AI or Artificial Intelligence has major applications in the manufacturing industry. Right from developing OEE (Overall Equipment Efficiency) to FPY (First Pass Yield) production, AI is transcending levels. In manufacturing operations, AI is transforming machinery maintenance, AI-ML-powered analytics based on data predicts how often hulls of ships should be cleaned for maximum efficiency leading to huge cost savings in transportation, etc. For example, some companies use AI for evaluating component images during ongoing production lines that help to spot deviations from the standard in real-time.AI innovations are helping to expand uptime while focussing on quality, and efficient production, process, and the overall output. Let’s see the top 10 AI innovations in the manufacturing industry that are attracting manufacturing companies across the globe.

1. Robotic Plasma Cutters

The AI-driven robotic arm is assisting in the plasma cutting process and eliminates the requirement of the human labor force. Plasma cutting is a significant part of the manufacturing process and it was considered as one of the biggest technology wonders at the time of the industrial revolution. Traditionally it involves huge human labor but AI innovation is allowing to replace this with the cutting-edge robot arm simplifying cutting and assembling processes. It is considered now a remarkable AI innovation in the manufacturing segment.

2. MV Error Detection

AI-driven  MV (Machine Vision)is helping manufacturing with error detection. The technology of Machine Vision frameworks allows manufacturers to digitalize quality control processes in the front & back finish of creation lines. Machine Vision mistake location further allows to recognizing error while expanding a value-based creation of the products concerned.

3. AI-IoT Sensors

AI-IoT-based sensors are a leading AI innovation in the manufacturing sector. IoT (Internet-of-Things)sensors help to assemble information throughout the manufacturing processes at varied phases. All this information serves for continuous advancements and prescient support to manufacturers across levels. IoT sensors backed by Artificial Intelligence are an innovative name, too, in the manufacturing industry.

4. 5G Digital Connectivity

Though 5G (just like IoT) is not a complete AI-based manufacturing technology, it is helping the industry alongside AI for smart Connectivity. Companies offering 5G connectivity have not yet reached the farthest connectivity levels for buyers but proving to be a great support for assembling offices.5G  facilitates a high-speed data transmission bringing in more connectivity potential where AI-powered tools capture those data and process, analyze them helping manufacturing owners with better decision-making ability.

5. 3D Printing

 3D Printing has come out as one of the latest AI innovations in the manufacturing sector. Also referred to as an added substance fabricating,3 D printing is a notable digital device for specialists. The technology is helping manufacturers to create just specific parts or items in a singular form, as solitary pieces. This is allowing for a better arrangement and efficiency in the ecosystem. This is also considered one of the major AI-powered digital innovations in manufacturing the world over.

6. Video Surveillance Cameras

AI-powered video surveillance cameras are considered a boon towards managing security in the manufacturing industry. The very technology helps to manufacture businesses to cope with the higher costs involved for live security personnel ensuring safety and security. Workplaces, factories, logistics, and several areas that need constant vigilance and monitoring are not possible to be done manually. So, AI innovation in the form of advanced video surveillance technology, cameras, is helping organizations to carry out security features in a seamless manner.

7. E-Tail Supply Chain Model

AI-based automation at varied points, warehouses, procurement facilities, is helping the logistics in the manufacturing sector for efficient and productive ­­­­­­­­­­­­­ end-to-end processes and deliveries. This has created a new model, the e-tail supply chain model that connects, integrates inventory, and varied other logistics stakeholders ensuring improved supply-chain management overall.

8. Visual Inspection Tool

AI-enabled automated visual inspection tool is another landmark AI innovation in the manufacturing sector. Businesses are leveraging this AI capability to a great extent as it can detect flaws that are too small which humans cannot see with the naked eye. Products with microscopic flaws can be detected by AI-enabled cameras that are highly powered and sensitive than human eyes. The overall system can recognize even the smallest defects, flaws in products, mark them and send timely alerts to the concerned department.

9. AI-ML Inventory Management Solutions

Manufacturing businesses take into cognizance this aspect of AI intervention in the sector. Inefficient inventory management leads to greater overhead costs that are detrimental to any business involved. AI-ML-powered inventory management digital solutions help to manage the entire process effectively increasing productivity and efficiency. Manufacturers can manage inventories seamlessly based on demand and supply meters.

10. AI-Enabled Robots

 AI-enabled robots are replacing humans for risky transactions and lifting heavy equipment required frequently. Thus, AI is more than just a digital method to optimize automated processes. Remotely controlled  AI-enabled robots can do varied tasks that are beyond human capacity.   It enhances the traceability, flexibility aspects enabling successful operations in the ecosystem.

Wrapping Note

Want to know what is the future of AI in the manufacturing industry? As per Fortune Business Insights, AI (Artificial Intelligence) in the manufacturing market is geared for a massive USD 9.89 Billion by the year 2027! This is self-explanatory of the beneficial use cases of AI and how the technology is transforming the industry with magnificent innovations and inventions bringing positive outcomes!

We know during the entire manufacturing process, you deal with several challenges, right from raw materials to the process of production, from testing to marketing, and then for delivery. AI can help you in eliminating mundane tasks and bring productivity in multiple areas – Connect to our experts to know more.

Do you know technology innovations that you see today live were once considered mere science fiction taking you to the fantasy world? Thanks to the advent of digital technologies like Data Science, Artificial Intelligence (AI), Machine learning (ML) which are transforming industries like never before. The healthcare industry is leveraging the power of digital in all its segments including pharmacy. The World’s Pharmacists Day is being celebrated on the 25^th of September,2021, and the theme is “Pharmacy – Always trusted for your health” says Sandra Leal, President, American Pharmacists Association (sources- FIP & LinkedIn). Surely, this trust cannot be attained without digital interventions and indomitable AI. Let’s see today, how AI is transforming the Pharmaceutical industry with its massive use-cases and invincible appeal!

Pharmacy – Always trusted for your health

– Sandra Leal

1. Discovery & Development of Drugs

AI-ML-led algorithmic and computational advancements have accelerated the process of drug discovery and its development. The technology is resulting in a huge time saving concerning drug approval and its market reach as well as in the reduction of animal testings during clinical trials. Combined with Data Science tools and techniques AI-powered biomarker ensures a drug’s sensitivity, and robustness as well as validates results using in-silico models.

