Patrick Buckley Thanks to AI, the future of video-conferencing is in sight. Throughout the COVID-19 pandemic, video-conferencing has become the backbone of both our work and social lives. Today, on #WorldHugDay, we take a look at some of the ways in which...
Patrick Buckley How IoT technology is helping candy producers make sweet profits! From chocolate bars to lollipops, gumdrops to Haribos, the confectionary industry is now worth an estimated 210$ billion worldwide. With the industry experiencing strong growth, it is no surprise...
Richard Benjamins. Are you ready to become the CDO? Applying Analytics to the CDO role As we have seen from an earlier post on CDOs, Chief Data Officers are becoming more popular. Increasingly more organizations are understanding that data is a strategic asset and...
Olivia Brookhouse Could Artificial Intelligence be used to prevent suicide? The UK and Europe are experiencing a Mental Health crisis, where Suicide is the most common cause of death for men aged 20-49 in England and Wales. According to...
LUCA Deep Learning and satellite images to estimate the impact of COVID19 Motivated by the fact that the Coronavirus Disease (COVID-19) pandemic has caused worldwide turmoil in a short period of time since December 2019, we estimate the negative impact of...
LUCA Success Story: LUCA Transit and Highways England The transport industry is very receptive to the application of Big Data and Artificial Intelligence strategies, as there are clear use cases that can maximize a companies’ efficiency and...
LUCA Understanding clients of La Vaguada shopping center Understanding the profile of clients, and their wants and needs, is vital for any brand. Companies that know what their target audience wants will be able to reach their...
LUCA International call traffic may tell you more than first thought This post debates the value of international phone calls in understanding society. Telefónica has a wide global infrastructure of networks which can be used by other service providers to carry...
5 in 5: How AI can benefit your business (EP 1)LUCA 12 November, 2018 Over the last 10 years, we have experienced a monumental shift in the way in which businesses operate. Terms such as Big Data and Artificial Intelligence are common place, and as the full potential of AI comes to light, firms are gearing up for a technological business revolution. What is Artificial Intelligence? Artificial Intelligence (AI) is the fundamental application of the ideology of creating a computer that is capable of solving a complex problem in the same way a human would. It is comprised of a multitude of factors, including machine learning, deep learning, neural networks and Big Data. AI is inspired by the human brain and, like the human brain, it is made of up of layers of neural networks, designed to replicate it´s complexity and functionality. Like us, AI systems aren´t perfect. They have to learn in the same way we do; by taking in information, processing it, and storing it for future reference. 1) Reduce Human error: Improve efficiency Although we may not like to think it, we all make mistakes. Even the brightest minds in the world aren’t immune from errors. AI has the ability to significantly reduce this risk. By combining human cognitive features and complex algorithms, the AI can improve efficiency by doing multiple calculations and functions simultaneously, with a lower rate of error than the human brain. The extraction of real-time data, and the analysis and description of this, will likely give a firm a competitive advantage over others in the market. Whilst Data Scientists are still crucial and their skills incredibly useful, the human brain would simply not be able to do all of these functions as fast or as consistently as the AI. 2) Automation of tasks: Time saving We all know the famous saying; time is money. By implementing AI into a business, time will be saved in a multitude of areas, such as analysis and processing. AI uses its trained algorithms to store and interpret this data, with human intelligence only needed to use this data to whichever advantage they choose as, although computers are able to store a lot of data efficiently, humans are still needed to correlate and correct this data to then be analysed and used to aid the business. Taking out steps drastically changes the time needed for each task. 3) Combat the data deluge: Optimise resources The quantity of information in the world is growing daily, and many firms are unable to utilise this data efficiently. Due to the information explosion we have experienced in recent years, along with the Big Data Boom, companies are unable to filter all of this data and turn it into useful information, which ultimately results in an unproductive use of resources. By using smart insights, the AI is able to extract valuable data that can be used to stream-line the marketing process and make the most out of the data available to them, optimising resources efficiently and effectively. 4) Positive shifts: Increase employment A common fear surrounding AI is that jobs will become redundant with the automation of tasks that are currently carried out by humans. Echoing a previous article by AI Ambassador Richard Benjamins, in which he explains five common fears of AI, if we look back through history we see that any revolution affects employment. Whilst yes, some jobs will be lost, new jobs will be created, and the existing nature of jobs will adapt to these changes. Although the exact description of new roles is relatively unknown to us, experts say it is likely we will see a sharp increase in the demand for roles surrounding data, such as Data Scientists. These changes make space for a re-structuring of current business practices, which as history show us again, often has positive results for both employers and employees. 5) Identify and maximise sales opportunities (Marketing): Increase revenue One of the most valuable areas of data to marketers is customer behaviour. With this knowledge, they are able to optimise marketing campaigns. For example, achieving more personalised marketing; AI has access to millions of data and can access it simultaneously and help create targeted strategies with higher success rates. AI is able to decode raw customer data and segment this by behavioural patterns and/or traits. By using this technology, companies will be able to improve pricing models and delegate time to the creation of specific strategies; thus giving themselves a higher chance of executing them and reaching desired sales targets and maximising revenue. Figure 2, Businesses must be innovative to compete Overall, if implemented correctly and used with integrity and transparency, AI has the potential to greatly benefit companies. It is clear that the combination of Human and Artificial Intelligence is incredibly powerful. The simply unnnatainable processing speed of AI compared with the human brain, along with the unprecedented experience and adaptation of the human brain, can combine to create a powerful corporate force. Businesses should look at AI as an opportunity to grow and improve their practices. Don’t miss out on a single post. Subscribe to LUCA Data Speaks. You can also follow us on Twitter, YouTube and LinkedIn Mobility patterns in Lima and Callao based on Big Data technologyMovistar+ launches a pioneering advertising innovation project in Spain
LUCA La transformación digital en la gestión del agua, ahora más que nunca Hoy en día mantenemos la incertidumbre de cuándo dispondremos de una vacuna o cuál será el impacto real en la sociedad y en la economía que nos deja esta...
Patrick Buckley Thanks to AI, the future of video-conferencing is in sight. Throughout the COVID-19 pandemic, video-conferencing has become the backbone of both our work and social lives. Today, on #WorldHugDay, we take a look at some of the ways in which...
Patrick Buckley How AI and Machine Learning help to develop vaccines As Christmas approaches this year, we have all been gifted the great news that the Pfizer/BioNTech vaccine has shown to be both safe and effective in creating an immune...
Patrick Buckley Is AI key to successful Real Estate investment? As Artificial Intelligence (AI) continues to shape the world around us, in today’s post we explore the impact of AI on commercial Real Estate investment. To what extent is...
LUCA Deep Learning and satellite images to estimate the impact of COVID19 Motivated by the fact that the Coronavirus Disease (COVID-19) pandemic has caused worldwide turmoil in a short period of time since December 2019, we estimate the negative impact of...
Patrick Buckley How should you speak to children about Artificial Intelligence? In previous years, people’s relationship with technology in general, and with artificial intelligence in particular, was based on “text”, usually using specialised programming languages. Today, however, artificial intelligence has...