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How is Conversational AI Improving Customer Experience?

Conversational AI

The Conversational AI allows the program to be a part of human-like interactions. This set of technologies empower the applications to send automated replies. It is yet another example of the exponential rate of innovations happening in the artificial intelligence field.

As a result, businesses are investing in conversational AI technologies like Chatbots to serve customers round-the-clock. Although the benefits of using this advanced technology are innumerable, you need to answer certain questions while assessing a conversational AI solution.

Conversational AI is Still Evolving

We are still undergoing the phase of revolution wherein innovators are bridging the gap between the artificial and natural interactions among humans and computers. Constantly, developers are empowering Conversational AI technologies to decipher human actions and mimic human-like conversations.

According to research, the Conversational AI market size is expected to reach US Dollars 15.7 billion by 2024. This clearly depicts the interest of investors in this technology and gives a sign of a lucrative future scope for businesses.

The incorporation of context, relevance, and personalization after deciphering various languages and tones is the end goal of this set of technologies. Chatbots are integral components of these technologies. Consequently, they undergo continual enhancements.

Conversational AI is not the Same as Traditional Chatbots

What do you like more, scripted TV shows or reality shows? Traditional chatbots are the scripted ones and Conversational AI chatbots are the non-scripted ones. The former one works with scripted dialogues whereas the latter one works with the context.

When scripted traditional chatbots are created, developers feed the dialogues with proper keywords. The bots are able to respond with the most appropriate reply out of the many replies added to their memory.

When a user sends a particular text, the chatbot identifies the keywords and sends in the scripted replies. This adds tons of burden on the owner of the chatbots. Hence, they update the conversations to make them look realistic.

The traditional scripted chatbots are not able to converse in real-time with users by understanding the context of the whole conversation. As a result, this compromises the customer services of the businesses.

This particular loophole is looked after by the chatbots powered by conversational AI. They hold the capability to engage in any dialogue after grasping the context of the whole conversation. They do not follow a script because they have in-built conversational capabilities in the software. Let’s understand how they work in detail.

Work Process of the Conversational AI

Conversational AI works with a combination of technologies. With the integration of advanced technologies, Conversational AI performs the function of interacting like humans. Here are the steps involved in the work process of these technologies:

1. Accept the Inputs

The first step involved in the functioning of Conversational AI is to accept the inputs from users. These inputs can be in the form of text or speech. If the inputs are in the written form, text recognition technology is applied. On the other hand, if inputs are spoken phrases, then voice recognition technology is applied.

2. Comprehending

Text and voice recognition is done with AI technology natural language understanding (NLU). After the application reads the inputs, the user intent is understood before forming any kind of response. Usually, businesses can use conversational AI for comprehending responses in various languages. In a nutshell, this is one of the most difficult steps in the work process of a chatbot.

3. Creating Response

In this step, the Natural Language Generation (NLG) is used to create responses in a language that humans understand. After deciphering the intent of the human, dialog management is used to create responses. Finally, it converts the computer-generated responses into human-understandable language.

4. Delivering Response

Finally, the response created in the previous step is shared with the users in the expected form. Either the system delivers it as a text or conducts the production of human speech artificially. Are you able to recall the voice of Alexa or Google Assistant? They generate their responses by following this process only.

5. Learn from Experience

Conversational AI also has provisions for improving their responses for future interactions by learning from their experiences. By accepting suggestions, the application learns to deliver better responses in future conversations.

Technologies used in Conversational AI

The Conversational AI platforms use a set of technologies at the right times to complete the work process. All these technologies are empowered by Artificial intelligence. Let’s understand these technologies in brief.

1. Automatic Speech Recognition (ASR)

The application interprets the spoken phrases by deploying this technology. Adding to this, it converts the speech into texts for the app. Voice assistants like Alexa, Google Assistant, etc. use Automatic Speech recognition.

2. Advanced Dialog Management

This technology helps in forming the response to the conversational AI app. Dialog management arranges this response for the next technology. Further, converts it into something which humans can understand.

3. Natural Language Processing (NLP)

Conversational AI uses natural language processing along with its two subsets. The first one is Natural language Understanding which understands the meaning as well as the intent behind any text. It can decipher texts shared in multiple languages as per the programming.

Both chatbots, as well as voice assistants, use this technology. After ASR, voice apps apply NLU. The second one under the NLP technology head is Natural Language Generation. Conversational AI uses this in the last stage of the work process by Conversational AI.

It creates the responses by converting the computer-generated replies into a language that is understandable for humans. This technology deploys dialog management to conduct this task seamlessly.

4. Machine Learning (ML)

Machine learning is great at understanding a set of data. In conversational AI also, machine learning is used to understand the interactions that have happened over time. Also, ML identifies better responses to these interactions.

Therefore, it understands user behavior and guides the app to create better responses. Humans also join machine learning in this task and together make the Conversational AI app a better interactor for customers.

Benefits of Using Conversational AI for Better Customer Engagement

Businesses are struggling for quite a long time to improve their customer engagements. As a consequence, conversational AI tools like Chatbots have become an integral part of websites and apps. Hence, the developers are working hard to incorporate conversational AI in their solutions.

Conversational marketing has become a proven corporate strategy for millions of businesses operating across various domains including healthcare, tourism, education, etc. Let’s find out what exactly can Conversational AI do to empower customer engagement:

1. Never-ending Scalability

Contrary to human customer support executives, Conversational AI can provide solutions to as many customers as possible at one time. Therefore, you can scale up your operations to any limits. Moreover, it can provide human-like interactions around-the-clock without any interruptions.

2. Acts as a Supportive Wing

In an organization, teams work together towards achieving organizational goals. Conversational AI technologies work with human experts and take their burdens away. They do those tasks which are humanly not possible at the same consistency as that of Conversational AI. This leaves room for human experts to entertain customers only when required.

3. Reduces Cost

Investing in conversational AI solutions might seem an added expenditure to you. But in the long run, the functions it performs reduces your cost. You will not have to pay employees for all the shifts to satisfy customers with real-time conversations. These applications prove to be immensely cost-effective for businesses.

4. Offers Data Insights

As mentioned above, machine learning understands the past experiences and interactions to improve your Conversational AI potential for future interactions. This allows businesses to get an insight into the data.

Hence, you will be able to know your customers’ preferences, behavior, and requirements. Furthermore, you can utilize this data for various other purposes to improve your plans and strategies.

5. Improves Productivity

The primary reason for investing in conversational AI solutions should be the need to improve productivity. It enhances overall productivity with uninterrupted, credible, and prompt customer services.

24×7 support and human-like interactions decrease the risk of losing customers. Hence, conversational AI is capable of providing better customer engagement and ultimately a rise in customer retention rate.

Leverage Conversational AI in Omni-Channel Approach

Investing in conversational AI might seem lucrative after reading about its work process and benefits. Before taking the final call, make sure to identify the channels where you are going to leverage this technology.

When it comes to the customer experience journey, we need to take care of many gateways. With conversational AI solutions, you can provide live chats, social media interactions, messaging on various platforms like Whatsapp, SMS, etc., as well as emails.

Therefore, businesses are using the omnichannel approach. Under this approach, they use multiple engagement channels and offer a seamless and intuitive customer experience. It allows businesses to offer their customers a proactive engagement and prompt responses.

Conclusion

Across the world, businesses are deploying high-end artificial intelligence technologies. This, in turn, offers business solutions to enhance the engagement of customers. Therefore, we can these technologies to offer an improved experience to your users. Conversational AI holds the potential to strengthen customer and business relationships. All you need is to explore it efficiently!

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Artificial Intelligence Helps Nasa Design New Moon-Bound Space Suit

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Today, while most of us have a limited reach to what technology can do, it is essential to know that our scientists, AI development companies, and other tech companies have made remarkable progress in how technology has evolved. Artificial Intelligence that is human-like machines can do a lot more beyond our imagination. AI has made significant progress when it comes to the health care sector and has altered the businesses. We still have to explore more avenues when it comes to AI.

Artificial Intelligence does more than just improving well-being. It also does save a life. Many tech companies like Mobile App Development companies and AI Development companies are nowadays investing funds into AI to improve our medical system. AI is transforming our healthcare system, right from customized drug protocols to improvised diagnostic tools and robots to help in surgeries.

Not just it. AI has been helping NASA too. With the help of AI companies like Intel, Google, and IBM, NASA scientists are trying to solve space science problems using advanced computer algorithms. Machine learning, like AI, helps technology companies with faces in the pictures or speculate people’s interests. However, scientists believe that Artificial Intelligence has a deeper purpose that goes beyond our planet earth.

Recently, NASA revealed its next-generation spacesuit to be worn by astronauts on their next moon mission in 2024. The agency is planning to make the moon a new land for humans. It is the first time in the past 40 years that NASA has made such an upgrade to its spacesuit design – EMU Extravehicular Mobility Unit). The new spacesuit will make it easier to spend a vast amount of time kicking up moon dust.

