This year I met many visionary business and technology leaders, all over the world and across a wide variety of industries, who are exploring and adopting Machine Learning (ML) and Artificial Intelligence (AI) solutions to enhance operations, generate new revenue streams and even establish new business lines. This article is about a few of those interactions and experiences that truly wowed me in 2019.
There is no doubt that AI will cause huge disruption. Many liken AI to electricity in terms of how significantly it impacted everyone. AI will also affect our daily life as citizens, employees, consumers, business owners, travelers, homeowners… Businesses that deploy AI/ML well will no doubt see material improvements in operational efficiency and growth. Businesses that don’t will be quickly swept away. Individuals will see a plethora of automation tools making life easier, but we will also have to deal with the privacy, bias and security issues that come with them.
Retail and Banking, like so often recently, have led the parade in deploying new technologies and AI, with many of these having been well documented! However, what is truly gratifying is how other industries, and mid-size companies, have well defined use cases and business plans to deploy AI.
Captured below are some of the use cases we are working on, that truly got me excited…
- A manufacturer, distributor and operator of industrial equipment started bolting sensors onto its equipment to collect vibration and temperature information. With enough data, this company can provide predictive maintenance services and ensure uptime of costly equipment. And charge for it!
- An online platform providing risk management and reporting services to airports and shopping malls, is now leveraging data coming in from IoT devices, sensors, cameras, visitor logs etc., to deliver smart solutions to its clients. Sending alerts when a trash can needs to be emptied and alerting of a spill in an aisle that could cause someone to fall are just two of the many value adds that they can provide their clients. Think of the efficiency improvement and risk mitigation potential!
- Another manufacturer is having quality issues with one component in the manufacturing process, with the products passing quality checks but subsequently failing in the field. They are deploying a computer vision solution and leveraging field issues / warranty data to learn and detect quality issues in manufacturing. Imagine the cost savings and improvement in customer satisfaction!
- A group of primary care physicians and specialists is implementing a solution to extract symptom information from textual data. Using this information, deep learning models will provide guidance on diagnosis codes. Can we actually see fewer rejections of claims and lesser fraud?
- A Field Service Management platform is looking to implement multiple analytics use cases. Internal and external data sets will be used to develop models to provide recommendations on job details, schedule appointments based on many distinct parameters, adjust average job duration, track performance efficiency of technicians and much more. This is a game changer for field service companies!
- A commercial real estate services company wants to determine exact office utilization using computer vision and heat maps, with the objective of recommending space reduction (and therefore cost savings) to their clients. How’s that for “above and beyond” service?
There’s more. Many, many more. We are truly living in interesting times. If you would like to know more about the use cases mentioned here, or would like to discuss interesting use cases of your own, I’d love to talk to you at email@example.com