Top 10 ways the world has changed with the use of AI
Artificial intelligence is no longer a futuristic technology; it is already influencing our daily lives.
Since the dawn of computing, scientists have aimed to construct robots that can think, reason, and learn as well as humans – in other words, artificial intelligence.
IT [Artificial Intelligence and Machine Learning] is making its way out of the lab and into the real world. It has an impact on our daily life. There's no denying that we've arrived at the dawn of the artificial intelligence era.
AI is expected to have a long-term impact on almost every business. It is already present in our smart devices, autos, healthcare system, and favourite apps, and it will continue to pervade many additional industries in the foreseeable future.
Because AI is the cornerstone of computer learning, artificial intelligence is very crucial to our future. Computers can harness huge volumes of data and utilize their learned intelligence to make optimal decisions and discoveries in fractions of the time it takes people.
Artificial intelligence is being credited with everything from cancer research advances to cutting-edge climate change research.
THE FUTURE IS NOW: AI'S IMPACT IS EVERYWHERE
Modern AI — more specifically, "narrow AI," which performs objective functions using data-trained models and often falls into the categories of deep learning or machine learning — has already impacted practically every major business. That has been especially true in recent years, as data gathering and analysis have increased dramatically because of improved IoT connections, the proliferation of linked devices, and faster computer processing.
Some industries are only getting started using AI, while others are seasoned veterans. Both have a lot of work ahead of them.
Regardless, the impact of artificial intelligence on our daily lives is difficult to ignore:
1) Transportation: Autonomous automobiles will one day transport us from place to place, although perfecting them could take a decade or more.
2) Manufacturing: AI-enabled robots assist humans in a restricted range of jobs such as assembling and stacking, and predictive analysis sensors ensure that equipment runs smoothly.
3) Healthcare: Diseases are more quickly and reliably identified, medication discovery is sped up and streamlined, virtual nursing assistants monitor patients, and data analysis helps to provide a more personalized patient experience in the comparatively AI-nascent sector of healthcare.
4) Education: With the help of AI, textbooks are digitized, early-stage virtual tutors assist human teachers, and facial analysis assesses students' emotions to help discern who is struggling or bored, and better adapt the experience to their unique requirements.
5) Journalism: Journalism is also utilizing AI and will continue to profit from it. Bloomberg employs Cyborg technology to assist in the interpretation of complex financial reports. The Associated Press uses Automated Insights' natural language capabilities to publish 3,700 earnings report stories per year, approximately four times more than in the past.
6) Customer Service: Last but not least, Google is working on an AI assistant that could make human-like phone calls to arrange appointments at places like your local hair salon. The technology comprehends context and nuance in addition to words.
But these advancements are just the beginning; there's a lot more to come — far more than even the most foresighted prognosticators can imagine.
With companies spending nearly $20 billion on AI products and services each year, giants like Google, Apple, Starbucks, and Amazon spending billions, to develop those products and services, and universities making AI a more prominent part of their respective curricula, and continue to deploy AI-related solutions that directly interact (often behind the scenes) with consumers daily
[In the examples below - are we trying to show how these large brands are using AI to innovate and gain a competitive advantage? ]
So how is Amazon the Ultimate Tipster?
Amazon began experimenting with ways that a digital bookshop may outperform a conventional bookstore in terms of customer experience in its early days. They started recommending products based on A) previous purchases and B) previous viewings. This was an early version of AI that would eventually generate a personality profile for 300 million Amazon customers. As Amazon's recommendations improved, people began to purchase elsewhere less and less.
One of the most intriguing aspects about Amazon is that it genuinely is a "one-stop-shop" for customers. Amazon is used by customers for every aspect of their shopping experience. Amazon also outperforms rival marketplaces and shops in activities like looking for new deals and discounts, comparing pricing, and checking availability.
Not only are Amazon's in-site recommendations effective; its email notifications are even more so, with a conversion/sale ratio of nearly 60%.