How is this new Spacesuit helpful?

The new spacesuit gets designed in a manner that will allow them to twist and stretch at ease that was never possible before. They can effortlessly put on and take off the suit, exchange the parts for a better fit, and go a long time without making a fix.

However, the most significant upgrades weren’t in plain sight until they got unveiled last fall. The Astro knapsack transforms from a sizable chunk of fabric into an individual shuttle. The significance of the suit is the compact life-support system that keeps the uniform controlled and oxygenated, maintains the right temperature, and aids correspondence with the outside world. It takes an enormous task to stabilize all these activities; hence, NASA brought AI into the picture.

Difficulties and Resolutions:

Jesse Craftworks as a senior design engineer at Jacobs, a great engineering company in Dallas that was made to use by NASA to redo the xEMU life-support system. Dealing with this project requires a cautious exercise in careful control between contending needs. The life-support system not undoubtedly has to be safe. Still, it must also be adequately light to fit as far as possible for the lunar lander, and powerful enough to hold ours against the intense g-forces and vibrations it will encounter during a rocket launch.

Shoving more things into less space with decreased mass is the sort of intricate optimization issue that the plane engineers tackle most of the time. However, NASA wants their astronauts on the moon by 2024, and meeting that deadline implied that Craft and his partners couldn’t go weeks discussing the perfect shape of each widget. Instead, they’re coming up with a novel AI-fueled design software that can quickly come up with new segment structures.

The vice president of technology at PTC, Jesse Coors-Blankenship, says that the team believes AI is the tool that can do things quicker and better than a trained human can do. Engineers are also known for some of the technical stuff like structural simulation and optimization. However, with AI, they can do it quicker. This way to deal with engineering is called generative design. The primary thought is to nourish the software with a lot of prerequisites for a segment’s maximum size, the weight it has to shoulder, or the temperature it will get exhibited to and let the calculations figure out the rest.

PTC’s software joins a few distinct ways to deal with AI, like generative adversarial networks and genetic algorithms. A generative adversarial system is a game-like methodology where two AI calculations go head to head against one another in the competition to invent the most enhanced segment. The same technique gets used to generate pictures of people who are not even in existence. Genetic calculations, on the other hand, are comparable to natural selection. They create numerous designs, join them, and then select the best ones of the new generation and redo. Earlier also, NASA has used genetic calculations to create the most favorable and unusual antennas.

Craft says that the machine gets designed to deliver 100 or 1000 times more than humans could ever do. Also, it comes up with a resolution that is ideal optimization within our reach. It’s particularly handy given the final plan of the spacesuit life-support system is still in process. Even a tiny alternation to the prerequisites, later on, could bring on weeks of wasted work by experts.

Today, engineers are starting to utilize AI-drive design programming to refurbish everything from car chassis to high rises. The computations can seem quite alien-like. They’re cellular, streaming, and tendinous, with ample negative space. Craft says that they are using AI to stimulate design. They have predispositions for the proper angle, leveled surfaces, and round dimensions – thing’s that could get anticipated from human design. However, AI challenges your preferences and gives you a new perspective that you didn’t see earlier.

As of now, the segments that AI gets tasked with making are quite ordinary. A mechanical designer in NASA, Sean Miller, adds that they are still in the initial phase and don’t want to take a substantial risk that can engender disastrous failure. AI can diminish the mass on certain segments by up to 50% regarding space travel, every gram counts.

For the first time, when the scientists sent humans on the moon in 1972, AI was just a far-off dream. AI Development companies have offered the scientists solutions today, which has made it possible to discover a magnificent spacesuit. Even though we might not have the moon bases now, with some assistance from AI, it appears just a short time.

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Sports Betting and AI: The Ultimate Gamble

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Sports bettors and bookmakers are always looking for an edge. Sports betting is a massive industry that has grown exponentially over the last couple of years with legal expansion in US markets. In the United States, growth has already exceeded expectations. Here are sports betting and AI — the ultimate gamble.

Sports Betting

According to ESPN Chalk, since the Supreme Court passed the decision to let states individually handle sports betting, over 20 billion dollars has moved through US sportsbooks.

With that much money on the line, the sportsbooks want the most accurate information they can get so they can set the closest lines possible. Sports betters wish to be able to have enough information to be able to spot advantageous lines. An advantageous line is a spot where the sportsbooks may have missed something, or the public or sharp money pushed the line into a now favorable position.

With machine learning and artificial intelligence, the next step in information aggregation is obvious: AI. In short, it’s all about stats.

Betting on sports isn’t all just you against the bookies. Football Index, which uses StatsPerform A.I., describes itself as a football stock market. They compile market-leading data to help people around the world buy and sell shares of footballers. Their idea of using AI-powered, stats-driven data gives people a much better look at players and whether they want to buy into them or not.

Before, all the average person had to go on was media mentions and what they saw in the games they could watch. But most of us don’t have the time to track every stat and do a comparative situational analysis of each, along with historical data and how it compares not only to different situations but different players.

Football Index also uses StatsPerform’s AI to power their matchday rankings and in-play dividends. So, Football Index has created an interesting new market-take on predictive sports analytics.

Machine Learning

STATS VQ is a newer machine learning system that sportsbooks use to create player props lines based on historical data of individual performance.

“STATS collects the richest sports data globally and transforms it through revolutionary AI to unlock the past, present, and future of everything sport. The pioneer of live sports data, STATS, continues to speed innovation in the industry with AutoSTATS, the first-ever AI-powered technology to collect comprehensive sports data from any television broadcast.� AP News.

It isn’t just Vegas books and offshore outlets that utilize artificial intelligence for sports betting purposes.

Savvy handicappers have been aggregating data to create models for years and years. Now, with the ease of access to powerful computer programs, similar data can be run in simulations thousands of times in a short period to figure out the most likely outcomes.

Sites like SportsLine and Oddshark tout their computer prediction models. The picks to win on the money lines are usually pretty accurate, but it gets a little tougher when it comes to point spreads.

For example, in Oddsshark’s last 100 NFL computer predictions, they have won 62 and lost 38, but with “favorite” prices, this doesn’t mean there has been a profit. ATS, Oddshark’s AI is only 49-48-3. So, if you consider a -110 average price, their computer models are not profitable.

In my opinion, computer picks are quite useful as a barometer.

So, computer picks are quite useful as a barometer — but without the human touch, they are almost worthless. Things like momentum and personal issues are hard to quantify.

Statistical analysis is nothing new. It’s what we handicappers and sportsbook operators have always used to build prediction models. But AI takes data aggregation to a new level. NBA Teams started using AI a while back to learn more about their players’ habits.

Speaking of players, here’s where it gets interesting and perhaps a little scary. Top sportsbooks use AI not only for running simulations based on historical data to set betting lines but to profile their players as well.

With proprietary algorithms, sportsbooks can track and monitor their players’ actions and go back through the historical data to create models on how their players (us) will react to the lines they set. They’ll pay particular attention to the time a wager is made, how line movements affect wagers, who is making the wagers (what type of player: bankroll, betting history, etc.) to build profiles.

With this information, they can adjust from traditional betting lines that are designed to land right in the middle to more profitable betting lines that are set based on a desired and expected reaction from bettors. So, it’s important to keep this in mind as you are looking over the betting lines. Has a line been inflated or deflated to get you to react a certain way?

Having your own power ratings even more important.

You should already know what the point spread should be on a given game before even checking the opening lines. This way, the sportsbooks can’t manipulate your actions as easily. Because you can choose to opt-out of any betting lines that don’t hold a clear advantage.

A.I. is changing the sports betting industry in many ways. But it’s all just data when it comes down to it, and sports analytics are nothing new. There are so many intangibles that a computer cannot pick up on that a human touch will always be needed, at least for the foreseeable future of sports predictions. So, fear not.

AI in the sports world.

It should also be noted that what is commonly referred to as AI in the sports world isn’t really artificial intelligence, at least not in most cases. It’s more of a marketing ploy. For it to be actual AI, the program would have to be able to learn and adapt without interference from the programmers. Essentially it would have to be able to write its own programming as it evolves. Simply put, aggregation of data and simulations does not equal the definition of artificial intelligence.

If you really want to beat the bookmakers, people should focus on algorithmic models that focus on finding the consistent patterns of when and where the bookmakers tend to set the betting lines inconsistently. Instead of focusing on a specific sport or data related to certain teams, focus on specific linemakers and exactly when they make errors.

Remember it is not the public, sport, game, or other teams you’re betting against; it’s the bookmaker and the line they set. So, if we can effectively profile them, the way they try to profile us, we can once again gain an advantage as bettors.

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Technology is Transforming the Insurance Sector

tech insurance

The insurance industry, for a long time, has been driven by traditional business models. It continued its legacy business process and products for quite some time.  But with the intervention of innovative technology, the insurance industry has witnessed positive outcomes.

