The Year in AI: What’s Behind in 2020, and What’s Ahead

“Emerging AI Trends in 2021
Beyond these notable trends in 2020, the year ahead will likely see larger and larger language models being built, with experts declaring the possibility of a 10-trillion parameter model making its first appearance in 2021. AI will continue to accelerate new discoveries in biology and medicine, whether that may be building upon previously intractable problems like how proteins enfold, or developing customized pharmaceuticals for personalized medical treatments. Given the existing problems of algorithmic bias and a multitude of privacy concerns, ethics and data privacy in AI will continue to be major issues, meaning that interest in potential solutions like de-biasing algorithms, anonymizing algorithms, and federated learning will only continue to intensify.”

How Home Depot Is Enhancing The Ecommerce Experience With AI

  • “At the recent Data for AI 2020 conference, Khalifeh Al Jadda shared deep insights into how The Home Depot is tackling these existential retail issues
  • Home Depot has built a state-of-the-art sentiment analysis system which automates the process of understanding customers complaints as well as the features that customers like about our products.
  • We have seen lift in the engagement and conversion rates after deploying these advanced data-driven techniques especially when those techniques enable personalized experience.”

The Promising Duo: Five Use Cases for Natural Language Processing in FinTech

  • “According to the recent stats, within five to ten years from now, 95% of all interactions with clients in the finance industry will be performed by AI.
  • Researchers predict a 3,150% growth for chatbots interactions in the FinTech industry between 2019-2023, which will save financial organizations over 800+ million in working hours.
  1. Intelligent Document Processing
  2. Digital Counseling
  3. Streamlined Regulatory Compliance
  4. Underwriting Automation
  5. Advanced Brand Reputation Management”

Accelerating Customer Experience With Conversational AI

  • “One such solution to consider is conversational AI and the use of text and voice-based messaging apps to automate communications between businesses and their customers. As consumers continue to make greater use of these channels, businesses can seize the opportunity to integrate conversational AI technologies.
  • To help you create an end-to-end solution, PwC has developed a modern delivery framework: AIRe (Align, Innovate, Release, Evolve). AIRe is business-led, collaborative, and aligned with the business objectives that drive predictable value, speed, focus, and agility.”

How artificial intelligence and machine learning are revolutionising eCommerce experience?

  • “Algorithms were used to generate creative descriptions of each product via optical character recognition (OCR) and image processing. With this artificial-intelligence (AI)-enabled solution and natural language processing (NLP), automated product descriptions were generated. This reduced the time spent on this task and the retailer was able to reclaim lost online sales worth $6.9 mn, annually.”

How artificial intelligence and machine learning are revolutionising eCommerce experience?