2. Creating Personalized Medicine

AI-ML-powered personalized medicine is one of the striking use-cases of AI in the Pharmaceutical industry. The technology can process, integrate a huge amount of data (structured, unstructured) information from varied sources and this happens to be the key requirement for creating personalized medicine.  For this, the mining process of myriad levels of information at an individual scale, as well as at a global scale, is done that facilitates effective, efficient treatments at an individual level. AI’s role in this domain can be estimated from the fact that how a continuous analysis becomes possible for treatment progress which allows a timely adjustment of the dosing of drugs, thereby increasing its efficacy and safety parameters of the treatment itself!

3. Optimizing Operations

AI is helping automating tasks at the operational levels in the pharma industry. Smart automation of varied processes reduces time paving way for more complex tasks that are urgent. For instance, automation of a patient’s reminder, follow-ups is a big beneficial AI usage. AI-powered remote monitoring facilitates timely intervention during a treatment plan in case of drugs not working efficiently, thus addressing drug adherence issues properly on time.  Another striking AI use case under operational optimization is that to read, clean, and analyze structured/unstructured data like doctors’ notes, patients’  records, prescriptions, etc.  It’s a noteworthy point that continuous medical follow-ups generate a  large magnitude of personalized data that can be effectively harvested to procure desired outcomes.

4. Genome Editing Research

Genome editing can be understood as a method that allows scientists to change the DNA of several organisms that include animals, plants, and bacteria. Editing of  DNA can lead to certain changes in physical attributes such as the color of the eye, disease risk, etc. Artificial Intelligence or AI technology is increasing its foothold in this domain, too, as it is making genome editing initiatives accurate, safe as well as cheaper than before. Researchers are using AI for gene editing that helps them to minimize any potentially damaging effects(off-target effects). Several renowned research institutes like MIT, Broad Institute, are researching the advancement of AI-powered gene-editing technology and its further applications.

5. Diagnosing Diseases

AI-based ML algorithms and approaches help to overcome several intricate limitations rampant across the pharma sector. Limitations exist in the form of incomplete patients’ records, unfulfilled medical history, overlapping casual symptoms, etc. and these can be addressed using supervised, unsupervised AI-ML approaches. Unsupervised ML helps to change the manner diseases get classified. Harvesting AI ability for analyzing vast data sources, data types like clinical records, imaging, omics, biological events, etc. facilitates efficiency in the process overall.

Conclusion

AI is transforming the pharmaceutical industry through its immense capability of optimizing huge volumes of data and information, enhancing R&D, designing to development aspect of the entire drug life cycle. Undoubtedly, AI is leading the pharma industry to a new era of innovation addressing the core issues of declining ROI, cybersecurity, data regulations, transparency, etc. It is indeed simplifying the overall complex nature of the system itself while facilitating companies towards attaining business goals.

Are you into a pharmaceutical business and wondering how AI can boost your business returns? Contact our experts.

Have you ever recommended a brand, a company, or a product to your peers, friends, or family members? Have you personally experienced something good in your CX journey? That is where the role of customer service arrives. There are tools like Net Promoter Scores(NPS), invented by Bain & Company in 2003, that measure scores of customer loyalty on the scale of 0 to 10. However, NPS cannot derive actionable insights related to customer services and the likes. This is an exclusive domain dominated by the one and only AI (Artificial Intelligence). There exist multiple use cases of AI enhancing customer services and redefining customer service operations. In this age of AI-powered customer service analytics, application leaders and businesses have enough on their plates to leverage the potential of AI in customer services. Let’s see how!

1. Biometric Solutions

You have come across this powerful use-case that AI emanates. For authentication purposes, AI-enabled biometric solutions are helping industries towards customer services on a great level. There are typically two types of Biometric Solutions – Physical Biometric Solutions and Behavioural Biometric Solutions.  The former does the analysis of human body parts like that of a person’s face, fingerprints, iris, whereas, the latter analyzes behavioral patterns like voice tone, gait, emotions, etc. This way, AI-powered biometric solutions are acting as a secure way to authenticate identifications and access control.

2. Voice & Face Recognition

Well, just now you saw how biometric solutions help authenticate the identification process.AI is continuously contributing to machine’s biometric capabilities with add-ons like voice recognition. Also, it empowers face recognition capabilities by basic comparisons of facial features with respective images and videos lying in a database. For instance, an AI-powered algorithm analyzes the shape of the jaw, width between eyes and then finds a relevant match using specific data. And how AI does voice recognition? The AI-powered voice recognition tool uses data like voice pitch, tone and encodes them (after digitizing words captured from voice). This leads to forming a unique voiceprint of the very individual. This way, unique identification and authentication of the speaker are done by his voiceprint.

3. Predicting Intent

Based on web activities, AI-powered predictive analytics help predict the intent of customers. What your customer will do in the future can be foreseen via their signals like clicks, views, purchases, and varied customer behavior, which are analyzed by the AI-enabled applications, predicting intent thereafter. The AI-powered predictive solutions are leveraging the technology combining relevant data that ultimately help in determining the intent of customers.

4. Chatbots or Virtual Assistants

Chatbots or Virtual Assistants utilize AI-ML capabilities to serve customer queries through a  live chat messenger. These AI bots store endless, massive volumes of data and have real-time access to information while predicting customer behavior, too! AI-enabled chatbots and humans collaborate for optimizing interactions occurring with varied customers! Thus, conversational AI-ML chatbots are proving to be a great boon to businesses requiring help in the customer service domain.

5. Emotion-Analytics

AI-based-Emotion Analytics help in classifying customers’ moods based on which they are routed to the right agents. Take, for instance, if a customer is happy, the analytics route him to the sales team where he can be pitched for a certain product/service. Similarly, if a customer is angry, he will be directed to the customer retention team for appropriate guidance. Thus, AI-based Emotional Analytics helps to analyze a customer’s mood, his verbal/non-verbal communication for adequate pitching by the concerned teams.

6. NLP Text-Analytics

NLP means Natural Language Processing. It is AI-ML-powered speech and text recognition analytics that help in analyzing customers’  moods based on texts as well as speech.NLP applications help to derive analytical insights from multiple sources such as reviews, blogs, social media posts, varied forums. Companies can leverage this immense AI-ML-NLP capability in the customer service department, gaining valuable insights at the micro-level.

