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The AI Revolution: Enterprise Transformation & Benefits

Uncover how AI is reshaping enterprises, the benefits it brings, and why investing now is crucial. Explore AI investments areas such as machine learning, predictive analytics, and more.

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The AI Revolution: Enterprise Transformation & Benefits

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  1. AI: Reshapingthe EnterpriseWhat Enterprise AI Looks Like, Its Benefits,How to Get Results—and Why You Should Invest Now Direct Source from: Lenomo, 2017. ‘AI: Reshapingthe Enterprise What Enterprise AI Looks Like, Its Benefits, How to Get Results—and Why You Should Invest Now’. AI Business Research. URL: https://www.google.com.tw/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0ahUKEwjwm9OjncXXAhWFppQKHc1HBa4QFggkMAA&url=http%3A%2F%2Fwww.cio.in%2Fdownload-resource%2F118309%3Fdownload%3Dforce&usg=AOvVaw32eQugFgVNVxKQEaEGQCk3

  2. The AI Revolution #1 Where and Why Enterprises Are Investing • AI investment areas, depending on industry, tend to cluster around: • Machine Learning and Deep Learning • Predictive and Prescriptive Analytics • Natural Language Processing • Computer Vision • Recommendation Engines.

  3. The AI Revolution #2 The benefits of AI to organisations are numerous. At the business level, they include: • New Levels of Service • Alternate Sources of Revenue • Increased Profit • Business Expansion • Improved Efficiency and Cost Structures • At the more granular level, AI is expected to turn data into insight and unveil patterns in gigantic data sets more quickly. It’s expected to help visualise data, speed up analytics, and drives outcomes faster.

  4. The AI Revolution #3 • A Forrester report titled Predictions 2017: Artificial Intelligence Will Drive The Insights Revolution, will allow early adopters to “steal $1.2 trillion per annum from their less informed peers by 2020.”

  5. BFSI: Banking on AI • Create Competitive Differentiators • AI boosts a financial institution’s ability to create customer experiences that create new normals. Natural language processing, for example, allows one bank’s customers to ask machines questions, like “I was in Singapore recently, how much did I spend?” • Expand, Without Increasing Cost • AI enables financial institutions to grow their customer base—without adding staff—and incentives—as they once needed. Robo advisors in China and Japan, for instance, offer customers automated, algorithm-based portfolio management advice. • Improve Customer Experience • AI makes customer service more efficient. For example, Swedbank’sAI-powered virtual assistant helps customers—and customer-service staff—find answers to questions. In three months, the virtual assistant averaged 30,000-plus conversations a month, with a first-contact resolution of 78%. • Detect Fraud • Using pattern recognition and self-learning, banks analyse the buying patterns of their customers look for abnormal patterns to stop fraud in real time. AI also detects abnormal behaviourto spot market abuse and rogue trading.

  6. Source: https://www.bloomberg.com/news/articles/2017-07-30/your-banker-is-always-in-sweden-rolls-out-the-robots YouTube – Amelia, the Virtual Assistant, with SEB, one of Sweden's largest banks: https://www.youtube.com/watch?v=ffK4Qm-PDXc

  7. Manufactured With AI • Enable Predictive Maintenance • With predictive models, manufacturers can enable predictive and preventive maintenance, which shrinks maintenance costs, lowers capital investments in new equipment, and improves profitability. • Improve Product Design • AI can help manufacturers scan and analyse millions of images and text, and reams of product data (wear and tear data, service data, etc) to create products that customers want, that are more durable, and that are easier to service. • Increase Operational Efficiency • Using predictive data analytics and machine learning, manufacturers can boost production capacity up to 20%, and shrink material consumption by 4%. • Fine-Tune Warranties • By modelling use patterns, AI can help manufacturers better define warranties on their products. It can help, for instance, fine-tune the most optimal duration of a warranty. • Handle Large-Scale Stock Better • AI’s ability to discern patterns and offer advice to stock managers, allows them to boost the number of products they manage. It also ensures greater visibility, lowering stock levels and enabling bulk buying.