Advanced technologies and digital platforms are providing new means to measure, control, and track risks. They facilitate effective engagement with customers and enhances business productivity.

These technologies supported by dedicated insurance software are opening the market for new insurance offerings. It has provided an opportunity for traditional insurers to transform and reinvent themselves. Moreover, it has compelled them to respond to new market challenges.

In this article, we will focus on how technology is reshaping the insurance business. Besides, how it is presenting new opportunities and driving factors of change.

Key Drivers of Transformation

  • Innovation and Technology

Innovation in mobile and data has impacted every business model. Certainly, the insurance division is also not lagging. It is the result of rapid innovations in the form of efficient insurance software and technology. As a result, the insurance sector is in a tussle with new technologies’ risks and opportunities.

  • Customer Expectations and On-Demand Marketplace

The insurance industry is known for low customer touchpoints and slow tech adoptions. In a survey conducted by Morgan Stanley and Boston Consulting Group, it was found that consumers interact less with insurers in comparison to other industries.

The slow digitization has obstructed the potential of interaction between insurers and insureds. Moreover, the lack of touchpoints has reduced the chance to gain insights into customer needs. Thus, resulting in prevented customized products.

Based on the experience in other industries, the insureds expect high-touch & innovative processes. They want services that focus on customer experience and needs. Hence, have high expectation for technology-based services. They are looking for convenient and personalized solutions that fulfill their needs. As a consequence, this poses a challenge for insurance providers.

  • Digital Switch

Another progress in the insurance sector is the digital platform. It has directed the focus to meet customers’ requirements. This has paced up the competition, innovation, and change in the insurance industry.

Startups are implementing technology to reduce operational costs and enhance their client’s experience. This will improve convenience, transparency, timeliness, simplicity, personalization, and customer engagement.

Besides leveraging the low-cost technology platforms, the new players have challenged the traditional market players.

Technologies Transforming Insurance Sector

The introduction of various technologies has evolved the insurance landscape. These tech solutions have shaped the transformation in the industry. Some of the key innovations are IoT, Blockchain, ML, AI, and Insurance Management platforms.

  • Internet of Things (IoT)

The Internet of Things (IoT) is a prime example of how new data sources are improved. It automates much of the data sharing process. The insurers can use data shared by the customers from IoT devices that enable them to understand clients’ needs. It assists them in deciding rates, mitigating risk, and preventing losses.

Internet of Things also supports other insurance technology by providing first-hand data. This improves the accuracy of risk assessment and gives insurance holders the power to impact their policy pricing. On the whole, it plays a pivotal role in the current transformation of the insurance industry. It has allowed insurers to model risk and underwrite policies.

The impact of IoT is unending. According to Gartner, the number of new things connected to the internet will rise. It will jump from 6.4 billion devices in 2016 to 20.8 billion by the year 2020. This will have positive implications for the home, health and car insurance industry.

  • Machine Learning (ML)

ML not only enhances claims processing; it also automates the entire process. The digitized files accessible via the cloud are open to analysis. They can be easily analyzed using mechanized software and programmed algorithms.

The automated system improves processing speed and accuracy. While the cybernetic review effect not only claims management but is also utilized for policy administration and risk assessment.

  • Artificial Intelligence (AI)

Artificial Intelligence plays a significant role in changing the insurance industry. The AI-based tools and applications profit the insurers by providing definite solutions for insurance operations and claims settlement. The emergence of IoT and mobile apps has increased the potential of improving the processes. This function includes insurance plan selections and analysis as well.

The use of smart tools by insurance buyers has given insurers access to clients’ personal information. This allows insurers to serve them with tailor-made policies. AI-based technology also enables companies in fraud detection. It helps insurers to execute intelligent underwriting algorithms in their claim management processes.

Furthermore, it assists insurance providers to devise customized sales techniques. It supports them to handle the rising competition in the market. Evidently, AI has made a significant contribution to insurance technology by bringing revolutionary changes within the otherwise tedious insurance industry.

AI-based insurance software provides complete solutions to insurance agencies. The software assists many functions from knowledge precision, policy personalization to fraud detection. These applications have streamlined and increased the productivity of the insurance industry. Moreover, the adoption of this insurance technology has proven to improve the prevailing business.

  • Blockchain Technology

Blockchain is a Distributed Ledger Technology (DLT) that enables speedy verification of the transaction. It maintains a secured record of transactions via cryptography and computational power. This eliminates the role of a trusted centralized authority, besides providing permanent records and audit track of transactions available on computers worldwide.

It is built on innovative technology that digitizes and codify data by placing all the information on an inviolable and permanent distributed database. Hence, Blockchain has the significant potential to impact various industries.

Observers also believe that this can lead to a variety of improvements in the insurance sector. This technology will establish a degree of transparency and accountability, which otherwise was not possible.

It will allow the insurers to mitigate risk and fraud, assist and organize back-end operations, introduce new products, and reduce costs. Besides, blockchain will provide simpler and augmented data access to parties.

Insurance businesses lose billions to fraud every year due to physical processes. However, implementing Blockchain technology can prevent these fraudulent practices.

An insurance report by Ernst and Young states, Blockchain can “end error, negligence and detect fraud by providing a decentralized digital repository to verify the veracity of customers, policies and claims independently.�

It creates a common record of truth, helping firms save time and improve productivity. Furthermore, all transactions on a blockchain are time-stamped and perpetual. The identities are safe and data is reliable, hence easing the fraud detection and reducing its scope.

  • Insurance Management Platforms

The new insurance solution has led to the emergence of innovative insurance management platforms. The advent of these platforms has reinvented the method of company operations, thereby lending a helping hand to business owners and managers. It comprises tools that analyze market potential and enable customized services.

They serve as a customized solution that provides insurers with a ready-to-use platform, keeping them a step ahead of the process. Moreover, the implementation of software enables a cost-effective and efficient management system.

This benefits the company and maximizes profits. The applications of insurance software are designed to resolve complex activities and tasks. It adequately answers the needs of a business and performs the job in less time.

Conclusion

All in all, the emergence of technologies and innovations have begun to transform the insurance industry. Insurance technology has introduced modern methods to measure, control, and price risk. It has improved engagement with customers, lowered cost, increased efficiency and expanded insurability.

This has presented the insurance industry with tremendous opportunities. As a result, they can now modernize existing products and create new services. Besides, insurance technology has also led to the foundation of many new startups. These startups are implementing improvised ways. Also, they are out doing conventional methods, thereby providing a better experience to the customers.

In short, tech-savvy governance in insurance will expand the potential of the business. This will further fuel innovation and transformation. There will be demand for more customized and agile insurance software to enrich customer experience and boost organizational efficiency.

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The Important Role AI Plays in the Future of Pharmaceuticals

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One of the biggest challenges facing the pharmaceutical industry right now is the high cost of developing a new drug and successfully bringing it to market. The process is long and costly — and goes against all the tenets of contemporary business acumen – which equate speed and cost-minimization to survival. Here are the important roles that AI plays in the future of pharmaceuticals.

The Current State of the Pharmaceutical Business

For big pharma, the stark reality is that the average cost of launching a new drug has increased from $1.2 billion to close to $2 billion — an increase of 67%.  The increase has resulted in an overall profit decline during the past decade. That’s a hard pill to swallow in a marketplace that already faces a mix of government regulations, pricing competition, and changing health insurance guidelines.

On top of it all, assuming a pharmaceutical company is even able to take its latest medication through clinical trials — studies indicate only about 1-in-10 is ultimately approved by the FDA.

AI’s Burgeoning Role in Healthcare

The medical community has already adopted artificial Intelligence enhanced platforms.  It’s where this new, and not yet fully-trusted, technology has been visibly demonstrated being used to ultimately help humanity, and because so, AI’s appearance in the space has been met with welcome arms, more or less.

From aiding doctors in rendering accurate diagnoses more quickly to mitigating malpractice risks of any given procedure, the healthcare industry forms a symbiotic relationship with AI  and benefits from the partnership financially.

Similarly, in a healthcare themed Internet of Things, connected devices have empowered patients to play a much larger role in their own successes. Data that can be shared from internal devices to external devices, like smartwatches and phones, will allow a diabetic to monitor their blood sugar levels more accurately.

AI-enabled robotics is also playing a critical role in the operating room, where patients can now worry less about their surgeon’s innate talents because science is seeing consistently safer, more accurate, and less invasive outcomes on the operating table thanks to surgical robots.

Could AI Be Big Pharma’s Panacea?

With AI playing an increasingly effective role in the medical world, will it similarly reduce the financial challenges drug companies face in bringing a new drug to market while also driving up overall efficiencies?  

It’s beginning to look that way.  Intelligence infusion into processes like drug discovery and development has gone a long way in reducing that financial burden as the pharma industry continues to evolve.  

