What was once the realm of science fiction, artificial intelligence (AI) is penetrating every side of business, from deploying chatbots to AI-driven platforms. Companies are now using AI to identify trends and insights in vast reams of data and make faster decisions that potentially position them to be competitive in real-time.
Companies need to look at AI through the lens of business capabilities rather than technologies and it can support three important business needs: automating business processes, gaining insight through data analysis, and engaging with customers and employees. The most common type of automation is that of digital tasks—typically back-office administrative and financial activities—using robotic process automation technologies. Other tasks include transferring data from email and call center systems into the system of records, reaching into multiple systems to update records, reading legal and contractual documents to extract provisions using natural language processing.
The second most common type of AI application is the use of algorithms to detect patterns in vast volumes of data and interpret their meaning. Cognitive insights provided by AI differ from those available from traditional analytics as it is more data-intensive and detailed, the models are trained on some part of the data set, and the models get better in making predictions overtime. These are typically used to improve performance on jobs only machines can do—tasks such as programmatic ad buying that involve such high-speed data crunching and automation that they have long been beyond human ability. In addition, AI is used for projects that engage employees and customers using natural language processing chatbots, intelligent agents, and machine learning. These technologies are used to interact with both employees and customers. Organizations are becoming more reliant on turning customer interactions over to machines and the plan is to replace human customer service agents entirely. With AI gaining momentum, more holistic platforms and solutions that better automate business intelligence and analytics processes are being developed.
At this juncture, there is a wide variety of AI companies entering the industry with a set of advanced solution offerings. To help companies navigate through the best-of-breed AI companies, CIO Advisor APAC has compiled a list of ’20 Hottest Artificial Intelligence Companies– 2020.’ The enlisted organizations are transforming multiple industries through AI integrations. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you CIO Advisor APAC’s, “20 Hottest Artificial Intelligence Companies – 2020.”