EMERGENCE OF NEW AGE TECHNOLOGIES – AI, ML, IOT, AND BLOCKCHAIN
By: Anurag Varshney on June 10, 2019
EMERGENCE OF NEW AGE TECHNOLOGIES
Why Artificial Intelligence in the Workplace?
Do you make use of a smartphone; mobile applications for a weather report, and directions? Then, you are already a beneficiary of innovative technologies. In some years back, only a few people would believe that we could bring to reality, things that were showcased in sci-fiction movies.
Emerging technologies are those technical innovations which represent progressive developments within a field for competitive advantage. These innovations have positively impacted and redefining businesses globally, and are often seen as capable of changing the status quo. Some of these innovative technologies include Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML) Blockchain, Augmented Reality (AR), Virtual Reality (VR), Deep Learning (DL) and so on.
Many have been wowed as a result of breakthroughs and growth brought by these technologies. Presently, people from all walks of life have come to understand and appreciate the benefits of these innovative technologies to industries. In the future, companies will witness unprecedented technological growth. All facet of our lives and industries will depend on AI and other new age technologies.
ARTIFICIAL INTELLIGENCE (AI)
Artificial Intelligence (AI) is intelligence demonstrated by machine, in contrast to the natural intelligence displayed by humans and animals. It encompasses everything from Robotic Process Automation (RPA) to actual robotics. Businesses are benefiting immensely from Artificial Intelligence and it is helping organizations achieve more with little input.
DETECT FAKE ITEMS USING AI
One of the issues raised by online shoppers is an inability to genuinely differentiate between counterfeit and right products such as bags, wrist watches, shoes etc. on e-commerce platforms. It leaves a negative perception of the brand on the mind of customers and may significantly affect the business. Retail and e-commerce companies can clear customers to doubt about their brands and products uniqueness through AI technology. This is achieved by adding a layer of security for brands via Machine Learning (ML) algorithms that detect fake products and enables companies to know how consumers are discovering their items online. In solving this issue, the AI checks for counterfeit reviews, category of items and posting rate of an account which customers can leverage to determine fake items. Also, with AI empowered solutions, identification of online brand is made simple, and it is helping solve the problems associated with counterfeit items. Artificial intelligence image detection enables businesses in areas such as security, sales and marketing, brand protection and so on.
INTERNET OF THINGS (IoT)
In factories and industries, connected systems and objects provide the potential for a fourth industrial revolution and research shows that come 2020, more than half of new businesses will leverage on IoT. With IoT, efficiency in the way industry operates is guaranteed. The technology saves time, money, and makes decision-makers to re-think how goods and services are being rendered to customers. With IoT based Softwares, it becomes simple for businesses to gather data and information, relay it to cloud and then trigger a real-time action. IoT empowered solutions to enable retail and e-commerce companies to automate services, streamline the buying process, leverage on analyzed data for insights, and personalize the experience.
IMPROVE DIRECT CONNECTION WITH CUSTOMERS
Retail and e-commerce companies will begin to experience transformation in their businesses and customer relationship with insight and opportunities in IOT technologies. Companies can rely on IoT devices to present a unique and personalized experience for customers by implementing sensors in stores to send offers and discounts to customers' mobile devices. When customers data are collated and combined with IoT functionalities, it makes relating to customers simple and improves your business. You can leverage IoT solutions to know your customers better than ever before, their preferences to properly channel your products in that direction.
MACHINE LEARNING (ML)
Machine learning (ML) is an application of artificial intelligence (AI) that provides systems with the ability to automatically learn and become better over time without being explicitly programmed. With machine learning, most disconnected processes in organizations, such as telecoms, engineering, retail and e-commerce, medical sector among others have been integrated. Machine learning provides automated insight for your business to thrive in a competitive marketplace.
STREAMLINE PRICING USING ML
Machine learning can be implemented in food and grocery delivery companies for sales forecast and stock planning, route planning for deliveries and product suggestion. ML algorithm can learn new patterns from data. Companies can leverage this for a dynamic pricing model and ease of doing business. ML algorithms keep learning from further information and determine new demands and trends. With predictive models, companies can determine the best price for a particular item. You can select the offer, the optimal price and show discounts in real time.
The Author is an IT thought leader in the retail and fashion world and has written this article for a new division “NeuVays” of Mckinsol, focused on emerging technologies.
NeuVays develops and deploys cutting edge technologies in areas such as Artificial Intelligence (AI), Machine Learning (ML), Blockchain, and internet of Things (IoT) for industries.
NeuVays is aggressively hiring the right calibre of people in Asia at their offshore development office.
(Anurag Varshney, 2019)