Impact of AI in Business - Silicon Valley Product ... › ... › 08 ›...
Transcript of Impact of AI in Business - Silicon Valley Product ... › ... › 08 ›...
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Impact of AI in Business
Deepti Chafekar, PhDData Science Manager, AppZen
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What is AI?AI is defined as the ability of a machine to perform cognitive functions associated with human minds
Activities performed by AI systems can include:
● Learning● Planning● Reasoning● Problem Solving● Language understanding ● Creativity
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Aspects of AI● Machine Learning: Use statistical
techniques to give machines the ability to learn from training data
input
● Deep learning: Relies on neural networks to engage in nonlinear reasoning and learning at multiple layers
Computation modelObserved result
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Recent Advances in AIComputer Vision: Detect images, faces, objects
Natural Language Processing: Understand and interpret human language
Deep Reinforcement Learning: Learn how to attain complex goal
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AI Buzz
Over 154,000 AI patents filed worldwide since 2010 (Forbes)Source:Forbes https://www.forbes.com/sites/cognitiveworld/2019/02/25/artificial-intelligence-hype-is-real/#bb3c2f725fab
AI startups raised a record high $9.33 billion VC funding in 2018 (PwC MoneyTree Report)Source:Forbes https://www.forbes.com/sites/jeanbaptiste/2019/02/12/venture-capital-funding-for-artificial-intelligence-startups-hit-record-high-in-2018/#147547e341f7
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AI Buzz in Business● 51% of companies expect to increase
their AI investment by 10% next year - Deloitte
● 80% of enterprises have some form of AI in production today - Forbes
● 30% of the companies around the world will be using AI in at least one of their sales processes by 2020 - Gartner
● 24 % of businesses currently implement or plan on using AI - Survey by Tech Pro Research
Source:Deloitte Insights https://www2.deloitte.com/insights/us/en/focus/cognitive-technologies/ai-investment-by-country.html
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Current State of AI
Image from Apro Software:https://apro-software.com/machine-learning-and-deep-learning/
Project Cyc: Mimic the intelligence of 7-8 year old
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Where are we with AI?“Our Intelligence makes us human, and AI is an extension of that quality” - Yann LeCun
Image from Digital Cognizant:https://digitally.cognizant.com/narrow-ai-is-limited-but-humans-can-fill-the-gaps-codex4162/
● AI is an extension of our intelligence, it is not a general intelligence yet● Use AI to solve narrow problems ● Not every problem can be solved by data and AI
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AI building blocks for business
● Business process automation● Business Analytics● Customer Relations Management● Hiring
Image from https://lhyatesconsulting.com/tips-building-lasting-business/
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AI in Business Process Automation
Image from Appian https://www.appian.com/blog/rpa-thing-care/
“Companies can automate at least 30% of their activities” - McKinsey Global Research
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AI in business process automation Robotic Process Automation (RPA)
● Use specialized computer programs to automate standardize, repeatable, rule driven business processes
● Labor intensive tasks: processing invoice, claims, receipts, data entry, filling forms can be automated
Image from: https://medium.com/@cigen_rpa/8-real-world-use-cases-for-robotic-process-automation-rpa-in-telecom-850b6815bab7
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AI in business process automationBenefits of RPA
● Improved speed and accuracy● Reduce human errors● Increased Employee productivity● Reliability and Consistency● Compliance
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AI in business process automationKey Solution Providers
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AI in business process automation
● Audit expense reports, contracts, invoices● Automates spend approvals● Reduces spend● Streamline process● Detects Compliance
○ Detect Disbarred Vendors
● Detects fraud○ Duplicate Charges○ Blacklisted Merchants○ Upgrades
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AI in Business Analytics
“AI is powering modern decision making by providing descriptive, predictive and prescriptive analytics”
Image from OSP: https://www.osplabs.com/ai-business-intelligence-analytics/
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AI in Business AnalyticsDescriptive
● Smart analysis: AI feeds on big data○ Analyze trends, patterns over time○ Detect anomalies ○ Understand relationships and trends
● Real time insights for faster decision making○ Faster computing, faster models
● Reduce data overload○ Clustering and grouping of data to make it manageable
● Search based capabilities
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AI in Business AnalyticsPredictive
● Future forecasts based on past trends, seasonality● Understand cause and effect
Prescriptive
● Recommend actions and recommendations● Propose viable solutions in a calculated manner
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AI in Business AnalyticsKey Solution Providers
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AI in Business Analytics
● Integrate data from multiple sources● Analyze trends across different data
sources● Analyze Relationships● Root Cause Analysis
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Challenges to adoption● Fear● ROI is not clear● Lack of Strategic approach● Lack of Training● Lack of Infrastructure● Budget Costs● Lack of talent
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How to align with AI● Understand Business Problem and find AI tools to solve it● Pilot and train with AI tools● Understand limitations of AI and tools to set expectations● Patience, it is a process● No AI without good data, keep data clean● Constant KPI’s and market strategy, improve existing processes
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Closing Notes“The measure of intelligence is the ability to change” - Albert Einstein
● Human + AI working together to enable change● Solve narrow problems with AI with divide and conquer● Success of AI is not in mimicking humans but in solving small problems to make huge impact● AI is not to replace humans, but to help us realize our own potential
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Questions?