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How firms are using AI to up their game

After decades of false starts, artificial intelligenceArtificial Intelligence knows many different definitions, but in general it can be defined as a machine completing complex tasks intelligently, meaning that it mirrors human intelligence and evolves with time. () is already pervasive in our lives. Although invisible to most people, features such as custom search engine results, social media alerts and notifications, e-commerce recommendations and listings are powered by -based algorithmsAn algorithm is a fixed set of instructions for a computer. It can be very simple like "as long as the incoming number is smaller than 10, print "Hello World!". It can also be very complicated such as the algorithms behind self-driving cars. and models. is fast turning out to be the key utility of the technology world, much as electricity evolved a century ago. Everything that we formerly electrified, we will now cognitize.

’s latest breakthrough is being propelled by machine —a subset of which includes abstruse techniques that enable machines to improve at tasks through and experience.
Although in its infancy, the rapid development and impending -led technology revolution are expected to impact all the industries and companies (both big and small) in the respective ecosystem/value chains. We are already witnessing examples of how -powered new entrants are able to take on incumbents and win—as Uber and Lyft have done to the cab-hailing industry. Currently, deployed key -based solutions, across industry verticals, include:

, diagnostics and recommendations

has been in the mainstream for a while, but changes and improves the whole game. can be described as the ‘everywhere electricity’—it is not so much a product as it is a new capability that can be added to all the processes in a company. Be it a national bank, a key supplier of raw material and equipment for leading footwear brands, or a real estate company, companies across every industry vertical are highly motivated to adopt -based because of proven returns on investment.

ChatbotsChatbots are computer programs which were engineered to converse in spoken or written form with humans. They are usually used in dialogue systems with a limited topic range. For example, they can answer basic customer questions or help you buy the correct train ticket. and voice assistants

Chatbots have evolved mainly on the back of internet messenger platforms, and have hit an inflection point in 2016. As of mid-2016, more than 11,000 Facebook Messenger botsA bot is a piece of code, which does a predefined set of actions on behalf of someone. Bots are used to manage Twitter Followers, they answer email requests or order more supplies as soon a certain item runs low. and 20,000 Kik bots had been launched. As of April 2017, 100,000 bots were created for Facebook Messenger alone in the first year of the platform. Currently, chatbots are rapidly proliferating across both the consumer and enterprise domains, with capabilities to handle multiple tasks including shopping, travel search and booking, payments, office management, customer support, and task management.

, processing and diagnostics

On an average, it takes about 19 million images of cats for the current algorithms to recognize an image of a cat, unaided. Compared to the progress of solutions, computer vision-based solutions are still in developmental stage, primarily due to the lack of large, structured data sets and the significant amount of computational power required to train the algorithms. That said, we are witnessing adoption of in healthcare and financial services sectors. Israel-based Zebra Medical Systems uses techniques in radiology. It has amassed a huge training set of medical images along with categorization technology that will allow computers to predict diseases accurately better than humans. […]

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