7. Predictive Personalization

Predictive personalization, predictive maintenance is other significant use cases of AI in the customer service area. AI-based predictive analytics help provide personalized recommendations to target customers and even can identify probable customers who seem to be at churn-risk, who can be proactively handled by the customer service department. This leads to an improving retention rate. This technology can work wonders via predictive maintenance jobs. AI-powered predictive analytics, predictive maintenance solutions can predict technical issues, maintenance issues proactively, before time. Precautions measures are taken thereby averting any serious issues to occur. For example, reducing breakdowns for delivery trucks, for elevators, reducing out-of-service time, optimizing network performances, etc.

8. Computer Vision for Object Recognition

Another AI-use case is an analysis of digital images, videos and automatically understanding of the contextual meaning. AI-powered Computer Vision technology processes and analyses objects, thereby allowing systems to recognize and classify them accurately. It reduces the workload of varied contact center agents. How? By automatically routing specific customer inquiries to chatbots or the so-called self-service channels.

9. Agents Training & Productivity

As a business owner or decision-maker at contact centers, you can utilize AI-powered call-center training tools for imparting advanced training to agents. You can manage to increase boost their efficiency, productivity by using varied tools, like Virtual Employee Assistants, (VEAs), call center training tools like gamification, etc. You can manage to reduce your agents’ onboarding time, ensuring their productivity from day one.

10. Optimization of CLV

CLV stands for Customer Lifetime Value. It is a valuable metric that is used to track the relationship value quotient of customers with your brand/company. AI-powered CLV helps you to identify your loyal customers, as well as you can find the underlying value quotient your customer carries for you. Sometimes, retaining existing customers fetches you a higher ROI than getting the new ones.

AI for Valuable Business Insights

Adopting AI to spot trends, fetching insights based on massive customer data is something you cannot ignore in today’s world.  These business insights become the base for the decision-making process in your company. AI-powered holistic solutions, customer analytics, all help in automating business intelligence, facilitating a wide range of business applications in your organization. AI leads towards huge cost-reduction, increased digital self-service effectiveness, as well as enhanced customer engagement.

How can AI-powered customer service analytics and other AI capabilities enhance your business potentials? Explore from our wide range of dedicated AI applications suitable for your business. Contact Us.

The COVID-19 pandemic has severed the economy worldwide, and the retail industry, not an exception as well! Despite all, retailers are preparing for the industry’s recovery, and are reopening stores. In the ‘New Normal’ retail leaders are focusing on adopting technology as a  revival tool to attract consumers to their in-stores. Artificial- Intelligence-powered Video Surveillance is becoming their apt choice because this will help them monitor in-store occupancy, traffic patterns, foot traffic, high occupancy zones, social distancing, and mask-wearing. As per the Statista forecasts, the Video Surveillance Camera market size will reach 44 billion US Dollars by 2025. Let’s delve deep to see how  AI-Video Surveillance and analytics can ensure a seamless in-store retailing in the ‘New Normal’.

But before that

First, a little retrospection

If you are a retailer, you must be busy exploring newer ideas and avenues to revive, thrive your retail business, and increase sales.  Retrospection may have become an inevitable regimen for, comparisons are but natural and involuntary disposition in itself. Exactly, when had you last experienced an uninterrupted,  smooth, and unobtrusive selling in a real-time environment? Think of this day, last year! People, or, consumers, were moving around, busy strolling down your shopping lanes, window shopping until they entered your store and went for unlimited purchases! The buzzing life, the busyness of the businesses across streets, shops, and shopping malls are what you are longing for!

So, what’s now?

Going back to the delving scenario–  AI-powered video surveillance technology gearing up to restart and picking up  your business from the point you had left last (when the COVID struck and suddenly you had to pull down the shutters)

Remote based Real-Time  Monitoring

IP surveillance systems such as IP Dome cameras ( popular in departmental stores and shopping malls) use AI-powered people’s tracking technology to monitor people’s behavior and activities inside the store. Tracking consumers’ behavior, tracking staff behavior, in short, tracking people’s behavior in your in-store premises helps build behavior analytics and give actionable insights into the decision-making process to drive sales, increase conversion rates and generate profits.

It works like this –  Cameras constantly record data using an IP surveillance system, operate on a network, do stream footage, which can be viewed rather remotely, from an authorized PC with an internet connection.IP Domes or cameras have remote-controlled functions like pan, title, and zoom ones. This helps enhance recognizing images and visuals more clearly.

Measurement of foot traffics

Foot traffics are the number of people who have been inside your store, or in the vicinity having a peek inside, window shopping,  at a given time. More traffic means more business. Sprucing up the windows, exterior, doing up visual merchandising are few tips for that curb-appeal to attract consumers, increase foot traffic.

Customer engagement and garnering interest and converting it to purchasing decision is a step-by-step process. How to find if your store has a sufficient level of foot traffic? The answer is Video Surveillance. Installing the right AI-based cameras inside and outside your store is what is required! Motion-detection, people counting are possible via a high resolution, 24*7, people counting CCTV at the entrance and exit points can see the footfalls and help to know the business trend.

Monitoring staff-behavior towards customers

Customer service is very important in your retail business, especially in-store, where the way your staff behaves with customers directly impacts your brand image. For instance, you have decorated your store in the prettiest way, implementing some trendiest gimmicks and running some great offers, but if your staff members are not giving a good customer service, your all marketing measures become a damp-squib. Making a first impression on customers starts with your staff’s behavior towards them. So, how AI video surveillance solutions can help you in this situation and you can take adequate steps to sort out things on time? You can think of investing in your staff training, too! So, it is indeed a wise step to install one camera that can help you meet business goals?

Monitoring, Preventing theft

AI-based Video Surveillance tools can help you keep a check on your employees’ and consumers’ behavior. Any suspicious activity on their part can be duly recorded and transmitted for timely action. For instance, a retail security camera mounted above the point-of-sales area can help you monitor cash registers, POS machines, and transactions made from time to time. Also, installing a camera where high –value items are stored can help to maintain the security aspect in-store.

Heatmap Analytics

Heat mapping analytics is the video surveillance technology combining with AI-based analytics software to find the following things-

• To see where your customers are spending more time inside the store
• To keep track  where they are not at all giving attention,i.e. ignoring certain sections in the store
• To keep track of the products on which customers spend more time
• To locate sections, products, that they have touched, picked, and kept back, and so on.

