Artificial Intelligence Leads to Innovation and Transformation

By Jyoti Nigania |Email | Jun 26, 2018 | 25485 Views

The technologies that includes Artificial Intelligence (AI), includes natural language processing-driven bots, machine Learning and deep learning along with robotics process automation (RPA). All these technologies are changing the ways in which business is done across all the industries. Thus, AI is impacting the entire industries whether it is retail, insurance, legal, travel, hospitality, financial services and transportation and many more. These technologies are revolutionizing and re-inventing all the industries and they are also speeding up and reshaping existing business processes. 

According to the recent story, British Legal firms can improve their efficiency up to 50% by using latest AI technologies which are available in the market. AI is impacting the legal industry as with the help of artificial intelligence the risk present in contracts can be easily identified and it also flag up compliance issues across complex contracts. The rapid growth and business adoption of AI is transforming lives and businesses globally, by helping companies to automate their routine and monotonous tasks and by offering consumers a choice of much-improved, personalized experiences and services across the world.

When it comes to industries such as retail and travel, like it's vital that businesses adopt the latest technologies to identify and respond to the needs, wants and desires of their consumers. That's why retailers and travel companies have been ahead of the curve over the last decade when it came to web and mobile e-commerce innovation. Amazon, AirBnB and Uber have completely changed the nature, perception of and consumer expectations around retail, hospitality and transportation. When these companies are using artificial intelligence into their operational activities then other industries like retail and travel companies are identifying the ways that how they can apply this technology, to personalize the stores, to complete the bookings and address the customers requirement. 

In travel industry, there is ample number of opportunities for AI to improve the customer experience. Majorly, biometrics and facial recognition technologies can remove the time-consuming need for documents to be checked at regular steps of a journey. Apart from this machine learning models can help predict consumer preferences and enabling enterprises to construct a "360-degree view" of the consumer in real-time, which then enables them to create hyper-personalized product and service offerings.

Next, conversational apps and voice-driven virtual assistants are offering to travelers a more personalized way to interact with organizations, to make bookings and to get specific information according to their requirement. There are many more opportunities that automated social media analyzing tools can provide to travel companies with real-time insight that how their customers are feeling in a particular situation and help companies to offer the solutions to their customers on an immediate basis. Problems the customers are facing traffic problems, flight cancellations etc. Predictive machine learning algorithms are transforming demand planning, operations, marketing and back-office operations across the entire enterprise. 

Hence, the use of AI technologies is a reality today across different industries and enterprises. It is helps companies to predict and make decisions better and faster and serve their customers better with more personalized products and services, make routine processes faster and more efficient and unlock value in ways that was not possible before.

Source: HOB