Further Evidence of AI’s Transformation of Different Industries
If you’ve been following coverage of artificial intelligence (AI) in the news, you’ll see that industries and processes ranging from banking, hospitality, food service, recruiting, and even back office operations are being impacted by the range of machine learning and AI technologies that can broadly be called cognitive technologies. These cognitive technologies change how businesses approach their customers, manage operations and front and back office processes, how they recruit and hire talent, and more.
Much of what Cognilytica writes and produces is shared through our client-only research as well as our other forms of content including our weekly newsletter articles, podcasts, explainer videos, and more. In addition, Cognilytica analysts also write for a number of syndicated publications, and we thought we would share with you some of our writing from those media outlets.
AI in banking industry brings operational improvements
There’s a reason why people deride banking hours; banks never seem to be open when you need them most, such as later in the day or on holidays and weekends. Our money doesn’t sleep, so why should the banks?
Fortunately, AI in banking is one of the most impactful applications of artificial intelligence through the use of conversational assistants, or chatbots, to engage customers 24/7.
The challenge with using AI-based systems for loan and credit decisions is that they can suffer from bias-related issues similar to their human counterparts. This is due to how loan decision-making AI models are trained.
Banks looking to use machine learning as part of real-world, in-production systems need to make sure to factor bias and ethics into their AI training processes to avoid these potential problems. This is especially the case when using AI algorithms, such as deep learning approaches, that are inherently unexplainable.
AI in hospitality industry helps smooth travel turbulence
Online travel booking providers are now increasingly powered by AI to help provide tailored suggestions based on customers’ recent searches and booking history. Companies like Expedia, for example, are already using machine learning to learn customer patterns and offer personalized lodging offers. Booking.com also helps users plan future trips by offering suggested destinations for future travel.
Algorithms are able to better predict travel disruptions based on factors such as weather, current delays at airports, plane information and maintenance schedules. These algorithms can constantly monitor the various systems, identify travel delays or issues, and immediately notify airlines and travelers as needed. Airlines are now able to better optimize operations to improve efficiency and more immediately react and respond to disruptions in service. These initiatives can help airlines reduce costs.
AI for recruiting helps companies land top job candidates
Emerging AI technology companies are using machine learning and other AI methods to automatically peruse online job boards, analyze resumes and filter email communications from applicants. These systems are capable of sorting and analyzing almost limitless numbers of resumes and responding automatically to those that are clearly not a fit for the organization, while also sorting the best candidates to the top of the pile.
Once these systems have found the best candidates and their human counterparts have helped further whittle down the candidates, AI systems can step in again to make the candidate evaluation process more efficient.
AI chatbots directly engage with candidates to schedule interview times and ask standard interview questions prior to any meeting with company management. The AI system can then rank and score the candidates based on those standard questions in order to further help employers with the process.
AI in restaurants takes customer service to the next level
Restaurants are taking notice of an increased acceptance and popularity of chatbots to boost engagement and interaction with their customer base while reducing customer support costs….Many establishments, such as Dominos, Pizza Hut and Starbucks, now offer voice ordering assistants that utilize natural language processing to interpret and place orders. Using voice commands on devices like Alexa, customers can reorder food from recent orders or navigate voice-only menus without ever interacting with a human or even getting off the couch. As long as you have a user account set up with your delivery address and payment information, you can have the food delivered hot to your door in mere minutes.
AI tools can use predictive analytics to help forecast visitor trafﬁc, food orders, inventory needs, as well as revenues and costs. By learning what items are popular with patrons, what foods aren’t selling, and what times are most busy for the restaurant, the AI system can place orders with vendors at the right time, ensuring the restaurant has enough inventory on hand. These systems monitor inventory to make sure that the store will not run out of food, drinks or alcohol.
AI for business operations starts to offer value
AI systems are using natural language processing to recognize important parts of submitted documents, such as the invoice or PO number; the amount of the invoice; who is paying the invoice; and the date of the invoice to see if it’s on time or overdue. The AI invoice system can then code the invoice and send it along to the appropriate parties.
Furthermore, AI is helping to reduce payment-related issues by auditing the receipts and expense reports of employees. By using AI-enabled systems that utilize computer vision and natural language processing capabilities, organizations now have the ability to audit every expense report. The system can check travel dates and expense amounts and make sure receipts are from approved vendors. Having the ability to review every expense can add up to significant savings for the organization by catching intentional or unintentional expense violations of company rules.
Read our writing on CTOVision and Cognitive World and now FORBES too!
In addition to our contributed writing on SearchEnterpriseAI, Cognilytica analysts also write for CTOVision and Cognitive World, where we often expand on our writing from our newsletters. Follow us there for more insight on AI adoption and things to consider. Finally, we have big news : Cognilytica analysts are now contributing writers for Forbes so look for original articles there!
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