How AI & NLP are changing four industries
Since the advent of computer systems, there have been technologies striving for everyone’s attention. The past few years have been no exception. These new technologies have helped in changing the entire face of how business is done today. Out of all the recent technologies that surfaced, Artificial Intelligence (AI) and Natural Language Processing (NLP) have successfully captured the interest of most of the businesses today.
AI is the broader concept of machines being able to carry out tasks with the intellectual characteristics of humans such as the ability to reason, discover meaning, generalize, recognize consumer tastes and learn from experience. Whereas, NLP is the automatic manipulation of natural language, like speech and text, by software. Despite their relative inception as enterprise technologies, the application of these two in a business setting is seemingly limitless. As the technologies continue to refine and evolve, our generation is observing an exceptional growth of multi-channel data like mobile or social data. This has put up a need for solid technologies to evaluate and access what today’s customer wants, which is where AI & NLP come into the picture. Let’s together assess their impact on some industries, shall we?
AI and NLP help in gaining a better understanding of a vast consumer market by collecting UGC data and analyzing customers’ opinions and reviews. It helps in providing priceless data that gives massive insight into what a customer feels about a brand and their product, helping in remodeling the marketing strategy design accordingly. These adaptive technologies produce granular market research that opens the doorway to monitoring new products, assessing the competition, spotting new trends and understanding the customers’ needs thoroughly.
For instance, research conducted on the athletic footwear industry using the proprietary self-learning AI, gathered 1 million reviews over a period of 2 years (2018-19). These reviews were used to collect and analyze what the customer feels about the product giving a clear view of the consumer opinion. The AI categorized 50 different trending topics regarding US athletic footwear by the sentiments which later provided a detailed insight into the consumers’ wants and needs.
Due to the rising crime rate and vulnerabilities in public spaces, it is crucial to invest in the right kind of security technology. The security industry has always been on a lookout for innovations that help save the day without compromising privacy. The AI-powered objects and weapons detection for safety and security came in handy as they gave the power to identify and manage threats in real-time. Since the systems are constantly learning and updating, detection becomes very accurate and allows better handling of sensitive situations.
The weapon detection system is capable of continuously updating responding officers on suspect location, physical description, weapon type and disposition, which improves tactical situational awareness by responding units. This technology also conducts real-time forensics with weapons detection, which can ultimately identify a shooter that’s hiding in the crowd giving security personnel an extra edge.
Insurance and Insurtech
With the surplus of tools available in the market, insurance industries mostly find themselves wondering if they are using them efficiently or not due to which, they are often characterized as cautious and slow to adapt. But collectively as an industry, they are trying to shed this stigma and are paving way for new technologies to assist them. AI has proven to be the most promising of all as it serves data analytics and automation.
AI-driven analytics gather information through machine learning and predictive analysis captures an accurate and timely snapshot of data across the customer base allowing greater precision and speed in basic insurance practices and procedures making it cost-effective and labor efficient.
The current pandemic scenario has put mobile network operators under the spotlight. With the mandatory work from home and strict lockdown situation, almost everyone resorted to the internet for information. Using a strong AI and analytics-based model to analyze the vast amount of network and user data, the telecommunication industry in conjunction with other human statistics is capable of playing a critical role in monitoring and assisting to predict the spread of COVID-19 and possible imminent biological threats.
With the average use of a smartphone for every 2 people on the planet, the digital footprint left by phone calls, online services, and video applications can be grouped, scrutinized, and used to control, notify and help prevent such epidemics.
With the potential to be a complete game-changer in the industry, AI is still very much at its initial stage. But with more and more industries resorting to AI-powered technologies, newer and better solutions are surfacing taking human-machine collaboration to another level itself.
Alon is an Israely product and marketing executive with a track record in leading customer centric product management and inbound marketing strategy. While improving user engemenemt and customer, I help Start Ups achieve product market fit and expand their online footprint. I specialize in technology, entrepreneurship, customer experience.