Artificial Intelligence Archives - Page 7 of 10

Sunaina Agarwal
May 02, 2022
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How Can AI Transform Wealth Management?

A Gartner report suggests that by the end of 2024, nearly three-quarters of companies will shift from pilot to operational AI. Artificial Intelligence has been changing the dynamics of different industries. And the finance industry is no exception here. AI is also fast becoming an integral part of wealth and asset management companies. Financial advisors or wealth managers have been providing effective investment solutions to the wealthiest individuals and businesses for ages now. Yet, according to eMarketer: 37% of clients worldwide prefer their fund managers to choose hybrid advisory engagement for leveraging automation in wealth management. Thus, managers are adopting artificial intelligence in wealth management for advanced projects. It also helps them provide enhanced customer experience, investment decisions, and risk management. How Does AI Help in Asset Management? Several financial institutions and wealth managers are discussing AI and its soaring benefits. Yet, a lot are reluctant to invest in AI for asset management. As asset means large holdings, it also means significant responsibility. This is where AI asset management can support managers in many facets. Automating Task Artificial intelligence is becoming a valuable addition to wealth management. It can help identify trends in market performance and suggest portfolio composition. Furthermore, AI can help automate tasks such as investment research and portfolio management. This analysis helps to reduce costs for clients. It also increases the accuracy and timeliness of the advice provided. AI asset management can result in tremendous innovations which would not happen otherwise. It can also encourage tech-savvy strategies for managers to deliver value. Thus, wealth managers can make a client’s financial journey more successful. Improved Decision Making Wealth management is a complex and challenging task. It requires the manager’s ability to make sound judgments about financial investments. This is where AI comes to their rescue. It offers immense potential to automate and streamline processes for advisors. It also supports them with insights that may not be able to detect. For example, an AI-powered platform can scan large data sets and identify trends. These custom-made platforms are particularly designed by AI companies to provide greater efficiency and accuracy in investment decisions. Thus, improving decision-making. Identifying Risk The use of artificial intelligence is gaining much popularity. This is because AI in investment management can identify risk in a portfolio. Also, it helps in offering suggestions for improvement. With this, advisors can ensure that a client’s money is being managed responsibly. And also avoid putting them at risk for financial instability or loss. It also provides guidance on best practices for saving and effective investment strategy. Data Insights AI can support managers identify integral data points. These include account balances and transactions. Further, advisors can manage their client’s data, identify patterns, and predict future behavior. This allows advisors to provide better service and recommendations. Also, make better investment decisions and stay ahead of the competition. It also helps advisors find new customer segments and identify fraudsters. Can AI Replace Fund Managers? There is no doubt that the incorporation of AI is revolutionary and it accelerates the overall functioning of asset management. It also makes data processing and investment strategizing proficient. However, a complete replacement of manual labor with machine learning might not be the future. The reason is, that artificial intelligence needs to undergo certain scrutiny and security assessment to make these solutions reliable. We also need businesses to develop a sturdy infrastructure that welcomes innovations for optimum usage. Regardless of AI’s advantages like higher efficiency, and reduced speed, complete replacement wouldn’t take place. Where and How to Adopt AI in Wealth Management? If you want to get started with artificial intelligence in wealth management, there are a few things that every manager must analyze before starting. Hence, by automating tasks and providing personalized recommendations, AI can support managers in providing efficient portfolio management with wiser recommendations. Advisors who embrace AI will be in a competitive position and offer quality services.

Pawan Chabra
April 29, 2022
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How Computer Vision is Transforming the Global Transportation Industry?

Technology has played a critical role in transforming the way individuals interact with each other over the past few decades. The changes may have started with communication, the technological advancements have quickly moved into other areas like manufacturing, after-sales service, and logistics, among others. For instance, mobility is one of the most important pillars that contribute to economic activity in any economy. Modern technological solutions combined with the power of artificial intelligence and machine learning are transforming the global transportation industry. One of the critical components of this tech machine is computer vision. Experts believe that computer vision in transportation is a necessity that has multi-pronged benefits and applications across many use cases. The level of success of computer vision is increasingly playing a big role in changing the status quo in the transportation industry. What is Computer Vision? Computer vision is a part of artificial intelligence solutions that helps computers to derive actionable meaningful information from various input sources like images, videos, etc. In other words, if AI systems allow computers to think like humans, computer vision enables computers to see, observe and understand visuals like humans. The benefits of computer vision capabilities are not only limited to the transportation industry. Computer vision systems are already playing a big role in transforming many other functions like healthcare, manufacturing, agriculture, retail, etc. Benefits of Computer Vision Computer vision can help in a variety of ways. Some important benefits of computer vision are as follows: Computer Vision in Transportation Industry Computer vision or vision transport tracking is critical to the future of the transportation industry mainly because of its multi-use-cases across areas like self-driving cars, traffic management, parking management, road condition monitoring, and more. For instance, according to a CDC report, around 1.35 million people across the world are killed on roadways each year. In fact, crash injuries are the 8th leading cause of death globally. Computer vision is at the center of driving intelligent transportation systems across markets. Computer vision is playing a critical role in the following areas in the transportation industry: Self-Driving Cars We are living in an era where self-driving driving or autonomous vehicles are a reality. As companies are working on improving the capability, reliability, and safety of self-driving cars, computer vision is driving this change from the front. As vision transportation tracking helps in identifying and classifying static and moving objects, computer vision has played an integral role in making self-driving cars a reality. Traffic Management The advancement in the field of computer vision has paved the way for efficient traffic management and flow analysis. As computer vision helps in providing accurate information like traffic density, freeway traffic count, etc., it results in better traffic management and improved road safety. Computer vision is also expected to play an integral role in futuristic public transportation going forward. Parking Management Computer vision is widely used as the solution for parking management in place of costly sensor technology that requires regular maintenance. It is expected that the parking management solution would soon be used along with the license plate recognition solution to identify which vehicle is occupying which parking spot. Road Condition Monitoring Computer vision has been found useful in monitoring road conditions. This helps in decreasing safety risks for vehicles and pedestrians and improving road maintenance efficiency. Many countries are using computer vision to trace, track and improve road conditions for improved mobility. Governments usually hire computer vision as a service for road condition monitoring. To sum up Computer vision has provided several groundbreaking innovations to the transportation industry. It is expected to play an increasingly important role in coming up with solutions that are expected to decide the roadmap for how transportation will change in the future.

