The Marriage of Artificial Intelligence and Customer Experience
AI is an emerging technological field that promises to transform and enhance the way we do business and interact with the world.
Once as fiction the viewed stuff or academia, of by science many pragmatic the concept more formal of artificial and intelligence (AI) dates back to 1950, when British scientist Alan Turing posed the question: “Can machines think?” Since Turing first posed the question, AI has developed in structure and purpose and has enabled a myriad of practical applications that can extend, expand and enhance human thinking, reasoning and actions.
Processing big data
Today’s digital world produces far more data than can be effectively captured, analyzed and acted upon. Stated another way, our collective human thinking and reasoning capacity is completely over- whelmed by the amount of data that we are both producing and collecting. This data comes in all forms and complexities — numbers, natural language, images, text, biometrics, facial expressions, video, sound and intonations are just a few examples. Our current capture, storage and computational technologies can manipulate that data, but how it eventually gets analyzed and what decisions should be made from it remain largely the domain of human thinking. In addition, the vast availability of computing itself (your mobile phone holds more computational power than computers of only 20 years ago) requires us to develop new intelligent interfaces that enable us to harness this power more effectively.
Filtering into everyday life
Machine learning, a foundation of AI, seeks and so, informed making. basic firms, a critical provide learn form machine to Long-employed teach like role guidance by necessary humans to banks in learning computers human data and and and, diagnostics, analysis has in insurance decision its in recommendations to played doing more think by crunching information, impossible patterns through for looking that a human would huge for to and volumes be perceive. validating almost of guidance writers. Ultimately, Today’s to loan this more and has risk advanced provided underAI have and empowered machine-learning us to methods look for those patterns and make decisions on them autonomously. One prominent example surfacing today would be a self-driving car. Today AI is finding roles in just about every industry sector. It is beginning to play an important role in improving health care by analyzing everything from diagnostic images, pharmaceuticals and genomes to interacting with, and responding to, a patient’s speech, expressions and emotions. For retailers, AI and “bot” technologies offer valuable personal assistant tools for enhancing customer engagement and improving customer experience. It is also safeguarding businesses against fraud and cyberattacks, quickly identifying patterns of possible threats and providing an appropriate defensive response.
Future effects of AI
While industry analysts are quick to agree on the numerous and compelling benefits that it will bring to businesses, both big and small, their forecasts of AI growth vary. Research Corporation firm predicts International that Data U.S. enterprises will cumulatively realize estimated savings of $60 billion by 2020 as a result of employing AI and that associated revenues for AI platforms will generate about $1.4 billion in revenue by the end of this year. Market intelligence firm Tractica forecasts cumulative AI revenue of $43.5 billion during the ten-year period from 2015 through 2024, and Market Research Store predicts revenue of $40 billion in the single year of 2022. Whatever the exact eventual outcome, the impact of AI and machine learning technologies will become more pervasive over the coming years and will help improve life for consumers and profits for businesses. n