The only global mantras of this fast-moving age are adapting novelty and keeping aspirations alive. And to achieve these mantras, humans and technology like AI have to collaborate. Only their combined efforts matter, not less or not more.
So which industries are becoming front-runners in bringing AI into our everyday lives? Let’s find out with some interesting case studies.
Banking and Finance
– Investment got safer and less prone to risks
The world is heading towards a new era of AI-promoted banking and financial services. From making futuristic and wiser credit decisions to automating portfolio management, AI is rapidly drawing the attention of financial giants as well as newbies.
It does not just make a pattern but it analyzes trading strategies based on them. Fraud prevention as well as detecting fraud and defaulters is convenient with AI and that’s how it safeguards the financial health of any sector.
JP Morgan’s AI-investment in secured financing
USA’s largest bank JP Morgan Chase — aims to earn better customer trust and satisfaction. It has introduced AI, Data Analysis, and Machine Learning into 6 financial divisions. Though in initial years of AI-powered financial services, JP Morgan’s initiatives have shown positive outcomes.
One such example is COiN(Contract Intelligence), it’s an AI-powered platform that automates document review process, such as credit agreements, and provides smarter and accurate analysis. Also, the results speak itself that COiN is capable of reducing 360,000 human hours to just few seconds in reviewing these legal documents. This buys them a scope of investing great minds into those fields where human power is more in demand.
J.P. Morgan Research also associated with APG asset management to make a breakthrough in equity investment using Natural Language Processing(NLP). They built an algorithm to imply financial terms(“overweight,” “neutral” and “underweight”) based on some 250,000 analyst reports. The output model was then fed to 100,000 news articles focusing on global equity markets. It’s nothing but the Classification of News Sentiment for Equities.
– Moving towards an era of accurate and proactive healthcare
AI has transformed traditional medicinal approaches and has instituted the vision of a healthier future. The world’s online medical repository is flooding with chunks of data every second. AI has turned this problem into an opportunity and has escalated the field of mhealth, or wearable devices and apps. From tracking your heartbeats and noticing unusual changes, observing the slow vital transformation in the body, to letting your doctor keep a constant watch remotely and examining you immediately; everything is a reality fit into small devices.
AI has proved itself to be our caretaker. Advanced diagnostic methods and machines such as x-rays, CT scanners, or MRI machines require no direct physical contact with patients. But some processes and results still rely upon physical samples which augments the risk of infection. But the arrival of AI into radiology has modernized and automated radiological tools. Avoiding human invasion in such risky cases is possible with these AI-powered equipments.
Delay of even a few days in the diagnosis of life-threatening diseases, such as cancer, is not just misfortunate but the incapacity of technology. But AI has become a hope of early disease detection. It learns symptom patterns of various patients, DNA mutations, family’s medical history, and every possible dimension to provide accurate results.
What is Freenome’s AI-based research in the early recognition of fatal diseases?
Freenome is a biotechnology company with a vision of public welfare. It is running a series of studies to detect cancer at an early stage using AI. The first of the series is AI-Emerge wherein the company is developing accurate blood tests for the same purpose. This AI-pattern study recognizes DNA of tumors into the bloodstream. It’s apparent that treatment at the right stage may increase the chances of survival.
After all, if we are in an era of technocracy and still we fail to ensure health precision, then what’s the use of such technology?
E-commerce and Retailing
– A personalized shopping experience brings more profits
Customers have become more aware of what they do not want than what they want. AI comes as that driving force that turns these first-time visitors into lifelong customers. E-commerce is the industry that has been using AI to its potential.
Every e-Commerce brand’s beloved business assistant is an AI-chatbot. No one waits for connecting over a hasty call or receiving a reply to an email. In the pool of myriad shopping options, a customer looks for an instant and smooth customer interaction. These chatbots are not only able to handle real-time queries of customers, but they even make the product’s navigation easier. AI analyzes everything from your searched or unordered products from the cart to your potential purchase based on the pattern of your interest. Using voice search adds to this flawless experience. Voice shopping is expected to hit $ 40 Billion in the U.S.A. by 2022.
How Amazon used AI to become a synonym of “e-commerce on fingers
Amazon is a pioneer in AI-led e-commerce operations. And now it has become a source of next-gen innovations.
No personalized shopping means losing a customer. Amazon’s Alexa is not just an AI-platform making your routine a simple experience, rather it possesses sophisticated product search and suggestions. It’s more than a virtual assistant; it’s a virtual blessing for both the customers and the company.
Be it introducing moving Robo-shelves or automating logistics, Amazon has sped up its already quicker delivery service with AI-backed supply chain management. It has established warehouses near the location where there are more prime delivery customers. They also track which products are supposed to have fast shipping demands by customers. Combined use cases of AI and data analysis have made this possible. Amazon boasts of a etention rate of 93% after the first year and 98% after two years of implying this strategy for prime services.
– Automating manufacturing is increasing productivity
Even a minor machine failure may cause a manufacturing unit a loss of Millions of revenue. Though companies run constant inspections, it’s nearly out of the question to detect the tiniest malfunctioning. We humans have certain limitations to it. We may miss a certain pattern while focusing on the other. But AI is trained not to neglect any patterns and to make its own, based on the data observation.
Predicting product failure with AI is a business saving option. As soon as a pattern comes within the radar of AI, marked as harmful by AI itself, it may alarm the inspectors.
Designing Engineers can make more sustainable and scalable product designs with AI programs. All they are required is to submit the manufacturing methods, materials, production constraints, and costing. It’s not less than a magic to get ready-made designing options within seconds and that too, with the utmost accuracy.
How Hitachi’s AI assistant is improvising instructions and improving workers’ efficiency?
We live in times of the Industrial revolution 4.0. And Hitachi knows how to take advantage of this at the best. Its AI system, known as H, does AI and Big Data operations to reduce the sales distribution time. “H” performs human ingenuity in the work instructions given. To simply put, it observes the self-made changes done to the actual instruction by workers, extracts the behavior or decisions which are more time-effective, and notices what improves the efficiency of workers.
Based on the results of this model,“H” adds new insights into the consequent instructions to be given to the workers. From workers to cloud to again workers- that’s how the process flow works.
Hitachi did a two-month test of this procedure in the distribution warehouse, using KPIs, and concluded an 8% time reduction in the usual work time.