AI for Mobile?
I am in the Artificial Intelligence (AI) business, so I guess it is inevitable that I get asked questions such as “will AI really become part of everyday life” or “will AI go mobile”? If I wasn’t such a polite person my natural response would be “of course it will stupid”.
After all why would Artificial Intelligence not manifest itself in any other way than mobile? According to McKinsey Global Institute(MGI), AI is contributing to a transformation of society happening ‘ten times faster and at 300 times the scale, or roughly 3,000 times the impact’ of the Industrial Revolution.
Perhaps the only technological development in modern history to match this impact is the mobile phone – almost 63% of the world’s population own a mobile phone, with 2.7 billion people expected to have a smart phone in their pocket by 2019. Combine the two and exciting things happen – AI is most definitely heading to your pocket.
Let’s face it, it’s been a long time since the mobile was just a phone. It’s a computer carrying more technology than we saw on Concorde or all the Apollo missions combined – such is Moores Law. Smart-phone manufacturers are the true trend setters for not only mobile development, but innovation in consumer electronics in general. Apple is already working on the Apple Neural Engine to carry out AI processing on mobile devices, likewise Samsung have plans for an AI-based ecosystem across all their devices. And then we have the millennials – just watch the way young people (younger than me) expect technology to interact with them.
In terms of my specialism – Artificial Intelligence in the context of the delivery of business intelligence and actionable insight – it has perhaps already evolved out of the imagination or R&D centre and into everyday business as we know it. Companies can already use AI and machine learning algorithms to uncover high value information that improves their understanding of the customer and their drivers at any given moment, whether it be up-to-date firmographic data, identification of trends from patterns of behaviour, insight in to pain points or challenges they are facing, or emotional sentiments that signal an intent to buy.
Delivered via the ubiquitous cloud, AI is all about not only making sense of vast quantities of data, but using cognitive computing to try to understand why it’s valuable to the recipient. In turn (if you get it right) this enables businesses to make better and faster decisions and position themselves to be constantly competitive in near real-time.
Likewise, AI and machine learning platforms are getting better at predictive tasks, constructing models based on patterns of event types and customer attributes that correlate with eventual success, before the customer themselves even realise what lies ahead.
The result is a highly sophisticated personalised sales strategy, campaigns and product or service development. As the mobile workforce continues to grow at pace, it is inevitable that the eventual delivery mechanism for this intelligence will be the handheld device. Innovative mobile applications married to ever more powerful AI platforms increase their potential, taking devices from simply being smart, to making them into intelligent mobile business assistants.
We expect business leaders, sales and marketing professionals, product managers and the like to be ‘experts’, so imagine then the potential of a new world where every professional has a hyper expert working away in their pocket. One that interacts with them in human like ways and constantly sifts through thousands or perhaps millions of data points, delivering only the most relevant, timely and commercially valuable search results, direct to their smart device.
These golden nuggets of intelligence will be based on its deep learned understanding of what is important in their individual ecosystem – whether that be a breaking growth story about a customer, the views of an eminent thought leader, latest mergers or acquisitions taking place in their market, a particular compliance issue that they need to address, or an emerging risk that needs action in order to mitigate damage to their business or that of a valued customer.
More than just a welcome solution to the problem of information overload or lack of time, AI paired with mobile offers the ultimate “always on”, “always prepared” and “always responding” solution for today’s business leaders, front line, and back office professionals. We operate in a world where there is a growing focus on customer engagement, and customer experience surpasses even product when it comes to retention and loyalty. A virtual assistant deployed in a mobile device will enable professionals to stay in constant communication with customers, provide them with the most relevant and timely content, and deliver the most direct and responsive service experience.
No wonder industry analysts predict that the intelligent virtual assistant market will surpass US$11 billion by 2024. Take banking for instance. Banks are working closely with technology and fintech companies and investing huge sums to develop and launch AI solutions across a wide range of disciplines to become more efficient, improve compliance, enhance customer engagement, reduce costs and enable employees to be more productive. They are using real time transactional analysis to build a better and deeper view of the customer in order to personalise and recommend value added products, and AI powered data software to identify sales opportunities and provide timely prompts and insights to front line relationship managers. They can utilise deep machine learning to improve the accuracy of fraud detection, and advanced analytics, run over huge datasets, to identify patterns and pull out nefarious activity such as money laundering.
Imagine then if they could not only capture this information but deliver it right from machines into the palms of their employees at the precise time of interaction with a customer, not only helping them learn from the insight delivered but giving them an instant new way to act upon it. To give a practical example. When undertaking any new financial relationship whether it be processing a mortgage application or business loan, banks have a legal obligation to undertake significant due diligence and risk management processes.
Years ago this was conducted manually – checking credit history, gathering copies of passports, or pulling reports from Companies House. A very hit and miss solution that was hugely time consuming, and took front line banking staff away from spending time with customers. The banks then spent millions developing software and building back office customer on-boarding teams to improve the speed, accuracy and productivity of these services.
AI and Machine Learning | AI for mobile | Intelligent Mobile Business Assistant
With the introduction of AI for mobile, the potential exists to deliver this information straight back into the hands of front line teams, helping them insert themselves directly into the customer journey at every single touch point, with the highest level of confidence in every decision made, in the most time, cost effective, and customer centric way possible. There is no question, AI is going mobile – it already is. Perhaps the bigger question is what happens when AI goes beyond mobile?
Artificial Intelligence will become really exciting when it transcends any physical device and becomes part of the everyday fabric of life. When I get in my car in the morning and it tells me what meetings I have that day, who I am meeting, and the latest news about their company or social media post from their CEO or Head of Sales. When I sit down at my interactive desk and it has not only received a new request for information from a customer but already completed it based on deep learned knowledge of that customer as well as the unique ways my business is capable of responding to their requirements. Or even when I get home in the evening and my home knows I have had a tough day at the office so has put the heating on and run me a bath. The possibilities are endless.
But getting back to the now, business leaders must consider that their customers, and in turn their future success, will be directly impacted by the growing influence of AI for mobile and their readiness to respond.
Interested in finding out more about AI and machine learning or AI for mobile? Try Artesian for a few days and see the power of artificial intelligence and how it is transforming mobile business.