7 WAYS COMPANIES USING AI (PART I)
Artificial Intelligence is capable of achieving enormous feats in the modern world. It is hard to imagine our daily lives without the use of AI because literally, almost every single component of our reality bears the symbolic use of AI in some way or the other.
While you start the day with your phones, you automatically utilize a wide range of Artificial Intelligence features. The smart lock to open your phones with either a pattern controlled by AI or a face recognition pattern-based locking system to unlock your smartphone device.
You then proceed to open up other apps, out of which the majority of them utilize AI in some form like recommendation systems in YouTube for providing the most appropriate content suitable to you. If you are browsing the web, you will often find yourself using the features of autocomplete, which also uses AI.
When texting someone, if you make a mistake, your errors are usually corrected thanks to AI applications such as autocorrect. To explore more daily life applications of Data Science and Artificial Intelligence, I would highly recommend checking out the following article from the link provided below. It covers most of the common use cases of AI in our daily lives.
In this blog post we will give a brief overview of typical use cases we see in our practice when discussing AI projects in Singapore, Dubai, Abu Dhabi or other market in ASEAN & Middle East.
For instance large FMCGs use machine learning to send the right goods and products to the best stores before it runs out of stock. The healthcare industry is utilizing machine learning business applications to achieve more accurate diagnoses and provide better treatment to their patients. From other side medical researchers are also using ML/AI as many introduce newer and more effective medicines with the help of this technology. Many use cases are emerging from all sectors as machine learning is being implemented in logistics, manufacturing, hospitality, travel and tourism, energy, and utilities. Below are seven most interesting cases we see in our practice.
AI IN EDUCATION
Artificial Intelligence and education have a close relation. After All, AI or Data Science could be one of the subjects that students choose to master and gain further intuition and understanding of these brilliant subjects. The popularity of Artificial Intelligence is significantly rising over the past decade, and this emerging trend will continue for the upcoming years. However, we will focus on how AI can be used to improve the field of education.
The first time I came across an AI technology like optical character recognition was in my school days, where our answer scripts with multiple choice type questions (MCQs) would be analyzed by these devices. The data extraction from these answer scripts could be done, and the answers would be marked according to the answer key. With modern technologies, optical character recognition is used in a variety of applications, and they are much more advanced. The accuracy of these devices has vastly improved.
Artificial Intelligence can be used as one of the methodologies to teach students in a more realistic and unique manner. Using modern AI technologies education can reach a new dynamic potential where students enjoy what they are studying. These Artificial Neural Networks, like Generative Adversarial Networks, can find their usage in creating new images and visuals for teaching primary school kids a variety of unique topics.
PRODUCT RECOMMENDATION ENGINES
Another common use case is use of ML to power the customer recommendation engines built to deliver customized experiences and improve the overall experience. At the start algorithms analyze data points about each customer, including customer’s previous purchases, demographic trends, purchase histories of other customers, an organization’s present inventory in order to know what services and products to offer as recommendations to each individual customer. There are few examples of businesses in ASEAN and Middle East whose business models are based on recommendation engines: Zalora, Lazada, Carefour (check their Frequently Bought Together), and so on. Even food deliveries companies like Grab Food and Talabat using it.
FRAUD DETECTION & PREVENTION
The AI and in particular machine learning has ability to decipher patterns – and to immediately detect anomalies that manifest outside those trends – makes it an excellent tool for identifying illegal activities.
In fact, businesses in the financial sector have successfully been utilizing ML in this aspect for many years. Most of industries that could benefit from use of this technology would be: retail, insurance, travel, gaming and financial services.
MARKET SEGMENTATION AND RESEARCH
ML business applications help businesses in setting prices; as well as assist businesses to provide the best goods and services to the areas in demand at the appropriate time by dividing customer in segments and predictive inventory planning.
For instance, retailers utilize ML to predict the inventory that will sell the most in which of its outlets depending on the the demographics of that area, seasonal conditions influencing a certain outlet, and other data points – including the trending news on social media. This ML application can be used by most of Fortune 2000 companies! From the finance industry (when ADCB bank asses your risk potential) to Grab/Careem deciding on what promo voucher to send to you.
This is the end of PART I. See other three use cases in our next post.