Top use cases of AI project in 2021

AI has become relevant for everyday activities and what really enabled this thing is that firstly there was a newer or better understanding of certain algorithms, secondly there is an easy availability of Data, and lastly, there is an improvement in hardware.

Involuntarily the entire world is involved with AI, and by the end of this article you will know different use cases which make you a user of AI.

This article’s outline:

●    Most Prominent AI Use cases in 2021:

➢ What is the use case?

➢ What is the power of AI?

●   SmartPredict: a solution for these use cases.

Most Prominent AI Use cases in 2021

❖ Demand Forecasting:

What is it?

Demand forecasting is the process of making estimations regarding the future customer demand over a determined period of time, those estimations are based on historical data and other information.  

Power of AI:

Let’s start with the current challenges involved with the demand forecasting, there are various challenges however we are going to highlight four key challenges, the first one is forecasting errors this includes financial forecasting, secondly we have supply chain waste, thirdly lost sales mainly due to products not being available and lastly resource optimization. These are the key problems that AI can tackle very well. As it is able to analyze the vast variety of data, to respond to changes in the data sets and  discover complex relationships and update the forecast amounts much better.

According to a research the three key solutions are:

➔30-50% reduction in forecasting errors

➔up to 65% lost sales reduction

➔20-50% inventory reductions

➔reduction in manual intervention

➔reduction in waste within the supply chain

➔improved lead times, resulting in increased customer satisfaction

Since they require large data sets to make predictions and this is something that machine learning is very good at, qualitative forecasting is possible by analyzing product attributes or social media data and a great benefit of AI power demand forecasting is the vast amount of data it can analyze within a very short space of time and this ranges from widely available historic sales data, customer profiling data as well as data of the entire supply chains and simultaneously it can also analyze real time data such as live advertisements campaigns, prices, local weather forecast, complexes analogies and social media analysis. The result is that these demand forecasting algorithms are great for discovering nonlinear and complex relationships in the data and it all does this without needing to pre-select the exact model type or make assumptions about external factors.

❖ Fraud Detection:

What is it?

Fraud detection is a set of processes and analyses which allow different businesses to identify and prevent unauthorized financial activity, such as fraudulent credit card transactions, insurance scams, cyber hacking, identity thief and more.

Power of AI:

AI driven Fraud Detection tools can analyze clients behaviour, track your location and determine their purchases habit, therefore they can quickly detect any unusual activities.

According to researchers, companies and consumers alike are expected to lose up to $44 billion annually to bank card fraud by 2025. Today, AI makes use of data-rich hyperspectral and polarimetric images to optimize various things to mitigate fraud and protect their customers, companies are starting to use AI and machine learning. Machine learning can quickly analyse data to approve or reject transactions, detect potentially fraudulent activities, and calculate risk scores. It continuously gets better at detecting anomalies in patterns to flag issues much faster than humans. Many more online merchants and payment service providers have already secured billions of dollars by applying AI solutions.

❖ Object Detection:

What is it?

Object Detection is a computer technology related to computer vision technique that allows us to identify and locate objects in an image or video. In simple words, it is related to vision and image processing that deals with detecting instances of semantic objects in a frame. Object Detection has also been paving a glorious path for the surveillance industry. Traffic tracking systems, activity recognition, even sentiment analysis through object detection are all possible now.

Power of AI:

Object Detection may sound like a pinnacle in Artificial Intelligence but it co-exist with us in our lives. Have you ever wondered how a face unlock works on your smartphone or  how a self-driving car operates on its own? The answer is object detection. Artificial Intelligence is the basic principle that drives object detection. The idea is simple: data is collected through computer vision, then the data is fed into models and then using machine learning algorithms or deep learning algorithms inclusions are made. The camera collects the image from different angles and sends it to the Image Processing Unit. Now, based on how the model was trained and what the training data was, the results are laid out to the system in the form of alerts or instructions like: how far the object is? Object is moving? Object has stopped?

Surveillance has picked up a lot of pace with object detection with increasing efficiency in object detection technology, it is evident that Artificial Intelligence is on the rise and it will eventually create a lot of job opportunities in the coming years as well. 

❖ Heart Attack Analysis & Prediction Dataset:

What is it?

Globally, heart disease is one of the major causes of morbidity and mortality. According to researchers, it accounts for more deaths annually than any other cause. It turns out that seven million people have  a weak heart pump and don’t know it, it is known as the asymptomatic left ventricular dysfunction.