Rajat Mehrotra
April 27, 2022
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Artificial Intelligence in HR: Human Resources Reinvented

A company’s success depends upon how effectively and efficiently it manages its 3Ts, time, talent, and technology. Given the plethora of jobs today, it is humanely impossible to find the right candidate at the right time. That’s where the third ‘T,’ technology comes to the rescue. Artificial intelligence is one such advanced technology that constantly changes the HR domain. From hunting to onboarding, artificial intelligence is now playing a significant role. But before we understand how AI is transforming human resource management, let’s first understand why and what is Artificial intelligence in hr or the human resources department. AI refers to the ability of machines to interpret and process information like humans. In HR, AI can not only manage the recruitment process but can also help onboard candidates smoothly. Why AI in HR? With the changing dynamics of the business environment, there is a need to manage the organizational workforce. We, as humans, have a limited capacity to do everything, and doing routine tasks might become tedious. This eventually affects the overall productivity and efficiency. That’s where the magic of Artificial Intelligence works the best. Here’s how AI and human resources go hand-in-hand: 24*7 Access With the 24*7 availability of AI Chatbots, any potential talent can easily understand the procedure and other relevant details about the company or particular topic. The use of conversational AI in human resources promotes connection and relationship building. Enhances Efficiency The repetitive task can be shifted from manual mode to automation. This shift gives the workforce more time to concentrate on additional tasks, eventually boosting the overall productivity and efficiency. Personalized Communications AI can ensure personalized communication, especially with the newly recruited talent. With AI tools like Talmundo, where the talent can break the ice through a chatbot. Analytics AI can use real-time data to identify emerging problems when employees raise similar concerns and address them before escalating. Role of Artificial Intelligence in Transforming Human Resource Management The role of artificial intelligence in HR functions is endless, as it is constantly changing the HR working dynamics. The following explains how is AI being used in HR and recruitment: Screening Out Potential Candidates As soon as any company calls for an application, a large number of applicants start forwarding their application to the respective HR. Here, scanning the resumes manually may overlook the best potential candidates, given the number of applicants. However, artificial intelligence HR software like HireLakeAI can be leveraged to manage the hiring process. From shortlisting the resume of candidates to the final round of interviews, this AI-based solution helps HR in making ideal recruiting decisions. Creating a Diverse Work Environment While scanning and shortlisting profiles, HR may unknowingly be biased based on age, gender, etc., making the recruitment process unfair. But AI is trained and programmed to filter out any kind of bias during the screening process, making the procedure fair, unbiased and equal. This emerging role of artificial intelligence in HR functions like screening and finalizing potential candidates helps build a diverse team, leading to a better and more productive work environment. Building an Interactive Candidate Experience Usually, it is pretty difficult for HR to communicate with all the candidates. This leads to a bad impression of the company. But AI chatbots are now used to build an interactive candidate experience. For example, chatbots can guide the candidate for further process, schedule interviews, etc., ensuring a smooth and interactive recruitment procedure. Smooth Onboarding Traditionally, the onboarding process was time-consuming once a candidate was recruited, as the candidate had to manage documentation. However, AI has made this process easier by digitizing and automating documents. They also help properly organize the documents and store them in zip files. Moreover, AI can also track when the hired candidate has gone through these documents and remind them to provide a digital signature. Application of AI in HR Hunting Ideal Candidates Artificial intelligence in HR can help in attracting potential candidates by analyzing the user’s search patterns and advertising companies that are open to recruiting such specific job roles. For example, LinkedIn uses simple AI to target the potential candidate. It attracts them using some recommendation algorithms, that is “related jobs for you” feature. Effective Communication Not having proper communication might lead to a stressful work environment. Therefore, a better communication process is important to have clarity on the job responsibilities. Using AI solutions, the HR department can streamline proper and productive communication in the company, efficiently comprehending texts and voice messages and detecting their tone. Moreover, this AI solution in HR can highlight the present tone so that the person communicates professionally, without any bias, and in a non-offensive tone. Data Collection There is more to a candidate than what his resume displays. Therefore, it is equally important to dive more into the candidate’s profile by digging the social media, past company reviews, etc., to look out for any scope of concern. Artificial Intelligence tools provide efficient data aggregation techniques to collect information. For example, eBay and IBM use AI-powered data aggregation to extract data from a variety of sources, store them and analyze them to conclude the work experience and market value of the potential candidate. Talent Management Hiring a candidate through resume shortlisting and interviews is just one of the many ways a company acquires a candidate. However, the candidate is more likely to join a company if he sees the potential for growth and advancement in his career by working in the company. Artificial intelligence for HR can benefit here by streamlining the process of connecting him/her to someone in the company who already has proficiency in that skill. Why Should You Opt For AI-Based HR Solutions? Enhances Productivity Managing the human workforce of the company can be a nerve-wracking task. But using AI-based solutions in HR, the HR team can easily plan out a proper workflow from start to end rather than shifting a task to a particular day. This will eventually lead to a faster process without compromising on the

Rajat Mehrotra
April 06, 2022
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AI in Gaming: Smarter and Intelligent Gaming Experience

