What recent developments prove AI’s market-boosting prospects?

Last week, global chip-maker Intel announced that their involvement in AI had resulted in raising $1 billion in revenue.

Considering this development and a recent report forecasting that AI within the life sciences sector is expected to grow in compound annual growth rate (CAGR) by 30% between 2018 and 2023, what other recent developments prove that AI could boost businesses going forward?

Survey regarding AI in the NHS gauges positive reaction

Staying with the aforementioned life sciences sector, the responses to a recent report asking over 1,000 members of NHS staff across the country, ranging from senior managers and heads of services to clinicians, showed that while there was a gap between senior managers and lower ranked staff, the overall opinion of the prospects of AI usage within the NHS was positive.

There are many possibilities for implementation of AI within Britain’s public health service, including managing prescriptions, operating physiotherapy and finding and treating cancer tumours.

H&M to invest in AI technology to regain profitability

Following retail brand H&M’s lowest profit drop in six years occurring back in February, they are reportedly turning to AI among other high-tech methods to improve their situation.

This use of AI comes in the form of automated warehouses, which the Swedish firm have invested in over time, as well as analysis of returns, receipts and loyalty card data.

The former implementation of AI in their business strategy going forward, in particular, could improve the company’s efficiency, due to being able to handle next-day delivery any time of the day, and minimise possible order mistakes.

As for analysing sales data, this will help stores to localise themselves accordingly as opposed to a one-size-fits-all approach to sales across the world.

Brainshark Machine Analysis win award

The 2018 International Business Awards saw sales rep training solution Brainshark win a Stevie award for its Machine Analysis program.

The program, which won the award for “Best New Product of the Year: Corporate Learning/Workforce Development Solution”, is powered by AI, and is purposely programmed to train sales clerks to improve their customer service.

It works by auto-scoring and analysing video submissions from sales representatives. Aspects that are scored include the happiness of the clerk, filler words and duration.

The award marks the sixth year in a row that Brainshark has won a Stevie Award.

A warning for CTO’s, however

If a CTO decides to integrate AI within their business, it is vital that employees and customers alike are clear on how to use the technology, ensuring that no one is startled by it.

Regarding employees, this would involve ensuring that they know how to operate the new AI technology, and also are trained to deal with any possible cyber threats that the technology may face.

As for customers, it is essential that they are all clear on how the new technology comes up with solutions to queries. While humans are more transparent in terms of any mistakes that can possibly be made and therefore do not need to be explained in advance, the same can not be said for any new AI technology. After all, a confused customer is never a good thing.

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Aaron Hurst

Aaron Hurst is Information Age's senior reporter, providing news and features around the hottest trends across the tech industry.