Power of AI:

There are treatments, medications, implantable devices that can prolong life and prevent symptoms so we hypothesized that we could look at the heart’s electrical signals: the EKG which traditionally is recorded by putting sticky electrodes on the chest and you lay flat for 10 seconds but now as you know can be recorded from a SmartWatch, from a SmartPhone and we used an Artificial Intelligence, a neural network and trained it to read these signals and here is the way, we did it: a neural network learns the way a child learns. For example, you hold up an apple and say this is an apple, then you gold up an orange and the child learns over time, does it have a stem? Is it firm? What color is it? and the same way we hold up or feed into a computer literally tens of thousands of ECG’s and then the machine over time begins to learn which ones are normal and which ones are abnormal; afterwards we test them by showing them unknown ECG’s, and then we ask the machine does  the individual have a weak heart pump? Scientists and doctors alike have turned to machine learning techniques to develop screening tools as AI has a superiority in pattern recognition and classification as compared to other traditional statistical approaches.

❖ Speech Emotion Recognition:

What is it?

As speech-driven user interfaces become more common in our lives, their lack of emotional and social intelligence has become more obvious. For example, alexa won’t detect your emotion, siri won’t pick up your sarcasm, these are important aspects of Speech Emotion Detection. Humans perceive emotionally intelligent devices as overall more intelligent and if we want our interactions with these devices to be natural, for that they will need to detect our emotions. Speech Emotion Recognition  has a variety of uses such as human computer interaction and emotional monitoring in a huge number of fields as varied as health education and entertainment. Speech is the most natural way of expressing ourselves as humans and it is natural to extend this communication medium to computer applications. Speech Emotion Detection or Recognition systems can be defined as a collection of methodologies that process and classify speech signals to detect the embedded emotions.

Power of AI:

In 2008, there was the first paper to use deep learning in terms of recurring long shorter memory networks for this and in 2016, we were able to do the very first paper on end to end learning that is a major breakthrough because usually we were dealing a lot with which features are the best is it pitch is it energy is it voice quality and now the networks can learn entirely by themselves. The key application that people would have in mind for a Speech Emotion Recognition is usually at first is human computer interaction, monitoring is a general important application field. For example, an operator of a nuclear power plant or simply of your car maybe you just want to have a call analyzer that gives you feedback or even after a talk, a big presentation or something like that gives you feedback and general well-being monitoring. So looking back at these at least two decades of Speech Emotion Recognition, what has actually changed first of all the emotions that are being dealt with Artificial Intelligence are much more subtle, these days the emotions are recorded in the wild, as we have data coming from people skyping for example , people on the phone and different youtube blogs. Of course, we are seeing also improvements and the accuracy of such systems but the human is still very good at recognizing, for example regulated emotion or intentionally acted emotion these are  things where again we are just lacking data to train with, once we have more data we are quite confident we can do a good job there as well. The difficulty with data for Speech Emotion Recognition  is not the lack of speech data available, it is the lack of data that is labeled with the appropriate emotion, this is due to the ambiguity of emotion itself.

❖ Email Classification:

What is it?

Email Classification is a monitoring system from within an email inbox, designed to monitor the real-time flow of email into an organization. The system will classify each email based on the criteria set by the organization or the individual by automatically reviewing the content from the body of the email and the attachments.

Power of AI:

Email Classification is a machine learning problem that falls under the category of Supervised Learning. Let us take a look at the workflow, firstly it will start with gathering the emails, secondly it will classify the emails if it is above a certain confidence threshold moving it out to the classified folder otherwise moving it to unclassified for human intervention later. Now, let’s see the machine learning skill activity is connected to the model hosted in the Artificial Intelligence center. As soon as we run the workflow, we can see the robot begin to read the email and classify the email and move that email into the correct folder.

❖ Next Best Offer:

What is it?

Next Best Offer also known as Next Best Action or Recommended Action is a customer-centric approach. It is determined through a combination of the customer’ s interests as well as the objectives of the business.

Power of AI:

Next Best Offer is a system which takes the information we have captured about a customer, it applies predictive analytics and delivers the best action to your front line, therefore they can use it to deliver an exceptional customer experience. Artificial Intelligence will help to generate revenue, build loyalty, increase wallet share and improve service. Outbound marketing can use this use case to create real-time offers. For example, if a retailer knows that their customer has been browsing on his/her smartphone for eco-friendly home goods and that she is an opt-in customer who frequently redeems in-store coupons, imagine the results when GPS alerts the retailer that she is just walked into one of their stores; the machine can apply predictive analytics and score different options for offers so present her the Next Best Offer. 

❖ Content Generation:

What is it?

Content Generator is basically a tool that will cut weeks from your website or online store building process.

Power of AI:

As we are aware about the fact that Artificial Intelligence is capable of learning from experience and from existing content. The question is how Artificial Intelligence manages to produce, to generate content in a human way? Well, the answer lies in the subsets of the topic. We have AI algorithms, Natural Language Generation (NLG), machine learning, and deep learning. These subsets are needed in order to convert computerized data into human language. Artificial Intelligence power can be showcased by the fact that AI is nurtured with large volumes of data and multifarious detailed data, therefore it can learn from it and create a pattern.

❖ Remove Duplicate Customer Record:

What is it?

As we know, duplicate data leads to inefficiency and also leads to bad experiences for both: your team and your customers. Finding duplicates manually is hard, so this Remove Duplicate Customer Record tool uses Artificial Intelligence to find duplicate records for your organization. 

