Artificial intelligence (AI) is more than just a technology buzzword – it has the potential to transform the productivity and GDP of the global economy.
According to PWC, AI could contribute up to $15.7 trillion to the global economy by 2030 thanks to greater product variety and enhancements. In turn, this will stimulate consumer demand with increased personalisation, attractiveness, and affordability.
For the time being at least, the vast majority of businesses won’t have the budget or resources to add AI to their IT infrastructure. But that doesn’t mean to say widespread adoption of AI is still several years away.
In fact, with the help of IBM Watson – an open multi-cloud platform that is powered by machine learning and allows for greater IT automation – a number of high-profile businesses have already capitalised on the far-reaching potential of AI.
Here’s six examples of business using IBM Watson to great effect…
Automotive manufacturer SEAT is using Watson to develop a navigation app called Mobility Adviser, which can predict the best driving routes to take through busy and built-up areas.
By learning each user’s preferences from historical data, IBM Watson will make personalised travel recommendations while taking weather forecasts, traffic reports, and nearby events into account.
“At SEAT we are leading the way by working with innovative cities and technology companies to come up with solutions to make mobility easier and more efficient,” said SEAT Head of New Urban Mobility Concepts Jordi Caus.
“With its advanced cloud and AI technologies, IBM is helping us to innovate new approaches to mobility that will transform our business strategy while improving the lives of people living in urban areas.”
- Nationwide Building Society
Nationwide has been using Watson Assistant to power a virtual agent known as Arti to enhance the customer experience. It answers preliminary questions from first-time home buyers before passing over responsibilities to a Nationwide employee when required.
While this may sound like a chatbot, IBM Watson General Manager Beth Smith says that enterprise-grade AI virtual assistants provide much more functionality.
“A true enterprise assistant understands when to search from a knowledge base, when to ask for clarity and when to direct users to a human – helping to resolve more requests while reducing misunderstandings and alleviating frustration for both employees and customers,” she said.
Lufthansa has also taken advantage of IBM Watson’s virtual assistant capability but combined it with an AI-powered interactive advertising.
Focused on exploring a world of new possibilities, the campaign features chatbot functionality embedded into the ads, through which consumers can ask the airline questions and access travel content from 15 European destinations.
IBM Watson learns about travel through training data provided by Lufthansa, which includes how to have natural-sounding conversations with travellers about locations and services. The system then analyses this dialogue to unearth meaningful insights about the consumer, which could help guide future business and marketing strategies.
Tennis tournament Wimbledon has AI-powered video software that can generate automated video highlights using the IBM Watson platform. As a result, there is no need for a human to quickly cut and edit together a highlights package.
In order to curate meaningful highlights, IBM Watson’s engine gathers information to create video highlights based on crowd noise, social traction, facial recognition, and sentiment analysis of players following points.
Wimbledon also launched a Watson-enabled mobile app called Ask Fred – a cognitive assistant that can answer questions from visiting fans in natural language.
Since 2016, 3D design software company Autodesk has implemented IBM Watson technology into its customer service.
Ava, an intelligent chatbot, can swiftly and eloquently respond to various customer queries, handling over 150,000 interactions every month. To date, she has helped customer response times increase by 99 per cent.
Autodesk also announced that IBM Watson would be integrated into its procurement process. In partnership with IBM, it will develop Autodesk Contract Explorer (ACE) to read and review procurement contracts, which is currently an arduous part of a Contract Manager’s role.
- Fukoku Mutual Life Insurance
In 2017, Fukoku Mutual Life Insurance replaced 34 insurance brokers with IBM Watson technology to perform calculations of payouts to policyholders.
When calculating each payout, IBM Watson will quickly scan thousands of medical certificates while simultaneously factoring the length of stay at hospital, medical history, and what procedures were carried out.
Not only has IBM Watson dramatically reduced the length of time required to calculate payouts, it has also created vast savings and an increase in productivity for Fukoku Mutual Life Insurance.