With an estimate to hit the CAGR of 12% by 2025, the gaming industry is growing significantly. According to the reports, Artificial Intelligence (AI) and Virtual Reality (VR) are an integral part of the global gaming industry. Moreover, it is assumed that almost $4.5 billion were spent by immersive gaming (a game with a real-like world) players in 2020 alone. Though gaming is one such industry where AI set its footsteps a long time ago, let’s understand what is the role of AI in gaming. What is AI in Gaming? Since AI inculcates human intelligence into machines, making them function like humans and carry out actions like humans have changed the gaming industry drastically. With the application of artificial intelligence in gaming, now players encounter a realistic gaming experience on a virtual platform and showcase their skills to their full potential against an AI-based worthy opponent. For example, Mortal Kombat is a duo fighting game where the AI-based opponent learns your fighting skills and defends itself by foreseeing them beforehand, giving you a much more challenging environment to play in, underlining why AI is used in games. However, AI in the gaming industry had existed even before the gaming industry gained its recognition. It was in the 1950s when the MiniMax algorithm was used to develop the chess game; it was the first example of how artificial intelligence is used in gaming. This algorithm worked on choosing the best possible move based on the contemporary board setting. ‘Donkey Kong’ was another example that used AI to enhance players’ difficulty levels. Nevertheless, the use of AI in the gaming industry was still underdeveloped back then since the opponents repeated the same mistakes and were incapable of self-learning the gamer’s tactics. But things changed when AI gaming examples like GTA, Need for speed, etc., gave a new dimension to the gaming world. Today, with more advanced features and attributes, artificial intelligence in gaming has completely revolutionized the gaming experience. Advantages of AI in Gaming Here are a few advantages of AI in gaming: Stimulates interest Gaming is a pervasive recreational activity and a getaway from stressful and hectic life. After all, playing games helps in creating a sense of satisfaction and achievement. However, now the AI-based opponents are trained with a variety of styles and techniques, giving you a tough fight. As a result, you start getting involved in strategy building and brainstorming new tactics to defeat the opponent, who is way too powerful for predictive and straightforward gameplay styles. Moreover, it gives a realistic approach to the game. Hence, artificial intelligence in the gaming industry is giving an open and challenging platform for enthusiastic gamers to play at their full potential, therefore, stimulating emotions. Developing smarter games A new range of smarter games across a variety of genres is giving rise with the help of Artificial Intelligence. AI-based Voice Intelligence is one of the significant uses of artificial intelligence in game development. Also, AI can assist in planning and building a strong framework of gameplay. An excellent example of this would be, using the reinforcement learning technique of AI to make the game characters self-learn and function as per the designed surroundings. For instance, in ‘Assassin’s Creed’, the enemies self-learn the gamers attacking and defending strategies and attack back strategically when you as a player would be vulnerable or prone to damage. More realistic games The advancement of artificial intelligence and gaming has led to gameplays having interactive 3D visualizations and merging games with Augmented and Virtual Realities. It gives a realistic feeling, especially when games follow the laws of physics. Moreover, such gameplay is not only visually appealing, but they also give the gamers a feeling of living in a parallel world where they have the freedom to do what they want. For example, ‘Grand Theft Auto’ is a widely popular game where the user experiences living in a whole new virtual city where you can roam, drive luxurious cars, go shopping, etc. Ways to Implement AI in Games Decision Trees Decision Trees are the primary AI methods for designing games. These supervised learning models are used to predict and classify outcomes. They predict the outcome of the desired action done by the user by following simple decision-making rules based on the data that it gets, unlike the Narrative-based games that use DTs to proceed with one among their various alternative narratives depending on the actions of the gamer. With AI, it is easy to interpret results from Decision Trees (DTs) and display them with interactive visualizations. In AI-based gaming, for example, the game ‘Star Wars Jedi: Fallen Order’ uses DTs to display hints of the past and future outcomes of the protagonist, given the specific circumstances you are in. So, you can now make a reasonable choice among the available options and direct the gameplay’s narrative in the way you want. Neural Networks Neural Networks can model a reality-based world and create complex gaming scenarios. Moreover, they cover up the limitations of basic AI techniques, self-learn, and adapt to the constantly changing gaming environments. The Neural Network algorithm interprets data in two ways. They are either manually trained through vast data and then launched in the game or learned in real-time during the gameplay through the live generated data. The latter helps in improving the gaming agents even while the game is played. They also help in controlling Non-Playable Characters (NPCs) and gaming environments. Reinforcement Learning This Machine Learning method functions based on trial and error. The model is trained by letting itself act on certain scenarios and self-learning based on good or bad outcomes from those actions. Then, the algorithm remembers the bad results and finds a way to avoid them in further steps. This technique is quite beneficial in designing Non-Playable Characters (NPCs) and enhancing their decision-making skills when they are put in new environments. Games are the primary targets for testing reinforcement training because this technique has been in practice for a long time. Many computer

Kavika Roy
March 23, 2022
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The Ultimate Guide to AIOps: The Future of IT Operations

