Emerging Technology -- (Artificial Intelligence)

Image source: https://thenextweb.com/artificial-intelligence

Artificial intelligence is the subject or field of research, which defines the ability to learn machines as well as human beings and to respond to some so-called actions behaviors, is also alternatively called Artificial intelligence. The need is rising every day for artificial intelligence. That is because of the dramatic transition in technology since AI was first brought to the sector. Data scientists expect that 83 percent of consumer transactions are controlled human-free by the year 2020 (Dick, 2019). This implies much like when Galaxy or Siri is used to wonder about the weather, the basic request would rely on computers and artificial intelligence. Moreover above researchers also noted that 42% of the advancement in omni-channel retail sectors also could be possible.

Artificial intelligence’s pros and cons
The benefits of applications for artificial intelligence are massive and will revolutionize any technical field. These are:
Human error reduction: The term 'human error' has been born when people commit errors sometimes. However, if the technologies are configured correctly, they make no such errors. The judgments are made from previously obtained knowledge utilizing a certain series of algorithms for artificial intelligence. This eliminates mistakes and allows it easier to obtain consistency with better accuracy.

Instead of humans takes risks: this is one of Artificial Intelligence's main benefits. By creating an AI robot that can in turn render things unsafe for humans, it can overcome various hazardous human limitations.

Accessible 24x7: The normal individual operates 5-7 hours a day except interruptions. Human beings are created such that they can have time to renew themselves and brace themselves for a new day of work, and they can also maintain their working and individual lives intact every week. But with AI, individuals can operate 24x7 machines without interruptions and as compared to humans they are not even bored (Lu et al., 2018).

Figure: AI in Retail sector

Source: (Lu et al., 2018).

Implementation of AI in retail sectors
Omnichannel ensures that consumer interaction does not begin or end in a retail store. AI retail software solutions can easily enhance customer engagement by interactive chat programs. Chatbots are capable of an effective way to interact with customers according to the AI algorithm. Retailers can answer frequently asked questions, address complaints and collect useful information from the consumers.  Chatbots may learn from past data to improve and personalize their subsequent customer interactions database. The data which are obtained by the chatbots were not be acquired by human intelligence. In 2016 it was launched before a competition with H&M's Kik Message app, which allows users to select recommendations, movies, and styles for a price-related market such as retail supply chain, AI (Artificial Intelligence) solutions can provide valuable price strategy information. These applications help companies to analyze the efficiency before they reach the best prices in several price models. Retailers can also change prices depending on seasonal trends, competition and demand. Looking at the income it can generate for the long term, it worth investing in.
Advanced AI algorithms can explore demographics, impressions of social media, and consumer digital images to decode interests. To ensure success, a company has to set a long-term AI target and start small projects with the right skills (He et al., 2019).

Author: Thomas Devasia

Keywords: 

# artificial intelligence, #Chatbots, #bots, #Cluster, #Cognitive science, #Machine learning, #Deep learning, #Image recognition, #Natural Language Processing (NLP)

References
Dick, S., 2019. Artificial intelligence.
He, J., Baxter, S.L., Xu, J., Xu, J., Zhou, X. and Zhang, K., 2019. The practical implementation of artificial intelligence technologies in medicine. Nature medicine, 25(1), pp.30-36.
Lu, H., Li, Y., Chen, M., Kim, H. and Serikawa, S., 2018. Brain intelligence: go beyond artificial intelligence. Mobile Networks and Applications, 23(2), pp.368-375.