tried by marketers to improve results, yet most of these have hit brick walls. Email for example has been used as a key component of digital marketing yet it has massive divergence among customers, making it difficult to normalize. Social media has been observed to be trendy, yet does not yield direct instant benefits. Even the use of mobile phones is surprisingly low when it comes to making the final purchase. Most businesses that participated in the marketing research conducted by Sailthru confirmed that websites generated more than half the revenue with emails doing less than a fifth and mobile chipping in with less than a twelfth. A method not extinguished yet, but with massive potential is Artificial Intelligence (AI). Most retailers do use AI in some way or the other especially for search or improving product recommendations. But AI can best contribute towards optimizing the buyer journey with each step being captures so that likewise campaigns be undertaken. While content marketing ahs repeatedly thrown up good numbers in customer acquisition, the retention still remains dubious, and this is where such detailed AI aided tracking can make the difference.

Source:http://www.businessnewsdaily.com/9809-artificial-intelligence-retail-marketing.html

 

Ten things have been chronicled which marketers must be aware of while dealing with Artificial Intelligence (AI). First of all, AI must be used to deliver highly personalized and relevant content to optimize on its digital marketing capabilities. It also helps eliminate ‘marketing waste’. Chatbots and digital assistants have emerged as ‘the face’ of AI induced marketing. There are loads of AI based technologies that are in full swing right now developed by the tech giants such as Google, Facebook and IBM, but there is little integration between these offerings. Not all marketers are excited about AI though as evidenced by the low mere twenty six percent confidence displayed by those marketers polled in a Wakefield survey. Even CMOs themselves are facing multiple challenges in AI adoption. The same survey points out that up to three-fifths of them polled, are reluctant to merge AI with existing technologies for fear of disrupting the existing work patterns. In fact chat bots have been shown to often not click with customers as proven by the marketing research conducted by Boxever. CIOs too will have their own challenges as with marketing increasingly merging with technology, the CIO will need to offer broader marketing related services as well. The entire essence of marketing can get changed due to the micro data based analysis now being done. Marketers must try that eventually AI manages to know its customer thoroughly so that these same customer can in turn be converted to fans.

Source:http://www.cio.com.au/article/614174/10-things-marketers-need-know-about-ai/

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