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The Future Of Business After The Advances In Artificial Intelligence

The Future Of Business After The Advances In Artificial Intelligence

<p style&equals;"text-align&colon; justify&semi;">Owing to advances in Artificial Intelligence &lpar;AI&rpar;&comma; technology will probably replace many skilled jobs within a few years&period; The reduction in workforce will happen especially in sectors such as finance and banking&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">It is estimated that more than 200&comma;000 American bank jobs will be cut over the next decade&period; The financial and banking industry has been investing about &dollar;150 billion annually in technology&period; This investment in automation will lead to large reduction in operating expenses because employee compensation accounts for roughly half of all the expenses incurred by the financial firms and banks&period; As a matter of fact&comma; majority of the customers of the financial institutions are already dealing with AI in an unconscious way&period; For example&comma; the customers often interact with chatbots without realizing they are communicating with AI-enabled software&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Contact centers are changing both internal operations and client-facing services of financial institutions&period; Interactive Voice Response &lpar;IVR&rpar; systems are very affordable&comma; increase efficiency and reduce operational costs&period; They will eventually replace receptionists and customer service representatives&comma; who answers calls and directs calls to agents&period; AI also helps to detect and prevent fraudulent financial transactions&period; When a credit institution has a database with correct transactions and another one with illegal transactions&comma; it is possible to predict whether the subsequent transactions will be fraudulent or not&comma; by using machine learning techniques&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">The projected cuts can whittle down the total number of finance and bank jobs by about 10 percent&period; The reduction in workforce will be most heavily felt in the back offices&comma; where the job numbers could decrease by between 20 and 30 percent&period; This looming possibility surely causes concern to the workers of the finance and banking industry&period; However&comma; many believe the downsizing and restructuring will usher in an age of finance and banking efficiency&period; Finance companies and banks must adopt new technologies to optimize their processes&comma; and make them more efficient&comma; effective&comma; accurate and secure&period; At the same time&comma; the financial organizations have to take their employees to a new level of strategic learning&comma; which will add value to their business models&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;"><strong>Future of AI<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Microsoft Corporation has been a leader in AI technology with its world-famous products and services&period; Krishna C&period; Mukherjee is a technology expert&comma; a senior executive and a Microsoft leader&period; He is a pioneer who has architected&comma; designed and developed many successful products for Microsoft and other multi-national corporations&period; As a matter of fact&comma; Mukherjee introduced AI technology at Microsoft&period; He played a pivotal role in the development of Windows OS and Microsoft Office&comma; incorporating AI insights and AI-powered tools into these products&period; In the late 1990s&comma; he invented the &OpenCurlyDoubleQuote;Intelligent Filing Manager” or IntelliFM &&num;8211&semi; an AI technology which elegantly automates enterprise workflows&period; IntelliFM has greatly improved the efficiency of business processes across many industry sectors such as insurance&comma; legal&comma; finance and health care&period; In the mid-2000s&comma; Mukherjee created the highly popular &OpenCurlyDoubleQuote;Bloomberg Valuation Service” or BVAL&comma; to generate accurate prices for millions of financial instruments across many asset classes&period; He used quantitative algorithms and AI to build BVAL&period; Mukherjee made the finance industry objective and reliable&comma; and laid the foundation of modern Financial Technology or FinTech&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Since the invention of IntelliFM&comma; AI technology has grown substantially&period; Workflow automation&comma; image identification&comma; voice recognition and automated predictions have become parts of our everyday lives&period; The following are some of the most significant advances that have happened in the world of AI over the past two decades&period;<&sol;p>&NewLine;<ul style&equals;"text-align&colon; justify&semi;">&NewLine;<li>Digital assistants such as Apple Siri&comma; Microsoft Cortana&comma; Amazon Alexa and Google Home<&sol;li>&NewLine;<li>Distinguishing images and classifying them<&sol;li>&NewLine;<li>Autonomous driving<&sol;li>&NewLine;<li>Fully automated web search engines<&sol;li>&NewLine;<li>Language translation<&sol;li>&NewLine;<li>Text to dialogue conversion<&sol;li>&NewLine;<&sol;ul>&NewLine;<p style&equals;"text-align&colon; justify&semi;">AI has been expanding at a rapid rate&period; In 2012&comma; Mukherjee created the payment platform&comma; popularly known as AutoPay&comma; which allows customers to easily set up automated payments&period; It increases the on-time payments for businesses&comma; and helps them to become more efficient by eliminating the need to process cash and paper checks&period; Since 2016&comma; Mukherjee has been developing omni-channel retailing systems with built-in recommendation engines&period; He has been greatly improving customer service by designing IVR systems which have predictive routing capabilities&period; AutoPay is used by retail and many other industries globally&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Nowadays&comma; we are working on the reasoning of coincidences&comma; formal reasoning and much more&period; In the near future&comma; it may become possible to have a coherent conversation with a smartwatch&period; The level of investments that are being made in AI shows that a great door has been opened&comma; and there is still a world to do and discover&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;"><strong>Success Story&colon; Facebook as a Small Brain<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">There are roughly 2&period;53 billion smartphones in use worldwide today&comma; and a staggering 85 percent of smartphone owners use the Facebook application&period; &OpenCurlyDoubleQuote;Where do I travel”&comma; &OpenCurlyDoubleQuote;Who do I go out with&comma;” &OpenCurlyDoubleQuote;Where do I eat”&comma; &OpenCurlyDoubleQuote;Where do I work” are examples of personal data that Facebook collects to provide its users with an engaging experience&period; We can simply click on the Facebook logo and access the information or service we want&period; The Facebook application is one of the most practical tools for the growth of deep learning because it collects billions of behaviors from around the world&period; Facebook has become like a small brain for companies that manage to take advantage of the vast information from its billions of users&period;<&sol;p>&NewLine;<h3 style&equals;"text-align&colon; justify&semi;"><strong>A Company without a Brain does not think<&sol;strong><&sol;h3>&NewLine;<p style&equals;"text-align&colon; justify&semi;">AI and deep learning give rise to many possibilities to optimize the mechanisms or processes in companies&period; Deep learning&comma; a subset of machine learning&comma; is the intermediary between machine learning and neural networks&period; It provides a fast and easy way to process massive amounts of data&comma; much of which would be tedious and time consuming for a human being to process&period; Hence&comma; pattern recognition is one of deep learning&&num;8217&semi;s greatest strengths&period; Deep learning allows to integrate algorithmic analysis of images&comma; natural language and data with problem-solving systems&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Some companies want to leverage the information provided by Facebook&comma; and some want to survive without the small brain&period; The differing attitudes can lead to two different types of endings for companies&colon; learn to think by taking advantage of the deductions the small brain makes&comma; or simply stay in a vegetative state until death&period;<&sol;p>&NewLine;

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