The modern world is gearing up for the Fourth Industrial Revolution, with smart devices in its hands and rocket-fast data processing capabilities empowering business operations. Amidst the trends, automation and digitization emerge as the two major agendas that exist on the majority of business portfolios. More than 80% of business organizations are going to increase their spending on automation. And recent market studies predict that the digital process automation market will hit the 16.12 bn USD mark by 2026, demonstrating a CAGR of 12.98%. As the automation needs in modern workplaces are reaching new heights and IT operations are looking for smarter, more intuitive, and reliable ways to automate and digitize routine tasks, people are turning to AI. And promising to fulfill such a diverse set of process automation requirements in IT is AIOps. Coined by Gartner in 2016, AIOps stands for Artificial Intelligence for IT Operations and combines ML and big data for process automation in IT operations, such as causality determination, anomaly detection, event correlation, etc. In upcoming sections, you can learn about AIOps in detail, why and how you should consider them for your business, and major ways AIOps will change the face of IT operations in 2022. What is AIOps? AIOps is an industry category that uses AI and ML analytics for automating, streamlining, and enhancing IT operations analytics. AIOps provides a real-time understanding of any type of underlying issues in the IT organizations and real-time insights into various processes. It also offers predictive business intelligence in various forms and across a wide range of business processes because of its smart analytics capabilities. Increasing complexities of IT systems, organizational data growing at an extreme pace, and frequent industry disruptions, such as remote work, new trends in technology, rapidly changing markets, etc., have fuelled the demand for AIOps. Why AIOps: Exploring the Need for Futuristic IT Ops Tech AIOps software not only empowers the organizations to manage the heaps of data they generate, but it will also help in harnessing the true power of this data via analytics. You can identify any hidden patterns for growth, cost efficiency, redundancy, productivity, etc., and gather actionable insights from them. Apart from the data insights derived from historical organizational data, you can also use predictive analytics to have futuristic insights into various segments that are reliable and data-driven. But then again, mere insights cannot solve the massive automation and digital transformation needs; right? Hence, AIOps also caters to the team collaboration needs and provides inferences drawn from the data insights, such as: Finally, AIOps aids in automating the response and remediation in various instances, to facilitate precise and quick process automation across your business model. The following image shows some of the core functionalities of AIOps, as discussed above: Now that we have had an overview, let us move on to discuss some key use cases of AIOps. AIOps: Key Use Cases While there can be n number of business use cases for AIOps, we are discussing the top 5 core use cases that target the key problem areas when it comes to operations, processes and automation. 1. Big Data Management While big data is a powerful technology to manage, process and make sense of the tons of organizational data that is generated, managing the volume, variety, velocity and efficiency of big data usage is also a challenge. As more and more firms are using big data analytics, getting the best value out of these efforts is also a must. Hence, proper management of big data is one of the most crucial use cases of AIOps. 2. Performance Analysis Organizational performance analysis is an extremely daunting task as it requires micro-monitoring apart from micro-management. Now, you might think that using time tracking and employee tracking software can do the job to a greater extent. However, when it comes to getting granular insights about the results, driven by individual employee performance, this software crumbles down. Having impeccably smart capabilities stemming from AI, ML, NLP, etc., AIOps is your eye to the nitty-gritty details related to performance analysis in any department and for any number of employees. It can rapidly gather and process the vast amount of event logs and data to drill down to the root cause of factors that are obstructing the overall productivity of your organization. 3. IT Service Management IT Service Management or ITSM refers to designing, building, supporting, delivering, and managing IT services in an organization. All the processes, policies, and procedures that facilitate the delivery of IT services to the end-users in an organization also come under ITSM. AIOps uses artificial intelligence to discover any underlying issues in ITSM and helps fix them quickly, thereby improving the efficiency across all the departments. AIOPs also find usage in data monitoring and infrastructure process management. It can make more accurate predictions for planning capacity, allowing you to maximize your resource and inventory space utilization. You can also identify, predict, analyze and prevent any underlying IT service issues. 4. Event Correlation and Analysis When it comes to event storms, most of the traditional analytics software fails because they lack the ability to provide insights into these storms. For example, suppose your event correlation report suggests a delay in project delivery for 2 of your crucial clients, as a designer has given a notice period and you still have not hired a new designer. Now, even if you “know” what is going to happen, there is no suggestion or insight to rely upon. AIOps, on the other hand, can help you make the best decision for remedying the situation by grouping similar events. So, you can either get an insight about a solution that came to your rescue in such a situation sometime earlier, say a few months, or you can get to know which one is the best option – outsourcing, a quick hire, or assigning the work to other designers in the company. So, AIOps reduces the burden of the IT teams when it comes to managing organizational events and offers

Yashica Chopra
March 01, 2022
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Artificial Intelligence in Oil and Gas Industry: Remarkable Transformation

