Clarity on cognitive technologies for CEOs
COGNITIVE TECHNOLOGIES such as computer vision, machine learning, and natural language processing use artificial intelligence to perform tasks that only humans could do previously.
However, it’s a technology that’s often misunderstood by businesses who struggle to evaluate the risks of the technology against the ways in which it can benefit them.
L&T Technology Services, for example, has recently announced AiKno, a cognitive intelligence framework it developed.
AiKno combines contextual intelligence and AI, to help customers develop a range of digital virtual agents, problem-solving applications, and robotic process automations – and gets better with time as it learns from your data.
Currently, L&T is working on integrating AiKno into a range of solutions that have been deployed in smart factories, smart machines, and serve as building blocks for smart cities.
Here are some myths about cognitive technology that we’ll dispel so you can get to grips with the technology and explore bold new applications for your business:
Everything will be automated
It’s true that a lot can be automated with the help of AI, but it’s not necessarily something organizations want to do.
In fact, a Deloitte study found that AI applications generally fall into three categories: product, process, and insight.
Product applications embed cognitive technologies into products or services to help provide a better experience for the end user.
Process applications use cognitive technology to enhance, scale, or automate business processes.
Insight applications use machine learning and computer vision to analyze data to reveal patterns, make predictions, and guide better decisions.
In several instances, Deloitte found that product, process, and insight applications are used to do work that no human could have otherwise performed.
Unemployment will rise
AI isn’t going to be used to make employees redundant anytime soon. In fact, it’s expected to improve job roles, make employees more effective, and help staff delight customers repeatedly, effortlessly.
In fact, a Genpact study from last year surveyed more than 5,000 people and found that only 10 percent of respondents believed that AI would threaten existing jobs. However, most did agree that new skills will be needed if employees are to perform at their best.
“Artificial intelligence brings a seismic shift in the future of work – making some roles obsolete and enhancing others, while at the same time, creating new jobs, and even spawning new professions,” said Sanjay Srivastava, Chief Digital Officer, Genpact to The Indian Express.
Achieving ROI targets are difficult
Investing in AI might seem like a difficult proposition in the boardroom, especially in cases where the business lacks a digital maturity roadmap and clear case studies specific to the industry and application.
As a result, many businesses feel that achieving the ROI targets on AI projects are difficult.
However, there are plenty of examples of companies doing AI really well, creating solutions that save millions in costs and bring in billions in revenues.
Experts at IBM, for example, suggest that using chatbots built on AI can reduce customer service costs by 30 percent. Another story on CNBC recently cited a report that claimed 90 percent of customer queries in healthcare and banking would be handled by chatbots within the next five years.
The technology is a fad
AI is no longer a buzzword from science fiction books and movies. It’s real, it’s here, and it’s only going to get better.
And while regulations might be murky in some parts of the world around how AI can be used for business or what it can be used to do, nothing can change the fact that AI will make life simpler and the world better – and is here to stay.
Arridhana Ciptadi, Machine Learning Scientist, Amazon explained to The Jakarta Post why AI is set to go places:
Some of us might be skeptical about the potential impact of AI. After all, AI has a history of overpromising and under delivering. So, what caused this seemingly rapid progress and why should we expect it to continue? The big advances in AI today come from machine learning, a field that studies how we can train a computer to perform certain tasks by using a large amount of data
- Digital disruption is here to stay — how are Asian banks responding?
- Digital currency is growing fast — but will it take off as quickly?
- Why social media is just as important for staff as customers
- Autonomous vehicles could help us weather the coronavirus
- How fintechs are helping Singapore SMEs blossom