Articles > AI for Business - Your 5 reads of the week #8

12 days ago


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This is our 8th edition already, 2 months of weekly inspirational reads about Artificial Intelligence for Businesses.

This week you will read about:

  • Investments towards AI solutions increased by 300%
  • How Coca Cola uses AI
  • RPA is the new AI trend
  • Guide on how using AI in your company
  • Studying the behavior of AI
  • The finance sector commits to an intelligent future

FIGURE OF THE WEEK

A recent survey of Forrester, IDC and Narrative Science found that across all businesses the investment towards AI solutions has increased by 300% compared to last year. More and more executives within companies understand that AI has shown its added value to the value chain and are implementing AI solutions. This will help companies determine how to implement AI and in which departments has the biggest need for it. We have shown that AI can be used across all departments ranging from marketing with recommender engines to sales with a more personalized customer service.

AI IN PRACTICE

Coca Cola is one of the brands that has the best global brand recognition in the world. But similar to other big players, this does not mean you do not continue to innovate.

Market research - Coca Cola hundreds of different products across multiple countries and the perceptions and customer behavior varies greatly from market to market. All this data is being used to better understand these differences and tailor specific messages for the different markets.

Making sense of unstructured data - Being a global brand, they generate a lot of user data with their vending machines and through social media. As this data is vast and messy, AI can help structure this data and give back valuable insights.

Social listening - Coca Cola realises to better target their customers is by using computer vision to analyse social media content and understand when and how customers are enjoying their products.

Although Robotic process automatization (RPA) has been on the market for a while, it is gradually becoming one of the top tech trends available for companies. This increase in popularity is mainly due to AI infusion, making these RPAs not only autonomous but also smart (using intelligent decision-making). These new types of RPAs are still a challenge, as maintenance, design, or even privacy issues still raise concern. However, this challenge could prove worth investing in, as experts predict RPA to experience a boom in usage in the near future. By the way, did we tell you that Kantify has developed an automated invoice extraction solution, based on AI?

A recent report by McKinsey Global shows that the financial sector with a projected growth in spending on AI in the next 3 years of 30%.

AI is slowly making its way into every industry. Security and transparency are the main concerns for every player in the finance sector and still players are investing a lot in AI adoption. This is a logical next step if you know that banks and insurance companies are sitting on a lot data of their customers, hence this could be used for a rich landscape for better user experience and service offerings.

WHAT TO DO WITH AI?

This article shows a practical methodology to do business intelligence about AI in your sector. Companies can do a quick Google search, as keywords, the name of their competitors and “AI” and will quickly find out if they are missing the boat if they haven’t thought about introducing AI in their business. There are also some very important figures in this article that can help you reflect about AI in your business: 80% of executives believe that AI will boost their productivity. What do you think?

Warning, this article is for those of you who already know a bit about machine learning. A group of researchers at MIT Media Lab are advocating for a new field of research: machine behavior. This field would take study of AI into biology, economics and psychology. These researchers believe that AI should be seen as a new type of actors since it is making decisions and taking actions autonomously. They want to study the behavioral patterns and ecology of AI.

A very interesting article about researchers that want to make AI more transparent and we stand behind this idea. All our applications are transparent and gives the owner reasons behind why the AI model made a certain decision.

That's it for our 8th edition! We hope you enjoyed the readings! If you missed some of our earlier must-read lists, head over to our Articles section to catch up!

And do not forget to subscribe to our newsletter for your monthly AI dose.

See you next week!