Using AI or artificial intelligence in oil and gas industry helps analyze historical and real-time data, run analytics, plan and schedule production, optimize the supply chain, and use resources to increase returns. Let’s learn more about how artificial intelligence impacts the oil and gas industry operations. The oil and gas industry falls among the prominent industries in the global market. As enterprises and companies from other sectors adopt new technology, it’s noteworthy to mention that the oil and gas industry is not lagging behind. Artificial intelligence is playing an important role in streamlining the on-field and off-field activities in the oil and gas industry. Whether it is using AI tools for oil production, transportation, or improving the safety standards at work, artificial intelligence and machine learning are helping companies solve challenges in various areas. The Middle East produces one-third of the world’s oil and is among the biggest suppliers of fossil fuels. This is because the largest oil reserves are found in the Middle East, thanks to the geographic changes that occurred over the centuries. Most of the oil-producing states in the Middle East come under the Organization of the Petroleum Exporting Countries (OPEC). Statistics show that around 39% of the crude oil produced by OPEC countries comes only from the Middle East region. In fact, Saudi Arabia is the largest producer, with more than 12.2 barrels of production per day. Moreover, the Middle East region accounts for 48% of proved oil reserves, 40% of proved gas reserves, and 18% of the global gas production. What role do AI and ML have in the oil and gas industry, especially in the Middle East? How can the global oil and gas companies use artificial intelligence applications to revamp their systems and increase returns? Let’s read to know the answer. How is Artificial Intelligence Used in the Oil And Gas Industry? Managing capital and investments, attracting shareholders, and increasing operational efficiency are some crucial aspects to consider. The role of artificial intelligence is to help oil and gas companies overcome their problems with exploration, production, processing, logistics, and to streamline backend (or office end) services. In short, AI is used in just about every stage in the energy and utilities industry. Exploring and Producing AI is used to forecast the reserve volumes that can be recovered, analyze the reservoir data, help create well-developed plans on the field, choose production models based on advanced analytics, and make decisions based on market trends and changes. Drilling and Refining From designing to execution of drilling, artificial intelligence helps oil and gas companies to find ways that optimize the returns. Risk prediction, daily, monthly, and lifetime production forecasting, detecting defects and anomalies, etc., are done using AI and ML systems. On-Field Equipment & Services Artificial intelligence assists the on-field managers and workers in scheduling drilling activities and optimizing fleet management and supply chain. Equipment maintenance, improving workplace safety, and forecasting consumer demands are done through the latest AI systems and tools. Office Software AI plays a role in many areas beyond the ones where major action occurs. The backend and corporate offices also use AI and ML to empower employees with automated software to increase productivity. The top management makes decisions based on the reports generated through AI applications. How Will Artificial Intelligence Impact Upstream Oil and Gas? Globally, the oil and gas AI market is valued at $2 billion in 2019. Statistics show that it is estimated to touch $3.81 by 2025 at a CAGR (Compound Annual Growth Rate) of 10.96%. Machine Learning and artificial intelligence in the oil and gas industry are being used for data interpretation and analytics to help forecast future trends, discover new reserves, and increase production in existing reserves. While AI, IoT (Internet of Things), and cloud-based technology are gaining acceptance in the oil and gas sector, the lack of professional expertise is slowing down the adoption rate. The oil and gas companies have to hire AI professionals or train their senior employees to use AI and ML tools as a part of their day-to-day work. Generally speaking, the focus of global oil and gas companies is on simplifying and streamlining the exploration and production processes using AI. Digitalization, automation, and data analytics can help companies improve their operations while aligning their goals to the market trends. The Growing Role of Artificial Intelligence in Oil and Gas Industry The Oil and Gas Authority (OGA) has begun using artificial intelligence in 2019, thanks to the National Data Repository (NDR) in the UK. The pandemic has caused a slump in the industry in 2020 (oil prices decreased by about 50% during the lockdown). However, many companies have been actively investing in artificial intelligence to: It’s no surprise that early adopters have the advantage of protecting their assets and attracting more investors. The early adoption of artificial intelligence in the oil and gas industry is delivering similar results as with other industries, i.e., empowering the companies to retain their market positions and expand their share by gaining a competitive edge over others. Applications of Artificial Intelligence in Oil and Gas Development Geological Assessment Geological assessment is also known as surface analysis, where AI robots can detect oil seeps and reserves deep inside the earth or the ocean. The Wadia Institute of Himalayan Geology (WIHG) came out with a new AI technique in 2020. This technique helps analyze data from semantic waves and helps discover the presence of hydrocarbons (like oil and gas) with minimum effort and in quick time. AI tools analyze and assess geophysical data to increase accuracy in mapping the natural oil deposits. Tracking Assets Asset tracking and management include project planning, managing the product lifecycle, and aligning the process to match the market demands. Digital twin technology is being used by the oil and gas companies to deal with the uncertainties in the market (especially due to the pandemic) and to add more flexibility to their system and approach to work. Automating Equipment Maintenance A vital role of artificial intelligence applications in the oil and gas industry is to reduce

Kavika Roy
January 31, 2022
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Mixed Reality and AI for Safer Surgeries

Mixed reality and AI can help make surgeries safer by assisting surgeons during the process. From providing 3D imaging to handling instruments, AI is a vital part of the operating room. Here, we discuss what mixed reality means and how AI is taking surgeries to the next level. Artificial intelligence, machine learning, and computer vision are becoming an essential part of the healthcare industry. AI is helping doctors, nurses, and the hospital administration streamline patients’ records, accurately diagnose the medical condition, and provide better treatment. The COVID-19 pandemic has increased the focus and adaptation of remote patient care and telemedicine to ensure that patients don’t suffer due to lockdowns. Doctors increasingly rely on AI-based technology and tools to provide patients with quality healthcare. Technology like augmented reality (AR), virtual reality (VR), and mixed reality (MR) are being used in hospitals to assist doctors and train medical students. These are designed to assist doctors during surgeries to make the process safer and increase the success rate. The market size value of AI in healthcare is $10.4 billion in 2021 and is estimated to reach $120.2 billion by 2028 at a CAGR (Compound Annual Growth Rate) of 48 percent. North America has shown the highest adoption rate of AI in healthcare at 58.9 percent in 2020. The same report suggests that the use of AI in the healthcare industry will grow rapidly in the Asia Pacific during the forecast period. What is Mixed Reality? Mixed reality is a combination of virtual reality and human vision. The AR filters used in mobile apps such as Instagram, Snapchat, etc., are a simple example of mixed reality solutions. Surgeries require a lot of planning, practice, and precision. Doctors cannot afford to get distracted or lose focus when operating on a person. The use of AI in surgery aims to support doctors and supply them with the necessary information and surgical tools without disturbing them at any point. Mixed reality makes it possible to use technology to assist doctors during surgeries and minimize risks. Paul Milgram and Fumio Kishino first introduced the term mixed reality in 1994 in their paper titled A Taxonomy of Mixed Reality Visual Displays. MR combines computer vision, cloud computing, graphical processing, etc., to blend the physical and virtual worlds. Many companies have been developing MR applications that can be used in various industries. MR and Healthcare MR in healthcare can be explained using a head-mounted device that gives doctors a clear and better picture of the patient’s data chart and related images. The images of the affected area where the surgery has to be performed can be displayed directly on the patient. This increases accuracy and makes it easy for surgeons to be as precise as possible. MR devices are also changing the interaction method between doctors and patients. Data is more easily accessible and is used to understand the patient’s condition in-depth. Microsoft’s HoloLens is a prime example of MR Headgear that creates realistic images and holograms to help medical students understand human anatomy. Medical schools have begun investing in MR devices to empower their students. Mohammad Abdul Mukit, an MS student in electrical and computer engineering, a graduate fellow and research assistant at the University of Oklahoma, and Dr. Christian El Amm, a plastic and reconstructive surgeon, have collaborated to create an AI-based device (that accepts voice commands) to increase safety and efficiency during surgical reconstructions. SentiAr, a digital health company, has developed a holographic AR platform to provide surgeons with 3D images of a specific anatomy and data visualizations of the patient’s medical chart. The adoption of MR in the healthcare industry is still in its early stages. Technology can bring many more positive changes to improve healthcare facilities and surgical procedures. Use of Mixed Reality in the Healthcare Industry Mixed reality can help doctors, nurses, and healthcare professionals in several ways. From providing real-time information to developing realistic 3D images, here’s what MR can do. Resource Optimization Mixed reality reduces the dependence on nurses and medical assistants. Data is automatically collected, processed, and projected as images and charts whenever the doctor requires it. This saves resources and reduces expenditure without compromising the quality of healthcare services. Real-Time Data Access The mixed reality headsets can provide data in real-time to surgeons. For example, if a surgeon wants crucial data about the patient during an emergency, the MR device can immediately pull it up from the database it is connected to and display it for the surgeon. AI works in the backend to make this possible. Live Streaming Surgeries The MR devices can record and live stream surgeries without interrupting the process. These videos are used to train medical students to become proficient at surgeries. It also helps doctors rewind and replay complex surgical steps and explain the processes clearly to the students. Remote Patient Care Patients can continue to be under home care and still get excellent treatment from their doctors. The latest data is updated to the systems to help doctors understand the patients’ current condition and prescribe medication accordingly. AI has made it possible to deliver quality patient care remotely during the pandemic. Natural 3D Imaging Mixed reality is known for creating realistic 3D images with depth and layers of detail. This feature is very useful when surgeons want to know how deep the infection is or when to stop the incision. Natural 3D imaging increases accuracy and precision in surgeries. Virtual Surgery Intelligence This is used to educate patients about what happens during the surgery. Being aware of the procedure will give patients more confidence and prevent them from being stressed or worried about the results. Remote Assistance in Surgeries MR headsets like Hololens come with microphones and sensors. Surgeons can directly interact with other experts and take their advice during a complicated, high-risk surgery. Experts can provide remote assistance to surgeons in the operation theater. Simplified Data Sharing Critical medical information is stored in a unified format and can be shared with the physicians without any delay. Doctors