Thus,   a CCTV camera and a central computer loaded with Inbuilt Analytics- Software in the shoptogether coordinate to track shoppers and build data-based information for you.

COVID-19 Safety Measures Compliance

CCTV capture images and reports are prepared by AI analytics, that’s how you can utilize the immense capabilities of the very ubiquitous video surveillance solutions. You have to be vigilant towards CORONA precautionary measures. Maintaining social distancing is now possible by using AI-powered solutions. Heat mapping solutions highlight crowded areas in red while the spot with zero occupancies will be shown green on the CCTV screen. The  3D Geometry measures social distancing and alarm messages can be shown on the screen. Also, infrared cameras can measure the body temperature of the shoppers. This is how you can think of reviving your retail in-store business using Video Surveillance tools.

Time to take the call

Thus, you see how AI-bassed video surveillance technology helps determine customer buying behavior. Your business and goals depend a lot on the data gathered out of categorizing your in-store premises into –

• the most trafficked areas
• dead areas
• and bottlenecks

This way, you can devise your business plans using analytics enhancing areas most trafficked, giving priorities to them, Also, you can find the remedial solutions why dead areas had no traffic. The bottlenecks need to be resolved to your favor meeting business goals. Consulting an expert can help you find out the most suitable AI-Video Surveillance Solution Software for your retail in-store.

Need an expert consultation for your retail in-store? We have a ready to use AI-Video Surveillance Solution for your business to get started

Read Also – Top Mobile App Development Companies in India

With the current situation, the Fintech domain is gaining significant traction from the market. The crisis created by the pandemic has effected a lot of companies, but they are adapting well by enabling trending technologies like Artificial Intelligence and Machine Learning into their systems. 

Since most of the systems are now moving towards more app-based processes, these technologies are opening gates to numerous opportunities for people interested in this domain. From SMEs to large-scaled Fintech companies- all are adopting these technologies into their systems. 

How can these AI and Machine Learning help Fintech Industries?

We know that early adopters of mainframe computers and relational databases have been Fintech companies. They were always keen to understand how technology can smoothly solve human problems, thus increasing the companies’ efficiency. These companies started adopting methods that included AI and Machine learning that was derived from various aspects of human intelligence. Varied, deep, and diverse datasets can be crunched easily by using these technologies. 

In the olden days, bankers used to assist customers better with their connections, but with digitalization, this personal touch has been lost. So, the main question here is, can technology bring back this personal touch? The answer to this is quite evident with the current advancements in AI and Machine Learning. These technologies can process large pieces of information about the customers that are practically impossible to do manually. This data that is retrieved can be used to provide better and suitable services or products to the customers. This will ensure that companies find whats right for their customers and gain customer loyalty. 

Top 6 Usecases of AI and Machine Learning in the Fintech Industry

We conducted in-depth research and jotted down the best five use cases of AI and Machine Learning in the Fintech Industry. 

1. Accurate and Improved Decision Making

As our world is quickly growing in the new technological ecosystem, it also becomes prone to several financial cybercrimes. So how do we deal with this? Thanks to AI and Machine Learning, companies can now secure their accounts and provide their users with a safe environment. When we talk about cybersecurity in Finance, we often come across cryptocurrency and blockchain concepts. However, we expect to incorporate Artificial Intelligence and Machine Learning into digital security. 

These algorithms enable us to detect any suspicious activity and also notify users regarding the same. They help us to monitor all sorts of patterns continuously and notify whenever there is anything unusual. This way, users can keep track of all the aspects, even if they aren’t available. These technologies also help us to identify any kind of illegal activity like money laundering or detect any corruption network in any institution. 

2. Fraud Detection and Security Management

Several analytics tools help us to collect and analyze data that is necessary for conviction. After this, AI tools learn and monitor a user’s behavior and pattern to identify any warning signs of fraud attempts. Machine Learning concepts can be adopted in different stages of the claims management system. Artificial Intelligence can be used to handle a massive pile of data in a short time. Thus it reduces the overall processing time. This results in better customer experience for the users. 

3. Automated Customer Care/Support

Chatbots are one of the most popular AI applications. They have started to receive considerable attention due to the involvement of Machine Learning. These chatbots can interact with customers at any given time and hence are quite handy. Fintech Industries use these bots to solve a significant number of customer complaints at the minimum expenditures. Since COVID-19 has given us the new normal of social distancing, Finance companies may soon adopt more of this technology to solve their customer problems. 

4. Insurance Management

Artificial Intelligence will automate the underwriting process and thus use more crude information to enhance customer decision making. This technology can help insurance management by providing automated agents that can help customers online and guide them with all the requirements. Usually, people opt for insurance when they have suffered a loss, and for a faster process, automatic underwriting can be used. For example, if you feel some treatments may be expensive for insurance, it is better to detect these risks for better prevention. These risks can be calculated by using a Machine learning algorithm that will consider historical data.

5. Predictive Analysis of Stocks

Predictive analysis can serve as a game-changer in various financial services that most affect business strategy, revenue collection, sales, and resource optimization of a finance company. It will help in enhancing different operations and refining internal processes, thus transcending all the competitors. This analysis can help in the calculation of credit scores and hence help in the prevention of bad loans.

Final Thoughts

The current situation has given us the opportunity to explore what technology is capable of. It is time that the Fintech Industry adopts these technologies and makes the best use of it in the near future. 

Artificial Intelligence is disrupting business models across Industries! Due to some of its powerful features like the power of autonomous, self-regulated systems, machine learning, deep learning, data analytics and more it has gained deep momentum as how it is capitalized under each department right from finance to sales, from HR to marketing and operations to administration.

Based on the insights from Statica, AI is expected to increase productivity by 40% which will deliver $2.9 trillion of business value by 2021. Adopting AI in various industries will develop demand for various roles for unemployment across sectors. Also as per one of the latest surveys, Artificial Intelligence could be able to create a net result of 58 million new positions by 2022.

Across industries Finance, retail, healthcare, manufacturing and real estate all are facing challenges of different types such as security, dynamic customer expectations, inability to understand data, analytics and many more. Explore how AI can overcome all of these and can bring better outcomes for your business.

What is Artificial Intelligence and how does it works?