Here are four areas AI is having an impact on the pharma industry:

AI Can Reduce Time and Costs Associated with New Drug Development

In January 2020, a British biotech company called Exscientia, in partnership with Japanese pharma company Sumitomo Dainippon Pharma, announced that they had used AI to invent a new molecule to be used in a new drug for the treatment of OCD. Because AI did most of the heavy lifting, the treatment is moving to the clinical trial phase – in a process that took 12-months instead of the typical 5-years.

With the average cost of drug development reaching $2 billion, and the time to bring a new drug to market clocking in at upwards of a decade, pharma welcomes the ways AI can alleviate these burdens.

AI Can Identify New Applications for Existing Drugs

Another way AI is improving the bottom line for pharma is in identifying new applications for their already existing catalog of drugs. With its ability to spot patterns within large datasets that aren’t so apparent to human researchers, AI is useful for associating possible connections between drugs and ailments and identifying new uses for drugs that are already on the market.

In a report released in August 2020 by Globaldata, AI is bolstering a cost-saving measure pharmaceutical business use called drug repurposing. Drug repurposing identifies already approved, existing medicines that can be tweaked or reformulated for an entirely different application.

BenevolentAI, a research group in London, employed an AI-enabled drug discovery platform to identify existing drugs that already disrupt a virus’s entry point pathways to look at ways of inhibiting COVID-19 bonding. They identified Baricitinib, an already approved drug, which they predict will inhibit COVID19 infection of human cells. Because they are using an application currently approved and on the market, repurposing the formula to treat COVID-19 will require fewer steps, testing, and cost.

AI Can Boost Trial Success Rates

When years of research and hundreds of millions of dollars of investment in clinical trials don’t necessarily guarantee passage to the marketplace, having a way to predict winners from losers early on would save huge amounts of time and money that are typically poured into development.

AI assists the clinical trial process in three key areas: It makes the process faster, more reliable, and more secure. AI-enabled software is a lot more adept at finding coding errors and tweaking calculations. This frees up researchers to focus on the more critical aspects of the trial, those aspects that specifically need a human’s touch to shepherd the drug through the clinical trial process.

Also, AI can help boost trial success rates by identifying the most promising potential treatments from the outset. Transferring some of the onerous early-stage trial-and-error work that goes into drug development from human researchers to machines means more quickly pinpointing the best treatments to focus on, reducing time wasted on less viable options.

From a customer experience perspective, AI has also improved patient targeting and recruitment for clinical trials. In an interview for the Applied Clinical Trials Online website, John Rigg, senior principal, Predictive Analytics, Real World Solutions at IQVIA, suggests that AI can curate patient data to identify a pool of applicants with the necessary diversity a robust clinical trial requires.

AI Opens the Market for Precision Medicine

Microsoft, one of the innovators in leveraging medical applications for AI, last year launched “AI for Health,� which has, among other breakthroughs, revolutionized the science of precision medicine.

Precision medicine has become a fundamental shift in the pharma and healthcare space.  The transition from a one size fits all model with drugs and therapies to highly personalized treatment has become core to many businesses. 

Genomics, or the study of an individual’s genetic makeup – including how those genes interact with the environment, provides data sets that enable AI engines to spot patterns and make valid predictions. This opens up a gigantic new market for pharmaceutical companies that can now customize a drug based on the genetic profile of the person being medicated. The ability to vary doses and formulations in this manner leads to more effective outcomes, but it can also head off side effects.

Precision Medicine also refers to a group of specialty drugs that are designed to treat rare diseases or target specific populations. In both cases, the drugs are generally difficult and expensive to develop. And because they target smaller demographic groups, the profit potential is by default limited.

In the past, this has dissuaded major pharma companies from developing these specialty drugs, leaving portions of the population at risk. But applying AI, the act of identifying molecules and compounds that will result in effective treatments of these rare diseases can be automated and hastened. Researchers are pointed towards specific areas of focus that reduce the risks associated with launching new trials.

Conclusion

The past decade has been a challenging one in the pharmaceutical field as development costs have grown while the average value of a new drug has declined. But with Artificial intelligence empowered solutions brought to the pharmaceutical space — companies can improve trial success rates, gather pertinent information faster, and reduce the time and cost involved in getting needed medications on the market faster.

Image Credit: bongkarn thanyakij; pexels

The post The Important Role AI Plays in the Future of Pharmaceuticals appeared first on ReadWrite.

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AI artificial intelligence banking and finance Blockchain financial technology Fintech FinTech Development Tech

Fintech Development Trends that You Must Know About

Fintech Development Trends

Fintech Development Trends are ever-changing and to keep yourself updated with these essentials. One of the most renowned words – Fintech, is a blend of “Financeâ€� and “Technology.â€� Here are Fintech development trends that you must know about.

Fintech defines any organization that uses technology to either automate or improve the financial process along with any other services related to it.

Fintech shows the acceptance of people for on-demand finance instead of the traditional slow-paced methods involved with financial management and transactions.

With the blooming of Fintech throughout the world and it’s better and secure ways, financial and banking services have become faster and more incredible than it was before.

From the preceding several years, there have been many new implementations and innovations on the way Financial Technology must work.

It has brought a new Finvolution and by the end of 2020, there will be different approaches and trends of fintech that will blow every person’s mind away.

FinTech Development Trends And Their Effects

You will want to know about these trends and how they are about to affect the way you currently deal with finance. All the latest trends of Fintech will be beneficial for you, no matter how you are involved with it.

1. Blockchain

A blockchain in FinTech offers a more comprehensive, accessible, and secured network for businesses, reduced costs, and efficient service/processes.

Over the years, security and transparency have also increased because Blockchain is a decentralized system. When finance is involved with blockchain, any organization can assure security while saving the cost.

Apart from that, it can also increase the speed of transactional processes amidst banks because of their protected and dedicated servers.

Blockchain will be a great approach for financial institutions as it will provide data integrity and allow full transaction history for the customers as well.

Read Also: Blockchain – A Platform for IoT Solutions

2. AI Adoption

Just like all the other industries, fintech has also concluded AI or Artificial Intelligence in its working.

AI when introduced or adopted by the financial industry can eliminate the cost of operating from banks, credit unions, loans association, and many other financial units.

The AI-based systems when implanted helps in the collection and analysis of data so that an investor can make a better decision on their investment.

Loan providers also use the AI system so that they can offer their services with less to no risk in returns. The AI used by creditors evaluates the applicant’s financial health.

3. Regulatory Technologies

RegTech manages the regulatory processes of the financial industry using technologies such as Big Data, Artificial Intelligence, Machine Learning, Cloud Computing, etc.

As the businesses spend a higher amount of money, they need to acquire the reporting, monitoring, along with compliance that is regularly upgraded by the government.

With the help of RegTech, all the financial institutions can secure themselves from the constant updates in the system because of the changes made in the regulations and laws by the government.

Some of the RegTech offerings that you can easily find anywhere are:

  • KYC (Know Your Customer) Solutions
  • Risk Management Solutions
  • Data Management Solutions
  • AML (Anti-Money Laundering) Solutions
  • Trade Monitoring Solutions
  • Records Management Solutions
  • Tax Management Solutions
  • Reporting Solutions
  • Quantitative Analysis Solutions
  • Regulatory Change Management Solutions

Read Also: Challenges of Adopting AI in Businesses

4. New Payment Methods

When you will look back just one or two decades prior to today, you will find that the payment and transactional methods were as limited as swiping a credit card or signing a check.

Recently, there is a sudden growth in the ways to process a transaction and make a payment which is also the trendiest in the FinTech industry.

These advanced payment methods have helped the users in easy transfer of funds from an account to another with just a few touch of their fingers.

Having accessibility to the mobile wallet or other banking or payment applications has become more convenient for all users. Moreover, by the end of 2020, almost every individual will have access to the contactless cards derived by various banks.

5. Online Banks

Online Banks or Digital Banks are the new initiatives towards Financial Technologies. Let’s think about banks that are only virtually available and do not have physical existence yet the customers get global payment methods.

Also, there are numerous benefits from the virtual banks as neither anyone will have to deal with the different temper of bank teller nor have to wait in lines for completing a transaction.

On the other hand, already existing banks can extend their reach to the area where they haven’t constructed a building yet and save all the hectic and costs effortlessly. However, customers must proceed carefully before opting for any virtual bank.

6. Big Data and FinTech

FinTech Companies use structured as well as unstructured data which is collectively known as Big Data to divide customers, identify frauds to manage any risk factor with ease. These companies evaluate the big data and add certain algorithms to them to make necessary decisions.

By the utilization of Big Data in Fintech, one can easily predict the fraudsters that any human eye can’t.

Analysis of big data assists in understanding the behavior and usual buying habits of the customers and any fintech corporation can detect suspicious behavior of the users that tends to be dangerous for the entire operation of their business.

