AI, Blockchain, and machine learning are enabling extensive intellectual, secure, and personalised interaction with every user - be it a customer or an employee.
The entire enterprise landscape has undergone innumerable revolutions over the recent years, thanks to three critical technologies - artificial intelligence, machine learning, and blockchain. Of course, the list of influential technologies is much longer, but these three miracle innovations are special because they have enabled extensive intellectual, secure, and personalised interaction with every user - be it a customer or an employee.
The most significant achievements of these technologies include:
Let's look at each of the three technologies in detail to assess their contributions to the enterprise landscape.
The scope of AI applications within enterprises is expanding by the second! In fact, as per Gartner's predictions, by 2021, about 40 percent of newly introduced enterprise apps will have AI as their driving feature. Most of today's regular and repetitive enterprise operations are being managed by AIs because of their ability to act cognitively, independently, and rapidly. Feeding machines with pattern-based data that they can learn, interpret, and apply is what enables AI to be so brilliant. There are many examples, but our ever-popular use cases are chatbots.
Bots are the products of conversational AI technology. These conversational buddies have evolved seamlessly to work on routine transactions with ease. They provide instructions intuitively, perform pattern studies to make smart suggestions, and act as efficient assistants. The best chatbots deliver an experience (CX) in which the users cannot tell if they are interacting with a human or a computer. This experience is being delivered through messaging channels leveraging platforms like Facebook, Slack, Skype, Teams…the list goes on.
Bots include two critical components: the bot server and the NLP AI. The bot server applies logic to the user's inquiry and is also connected to the backend enterprise systems. The NLP AI supports the bot in interpreting the user's request and connecting the request to the corresponding information in the backend server.
The next wave of innovation in AI is leveraging voice messaging platforms like Google Assistant, Alexa, Cortana, and many more. With evolving applications digging deeper into the AI mine, we will definitely be seeing much more of this intelligent technology in the days to come.
Machine learning is a crucial element of AI, but this technology has created a niche for itself in the not-so-routine, yet pattern-based, activities within enterprises. Data is the core nourishment of machine learning, and it thrives on the innumerable packets of clean data that it is fed. Of course, some level of initial handholding is required to ensure that the right data is fed and interpreted so that the desired data insights are delivered. Hence, machine learning finds incredible applications in niche areas within specific verticals.
No matter what the technology, safety and operational transparency are key concerns that stop decision-makers from embracing new technologies. Blockchain allays all these fears since it simplifies operations by making them safer and visible to all relevant stakeholders.
Blockchain minimises instances of fraud and errors, since a common ledger is shared across all stakeholders. Real-time visibility of every transaction reduces the risk of mismanagement and ensures a single version of the truth. This approach not just enhances the speed of operations but also eliminates unnecessary cost elements. With automated audit options and authentication locks limiting every scope of error, this decentralised approach has immense potential in enabling seamless supply chain operations.
With applications across all verticals, blockchain has innumerable capabilities, some of which include:
The network of trust that the Blockchain technology creates empowers every stakeholder to contribute their best with confidence.
AI, machine learning, and Blockchain can catalyse spectacular business opportunities, especially when they work together. With machine learning sharpening AI skill sets, AI delivering cognitive and intellectual capabilities to the machine, and Blockchain ensuring secure and transparent computing, this technology trio can definitely work magic in terms of deploying meaningful solutions across the enterprise landscape.
We have a long way to go before we can entirely explore all the possible capabilities of these technologies. But the journey towards intellectual computing has certainly begun.
Where are you in this journey?
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)