Artificial intelligence is the part of computer science developed to create automation for the computer to perform tasks on its own similarly like humans. AI programming focuses on three skills: learning, reading, and Analyzing.

Artificial Intelligence enables devices to learn from previous work data and performs like human intelligence tasks. Actually in fact algorithm applies mathematical logic to produce outputs (results) from input data. In AI algorithm it takes both input and output to train machines or devices together from data of previous activities to produce new outputs

Important AI Advantages in Business 2020

• User Experience

Implementing AI helps to automate the process that able to deliver a responsive manner for any queries asked by customers, as it helps to provide a highly personalized user experience.

Companies can now strongly manage large volumes of data arriving from all related sources and have a better insight into the requirements, wants, and concerns of their consumers. AI has capable to learn from customers’ requests and enquires and deliver content as per necessities.

• Decision Making

Decision making plays an important role in customer driving that includes understanding customer perspectives and desires to align products. It has the capability to develop value in the business by accelerating decision making.

It can analyses data faster and more accurately for high volume and variety of data. Due to the volume and complexity of these data collections, machine learning can support unlock benefit from all this data in a method that humans cannot perform.

• Online Security

Security is the main thing businesses will focus more on it to prevent fraud and deception methods. Companies can utilize AI to protect information from threats and cyber-attacks on their business customer’s data. In some firms, machine learning uses AI to identify and avoid deceptions and implement more reliable online security for their profession’ and customers’ data. 

Industries like insurance, banking, retail apply AI for face, voice recognition and biometrics from customers to prevent fraud. It can use efficiently verifying the person and allowing them access.

• Data Insights

Large companies having a lot of certain data produced from various resources that can be used to set predetermined value by analyzing data. To understand certain business conditions we need to analyze data insights that can be achieved with the help of Artificial Intelligence. Machine learning presents reliable, secure, and robust data insights because it explains and treats technical and statistical complexity and the amount and quality of the data in the data set.

• Inventory management

Artificial Intelligence can handle important data that can be used for future demands. It presents a predictive analysis of markets that are expected to develop into the business. The higher a company utilizes AI, the more it receives about the clients, visitors and their actions. 

Across from all Industries and retail stores, Artificial Intelligence holds the capability to deliver excellent real-time analytics and projected inventory requirements.

Fundamental Components for AI to work

In every company, there is a lot of data that is interconnected with inputs and patterns. AI can analyze complex data to drive useful insights to find solutions in an exact manner. Performing machines or devices like the human brain to solve problems and to create better possibilities comes with the adoption of AI.

• It helps to automate company operations with complicated analytical tasks
• It helps devices to drive real-time insights with minimum interference of the human brain
• AI has capable to increase productivity and efficiency

Take Away

These artificial intelligence benefits have transformed all industries and revolutionized the process we reach, analyze, and learn information. Effective AI can transform every industry in the core processes and business models. For business owners, it is a very crucial role to plan for adopting Artificial Intelligence in their company to become more competitive in the game. Fusion Informatics takes advantage of these progressions can offer advanced AI applications and features for all industries. To know how we can help you implement Artificial Intelligence in your digital transformation journey, do mail to sales@fusioninformatics.com

Smart robots, sensors, and vision systems with the power of artificial intelligence are making their way into every industry across the globe. In many ways they are transforming we deal with our surroundings and handle our responsibilities going forward. One of the biggest responsibilities that humans have towards the planet on this present day is to optimise every recycling process and help live an environmentally sustainable life. Technology would now act as the required impetus that humans needs to save the environment in the best possible ways. Artificial intelligence is slowly transforming the way we recycle waste. The advantage of employing artificial intelligence in recycling efforts is double layered in most scenarios — firstly, they would quicken the process of sorting the waste coming into the recycling facility; and secondly, they can also help in analysing the sorted waste and help in identifying specific types of waste, such as different grades of plastic. The artificial intelligence systems can also be programmed to identify the incoming waste for potential pathogens from contaminated food products. The core tools of the artificial intelligence enabled recycling facility would be deep learning, and visual recognition.

Another approach would be employing robots or artificial intelligence enabled trucks to collect the waste. This would allow sorting earlier into the process and speed up the entire recycling process. Further, vending machines can be engineered to enable to reverse their role. Adding to their role of dispensing products, they can begin to accept waste cans, plastic bags, or bottles — sorting them appropriately for further processing. This would make it easier for the general populace to contribute and participate in the process; thus making the community an integral part of environmentally sustainable living practices.

There are a few organisations across the world that are working towards integrating artificial intelligence with recycling process. Despite successes, the road ahead remains replete with multiple opportunities yet to be perfected.

The principal concerns can be discussed as in the following sections.

Revolutionising Sorting

Not all types of waste can be, should be, or are treated in a similar way. Every form of waste — even based on their specific grades in sub-groups — requires to be treated in a specific manner to ensure that they are recycled properly and do not end up harming planet earth in some other way. Therefore, one of core challenges of a recycling facility is to sort the incoming waste. Artificial intelligence can be used to increase the speed of the sorting process, while ensuring that the possibility of human errors are reduced considerably.

Machine learning and artificial intelligence can be used to sort the incoming waste into broader classifications such as plastic, wood, and glass. Then, for the second level of sorting, the machine can sort the plastic based on its grade, wood based on the pieces’ composition, and glass based on their mark. This would help to ensure that the waste reaches the appropriate recycling facility and successfully makes its way back into use, rather than filling up a landfill.

For recycling facilities that cater to a specific retail organisation, the sorting mechanism can be designed to meet their specific needs. For instance, a recycling facility caters to the recycling needs of an ice-cream parlour, a smoothie bar. The ice-cream parlour serves in two types of containers — paper cups for single or double serves, and plastic tubs for serves that are bigger that two scoops. The smoothie bar uses glass bottles of two different sizes — 300 mL and 800 mL — to serve their customers. Thus, at the recycling facility the primary sorting can be directed at differentiating plastic from paper and those from the glass. The glass bottles can then be subjected to secondary sorting process, where they are sorted according to their size.

A major advantage of such a layered sorting process is the fact that the concerned organisations — the ice-cream parlour and smoothie bar, in this case — can keep tracked of the amount of waste they have been able to recycle. This would help organisations to design environment policies that address loopholes they identify during the recycling process.