7. Identification From Biometric

With the continuous growth of mobile banking, one of the major concerns that customers face is the security of their data as well as money. That’s when the Biometric

Identification comes in action for any Fintech Company as it assures the security of the transactions from different customer authentication methods while preventing any kind of fraud.

If you are using any payment application from your phone then you knew that without providing either your fingerprint or password transaction cannot be processed.

Similarly, there will be more such methods in the upcoming years where almost everyone will be using biometric payment methods.

8. RPA or Robotic Process Automation

The addition of RPA in a FinTech institution is quickly becoming the main center of attention. It not only improves the timely value but is also reducing human errors while enhancing the efficiency and accuracy of the transaction, record maintaining, performing queries, or calculations.

Soon every bank or financial unit will indulge themselves in it. So be ready for the most required and amazing transformation to come sooner than later with more opportunities for a better business to financial institutions.

9. Fintech Cyber Security and Stability

Customers were really worried about the protection of their sensitive personal information when it comes to FinTech as technologies have never been reliable and bring a lot of threats like money laundering or identity thefts.

Majorly cybercriminals focus on small banking firms as they might not have invested in the security which means that by the end of 2020 FinTech organizations will be taught about cyberattacks and its survival.

There will be more security and stability on the customer’s personal information and funds.

10. Converge on Unserved 

Based on the reports by the World Bank, around 1.7 billion people around the world have never been a part of the financial system. Many have never had a bank account of their own because 26% of people find it expensive, 30% were never influenced by the bank need, and the rest 46% do not have money.

The main focus of financial leaders is in this unserved area. Instead of focusing on the already established area, fintech startups are trying to focus on the new area and finding creative ways to reach more customers.  

11. Low Use of Physical Money

Another important trend that indicates the more use of fintech is fall in the use of physical money.

Starting from 2016, around the world either people started using payment wallets or net banking or the merchants have declined any cash payment.

In 2020, the percentage of low use of cash has accelerated and the contactless payment has become one of the greatest trends. Also, with the ongoing pandemic and social distancing practices, it has become common for the people to use cards and payment wallets for purchasing as they don’t want to come in contact with others. 

12. Inclusion of Voice Search

According to stats, around 50% of the world population will use voice search in 2020. It is enough reason that fintech will transform the banking and financial sector with voice search.

The voice search in the fintech industry will offer methods to encrypt and support communication with voice assistants and will also guide customers to easily access banking services. It also reduces the need for physical customer executives to help customers with their problems and will help financial institutions to save up to $3 billion dollars3 billion dollars.

The innovations for payment such as online banking and mobile wallets help in moving past the borders financially while allowing users to shop or make payments throughout the globe efficiently. 

What are the Insights on Fintech Trends?

Customers have admired the complete idea of all-time access to finance. It can be said that Fintech or financial technology is a hot topic nowadays.

Additionally, the traditional institutions of finance are enhancing their investment in Fintech to provide better and efficient services.

FinTech is on its way to bring transformative changes with the flexibility and agility they offer. So let’s get to some of the major insights on FinTech Trends.

1. Growing Blockchain benefits

With the elimination of central intermediaries for the fund transfers, Blockchain enables peer-to-peer or decentralized transactions.

These transactions are not only limited to funds but also includes the transfer of vehicles and home as well. It is removing all those steps to authentications on transfer before the settlement which can take up to 2-3 days.

The Blockchain method helps the customers in making transactions faster and the settlement to take place within a few seconds.

2. Technology Implementation 

Excitement can be felt among both customers and financial institutions with Fintech and other upcoming innovative technologies. But, with innovation comes numerous transformations to previous architecture and the implementation challenges which will eventually get removed. 

A benefit that financial institutions will achieve with the use of financial technology is the ability to save billions of dollars. Apart from that, the tech implementation of finance helps in fraud reduction. 

FinTech is being used by the banking industry with Business to Business (B2B) and Business to Client (B2C) financial transactions as well. Because of the B2B, businesses are now able to easily acquire loans and other financial services.

With B2C comes the ability to pay anywhere anytime to the businesses. These payments can be made via apps like Google Pay, PayPal,  Apple Pay, and many others.

3. Financial Firms Indulging in Fintech

Those days are gone, where customers used to visit banks for their needs. Whether one wants to open a bank account, transfer money, or want to stop a check payment — customers can do it either while being in their comfort zone.

Financial firms like banks are extremely indulging with fintech to improve the overall banking process. Some of the key changes that FinTech has brought are:

  • Innovation & Entrepreneurship
  • Opportunities for Financial Inclusion
  • Increase in NBFCs
  • Easier KYC process
  • Better Wealth Management
  • New Banking Models
  • Improve in Loan Approval & Distribution
  • Secure Transactions

4. Rising Interest of Regulators 

Several regulators are slowly taking leads and showing interest in the Financial Technologies to foster better innovation.

The regulators are testing scenarios to identify the ways in which technology can be intensified. It will also help them to solve problems in transfers.

The FinTech Investment has been increased in the past few years by 500%. Along with that, there has been a paradigm shift in the scale and scope of financial services.

There are factors that can be improved by the regulators. But, they are waiting for the players in the Fintech industry to figure it out. Besides, they are trying to figure out the way in which innovation can become more risk-free.

Many are in the observer pace as there’s no guidance in this industry yet. 

5. Fintech: A Marathon 

Investment in FinTech is expected to reach a whole new level by 2022, i.e., from $127.66 billion to $309.95 billion. This growth is going to give an annual hike of 24.8%. There has been an incredible amount of hike in this industry.

A large number of people have realized that Fintech is not some short term race. It will not come and go within a matter of time. FinTech is a marathon where they have to run for the long-term to achieve their goals. Additionally, there’s nothing stopping this industry from the tremendous growth in the upcoming years.

Creative FinTech Trends Are Offering Complete Business Solutions

With huge banks and card organizations out of the market, Fintechs are offering help to organizations with installments and consistency. Here are a few of the zones in which fintech companies are offering assistance for startups and other businesses, like:

  • Business Checking Accounts
  • Online Banking
  • Business Invoicing
  • Escrow services
  • Money Transfer
  • Taxation Transmittal
  • Shopping Cart Integration
  • Patient/consumer retail
  • Full Cash Management services
  • Track N Trace
  • Inventory Management
  • 360 closed-loop risk/compliance management

Conclusion

The entire FinTech industry is continuously growing. But, with the changes comes challenges from internet banking. To keep customers and companies safe, finding the right solution for them is important.

With the trends, this brilliant combination of Finance and Technology will dominate the world for a long time. It will make the transactions easier, give high-end security, and settlement faster.

FinTech will also offer efficient loan approval, instant KYC, and personalized offers to the customers.

With so many advantages and ongoing trends, one needs to always ensure to protect the customer’s data & reduce the chances of fraud.

The innovations for payment such as online banking and mobile wallets help in moving past the borders financially. It also allows users to shop or make payments throughout the globe efficiently.

Image Credit: bongkarn; Pexels

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#AI #machine learning #AI risks AI ai chatbots artificial intelligence chatbot CRM Understanding Artificial Intelligence

How Artificial Intelligence is Transforming Customer Service Industry

ai customer service

The achievement of any business organization is highly dependent on its customer relationship strategies. Client experience is exceptionally organized in any business. Consumer loyalty is profoundly impacted by the change brought about by the dynamic technologies. With the progression of technological advances, such as AI (artificial intelligence), NLP (natural language processing), Intelligent Chatbot, and ML (machine learning), intelligent automation of client care administrations has become a need for all the organizations. Here is how artificial intelligence is transforming the customer service industry.

Many businesses have incorporated simulated intelligence for smooth day to day operations. By 2022, banks can utilize chatbots to automate up to 90% of their client connection, as per Lauren Foye.

The History of Chatbot

A review appointed in 2014 by One Reach, a market research firm, investigated US buyers’ behavior to the utilization of messaging in client assistance applications. As per the study, 64% of buyers with messaging abilities would like to utilize messaging over voice as a client assistance channel, and 77% of shoppers with messaging capacities matured 18–34 are likely to have a positive view of an organization that offers text ability.

According to research, by 2021, 4.5 billion dollars will be put to resources into chatbots. While chatbots have existed for quite a long time without going mainstream, few worldwide patterns have made it possible to convey that this is the time of chatbots:

  • Domination of the mobile messenger.
  • Application fatigue.
  • Backing for chatbots by Facebook, Microsoft, and other pioneers.
  • A dramatic decrease in chatbot improvement costs.

The Current Situation of the Industry

There are sure some issues with the regular client care framework that is followed, which can be settled with the assistance of Artificial Intelligence. Investigate the current circumstance.

  1.   Now and again, the human delegate noting a client call doesn’t have a  response to the inquiry and needs to require the client to be postponed or put on hold. Even though they discover the answer for the issue and advise the client, it occupies additional time bringing about more expense to the organization.
  2.   The client’s call is transferred a few times before the query is addressed. Although it is fundamental for certain circumstances, it negatively impacts the organization.
  3.   Because of the set number of client assistance administrators in B2C organizations like telecommunication, the calls are often on a considerable delay/wait time for clients.