Power of AI:

As we know duplicate data stinks, and plus finding duplicates manually is a hard task, and that is where Artificial Intelligence plays its role and helps us to find and remove duplicate records. Artificial Intelligence has this power and capability to manage and help us to work efficiently.

❖ Product Recommendation System for Ecommerce:

What is it?

Product Recommendation System for E-commerce allows businesses to personalize their offers by showing all their customers, visitors relevant products. This type of E-commerce marketing helps to increase the average spend of visitors and helps to grow the organization.

Power of AI:

When we talk about the Product Recommendation System for E-Commerce, we have to notice that it has been around since the first magazines which were sold as a personalized marketing tactic. But these old methods were not that smart and were providing subjective suggestions. Do you want a smart and accurate recommendation system for your E-Commerce? The only answer is AI-driven Product Recommendation System for E-Commerce.

❖ Scene Text Recognition:

What is it?

Nowadays, the need for extraction of textual information from different sources has risen to a large extent. Scene Text Recognition is the process of detecting the text present in the image.

Power of AI:

In this era of digitization, the need for the extraction of textual information from different sources has  risen to a large extent. Fortunately, Artificial Intelligence allows us to make great strides in easing the burden of text detection and other document analysis and understanding. This method of converting the text present is images or scanned documents to a machine-readable format that can later be edited, searched and can be used for further processing.

❖ Product Personalization:

What is it?

Product Personalization is a tool to predict which offers will be most attractive to each individual customer, resulting in more targeted marketing campaigns and higher brand value.

Power of AI: 

To deliver a truly personalised customer experience, you need to understand the customer completely in the context of a rich diverse set of information captured from a variety of sources and you need that knowledge available instantly within any point of contact so you can be ready with the right response in real time during the interaction. The machine will help the retailer to present his/her customer with a personalised offer on her device.

❖ Loyalty Program Usage:

What is it?

As an organization, are you likely to win some loyal consumers? Then here is a tip for you, Artificial Intelligence is a great tool that enables businesses to nurture their customer relationship with ease.

Power of AI:

Artificial Intelligence is a hot topic in the world of customer loyalty, and that is why it is important to understand the emerging technology’s relevance to marketing as well as how it could impact your business moving forward. Artificial Intelligence is capable of incorporating the value, attrition and potential (VAP) offering. So basically, an advanced statistical model can be created to segment a given customer base. These models are used to determine how likely customers are to leave, how valuable customers are and what kind of potential they have in the future.

❖ Trading, Supervised, Pattern Prediction:

What is it?

Trading requires a lot of attention and sensitivity to the market. Experienced traders rely on multiple sources of information, such as news, historical data, earning reports and company insiders.

Power of AI:

Artificial Intelligence is shaping the future of stock trading, using AI robot-advisers which analyze millions of data points and it makes predictions. It executes trades at the optimal price, analysts forecast markets with greater accuracy and trading firms efficiently mitigate risk to provide for higher returns. According to Anthony Antenucci: “Machine Learning is evolving at an even quicker pace and financial institutions are one of the first adaptors”.

❖ Article Text Summarization:

What is it?

Text summarization is the technique for generating a concise and precise summary of voluminous texts while focusing on the sections that convey useful information, and without losing the overall meaning. 

Power of AI:

Using AI, we are able to generate new sentences from the original text, it is a very interesting approach. This is in contrast to the extractive approach we saw earlier where we used only the sentences that were present. The sentences generated through article text  summarization use Deep Learning.

❖ Customer Segmentation:

What is it?

To reach customers with highly personalized messaging for years, companies across industries have been analyzing target market segments. But with the age of AI, we should rethink segmentation strategies and deliver actionable segmentations in a dynamic fashion.

Power of AI:

Customer Segmentation is one of the cornerstones of an effective marketing campaign, using AI we can personalise our marketing strategies, marketing messages will be more relevant to the individual reading them. 

We went through 16 use cases, we saw what the use cases are about, and the power of Artificial Intelligence in each use case. Now what if I tell you that you can use all these different use cases by just one click, on a single platform? Well, the answer to all these use cases is SmartPredict.

SmartPredict: the solution to all your problems!

❖ What is SmartPredict?

SmartPredict is basically an online Data Science and Machine Learning platform, it can be defined as the easiest way to bring Artificial Intelligence to our lives. This platform allows citizens and experts, data scientists, data engineers, machine learning specialists, and developers to carry out their Artificial Intelligence projects by one single click. The platform allows us to solve and carry out all kinds of classification and regression Artificial Intelligence projects.

❖ Why do you use it?

SmartPredict is a platform which has ready-to-use Artificial Intelligence use cases: when we say ready-to-use use cases, what we actually mean is that these use cases are implemented in the platform so that all the users can already use these use cases without the need to learn, and start your task from the scratch.