Purchase history, browsing history, related items, commonly bought together data, and more are all used to provide item recommendations. Using its vast data set and artificial intelligence, Amazon has created and tested a wide range of recommendations. "You are what you buy on Amazon." While Amazon continues to improve its user interface through traditional research and A/B testing, its unique content personalization is the outcome of great AI. Customer loyalty has strengthened over time as a result of data-driven customization and personalization.
And how is Starbucks using AI to delight longtime coffeeholic?
Hardcore coffee fanatics all have their favourite Starbucks drink, and they get bored of saying it over and over. When Starbucks decided to create its mobile app, the goal was to make ordering their favourite drink as simple as possible. This is made simple by the app, which allows people to save their drink order down to the slightest detail. An AI tale would not be complete without a loyalty/ordering smartphone app. Starbucks uses artificial intelligence to combine the saved beverages and purchase history with a variety of other criteria, like the home city, preferred ordering time, and even the weather at the time of one's order.
Finally, one of the smartest things they're doing is using GPS data from mobile users to figure out which sections of the country are in desperate need of a Starbucks store. The app has a store locator that calculates the distance from the nearest store. The corporation might prioritize new sites based on the number of searches received.
Starbucks and Amazon have shown that it's more about recognizing untapped markets and potential than it is about recommending products and services. By putting AI to creative use, it is possible to figure out how to serve their customers better.
The onset of AI gave rise to the era of conversational sales assistants or in other words -chatbots! These talkative computers harness the power of two disciplines of AI: natural language processing and natural language production to engage with human users. They show up on social media feeds, customer service pages, and websites to provide conversation, advice, and companionship - and they're changing how we deal with businesses like utilities, pizza delivery services, online stores, banks, healthcare providers and even governments.
Bajaj Bikes: A classic case study!
Bajaj Auto sought to go ahead of the competition with the launch of the new Pulsar 125 motorcycle by creating hype around the product and establishing itself as the leading brand in the 125cc two-wheeler category. Ultimately, they wanted to engage more meaningfully with their target audience: ambitious and ensure that their questions were answered quickly. They anticipated that by doing so, they would be able to improve their lead conversion rate and, as a result, their sales conversion rate.
So what did Bajaj do?
Baja Auto and ORI, an end-to-end provider of conversational AI-powered chatbots, joined in May 2021 to debut Google's Business Messages on their website. Bajaj Auto serviced over 34,000 unique customers, engaged in over 300 hours of chatbot discussion in two months, and experienced a 1,335 percent boost in lead conversions by employing conversational commerce to aid product discovery and inquiry.
The use of chatbots, helped Bajaj Auto enable search intent as the overarching measure of brand popularity when compared to their competition. Even when the country was thrust into COVID-19 lockdown, Bajaj Auto’s keywords outperformed their competition by 80%
Cognitive bots ease customer-platform communication in a myriad of ways:-
Improves Personalization For User Interaction
Provides context-rich Multilingual Support
Automate Customer Support for Queries across basic to complex queries
Accelerates sales from Abandoned Carts.
Easy Order Management.
Accelerate Sales through effective customer value management.
Accelerates Customer Acquisition by guiding the user to the quickest path to closure.
AI is a technology that is revolutionizing every aspect of existence. It's a versatile tool that allows people to rethink how they integrate data, analyze it, and apply the ensuing insights to make better decisions.
While today's AI systems are still a long way from achieving that aim, they are beginning to perform on par with, if not better than, their creators in certain activities. AI has advanced dramatically because of new techniques that allow robots to learn from vast amounts of data.
AI is the biggest business opportunity of the next decade. Manual and repetitive jobs are already automated. It will soon assist humans in making decisions. Along the way, it will contribute more to global GDP by 2030 than China and India combined. These developments in AI today, will further give rise to various innovative use cases and possibilities across AR, VR and Metaverse.
How will AI affect virtual reality and the metaverse in the future? Smartphones will become smarter as a result of VR technology, and many more smart tools, such as VR goggles and VR devices, will flood the market. We may appreciate history (which is presumably boring), explore space (from Earth), see the surface of the moon in 3D, and much more via virtual reality.