Yashica Chopra
December 08, 2021
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How a Perfect AI Strategy can Help Your Business – 25 Industry Experts Share Their Pro Tips

A comprehensive artificial intelligence business strategy can boost business and make the enterprise an industry leader. Let’s look at the round-up of pro tips shared by leaders in the AI industry. The current market scenario is proof that businesses need to adopt the latest technology to survive the competitive markets. Artificial intelligence has become a necessary step in digitally transforming the business and creating new growth opportunities. However, the success of an enterprise depends on how well it plans and implements the AI strategy within the business. Wouldn’t it be helpful to have pro tips and advice from experts who’ve been in the industry for years? This round-up post contains the top tips from twenty-five AI experts known for their domain expertise in various subfields of artificial intelligence. Worth noting strategies by 25 AI Experts Bernard Marr Internationally Best-selling Author | Business, Tech and Data Advisor A separate AI strategy is essential even if a business has a data strategy. AI-enabled services are a better option for small businesses instead of customization. Don’t ignore change management challenges and HR issues. Managing company culture is a must. Allie K. Miller ML Business Development Global Head, AWS Start with the pain point and expected outcome. Add a buffer amount to the budget and work with it. Focus on edge cases and minimize data noise. Don’t expect perfection the first time. AI should be integrated within business workflow. Ankush Sharma CEO & Co-Founder, DataToBiz Start at the beginning and understand the requirements and challenges for AI adoption. Get feedback from customers and make necessary changes to the system. The AI business strategy needs to be constantly evaluated and edited to fine-tune the systems. Dennis R. Mortensen CEO and Founder, x.ai AI should make users more capable while sounding as human as possible when interacting with customers. Automation is the primary goal of using vertical AI agents in the enterprise. Bots and virtual assistants can increase the worth of the employee and the business. Gregory Piatetsky-Shapiro Founder and President, KDnuggets | Data Scientist Data scientists should stop overfitting the data, which defeats the purpose of using the algorithm. Identifying the right problems to tackle within the business is essential for AI implementation to be successful. AI will keep evolving, and data scientists and analysts need to learn and upgrade their domain knowledge. Tamara McCleary CEO, Thulium AI uses reactive and proactive user experience to provide real-time data analytics for marketers. The insights require a huge volume of accurate data to be fed to the algorithms. Issues with business scalability can be solved using AI to structure the business model accordingly. Marketing is much more than human-to-human interaction, and it’s necessary to seamlessly use algorithms, bots, and humans to get the desired results. Andrew Ng Founder and CEO, Landing AI | Founder, deeplearning.ai No need to invest heavily in AI projects in the first stage. Bet on safer and smaller AI technologies that guarantee results. Businesses already have valuable data sitting in their systems. They only need an AI team to work on it. Building AI systems is similar to building a rocket ship. It won’t take off unless the elements are in the right proportion. Ronald Van Loon Principal Analyst and CEO, Intelligent World AI works in combination with IoT (Internet of Things), Big Data, Augmented Reality (AR), and cloud computing to deliver results. Align and organize data around the data layers for accurate insights. Move on from older data storage systems. Start by using ML solutions that are already integrated into the systems. New models can be developed later. Kirk Borne Chief Science Officer, DataPrime Hire a group of data analysts to decide which AI and ML systems to use. Don’t rely on the judgment of one person. Cloud-based infrastructure will reduce analytical costs for the enterprise. It will take time to make the most out of AI systems. Even the leading companies have a lot more to do. Andriy Burkov Director of Data Science, Gartner | Author Testing and perfecting an ML model takes months and years. Hire more ML engineers to speed up the process. Machine learning doesn’t mean the machine is learning. It only provides the necessary numbers at a great speed. Implementation errors in ML can be impossible to find unless various baseline models are implemented which beat the new model and show the error. Hilary Mason Co-Founder, Hidden Door Focus on ‘boring’ business problems to know how much AI can help find an easy solution. AI should be used to overcome challenges rather than as a prestigious investment for the enterprise. The spend-first-plan-later approach by businesses will lead to a higher risk of AI failure. Steve Nouri Chief Data Scientist and Co-Founder, iN2iTY Lab | Founder, AI4Diversity Chatbots and virtual assistants empower employees with self-servicing and increase customer experience. Messy datasets are the ones that deliver results. Businesses should train their data analysts to work on similar sets. The data-centric approach is a great way to train AI systems to be more accurate in their predictions. Kristen Kehrer Founder, Data Moves Me | Senior Manager, Engagys LLC Data literacy training is compulsory for employees to ask the algorithms the right questions. It should be continuous, individualized, and asynchronous. Enriching the data in the enterprise will make it easier to build an ML model. Randy Olson Senior AI Scientist, Absci | Data Science and Machine Learning Advisor, FOXO Technologies Choosing the right machine learning model is the responsibility of humans. GUI-based data visualization tools have become more popular over the last few years and deliver better reports. ML algorithms can be used to analyze most types of data. Ganapathi Pulipaka Chief Data Scientist and SAP Technical Lead, Accenture Chatbots, virtual assistants, and tellers are a great way to manage customer service in various industries like banking, retail, etc. Drones can be effectively used for smart services and linked with IoT to share real-time information. Smart services are the way to drive the economy for an enterprise. That’s possible with AI technology. Mark van