The Future with Artificial Intelligence

The present phase of developing artificial intelligence for the benefit of recycling facilities is focused on aspects of deep learning. One of the principal goals of introducing deep learning aspects of artificial intelligence in the recycling industry is to address and resolve the challenges that these facilities suffer as of now. Improving efficiency of a recycling facility is one of biggest objectives of any organisation at this given time. Deep learning aspects would help immensely in that capacity. Introducing deep learning aspects would eliminate the handpicking station, and make the entire process that much smoother. The automation of sorting will also help in ensuring that recycling processes do not breakdown due to foreign materials in the line. It is essential to understand that the speed of production of waste and the capacity to recycle them are not currently balanced. In an ideal situation, the waste produced would be proportional to those recycled, and speed is the only factor that can help balance the scale. Therefore, the prime focus of integrating artificial intelligence would be help accelerate the process of recycling. A major support is also likely from the aspects of Big Data. Big Data refers to the plethora of information that has been collected and can be put to use with the help of various forms of machine learning already in place across the entire world.

Conclusion

Artificial intelligence is being deployed to a multitude of industries; and is gaining a momentum that holds the capability of changing how we react, operate, and comprehend regular activities. The possibilities of artificial intelligence, machine learning, and Big Data are immense. Therefore, their application to any industry is bound to kick-start a revolutionising effect. Furthermore, living sustainably is of utmost importance in the present world — thus, it is rightfully expected that artificial intelligence will be introduced into recycling facilities in full swing within the next few years.

About Fusion Informatics

Technology and sustainable living, for a long time, were believed to be mutually exclusive. Technology is often seen as the villain because of how it brought humans away from the nature during the past two centuries. Technology has come full circle and now remains the most powerful defence against the deteriorating state of Mother Nature. We, at Fusion Informatics, understand the responsibility of technology in building a new world that promises a more sustainable style of living. We are determined to help our clients find ways in which they can give back to Mother Nature through sustainable technology.

Chatbots, an Artificial intelligence tool used for the purpose of developing interaction with the customer. The fine-tuned customer experience can be facilitated by the chatbots. It alleviates the task of handling the backend processes like customer support instead allow to focus on core aspects of the business.

The benefits of chatbots may be well-conceived in the following manner. Entreating way to reach the audience, responding to customer queries, enabling lead generation, brand awareness, increasing sales growth, enhance the interaction based on customer choice, focus on social media pages, and analyzing customer value in the course of interaction.

Chatbot functionality lies in the roadmap of initially formulating the user value and maintaining the pertinent information based on the customer. The answer provided by the chatbot should be a prevalent and predesigned text. The data retrieved from a platform should possess multiple answers. Information based on customer relevancy. Supplying the question that makes the chatbot to discern user needs.

Build a Smooth interaction pattern

Create a bot that provides a clear interaction flow.  Conversational bots make the cooperation between your chatbot and your users increasingly open, enabling you to comprehend your client’s needs better and compile progressively important information. The general purpose of your bot is to respond to your customer inquiries. Thus, make sure to not impede the discussion, despite developing a most amusing way of interaction.

Stick to Basic use cases

Building bots demands greater acumen and not quite the same as conventional applications. The key contrast is that, with a customary application, the user is constrained to certain boundaries — they can click a button, zoom in or out, fill out the form. Be that as it may, with a chatbot, the client can demand anything — the information sources are boundless.

To emancipate this issue, start from the basics. Consider one thing that your chatbot needs to do truly well, and fabricate the bot utilizing an exceptionally minimum viable product least (MVP) approach. As individuals utilize your bot, you will realize what the most widely recognized needs are and then choose the optimized method of building a bot.

Relationship Matters a lot

Each time a client utilizes your bot, they make decisions. The interaction developed gives you the cue of customer mentality and needs. After analyzing the thorough background of the users and understanding what they need most, you can offer it to them. Bots enable your brand image to convey personalization at scale.

Your bot ought to improve the user experience and enable them to do things that seem laborious. At least, your chatbot ought to diminish contact. Like all relations, interaction is pivotal. Concentrate on how discussions can enable you to adapt significantly about the users, nurture trust, and build up an association with your brand value.

Reach your Users with the bot

Chatbots are still puzzling to many, so reaching your clients directly will create more interactions and leave them with a positive encounter when communicating with your brand. When structuring your chatbot, you have to: Make a compelling welcome message. Integrate a finely positioned “get started” button. Tell your clients how you can assist them with an appreciated message. Use buttons on your Facebook page and site.

Get used of bot making Platform

The most straightforward approach to make a completely working chatbot is to utilize a bot making platform, for example, Chattypeople. Chattypeople is a chatbot building platform for business visionaries and organizations as it requires no programming skills. Simply sign in to the site link your record to your Facebook profile. Some of the chatbot devices different advantages include:

It works consistently with Facebook Messenger and remarks. You can push offers and great deals to users on interest. It perceives varieties of your keywords. It can take orders legitimately from Facebook Messenger and comments. It coordinates with all the significant installment frameworks. It bolsters various CMS stages and business classes.

Train your bot regularly

It’s completely agreeable when your chatbot fails to understand the user needs, it demonstrates that your bot cannot handle user inquiries. As such, the user is precisely letting you know what you need and add to your bot’s vocabulary. This encourages you to understand your clients better and give them the experience they need. As it were, your Bot is leading a mass overview consistently by learning and putting away your customer data.

This element will enable you to instruct your chatbot to process new inquiries from the users in a time interval pattern. Each time your client poses an inquiry which the bot neglects to reply, the question begins showing up in the “Chatbot Training” section. Every single inquiry will be put away here for you to instruct your chatbot and help it give better support whenever.

Customer Data matching

Consider every single communication your bot has with your user as a chance to conversational marketing. The information the user gives about their identity and the specification of their needs determines the nature of chatbot. Personalize your chatbot as indicated by the most widely recognized parts of user-specified data.

For instance, if 8/10 customers are from Boston, you can most likely give a neighborhood contact to your chatbot. Perhaps alter chatbot name (XYZ – Boston, Texas). So also, select the tone and discussion stream your users mostly prefer and construct your chatbot around it.

