by Analytics Insight
February 14, 2022
AI ML has currently become the core of technological transformation among global businessesThe business sector has experienced an explosion of tech-based companies, dynamically revolutionising the ways foundations on which businesses used to develop, marking an astonishing beginning to The Digital Age (21st century). This transforming technological explosion has been centred around the three pillars – Blockchain, NLP, And Artificial Intelligence -which form the base for the ongoing and imminent rise of the businesses and IT Industry in the forthcoming times. These three pillars, though are a work in progress and industries are yet to harness their true potential but they have already revolutionised the industrial ecosystem vigorously.AI/ML-Artificial Intelligence/ Machine LearningArtificial Intelligence- or in simple terms – smart machines, which demonstrate human-like intelligence and can be controlled through computers. Whereas Machine Learning, a limb of AI, is the process of study of computer algorithms that enables machines/computers to perform tasks without explicit programming. The underlying core of AI is- learning, planning, and problem-solving and the ML helps in computing the large data swiftly to make the latter tasks possible. The AI/ML has become a support system for the businesses/ industry today-The Gaming Industry- has been the testing ground for the innovations in AI/ML since the beginning and is now moving towards usage of AI/ML in providing personalised experiences to the players contingent on the behavioural data extracted from the player’s gaming strategies, as is perceived by Google’s Alpha Go, when the machine is supplied with enough gaming data, it could develop strategies beyond the comprehensible range of a human. Which would be further applied in the financial, healthcare, and transportation sectors.Manufacturing Companies – BMW, NISSAN, General Motors, and many other companies use AI/ML to optimise their manufacturing process. BMW uses it to enhance its product quality by comparing it with real-time images. Nissan is using AI to enhance its design capacity whereas, general motors is using it for intelligent maintenance which has prevented colossal downtime costs that can rise up to $20,000/minute.Blockchain and NFT(Non-Fungible Tokens)-The widely popular and the helping hand of the business is the Blockchain, which is an ever-growing enumeration of records called blocks, organised chronologically, linked, and secured through cryptography. The most prominent usage of the technology has been through NFT- Non Fungible Tokens which are a type of cryptocurrency whose vertebrae is blockchain, with the feature of non-replication and reduces the possibilities of fraud. The blockchain has become a prominent part of the functioning of many industries-Banking and Finance – blockchain has gained immense prominence in this sector. Leading banks- Barclays, HSBC, VISA have been using it to streamline fund transfers and KYC(Know-Your-Customer), Digitising Records, and Decentralised Vault Platforms, which has enabled real-time monitoring for the customers and encouraging B2B payments through blockchain platforms.Supply Chain- blockchain has enabled companies to regulate their supply chain management system. Unilever, Walmart has dynamic supply chains based on blockchain, which helps them monitor all their transactions and are planning to implement it to track food right from its source to their customers.NLP- Natural Language ProcessingThis segment of computer science is a branch of Artificial Intelligence in particular that deals in enhancing a computer’s ability to comprehend text and spoken words akin to humans. The use of computational linguistics supplemented by statistical, machine-learning, and deep-learning models, enables the computer to understand – intent and sentiment- human language. It is widely utilised in businesses in different forms – speech to text recognition, speech- tagging or popularly called grammatical tagging, word-sense ambiguation, sentimental analysis among other tasks, which has helped in the expansion of many businesses.SWIGGY & ZOMATO- the gigantic expansion of the online food business to $4billion is attributed to the use of technology, both the food giants are using AI and its applications to provide the best experiences to their consumers, the NLP had contributed immensely to their growth by expanding their geographical reach and overcoming linguistic barriers.These three are an indispensable part of the tech-based industry, as the services in the future would be based on the harmony between these three segments of technology. The consonances among the 3 pillars are being tested by the Meta (Facebook) in the form of The Metaverse, which is based on AI-VR where NFT and NLP would be an essential part of the virtual universe to trade and communicate.However, not just the Tech- bigwigs who are spreading their wings, but also the upcoming digital services startups ensuring fulfilling marketplace are making the best use of the harmony between the 3 pillars, to ensure informed decision making by assisting the end-users and assuring effective service delivery by bridging the gap between execution and delivery of the project within the stipulated timeline.Hence, these three are not just the pillars but a roadmap to the future of tech-based companies.Author: Nishant incepted Expand My Business in 2018, which focuses on B2B service aggregation. Expand My Business is a B2B full-service marketplace for all the digital needs of a business. Categorized into three main headers, the platform focuses on IT Development, Marketing Services, and Deep Tech support.Share This Article
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Analytics Insight is an influential platform dedicated to insights, trends, and opinions from the world of data-driven technologies. It monitors developments, recognition, and achievements made by Artificial Intelligence, Big Data and Analytics companies across the globe.
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