In the previous articles, SOLVVE has explained in simple terms what artificial intelligence is and how soon we can expect it to be as smart as humans. We have also talked about some specific applications of AI in different domains like eCommerce, Education, eSports, etc. However, this time SOLVVE would like to discuss what the future of AI and ML holds and what are the top-3 artificial intelligence trends of 2020 to keep in eye on. Without further ado, let us dive right in.
Boosting Business Development and Transformation
Machine learning has greatly improved many businesses in many different ways. Some of them are familiar and easy-to-imagine even for non-experts on the cutting edge technologies. For example, automation of routine processes, like filling in forms, extracting pre-define data, building diagrams, sorting documents or images, and so on.
Other aspects of business development are more sophisticated and require highly-skilled experts to train each specific algorithm to performs complex tasks. For example, assessing perspectives and providing projections for your brand growth, or giving recommendations of all sorts, from goods in online shops to friends in social networks, to optimizing equipment or dealing with blood tests.
We are already so used to CRM or ERP systems that most of us will take them for granted. However, it is hard to imagine how much financial burden and loss companies would suffer if all these tasks that we have delegated to algorithms were still performed by people. Thus digital transformation becomes a pressing necessity for businesses willing to stay ahead of the competition in the changing market landscape. This artificial intelligence trend will continue in 2020 and beyond.
As we have mentioned above, current business and oftentimes social interactions rely on the recommendation systems more and more. On the one hand, we have an abundance of choices that has never been available to any generation before us. On the other hand, many people suffer from what is known as overchoice or choice overload – a state when you cannot decide which option you want to take since too many of them looks attractive to you.
Thus, algorithms became a helping hand in our daily decision making. We have delegated our choices to them and serve us well. One’s smartphone probably knows all about its owner’s dietary preferences, daily schedule and a dream vacation. Thus, we save ourselves troubles of checking tens and hundreds of different places and items to find the perfect one. And this trend will only grow stronger as recommendation systems became inseparable parts of numerous services we use.
Businesses that want to perform well in today’s markets should make sure that they are well equipped with an AI-powered recommendation system to cater relevant products to their customers, or to be listed as a relevant service in other recommendation systems.
Achieving Next-Level Cybersecurity
Personalization is beneficial not only as a business growth tool but also as a protection tool. The combination of artificial intelligence with existing security systems boosts their performance manyfold. For example, instead of running long checks and numerous interviews with potential clients, banks can easily get client reliability estimates and make decisions on loans or the provision of their financial services. Moreover, they can track transactions and activities to spot early signs of fraudulent actions.
Or, instead of a plain CCTV, you can teach your system to understand human behavior and detect anomalies faster and more efficiently than a human being. One can go further and throw in some biometrics to create advanced authorization and fraud detection mechanisms, including verification through fingerprints, retina, palm, face recognition, etc.
Although the use pf biometrics poses several ethical challenges, for the companies that are dealing with highly-sensitive information, ensuring its safety is a number one priority when it comes to gaining the trust of their clients and complying with the legislative regulations.
Machine learning and artificial intelligence are rapidly integrating into the business world, especially into digital-native domains like online shopping or gaming. Nevertheless, as you can see from the top-3 artificial intelligence trends of 2020 above, all businesses can benefit from ML-backed solutions through optimization of the business processes, 360-degree assessment of brand development, automation of routine tasks and other ways to boost efficiency and slash costs at the same time.
SOLVVE has solid expertise and experience in the delivery of such solutions to a wide variety of businesses across numerous domains. Thus, if you have any questions or ideas about the application of machine learning and artificial intelligence for your business, do not hesitate to contact us today and get your insights. Let us make this happen!