Pick a Bot name based on expectations

Overloading your chatbot with features will probably set you up for disappointment. There is no reason for attempting to get your chatbot to ace each assignment from the beginning. Planning your chatbot with the goal that it can ace one assignment to its full capacity is greatly improved than having a chatbot that can attempt 5 to 10 tasks improperly. Keep in mind, individuals need quality, not quantity.

Try not to let your chatbot lose all sense of direction in the developing chatbot swarm. When pondering a name consider your chatbot showcasing. An ever-increasing number of organizations are actualizing chatbots, and if yours does not have an interesting name, it won’t be remembered or found on the web. Giving your chatbot an exceptional name will guarantee your users can use it effectively.

Enable Trust and Security

Ventures pay attention to security, and this incorporates the security of the substance and the interactions the bots have with users. It is critical to comprehend which informing channels are agreeable with data security guidelines, for example, GDPR, HIPAA, SOC 2, and others.

Also, you need to begin matching the user needs and set them up that they are going to utilize a chatbot. A standout amongst the most ideal approaches to do this is by utilizing the .BOT space. At the point when users see that they are heading off to a .BOT area, they have the desire that they will connect with a bot.

The .BOT space was as of late propelled by Amazon and is held only for the chatbots. Amazon’s .BOT enables bots to earn trust since bots experience a confirmation procedure during domain registration.

Have an eye over Your Competitors

Chatbots can still be subjected to change based on the situation. The most ideal approach to learn is by observing your competitors advancement. To do as such, begin following: Things they are doing great that you could actualize into your own chatbot technique. Things they are doing dreadfully so you don’t commit similar errors. Any imaginative highlights they are utilizing that you are not yet mindful of.

Leveraging a basic, simple to utilize, effectively open, and proficient chatbot is the best and most creative way you can bring to your users today. Not just this, by furnishing them with a conversational chatbot that has a touch of character you can make sure there will be more conversion rate.

Conclusion

Chatbots achieved success in merely substituting human for customer interaction enhancement. Make your chatbot as empathetic as conceivable with the language and make it outwardly attractive by including color and your brand character and a chatbot Icon is a phenomenal method to do that. Make a modified character that is amusing to converse with while conveys your brand tone and nature to the clients.

A chatbot is fit for giving incredible value in means of engagement; incorporate emoji, Gifs, and pictures to your discussion to make them rich and cheerful. Furthermore, for this to occur, picking the correct platform to make a chatbot will be the key.

About Fusion Informatics

We, Fusion Informatics as a Top AI development companies in Bangalore, Ahmedabad, Mumbai, Delhi, Noida and Gurgaon is conscious of chatbots and its disruptive capability towards the advancement of the future. Fusion Informatics holds a string of experts striving upright for the challenges in technology. We take extreme concern about the client needs throughout the developing process. We are leading destinations for varied industries in curating AI based tools like chatbots that will serve the company in the distant future. We are highly motivated and dedicated to the necessity of satisfying clients through our solutions

Chatbots are at the forefront of the inevitable digital transformation of business across industries. Many companies are rapidly incorporating chatbots into their customer service policies as artificial intelligence powered automation becomes common place. Chatbots are being actively employed across industries of varying sizes, intent, capability, and physical reach. Their core implementation have been to simplify business processes and reduce the cost of customer service by providing seamless self-service options to the customers. Having said that, chatbots are fairly new and yet to be fail-safe. While chatbots are worth the buzz they have generated, it is essential that organisations invest in researching chatbots that they are planning to incorporate into their customer service policies to ensure that they meet customer expectations.

Security and Privacy

It is important for organisations to emphasise on the factor of security and privacy when developing or choosing a chatbot. It is essential that all chatbots are compliant with the industry standards and all privacy-related cyber laws, legislations, and regulations. Chatbots are directly interacting with customers and are privy to customer information and their issues with the company and their services, therefore it is supremely essential that all cyber security measures are diligently followed. Thus, when choosing a chatbot system the organisation will have to take into account features such as user identity authentication, channel authorisation, end to end encryption, and intent level privacy.

Defining Expectations

The around artificial intelligence has led many companies to believe that incorporating digital transformations in their organisation is a sure-shot of ensuring a streamlined set of business processes. A similar expectation also runs deep among the consumers. It is essential to know the limitations of the chatbots employed and what can be rightfully expected of them. Initially, the company has to set clear goals that they wish to achieve through the employment of chatbots and ensure that a suitable version is developed or chosen. The internal teams that would test the chatbot should be completely aware of these expectations and test the functioning of the chatbot according to these parameters alone. Further, customers should be duly informed about how the chatbots function and in the ways in which it can be helpful to them. Keeping the customers informed would ensure that the number of cases regarding improper customer service is reduced to the minimum. Chatbots are often designed specifically to meet the requirements of an organisation, and identifying the expectations is crucial in ensuring the development of chatbots that fit like a glove.

Personalised Experiences

Customer experiences are monumentally important for the organisation — positive experiences of customers can directly have a proportionate impact on the company’s market image and subsequent bottom line. Additionally, a proven method of improving customer service experiences is to offer a curated service to each customer specifically designed to meet their unique needs. Thus, personalised customer service is a major talking point in organisations across industries. This is where chatbots become a perfect fit since one of the core attractions of chatbots is the promise of a personalised experience for all customers. It, therefore, will be advisable for most organisations to choose a chatbot that is conversational in nature. Conversational chatbots are designed to interact with customers privately and conduct a conversation that mimics human dialogue on a platform resembling messaging platforms. This allows the organisations to offer a customer service with a higher degree of personalisation, leading to happier customers and subsequently to success for the business. Therefore, a chatbot requires to be adept that identifying and understanding the context of the issue the customer wishes to address, recognise the customer and address them by their names, and engaging the customers by offering them tailored solutions to their individuals demands and needs.

Future Proofing

Like all forms of technology, chatbots are also improving and advancing at break-neck speed. It is essential for an organisation to choose a chatbot that does not age with the passing days. An ideal chatbot would be able to employ the information and data analytics generated by artificial intelligence to improve upon itself. This means that organisations will have to choose chatbot platforms that have layers of cognitive abstraction. The cognitive abstraction layer would ensure that the organisation could change their chatbot functions according to the changing needs of the customer base. The data collected and collated by the chatbot itself can provide user insights allowing the system to improve itself and enhance customer service capabilities.