In 2019, chatbots became more AI-driven, equipped for dealing with complex human communication effortlessly, and presently taking over conventional conversational administrations.

Chatbot in the Customer Care Industry:

The chatbot market size is expected to grow from $2.6 billion in 2019 to $9.4 billion by 2024 at a compound yearly growth rate (CAGR) of 29.7%. The client care industry is fundamentally growing with the influx of chatbot assistance to consider and cater to customer needs.

To improvise on their CRM, most associations are endeavoring to automate their client care framework using Artificial Intelligence. One such splendid model is the AI Chatbot. Chatbots haven’t been an obscure idea since ELIZA was released in 1966. Salesforce propelled an SMS chatbot in 2014 that has extended to become Facebook Messenger. The association likewise offers Live Agent Chat, a product that completes human connections by carrying out human interactions.

As indicated by Grand View Research, 45% of end clients lean toward chatbots as an essential communication method for questions regarding client care.  Let us explore further as to how Artificial Intelligence Chatbot is altering the client care industry.

  1. Upgraded Accessibility of Big Data

To augment the profits of a business organization using AI in big data, it is basic for any entrepreneur to gather valuable data about clients and examine it in a manner and to such an extent that it demonstrates helpful for the company. Insights drawn by Artificial Intelligence help in investigating a lot of information proficiently and produce reports that can be easily grasped. Along these lines, entrepreneurs and business owners can increase their targeted customer groups’ nitty-gritty knowledge and use their time to approach a new procedure or strategy based on the collected data.

  1. Revolutionization in Resolving Customer Queries

When a doubt/query arises in the client’s psyche, they couldn’t care less whether a human or a bot settles it. A large portion of the queries don’t require human collaboration and can be settled by the chatbot itself. A study has stated that 48% of individuals say that they couldn’t care less as long as it fathoms their issue. (Source: BI Intelligence)

However, if a query ends up being excessively unpredictable for the bot, it chooses to fit an appropriate agent/representative of the organization depends on the data gathered from the client. Moving forward, the agent/representative can legitimately address the concerned client to take care and address that issue/query

  1. Upgraded Customer Relationship Management (CRM)

Gone are those occasions when people needed to trust that their call would be sent through a chain of customer care representatives before resolving their inquiries! There are numerous manners by which RPA (robotic process automation) within the organization has emphatically changed how client connections are managed. With AI chatbots’ assistance, customized services can be conveyed to any place in a problem-free manner based on CRM information. Organizations are addressing client queries on a website with the assistance of Artificial Intelligence Chatbot, sparing a call to customer care representative.

One such splendid model is the Eva – HDFC Bank Artificial Intelligence chatbot. HDFC Bank has stated that it has effectively tended to 2.7 million client inquiries on a site in just 6 months.

It spares a great deal of time by enhancing hold up/wait times and the easy accessibility of representatives. The progressed chatbots can impersonate human activities and comprehend human dialects using NLP, i.e., Natural Language Processing.

Portable envoys – Mobile Messengers, Facebook Messenger, WhatsApp, WeChat, and others, have become the preferred means of communication. WhatsApp has arrived at more than a billion dynamic clients monthly, Facebook Messenger — 900 million, WeChat — right around 700 million (source: statista.com).

About a year prior, the best four mobile messengers outperformed informal communities with worldwide popularity (source: BI Intelligence).

Website Chatbot

Chatbots are not constrained to messaging channels. The off chance that we take the conversational interfaces to a website or a portable (mobile) application will offer ascent to Native Chatbot Development.

Utilization of a site chatbot

  1.   It brings about progressively dependable/reliable information because of intuitive surveying experience.
  2.   Unlike the regular informing channels, communication between clients is anonymized on a website. This aids in lessening contact from the client’s end about the disclosure of his/her identity. A site chatbot also diminishes contact by tackling the client’s request immediately without changing the correspondence channel. 
  3.   For organizations with a commercial center webpage/ marketplace website or a SaaS stage, a web bot, as a rule, assembles all the client information and along these lines provide a customized client experience and offers a superior and better setting.

 Importance of Chatbots in customer care systems

Numerous CRM frameworks are not easy to understand. A poorly designed UX configuration prompts low performance while at work. Rather than providing client assistance, representatives who are left with ineffectively structured CRM frameworks sit around idly attempting to manage that framework. Since a client care specialist can receive more than one hundred tickets every hour, each resolution’s reaction time is urgent and of great importance.

To take care of these issues, it is more convenient to automate client support components with a CRM chatbot. Once in a while, CRM chatbots can deal with the whole client discussion, and on different occasions, there will be a handoff to a human agent/representative. Indeed, even in situations where the discussion is passed on, they can at present catch and record fundamental client information.

Basically, they do the hard work with the information section and let your client care representatives focus on including genuine worth.

 Utilization of CRM data

Since you have important data on hand, how would you follow up on it? A typical test with CRM frameworks encompasses following up on new leads and effectively utilizing information. The early phases of a fresh client relationship are crucial for automation. Now, you may have numerous leads that won’t wind up changing over.

This is the place you can depend on automation to help qualify your leads. Utilizing chatbots, you can begin discussions with individuals at scale. AI-backed CRM chatbot knows which specific bit of substance/content an individual needs next. Hence, they’re well prepared to move the lead to the following stage in the sales funnel. An all-around assembled chatbot likewise accumulates insights from a lot of data to help make target profiles.

Why should a chatbot be adopted for your CRM?

  • Chatbots incredibly improve connections and interactions with the customers. Customers have queries, and chatbots can offer a ton of responses.
  • The chatbot can be integrated into flag-bearer (messenger) applications, where individuals invest the greater part of their energy online these days.
  • Chatbots spare extensive time for your client representatives. Also, can comprehend basic tasks that require a speedy reaction, allowing client care representatives the chance to deal with progressively complex customer requests;
  •  It can enable your business to scale in an eased manner. As your client base builds, chatbots can enable help to your client care representatives, field an ever-increasing number of queries without expanding the size of your staff exponentially.
  • They offer customers prompt reactions and resolutions.
  • They can be accessible all day, every day.
  • It permits you to reduce your costs by recruiting fewer individuals to client care centers.

Conclusion

The best thing about utilizing a chatbot is that it never rests and is accessible 24 x 7! This robotic process automation is, in reality, a gigantic advance forward in the field of technology & innovation and building better client connections. Chatbot essentially lessens the resolution time bringing about a decrease in cost and upgraded client experience.

As the acknowledgment of RPA innovation builds, client care will render to be perfect all around. Intelligent Automation appears to have a long way ahead in the client care industry.

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Artificial Intelligence in Email Marketing – The Possibilities

ai email marketing

Email Marketing has been around since forever. There are plenty of articles any of us can read on Google about Email Marketing. Why is email marketing important? How to Master Email Marketing — and so on. The game-changer now is Artificial Intelligence in Email Marketing. Here is how artificial intelligence in email marketing can up your game.

Yes, you heard it right. Artificial Intelligence is slowly but surely taking over our Email Marketing efforts. Brands and businesses that are not aligning themselves with Artificial Intelligence in their Email Marketing campaigns have been left behind. And rightfully so. In a world when everything is evolving, why should Email Marketing be any different?

Around 80% of Business professionals strongly believe that Email Marketing is needed for stronger customer retention. Anything to further enhance its power is a no brainer people will jump on it.

Let’s dive right in and see how you can leverage Artificial Intelligence for your Email Marketing efforts.

What is Artificial Intelligence

Artificial intelligence is a bundle of many different native technologies like Machine Learning, Deep Learning, Computer Vision, etc.

The bottom line is that all of these technologies combine. The combination of technologies helps machines (programs) perform certain cognitive tasks to the level at which humans perform them. Sometimes even at a higher level than humans themselves.

Ever talked to Alexa or Siri? Yes, Artificial Intelligence right there in your daily life. They all do what they do using Artificial Intelligence. AI is used to offer customers new products or services based on their search/viewing histories or patterns. It’s all around us, and it has leveled up so many things in our lives already.

It’s time for Email Marketing to make use of AI to enhance its effectiveness.

Why use Artificial Intelligence in Email Marketing

Like any other area touched by Artificial Intelligence, it did wonders for Email Marketing. Email Marketing can be optimized, driven, and much more effective if done right using AI. For any marketing campaign, two really important aspects need to be optimized, and AI does just that for Email Marketing –

  1. Reduce Costs – Creating and Winning at Email Marketing campaigns becomes super easy & straight forward with AI. It has the potential to save countless person-hours your team puts in for Email Marketing campaigns to be a winning proposition. Time is money, after all.
  2. Increase Revenue – AI can dramatically increase the ROI of your Email Marketing. AI-powered campaigns show an increase in the percentage of Open/Click rates. The click and open rate drive more money in from your existing campaign than ever before.

