AI News, 6 Examples of AI in Business Intelligence Applications
Top 10 applications of Artificial Intelligence
Artificial Intelligence or AI is being utilized in our daily life and has made a huge influence in the field of technology.
In the twenty-first century, AI techniques have experienced a revival following current advances in computer power and AI techniques have become an essential part of the technology industry to help solve numerous challenges and problems in computer science.
WeSchool (Welingkar Institute of Management) is one of the best B-schools in Bangalore, India that carter to a 3-day course in Artificial Intelligence, Machine Learning and Deep Learning for corporates, top level management, mid to senior level management, business owners, leaders, working professionals and entrepreneurs.
What is Business Intelligence? Definition Example
BI(Business Intelligence) is a set of processes, architectures, and technologies that convert raw data into meaningful information that drives profitable business actions.It is a suite of software and services to transform data into actionable intelligence and knowledge.
BI tools perform data analysis and create reports, summaries, dashboards, maps, graphs, and charts to provide users with detailed intelligence about the nature of the business.
In an Online Transaction Processing (OLTP) system information that could be fed into product database could be Correspondingly, in a Business Intelligence system query that would beexecuted for the product subject area could be did the addition of new product line or change in product price increase revenues In an advertising database of OLTP system query that could be executed Correspondigly, in BI system query that could be executed would be how many new clients added due to change in radio budget In OLTP system dealing with customer demographic data bases data that could be fed would be Correspondingly in the OLAP system query that could be executed would be can customer profile changes support support higher product price Example 2: A
hotel owner uses BI analytical applications to gather statistical information regarding average occupancy and room rate.
By analyzing these trends year by year, month by month and day by day helps management to offer discounts on room rentals.
There are mainly two types of business users The difference between both of them is that a power user has the capability of working with complex data sets, while the casual user need will make him use dashboards to evaluate predefined sets of data.
It gives a bird's eye view: BI system also helps organizations as decision makers get an overall bird's eye view through typical BI features like dashboards and scorecards.
Collaborative BI: BI software combined with collaboration tools, including social media, and other latest technologies enhance the working and sharing by teams for collaborative decision making.
19 examples of artificial intelligence shaking up business as usual
Examples of artificial intelligence (AI) in pop culture usually involve a pack of intelligent robots hell-bent on overthrowing the human race, or at least a fancy theme park. Sentient machines with general artificial intelligence don't yet exist, and they likely won't exist anytime soon, so we're safe...
Additionally, tech billionaire Elon Musk, long an advocate for the regulation of artificial intelligence, recently called AI more dangerous than nukes. Despite these legitimate concerns, we're a long way from living in Westworld.
How it's using AI: That makers of the popular Roomba, iRobot, are back with a new, much smarter robotic vacuum. The Roomba 980 model uses artificial intelligence to scan room size, identify obstacles and remember the most efficient routes for cleaning.
The company completed its first year as a purely consumer-focused business in 2017, pulling in $883.9 million in revenue, and has shipped more than 10 million Roombas since 2002.
Hanson plans to introduce an entire line of robots like Sophia, which they believe 'have immediate applications as media personalities in movies and TV shows, entertainment animatronics in museums and theme parks, and for university research and medical training applications.'
Olly's personality comes from a mix of machine learning algorithms that teach the robot to gradually be more like its owner. Emotech's AI-powered technology can understand a user’s facial expressions, voice inflections and verbal patterns to proactively start conversations and make pertinent suggestions.
Artificial intelligence is proving to be a game-changer in healthcare, improving virtually every aspect of the industry from robot-assisted surgeries to safeguarding private records against cyber criminals.
The Pager app allows any user to chat with a nurse via text 24/7, talk to a doctor via video chat and have prescriptions filled as needed.
Using technology based on convolutional neural networks, Atomwise's algorithms can 'extract insights from millions of experimental affinity measures and thousands of protein structures to predict the binding of small molecules to proteins.'
The company’s AI has improved hit rates by 10,000x and screens 10 to 20 million compounds a day while identifying characteristics of patients for clinical trials.