Expecting the Fallacies

Companies will have to realise that chatbots are machines and they are bound to make mistakes. At some point in time, the chatbot would misunderstand a customer’s inquiry. The organisation will have to be prepared for this eventuality and find ways to mitigate the issues to ensure that customer does not leave the business unsatisfied and disgruntled. Another issue with chatbots is the possibility that they would enter a loop and become unable to meet customer expectations.

Companies will have to understand that chatbots will have problems and there will have to design their chatbots in a manner that they can learn from these fallacies and improve upon itself over time.

Conclusion:

Chatbots powered by artificial intelligence is here to stay and will become a powerful tool in customer service in the near future. It is essential that companies understand the viability of chatbots, but also ensure that they are able to develop technology that are fail-safe in the longer run. An expected way of ensuring this is to hire experts. While home-built systems also do the work, it is essential for companies to understand that this technology is complicated and requires multiple layers of programming. It will also be helpful for the company and improve their customer service immensely if they program their chatbots to interact with customers in multiple languages. This would also require the company to hire experts to ensure minimum bugs across the entire system. Chatbots are among the fastest growing digital tools across the world for any organization and choosing systems that fulfil all requirements is beyond important.

About Fusion Informatics

We understand the importance of chatbots and the dynamic factor that it lends to an organisation’s customer service. Fusion Informatics holds a team of experts that are also extremely adept that helping our clients walk through the entire process and comprehend the contribution that chatbots can make. Our experts specialise in developing chatbots that are dynamic and vibrant, besides being highly curated to the specific needs of the company. We are leading destination for varied industries in their quest of developing chatbots that will serve the company in the long run. We are dedicated to providing customised innovative solutions and nothing less.

Markets, globally, have transformed drastically in the wake of technological advancements that are revolutionising the very lives in live in this century. Artificial intelligence is no more a figment of science fiction and futurist stories; it is very much the truth of how we interact with the world around us. The core advantage of artificial intelligence is its ability to process huge chunks of information and identify data patterns and trends that allow a deeper understanding of the respective subject. Retail marketing has taken to artificial intelligence like a fish to water.

In order to boost their products in the market, sales teams of every retail institution rely of data — data that allows them to understand the market they are catering to and attempting to attract. Moreover, there is nothing better that artificial intelligence to make sense of huge pools of data. Apart from the ability to collect and collate data, artificial intelligence has transformed the game in another significant manner. The process of boosting a product and converting that into a sale relies on the brand’s ability to establish a relationship with the consumer — every single one of them — and artificial intelligence can help in powering these relationships. Having churned enormous proportions of consumer data, artificial intelligence can supply information to the sales teams that would help them get closer to the consumer and strike up a conversation. Artificial intelligence can identify patterns in the collected data and predict sale patterns to ensure that marketing strategies are tuned to meet the expectations of the consumers at large.

Boosting products is an essential focus of marketing, and the impact of artificial intelligence on the process is only slated to grow from here.

Personalise Customer Experience

The truth of modern day marketing is that ‘personalisation works’. It would be safe to assume that consumers are more attracted to brands and products that speak exclusively to their demands and needs. Behind the screen, artificial intelligence would employ complex algorithms to identify trends in a consumer’s browsing patterns and buying habits; these would them be translated into tangible insights into the consumer’s need, want, or demand. This would create the impression that the brand values the consumer, cares about their specific personal choices, and directs them to products that they are more likely to buy.

This method becomes handier in the age of digital marketing. A majority of modern retail buyers and shoppers turn to shopping sites or the portals of brands to find the products they need and learn about other offers up for grab. The volume of generic advertisement that one goes through would make it difficult for brands to attract the targeted consumer if they are not talking directly to them about their immediate needs.

Consumers are increasingly open about sharing their personal data in assurance of receiving personalised marketing messages rather than generic sales pitches for random products. With chatbots in the mix, artificial intelligence is already on the way of revolutionising the relationship between the seller and buyer.

Customer Engagement

As important as making the sale is the need to maintain a positive relation with the consumer to ensure that ensure product loyalty. Artificial intelligence is proving to be a game changer in this aspect as well. The array of products available and the myriad of promotional campaigns makes every brand and product a fleeting image in the sensory overload of advertisements. It is essential for companies to understand that their process of boosting their product should always be complemented with an extreme customer engagement. This enhances the relatability quotient of the product and ensure that it is easy to recall during a purchase decision.  The unstructured data from the market can make it difficult for the marketing teams to reach out to each consumer personally. Chatbots powered with artificial intelligence can be the solution to the cluttered chaos. Brands can use the information and the technology to reach out to consumers — existing and potential — engage them through online interactions, surveys, and feedback forms to ensure that they completely understand the market forces that would influence their product.

Augmented Chatbots

Despite a growing affinity for everything digital among the general populace, human often crave the comfort and warmth of talking to another human before making a purchase decision. It is imperative that the brand would have to find ways in which they can use artificial intelligence to mimic human conversations and reduce the pressure on the telemarketing teams. Augmented chatbots can answer simple queries and engage consumers in basic conversation. This could solve their problems and answer their queries; and for those who seek further assistance, the chatbots can automatically connect to the department where they can find their answers. This will ensure that the consumers do not abandon a product from the frustration of not receiving a proper after sale service.

Implication of Artificial Intelligence

In a world of fleeting loyalties, brands will have to go all out to ensure that they remain the consumers’ first choice. The sheer range of implications of artificial intelligence in boosting a product is grand. The brand will have to organise their networks in order to ensure that they can absorb the full potential of artificial intelligence in their services. Basic requirement for a brand going forward from here is the need to build an infrastructure that allows the seamless integration of artificial intelligence into the existing standard procedures that are followed across the organisation.

Conclusion

The digital market place is replete with brands competing in a cutthroat race to grab the attention of consumers and take their money. Brands attempting to survive the digital age will have to recognise ways that optimises their presence of the screen. It is not entirely difficult for companies to generate the information that would help them build a robust marketing strategy. Most consumers online are willing to share their preferences. The challenge lies in using technology to their advantage and building an experience for the consumer that is beyond the features of the product.

Impact of AI on Business has a positive impact. Hire Fusion Informatics today and we will take care of your product by deploying the right AI technology into your business where your product may gain an ability to reach its expectations in short time. We are the top AI companies in India, USA, and Dubai. Get in touch with us at sales@fusioninformatics.com