This Entrepreneur Uses Predictive Analysis and Machine Learning to Achieve Efficiency
Grow Your Business, Not Your Inbox
In 2020, artificial intelligence (AI) is no longer seen as something futuristic: it is a part of our everyday lives. AI appears to be on everyone’s lips, and is clearly a growing force in the technology industry. While AI's proliferation in mainstream society is a new phenomenon, it is not a new concept.
For businesses, practical AI applications can be applied in so many ways based on organizational needs and business intelligence (BI) insights derived from collected data. The technology can deliver a substantial qualitative change to business organizations and create new opportunities for company growth. The technology presents immense potential that can benefit our lives, whether we realize it (and accept it) or not.
AI is forecast to grow into a $118.6 billion industry by 2025 and 75 per cent of businesses say AI will allow them to move to new ventures and other businesses. Also, 84 per cent of companies say AI will allow them to gain a competitive advantage and 51 per cent of executives say their AI goal is to enhance the functions, features and performance of their products.
As we enter a new digital era, and various industries utilize this amazing technology, even more breakthroughs will be achieved. Worthy of note is an emotion AI-driven technology and Julian Jewel Jeyaraj created JJAIBOT, an artificial intelligence bot capable of detecting human emotions such as anger, happiness and joy.
Jeyaraj is a leader and tech evangelist, an astute leader in the artificial intelligence sphere whose innovation is rapidly gaining both local and international recognition by bringing awareness to environmental, psychological and wildlife preservation.
The project has been changing experiences and leveraging the power of machine learning and predictive analysis to improve efficiency during these tough times and economic downturn. Here are the three ways startups can learn from it.
One of the applications of Jeyaraj’s AI project is a service that helps prevent human trafficking. It utilizes the ChatBot Component (C-BOT) and can collect chat communication mimic data from volunteer victims, train models to capture the mental state of continuing offenders, and communicate with the relevant authorities to help combat child sex tourism. In the same vein, start-ups can use Chatbots—which utilize AI to create meaningful and informative conversation with current and future customers—as an incredible tool for customer engagement.
You do not ever have to worry about customers hanging up because they are sick of waiting in a queue to speak with a sales representative. This will lead to increased productivity for those agents and allow prospects to experience more fluid service. They can also become useful in performing routine tasks. Intelligent bots can support humans by scheduling appointments, sending notifications and reminders, handling travel bookings, and conducting basic employee training.
Capture vast amounts of data
Machine learning is often used in systems that capture vast amounts of data. For example, JJAIBOT, through its wildlife conservation and environment protection initiatives, uses its Predictive Analytics Engine (PAE) to gather data sets from multiple resources (cameras, sensors, satellite imagery, drone imagery; environment monitoring stations, weather satellites, topographic maps, economic data, and social media). The troves of data are then contextualized by machine learning algorithms—they create models for predictive analytics, analyse predictive models for possible alerts, and notify park rangers or environment protection agencies and other conservation agencies for preventative actions and better human decision-making.
Artificial intelligence is not just theoretical, it is a deeply practical way to manage data, and to relieve the burden of automatic tasks from human workers. Through AI’s ability to rapidly analyse vast amounts of data (structured and unstructured) and make logical decisions without human intervention, it has the potential to increase productivity and reduce operational inefficiencies across the board.
Prediction of users’ behaviour
The implementation of an Emotional Processing Unit Component (EMU) by text mining to deduce the emotional state of would-be perpetrators and victims; the training models that assist in understanding the mental status of the perpetrators and victims, which are used by JJAIBOT, can help startups greatly. Imagine if you knew exactly what your customers were up to and could use that knowledge to target leads that are most likely to buy with the tailored offering.
AI gives you that power. Anticipating user behavior with predictive algorithms enables brands to bring a personal touch to interactions with their customers and anticipate buyer demand by offering highly relevant products and services. By mining the Internet and social media data, predictive AI solutions capitalize on the wealth of knowledge concerning buyers and, with high probability, assess the kind of offerings that might be of interest to them. This capability provides companies with the opportunity to sift through potential buyers, prioritising those who are farther on the buyer’s path, and nudge them to proceed with a purchase by sending push notifications, social media campaigns and personalised mailing with promotions.
Diagnostic facial and voice recognition AI
JJAIBOT’s Visual & Acoustic Recognition Component (V-ARC) can detect signs of depression in pictures and videos on social networks. It trains models to identify and analyse brain scan images (MRI, PET, etc.) and other visual data; trains models to recognize moods of patients through facial recognition, and trains models to recognize patterns of plaques that could indicate the onset of mental disease. For example, for an owner of a start-up apparel company, AI’s face recognition and data analysis capabilities can be effective in catching shoplifters. The tremendous impact of AI-driven speech recognition on businesses today, also, cannot be ignored. With the use of Alexa for business, users can give voice commands to begin video conferences, access calendars, print documents, and manage other common workplace functions.
AI does great with non-profit initiatives
The range of AI applications in various industries is practically unlimited. Some businesses might be intimidated by implementing AI-powered software but the truth is that AI is one of the best ways to make your business more efficient by creating personalized experiences for your customers at scale: the relationships you build with your customers become the backbone of your business. Artificial intelligence has a wide range of uses, enabling entrepreneurs to use the technology for non-profit aims; the technology has the potential to significantly enhance the operations of non-profit organisations. AI-based tools can help automate routine administrative tasks and help non-profits improve their finance and human resources operations, fundraising, external communications and more.