AI makes it all possible by incorporating the data points. It uses existing insights available to make every aspect of your campaign optimized for conversion. It effectively reduces the guesswork regarding small but critical parameters of your Email campaigns. We all have been guilty of the same in the past.

How to use Artificial Intelligence in Email Marketing

  1. Subject Lines

    What really is the point of going through all the efforts of putting together a campaign if no one is going to open your email? Yes, Subject Lines are the first hit point with your customers, and if you lose the battle here, your email will never see the light of the day.

    With the study of historical data of your top-performing Emails as well as your recipient’s behavior trends, AI can ensure your email is at least opened and given a thought about by personalizing Subject Lines.

  2. Personalization

    To significantly boost click-through rates, personalizing every aspect of your Email for the best experience to the end recipient does the job. And no, we are not talking about something as basic as mentioning the first name of the recipient in the first line of the Email. It is more of a personalized campaign based on the interest group of your various email contacts.

    AI determines the content type user responds to and helps you design your personalized campaigns for them, which is the most powerful optimization you can perform for your Email Marketing efforts.

  3. Optimizing on the GO

    AI can help define target data points on various parameters of your Email campaigns. They monitor these data points and continuously tweak your campaign accordingly to ensure the best ROI. Any anomalies are pointed out so the future campaigns can make use of that information effectively.

  4. Newsletters

    AI can personalize your newsletters down to the single user by curating content specifically for that particular user based on past data and trends available. This would mean you are sending out a personalized newsletter to every contact on your Email List, which can skyrocket the engagement levels.

  5. Deliverability

    To improve the overall deliverability of your email campaign so that the maximum number of emails reach their intended audience, AI can do the following for you –

  • Send Time Optimization – AI can help you optimize the best/most probable time to send an email at the single user-level, ensuring maximum open rates.
  • Mini Campaigns – AI can help segregate your main campaign and develop mini-campaigns for different recipients based on their preferences. This is a compelling aspect to increase the open and click rates substantially.
  • Clean Email Lists – AI can help clean up your Email Lists to make your campaign more effective. AI can update titles/numbers or remove out of date data automatically.

Scope of Artificial Intelligence in Email Marketing

A lot of Marketers today do not realize nor understand the power of Artificial Intelligence. If they can only understand how to use AI in their daily roles, productivity can be at an all-time high for just about anyone leveraging AI.

AI can help marketers to better utilize their time and resources by automating daily tasks. Also, with the help of data sets and results thrown out by AI, marketers can hyper optimize their campaigns and exponentially increase the ROI.

It can improve every aspect of your campaign and finetune your efforts to send out a personally curated campaign for every single target audience on your list.

As AI continues to evolve day by day, it is time to leverage this powerful tool. Every Business needs to incorporate it into Email Marketing efforts to stay ahead of the pack.

Image Credit: christina morillo; pexels

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The Future of Artificial Intelligence in Dentistry

ai in dentistry

In the past two decades, the world has made tremendous advances in technology and has affected many aspects of human life. Dental health has also benefited from technological advances. The intelligent toothbrush, virtual reality, laser technology, and 3D printing have fundamentally changed the dentistry landscape.

The next big topic in dentistry will be the use of artificial intelligence in diagnostics and treatment.

How is AI Currently Being Used in Dentistry?

In dentistry, AI is used for a wide variety of applications. For example, it is used in voice commands such as DEXvoice.

DEXvoice, created by Simplifeye and DEXIS is the “Alexa” for the dentist. DEXvoice is able to pull up things like x-rays, patient records and charts. The DEXvoice solution creates a “hands-freeâ€� approach and can ultimately speed up the work of a dentist, as the technician or assistant does not have to constantly try to find documents, x-rays and diagrams on the computer. It also makes the work area cleaner and safer as there is no need to put on and take off gloves to use the computer.

Anyone who has been treated for tooth decay by the dentist knows how painful the process can be. Isn’t it great if artificial intelligence can help make the treatment fast and less painful?

Interpreting X-rays

Interpreting X-rays and properly planning treatment are some of the most important skills a dentist must master. Still, they remain some of the most difficult skills to develop, especially because much of the images are not clearly visible with the naked eye. At the moment, AI is helping with caries detection.

ParallelDots, an AI company, launched a cloud-based AI application to detect cavities on dental x-rays. They named this new clinical device Dentistry.AI. The device contains thousands of X-ray images that serve as a data set.

The AI ​​algorithm is trained to recognize patterns from this large amount of data. Another Industry 4.0 technology, blockchain, guarantees this data’s immediacy and validity to all the system participants.

AI enables better identification of tooth decay by analyzing bone density.

The correct interpretation of X-ray and 3D images requires a lot of experience, and the AI ​​assistant makes work a lot easier, as millions of images have already been evaluated. The artificial intelligence algorithm, trained with thousands of X-ray images, achieves a high degree of accuracy in predicting tooth decay.

The AI ​​has also brought us a smart assistant – the ChairFill program developed by MMG Fusion – that can help optimize dental practices schedule by contacting patients to coordinate treatments that have not yet been completed.

On the one hand, it is about finding out which types of patients dentists need at what times to fill the calendars as best as possible, on the other hand, it is about contacting and coordinating these patients.

The program works like an intelligent assistant. It can also be connected to the marketing system to start new patient marketing campaigns. Profit maximization strategies and algorithms are examined to determine which campaign is running and who it is aimed at.

Is Artificial Intelligence Already an Ally for Dental Health Care?

While these advances in dental care provide an outlook on what may be possible in the future in this area, some experts in the field such as Dr. Sunali S. Khanna and Prita A. Dhaimade, members of the National Academy of Medical Sciences in India, noted that advances still have many drawbacks and challenges to be overcome. For example, the high initial investment costs.

AI Recognizes Tooth Decay Better than Humans

Jaroslav Bláha reported that a group of dentists found only about 50 percent of caries cases in X-rays than AI. He was also able to show that AI is better able than humans to detect orthodontic landmarks on X-rays.

In some cases, AI systems already outperform humans. And even if the quality of AI were only as good as humans, its speed is already significantly higher today. By saving time and the associated cost reduction alone, AI systems will play an increasingly important role in dentistry in the future.

AI-Assisted Dentists

In addition to acquiring factual knowledge about diseases, a strong focus should be placed on the use of AI systems to support decision-making in dentistry. The aim should be to train the next generation of dentists to learn the basics of how decision support systems work in order to be able to understand their decisions and, if medically indicated, to counter them.

Looking Into the Future

The use of AI in dentistry has the potential to introduce solutions with personalized diagnostics more quickly. It will improve communication between doctors and patients and allow for an accurate analysis of patient tests.

The AI ​​platform offers much more suitable alternatives for diagnosing patients. While the existing orthodontic CAD is performed manually by an operator according to the orthodontist’s instructions and may involve human error, the AI-based analysis will have an accurate setup with a precise diagnosis and prognosis before and after orthodontic treatment.

Personally, I hope that with the advent of artificial intelligence in dental health, visits to the dentist will in some ways, become more pain-free and stress-free.

I myself am the son of a dentist and already have experience with painful orthodontic treatment that lasted a total of 3 years. I know that dental visits that go wrong can have lasting psychological effects for many patients, children, and adults alike.

But it’s also exciting to think about the positive results that artificial intelligence and dentistry may have for dental health care in the future.

Conclusion

While AI systems are becoming more and more involved in people’s everyday lives and represent a meaningful and homogeneous addition to life, some challenges are associated with them.

People are afraid of change – including artificial intelligence. In this context, it is, therefore, essential that users always know why a particular decision was made. Understanding the reasons for decisions ensures not only transparency but also increases acceptance.

Another challenge of the future concerns the “distortion” of the data. The artificial intelligence-based on machine learning – can arrive at neutral findings, the output data must also be free of any kind of distortion.

In ethical and legal issues, in particular, we still have a long way to go before we can count on the use of strong artificial intelligence. According to Kreutzer, global agreements are necessary for this – but in view of the geopolitical situation, this seems to be a utopia.

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AI artificial intelligence Middle East Transition from Oil to AI

Transition from Oil to AI: Middle East Can Be the Next Great AI Hub

Middle East

What does your mind recall when you hear about the Middle East? A Fox News report? Terrorist groups? Or maybe Iran’s nuclear program? These are all true, but in less than one decade, the name of the Middle East may be associated with artificial intelligence, and this region could become one of the greatest AI hubs in the world. Here is transition from oil to AI and how the Middle East can be the next great AI hub.

The development of the Middle East transition.

The AI in the Middle East is still at the initial development phase. Good progress has been made. Despite a bad reputation and the stereotype that illustrates the Middle East as an oil-dependent and a bare of innovation region, the scope of AI impacts on the Middle East is on the rise.