Rohit Narain
October 29, 2021
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AI for Law: Can AI Replace Lawyers?

How do we describe law? It’s complex, isn’t it, just like how algorithms work? There are a set of laws, regulations, and rules on one side and cases that need to be solved on the other. The lawyers and judges work within a framework using a process similar to how computer programming or machine learning algorithms work behind the scenes. Of course, the law cannot be that easily categorized into algorithms, but ML algorithms sure can be used to help implement the law and deliver justice. Before we talk about artificial intelligence in law firms, let’s first see what a law firm is and how it functions. A law firm is an association or a team of lawyers working together as a business entity and providing legal services to the public. The lawyers of the firm share their clients and profits, depending on their schedule, expertise, and seniority. Law firms follow a hierarchy where the main partners or shareholders sit on the top tier. The senior associates follow next, with the junior lawyers working under senior lawyers and learning from them. A law firm can be organized in several ways, based on where the practice is located. They can follow any of the below arrangements- Law firms also hire paralegals from time to time if required for the case. A firm can have both individuals and corporations as its clients. The primary step is to understand the client’s case, explain legal rights, responsibilities, and advise them on the best way forward. The firm can accept civil and/ or criminal cases, cases that deal with financial transactions, business complications, or any other areas of law. What are the Application Areas of Law? Law is classified into several finer categories, each dealing with a specific aspect of society/ life. A lawyer usually chooses an area of expertise and specialization, which helps them take up cases specific to the category and help their clients. Animal Rights Law An animal rights lawyer can save and protect the lives of those who cannot speak for themselves. Fighting against animal cruelty, getting better facilities for animal care shelters, and exposing animal abusers are some responsibilities of an animal rights lawyer. The lawyer takes up cases to protect domestic and wild animals. Blockchain Law This is a new area of expertise, thanks to the increasing popularity of Bitcoin and several other altcoins and digital currency. Though there aren’t many lawyers who specialize in this area, the field is set to grow and create many opportunities for upcoming lawyers looking for a new and profitable area of law. Civil Rights Law Civil rights are basic human rights every human being in this world is entitled to. Being a civil rights lawyer is a crucial responsibility. Even though many civil rights lawyers work for nonprofit organizations, they also take up other cases of interest, especially when human rights are being violated. Complex Litigation Law Complex litigation cases are difficult to handle and can go on and on for years. Civil and corporate cases with their stakes high and involving some noted individuals or entities are dealt with by complex litigation lawyers. It’s a serious area of law that demands everything from the lawyer. Corporate Law Corporate law deals with the everyday practices of a business and its other complex affairs. Corporate law enters the scene at the very beginning, right where the business is initially being set up. Compliance, contracts, policies, rules, and regulations, etc., come under this area of law. Corporate lawyers also take care of business liabilities and bankruptcy. Criminal Law A criminal lawyer can choose to be a defense lawyer or a prosecutor, or sometimes both. The role and priorities of the lawyer change based on whether they are defending the client or prosecuting an accused. However, the primary role of a criminal lawyer is to protect the basic rights of the client. Criminal lawyers deal with clients from all sections of society. Environmental Law Lawyers who practice environmental law will see more demand as the fight against climate change gets serious. Setting up new regulations, amending existing laws, etc., help protect the environment. The lawyer plays a vital role in promoting these laws and helping individuals/ businesses understand the environmental laws and how these can impact their business. Family Law Family law deals with family-related aspects, be it good or bad. From divorce to inheritance disputes to adoption and child care, it encompasses an array of elements. A lawyer who practices family law has to deal with the emotional aspects of the case as well as the financial and social factors. Healthcare Law The healthcare law deals with the healthcare sector. It includes- The healthcare lawyer works with hospitals, medical centers, doctors, and insurance providers to advise them about their legal obligations and rights. Immigration Law Immigration laws protect immigrants and refugees from being subject to abuse/ neglect/ racism in the country they are taking shelter in. Immigration lawyers are currently in demand as (illegal) immigration, deportation, etc., are the most discussed topics. An immigration lawyer can help families get the justice they deserve in another country. Intellectual Property Law Intellectual property theft is becoming quite common in recent times, and the demand for IP lawyers has gone up. Intellectual property law protects ideas, concepts, theories, formulations, equations, designs, etc., from being duplicated and stolen by others. Copyrights, trademarks, patents, and other such applications are filed to protect intellectual property. Labor Law Labor law deals with the rights of a laborer, worker, or employee of an enterprise. Lawyers who specialize in labor law are almost always in demand because of the varied nature of atrocities faced by employees. From hazardous working environments to sexual harassment and racism (among other things), the lawyer works with clients from the entry-level to top positions in an organization. Sports and Entertainment Law This area of law includes IP (intellectual property) laws, royalty disputes, ownership rights, contacts between different parties involved in the project, etc. The ‘entertainment’ part covers television and