  8. Source: YouTube – AI in Manufacturing • AI Industrial Robots taking over Assembly Line Manufacturing - https://www.youtube.com/watch?v=BW7OembROC8 • AUDI Smart Factory Is Very Star Wars Autonomous Drones + Self Driving Forklifts - https://www.youtube.com/watch?v=otE6CnFUXDA • BMW Engine Factory - https://www.youtube.com/watch?v=0z6E_1KonbA

  9. AI’s Rx For Healthcare • Simplify Cancer Diagnosis • AI-powered applications help oncologists diagnose and plan cancer treatments more accurately by scanning through mammoth volumes of medical literature and past cases. • Predict Mental Health Challenges • AI can predict mental health disorders years before they become acute. Natural language processing looks for anomalies in the way patients speak, while other AI tools scan both medical and social media data, allowing researchers to predict who might develop psychosis, or if someone will attempt to commit suicide. • Treat Rare Diseases • A few years ago, a dermatologist stumbled on a rare skin disordercalled bullous pemphigoid. He did not know which medicine to prescribe. Using AI he scanned a repository of 14 million medical cases and soon found the most appropriate treatment. • Delivering Meticulous Insights • The potential of AI goes beyond understanding human queries and knowing what type of response is needed. AI can generate valuable insights by detecting even the smallest abnormalities in X-rays, MRIs and genomics. This in turn can help physicians deliver highly customised treatments. 30% Of healthcare systems, by 2018, will be running cognitive analytics to help physicians deliver personalisedtreatments. Source: MIT’s Asia’s AI Agenda

  10. AI for Healthcare • MEDICAL BREAKTHROUGHS: Fourth Industrial Revolution opens new era of AI-based healthcare - https://www.youtube.com/watch?v=4Om_lDS_RJM • How It Works: IBM Watson Health - https://www.youtube.com/watch?v=ZPXCF5e1_HI

  11. Retail: Sold On AI #1 • Dynamic Pricing • AI offers retailers the ability to leverage dynamic pricing: Product pricing that changes based on multiple factors like the time of the day, the location, and even the person making a purchase. • Customised Sales and Marketing • AI can be used to listen to sales calls and analyse how to improve messaging. It can also flag stagnant deals, help sales figure out why deals are stuck, create both customised sales scripts and customised marketing • Accurate Product Recommendation • Going beyond today’s unidimensional product recommendations, AI allows retailers to recommend products that are based on product images shoppers are looking at in real time, and reams of other data—resulting a more accurate product recommendation. • Sharper Ad Targeting • AI and machine learning can help marketers target ads more accurately, by learning the behaviour of different audiences and ensuring the right ads are served

  12. Retail: Sold On AI #2 • AI Case Files(1) • Otto, a German e-commerce company, uses AI to predict what customers are likely to buy in the following week—based 200 data points and weather data. • The AI solution’s predictions are so accurate (90% accuracy) and so effective, that Otto: • lets the system buy 200,000 items a month from third-party brands, all on its own, without human intervention. • Full Case at the Economist

  13. Otto - https://ecommercenews.eu/german-ecommerce-company-otto-uses-ai-reduce-returns/

  14. Otto - https://www.economist.com/news/business/21720675-firm-using-algorithm-designed-cern-laboratory-how-germanys-otto-uses

  15. Otto - https://www.economist.com/news/business/21720675-firm-using-algorithm-designed-cern-laboratory-how-germanys-otto-uses

  16. Retail: Sold On AI #3 • AI Case Files(2) • Stitch Fix, an online clothing retailer, uses AIto help customers decide what to buy. • Using a mix of customer-selected Pinterest boards, questions and answers, and personal notes from customers, Stitch Fix’s AI tools, in conjunction with humans, choose a few pieces of clothing for clients. • Full Case at HBR

  17. Stitch Fix - https://www.stitchfix.com/

  18. Stitch Fix - https://hbr.org/2016/11/how-one-clothing-company-blends-ai-and-human-expertise

  19. Stitch Fix - https://hbr.org/2016/11/how-one-clothing-company-blends-ai-and-human-expertise

  20. Stitch Fix - https://hbr.org/2016/11/how-one-clothing-company-blends-ai-and-human-expertise

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