This region is opening its way in innovations to become the leader of nascent tech in the near future. UAE recently launched its first Mars mission, as the first Arab country that aims to explore space. Also, in the coronavirus pandemic, Middle Eastern countries were proactive in using AI to fight the virus.

AI Replaces Oil in the Middle East

The Middle East is traditionally known for its oil and non-renewable resources, but this pattern is going to change. The oil price shock caused serious problems for states in the Middle East and forced Persian Gulf states to reconsider their economic structures. Arab kings know oil isn’t a reliable source of income anymore, and they must look for tech-driven, sustainable sources to diversify the economy.

Governments conducted long-term plans for using AI and machine learning as an economic stimulus or improving workforce efficiency and the agility of government structure. Now, AI programs are carried out with the direct support of governments, but companies in the region will have their own AI departments in the short term.

Countries with the highest dependency on oil are at the forefront of adopting AI.

Saudi Arabia has ambitious plans for embracing AI. They established a government institute called the Saudi Data and Artificial Intelligence Authority (SDAIA) to develop, oversee, and raise awareness about AI. This institute is associated with Saudi’s National Data Management Office and National Information Center. Moreover, Saudi Arabia is building a smart city called NEOM as a part of its Vision 2030 program to reduce the country’s dependence on oil revenues and turn it into a technology hub.

Qatar Artificial Intelligence Center was established in February 2019.

Teaching the principles of AI to students, adapting university courses to the AI, and acquiring talents are the main responsibilities of this center.

But maybe we can mention UAE as the fastest-growing and most progressive country in the region for adopting AI. They established the world’s first AI university in Abu Dhabi and appointed a 27-year-old as minister of artificial intelligence. This is the first time that a country has established a dedicated ministry of AI.

UAE Vice President and Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid stated that “We want the UAE to become the world’s most prepared country for artificial intelligence.�

Currently, more than 60 AI-driven companies are located in the UAE, and the number is growing year-by-year.

One of them is Derq. Derq is a local startup based in Dubai that aims to bring AI to Emirates roads. Its platform uses inputs from traffic cameras and sensors integrated with machine-learning algorithms to predict road movements. Then, through V2X technology, it sends alerts to traffic control centers and connected vehicles. Road owners access the insights via a real-time dashboard.

2030 Horizon: A $320 Billion Market

AI investment is on the rise in the Middle East, and recognizing the power of AI to modernize and diversify the economy is highly embraced by Middle Eastern countries. Therefore, they are striving to incorporate AI at the heart of economic policies. But it’s not always about economics, and deploying AI will play more role in health, space, education, environment, and transportation of the region.

AI’s contribution to the Middle East economy will have a huge impact by 2030 — and it is expected that Saudi Arabia, UAE, Qatar, and Egypt overtake many countries and seize the largest gains in AI.

According to a report by PWC, the potential impact of AI on the MEA region will be around US$320 billion by 2030, which is equivalent to 2% of global benefit. Indeed, AI will consist of more share from GDP. PWC’s expected annual growth for AI contribution across the region is 20-34% per year.

PWC predicted that AI would contribute $135.2 billion to Saudi Arabia’s economy, which will be 12.4% of its GDP.

With its Artificial Intelligence Strategy 2031, UAE has more potential to make the most out of AI. AI’s contribution to the UAE GDP is expected to reach 13.6% by 2030 that equates to $96.0 billion.

The expected AI share from Egypt’s GDP is 7.7%, which is equivalent to $42.7 billion by 2030. Some Gulf Cooperation Council (GCC) nations like Bahrain, Oman, Kuwait, and Qatar are also major players at AI 2030 vision. The estimated AI contribution to these countries’ GDP is $45.9 billion or 8.2%.

AI Becomes Strategic

The UAE has a solid strategy to become the leader of AI in the region. They have conducted broad collaborations with tech firms and startups to change the landscape of the country. Their plans for adopting AI include transforming Dubai to a fully smart city, taking construction to the next level with 3D printing, and optimizing transportation with Dubai’s Autonomous Transportation Strategy.

Saudi Arabia is not left behind, and it has a well-defined strategy called Vision 2030.

The goal is to diversify and strengthen the economy and develop infrastructures in health, education, and tourism. As a part of the Vision 2030 plan, Saudi Arabia even decided to bring Aramco, the government-owned crude oil production company, to the stock exchange market.

“We’re embracing AI and exploring how to use it in an innovative, responsible, and ethical way that will advance our Vision 2030 objectives. So far the Government has invested around USD 3 billion in building the infrastructure so that the country is AI-ready and can become a leader in AI use.â€� Saudi Arabia’s Deputy Minister of Technology, Industry and Digital Capabilities, Dr. Ahmed Al Theneyan, said in an interview.

Investing in AI and innovative-driven strategies help countries in the region establish their position and minimize the economic impacts of the post-oil era.

From a political perspective, having a diverse and powerful economy can shift the balance of power in the Middle East to countries that have invested more in innovations and artificial intelligence. As the oil dries up, AI is taken more seriously.

The application of AI in the Middle East and Africa follows two different paths.

Middle Eastern countries are using AI mostly for business purposes, including engaging customers, optimizing operations, and transforming products and services. But in Africa, the primary focus of AI is on agriculture to increase farm efficiency to produce more crops and ensure food security.

Early Adopters and Business Benefits

From research and development (R & D) to HR and IT operations, AI will make fundamental changes to the roots of business in the Middle East and extend capabilities to accomplish more while consuming fewer resources.

According to a survey conducted by MIT from executives in the Middle East and Africa, 82% of large companies across the region have launched AI programs by the end of 2019. Also, 44% of respondents expected the AI to contribute to 21%-30% of their business processes in the next three years.

Likewise, IDC predicted that spending on AI in the MEA region to reach $374 Million in 2020. Banking, retail, government, and telecommunication industry are the leaders of spending on AI.

Despite the potentials and excitement for embracing AI-driven innovations, organizations in the MEA region are at the early stages of adoption.

Deploying AI knowledge at different layers of the organization and shortage of AI skills are the most prominent challenges they might face.

Governments in the region, the UAE and Saudi Arabia at the forefront, are early adopters of AI.

The primary use of AI for governments is to make cities smarter or even safer, but other uses like social welfare and eliminating paperwork are also considered. AI can bring sustainable development and assist in innovation-driven economics.

A growing number of businesses in the MEA region have started their journey to incorporate AI methodologies at the center of their operations. Changing the industrial landscape and accelerating digital transformation are the main incentives across the region to move toward AI.

The Emirates Group, as the greatest aviation holding in the region, started its efforts since 2015 to put AI in use and bring tech-driven travel experience.

They established a dedicated team called Enterprise Change Management to implement strategic initiatives across the organization. At the same year, Abu Dhabi-based Etihad Airways also signed a $700million deal with IBM to enhance its technologic experience.

The fundamentals of the MEA region economy are mostly built on oil, tourism, and real estate.

These sectors have accounted for the bulk of the investments in the region over the past decades. But AI is about to make its impacts on the investment standards in the Middle East.

Oil price drop, an unprecedented health crisis such as the Coronavirus, and slow economic growth are serious threats to investing in the future of the Middle East, forcing investors to reconsider their plans to invest in the region.

As AI prepares to be a game-changer, it will redefine the investment patterns in the region.

Investing in AI companies has grown significantly in recent years, and tech corporations are voraciously acquiring AI-oriented startups. The Middle East is expected to take the same path, and investors’ money flows to AI-driven startups instead of real estate.

Since the potential of AI in the Middle East is still untapped, there is a great chance for investors to aim for more ROI. By the same token, the racial and ethnic diversity, educated workforce, and population of more than 400 million people are good incentives for prospective investors.

The total number of investments in AI in the MEA region from 2008 to 2018 was $9.07bn, and the number is growing year-by-year.

According to Artificial Intelligence in the Middle East and Africa report by Microsoft, In terms of adoption and application, IT is leading with 47%, R&D and product development (30%), and operations and Logistics (20%).

Forbes surveyed 100 C-suite executives in the Middle East, and results showed that regional businesses aren’t falling behind their global competitors in terms of AI adoption. 26% of respondents said they fully implemented AI, while for 55% of them, AI is still at the piloting or testing stage.

The top three business benefits of AI for surveyed executives are to improve operational efficiency, enhance customer acquisition, and improve customer experience.

By the same token, regulatory requirements, impact on personnel, and upkeep of the systems are the major business risk expressed by executives.

Customer service, public sector, IT management, manufacturing, logistics, supply-chain management, and finance are the most anticipated candidates to receive the most assistance from AI in the coming years.

Putting AI in use requires the businesses in the Middle East to get to know AI basics and its capabilities first, then make changes in their business model and strategies to be aligned with AI.

Hiring new talents, educating employees, and involving AI at high-level or strategic decisions are some other steps that need to be taken by regional organizations.

Image Credit: august de richelieu; pexels

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