Kavika Roy
October 12, 2021
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9 Uses of Machine Learning in Business Communications

Artificial Intelligence (AI) and Machine Learning (ML) are becoming an integral part of our lives, at work or home. Enterprises use AI and ML to streamline the business processes and help employees become more productive. AI and ML are used by social media sites, search engines, and OTT platforms to assist users in finding what they want. At home, we use AL-based voice assistants like Alexa, Siri, and Google Home Assistant for several purposes. As days pass, we see ML being extensively adopted by businesses. North America grabs the first place for ML adoption, with 80% of the companies using artificial intelligence and machine learning in some way or another. According to GlobeNewswire, the global market value of machine learning is said to touch $117 billion by 2027 at a CAGR of 39%. So, what do companies use machine learning for? Why are AI and ML so crucial in today’s scenario that it has become necessary to invest in machine learning to stay competitive? Let’s find the answer to this question and more. Importance of Machine Learning in Business Machine learning is a subset of artificial intelligence. It analyses data sets to trace patterns and identify trends that are otherwise difficult to find. It allows a business to automate data analytics and save resources. Understand Customers Businesses have become customer-centric, thanks to the increasing competition. Understanding what the customer wants is essential if you wish to retain them. Remember that your competitors are putting in more effort to attract your customers to their business. Machine learning will analyze customer data to help you understand their preferences, likes, and dislikes. Automate Business Processes How is machine learning used in business? When a task can be completed by a machine in less time, with more efficiency, why dump it on employees? Let machine learning automate recurring tasks so that your employees will have more time to focus on the core projects. Personalization of Ads Customers like variety. They also like to be provided with several options of products/ services they want. How do you attract a customer to your business? Personalized ads are the result of machine learning. You can reach out to a user who wants a product/ service you provide by analyzing their search history and purchase preferences. Increase Business Security Cybersecurity has been a cause of concern for every business. A startup or a multinational company, no one is safe from hackers. But AI and ML-based antivirus software can safeguard your business and prevent cyberattacks by providing multilayer security. Of course, it is expected that hackers will also use the same technology to get in. But machine learning can help identify the weak spots in advance and strengthen the overall security system. Human Resource Management Can machine learning enhance human learning in business working environments? Absolutely! Machine learning is used for human resource management in several ways. From identifying the talent gap to screening applicants and assessing the value of an employee to providing customized training options, ML can help employees become better at work. Every employee’s career growth can be mapped in parallel to the company’s growth. Manufacturing and Logistics AI and ML are being used to streamline inventory and shorten the delivery time. Machine learning uses the existing data to provide valuable insights, whether predictive maintenance or alternative routes to reach the destination earlier. This helps you in making better decisions. What is Artificial Intelligence in Business Communication? What role does AI play in business communication? Artificial intelligence combines machine learning, deep learning, natural language processing, and more such technologies that effectively understand, analyze, and process data to provide meaningful insights. Artificial intelligence has been used to facilitate better communication in recent years. Here’s how AI is used in communication: Chatbots for Customer Service Chatbots have changed the way businesses and customers interact with each other. There is no need for customers to wait long hours, hoping the representative will respond soon. These chatbots are found not only on business websites but also on other communication channels. You can develop a chatbot for Facebook Messenger to respond to followers on that platform. Using chatbots also reduced the cost of expenditure incurred by the customer service department. Smart Campaigns Artificial intelligence solutions can create smart campaigns for marketing and promoting the brand among the target audiences. Customers are segmented and categorized based on their online data. This allows you to create hyper-targeted ads for each customer group and every customer. It can increase the chances of converting a prospective user into a successful lead and customer. Filtering Emails Do we need to tell you about the nuisance of spam emails? They keep coming, don’t they? Unless you have AI-based filters will effectively keep phishing emails out and prevent your employees from falling prey to cyberattacks. Though Gmail is effective, using your own ML-based filters and spamware will better protect against phishing attacks. Sending Automated Smart Replies Natural Language Processing helps understand the text and the intent behind the words. Instead of asking employees to send replies to every mail, this can be automated using AI and ML. The automated smart replies use the appropriate wording to frame the response for every email. Self-Servicing for Employees Similar to how chatbots communicate with customers, the same helpdesk system can be set up for internal customers, aka employees. Machine learning in business applications can help employees answer their queries by contacting the chatbot instead of a human agent. This saves time for both sets of employees. How to Apply Machine Learning to Business Problems? Machine learning can solve several business problems if you know how to use it. Of course, adopting AI and ML has its own set of challenges to deal with. That’s why most enterprises rely on offshore machine learning consulting companies to help with the adoption process. Prediction vs. Decision You need to determine if you want to use machine learning for prediction or decision-making. Using ML for the wrong purpose will result in more loss than profits. Data Processing and Analytics While data is available in abundance, not