As the industry takes note of AI's efficiency and accuracy, it is rapidly implementing automation, chatbots, adaptive intelligence, algorithmic trading and machine learning into financial processes.
Industry: Fintech, Impact Investing Location: NYC How it's using AI: Betterment is an automated financial investing platform and a pioneer of robo-advisor technology that uses AI to learn about an investor and build a personalized profile based on his or her financial plans.
Betterment's robo-advisors use algorithms to automate tax loss harvesting, trading, transactions and portfolio management, all tasks that used to require a lot of human elbow grease and know-how.
The system's ability to scan millions of data points and generate actionable reports based on pertinent financial data saves analysts countless hours of work.
Simply put, the more algorithms at work, the better. Industry impact The company is top secret about the makeup of the fund, its clients and performance, but has more than 35,000 data scientists contributing to its platform and has paid out some $15 million worth of its cryptocurrency. Related Article14 Companies Using AI to Innovate Finance
AI-powered chatbots are rapidly changing the travel industry by facilitating human-like interaction with customers for faster response times, better booking prices and even travel recommendations.
For example, telling a travel chatbot you want to go to Paris might yield a natural language response suggesting flights, hotels and things to do in City of Light based on a user's preferences culled from the conversation.
With AI-enabled mapping, the search giant's technology scans road information and uses algorithms to determine the optimal route to take, be it on foot or in a car, bike, bus or train.
With more than 2.77 billion active profiles across platforms like Twitter, Facebook and Snapchat, social media is in a constant battle to personalize and cultivate worthwhile experiences for users.
With its ability to organize massive amounts of data, recognize images, introduce chatbots and predict shifts in culture, AI is highly valuable to an industry with billions of users and about $45 billion in annual revenue.
Additionally, advanced machine learning is likely to prove critical in an industry that's under pressure to police fake news, hate speech and other bad actors in real time.
How it's using AI: Whether it's Messenger chatbots, algorithmic newsfeeds, photo tagging suggestions or ad targeting, AI is deeply embedded in Facebook's platform. The company's artificial intelligence team recently trained an image recognition model to 85% accuracy using billions of public Instagram photos tagged with hashtags.
The company's image cropping tool also uses AI to determine how to crop images to focus on the most interesting part. Twitter’s AI was recently put to work identifying hate speech and terroristic language in tweets. In the first half of 2017, the company discovered and banned 300,000 terrorist-linked accounts, 95% of which were found by non-human, artificially intelligent machines.
Whether it's the company's recommendations on which products to buy, the warehouse robots that grab, sort and ship products or the web services that power the website itself, Amazon employs artificial intelligence in almost every step of its process.
Artificial intelligence is helping marketers build in-depth customer insight reports, power pertinent content creation and book more impactful business meetings — all without a large human influence.
Marketers can then use the company's software and machine learning capabilities to run thousands of experiments at scale. In one case study, a company using Amplero to increase upsell lowered its acquisition cost from $40 to $1 and experienced an 88% lift in average revenue per postpaid customer.
Industry: Marketing Automation Location: Boston How it's using AI: Drift uses chatbots, machine learning and natural language processing to help businesses book more meetings, assist customers with product questions and make the sales cycle more efficient.
Additionally, the company's 'Drift Assistant' automates email replies, routing leads and updating contact information. Companies like Toast and Zenefits are using Drift to fulfill quality sales leads in minutes rather than days.
Expert System in Artificial Intelligence: What is, Applications, Example
An Expert System is defined as an interactive and reliable computer-based decision-making system which uses both facts and heuristics to solve complex decision-making problems.
Expert systems were the predecessor of the current day artificial intelligence, deep learning and machine learning systems.
The expert System consists of the following given components: The user interface is the most crucial part of the expert system.
This component takes the user's query in a readable form and passes it to the inference engine.
Knowledge Acquisition The term knowledge acquisition means how to get required domain knowledge by the expert system.
The entire process starts by extracting knowledge from a human expert, converting the acquired knowledge into rules and injecting the developed rules into the knowledge base.
- On Tuesday, February 18, 2020
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