Benefits of AI and ML in MNC’s

Emphasizing the enhancement of AI provided to their products and make them the top notch companies of this generation.

The last decade has brought about a huge revolution in the form of Artificial Intelligence (AI) and Machine Learning (ML) cutting across industries. These changes brought an evolution in the overall operating scenario of companies by providing them insights to improve their product and service offerings. It wouldn’t be wrong to say that AI made lives easier through chatbots, algorithms, recommendation engines, hardware infrastructure, language processing and much more. Now, the industry is expected to experience some strategic shifts from enterprises.

AI, ML seem to be some of the most trending terms in the technological world at the moment. So what are they? And more importantly, why are they so important? The answers lay in the enormous and unimaginable benefits they are lending to MNCs (Multi National Companies).

• TESLA : Tesla is one of the topmost automobile companies in the world. What makes Tesla even more intriguing is the whole excitement around its self driven car, which makes an intense use of AI. Artificial Intelligence is the technology which has enabled the car to be self driven, as it is capable of learning and making decisions on its own without human intervention. This is what makes it stand out from the rest of the technologies we have ever heard of. Tesla has taken excellent use of AI and Big Data for expanding its customer base. The firm has made use of existing customer databases for its data analytics using it to comprehend customer requirements and regularly updating their systems accordingly.

• HARLEY-DAVIDSON : The place we are in today is where it is difficult to break through traditional marketing. For a business like — Harley Davidson NYC, Albert (an artificial intelligence-powered robot) has a lot of appeal. Powered by machine learning and artificial intelligence, robots are writing news stories, working in hotels, managing traffic, and even running McDonald’s. Albert can be applied to various marketing channels including social media and email. The software predicts which consumers are most likely to convert and adjusts personal creative copies on its own. Harley Davidson is the only brand to make use of Albert. The company analyzed customer data to determine the behavior of previous customers whose actions were positive in terms of purchasing and spending more than the average amount of time on browsing through the website. With this information, Albert created segments of customers and scaled up the test campaigns accordingly.

• JP MORGAN CHASE : A big player in the banking and financial world. The American multinational investment bank has invested $11.4 billion in 2019. It relies greatly on data analysis and analytics along with the use of Artificial intelligence. It has recently introduced Contract Intelligence (COiN) chatbot which is capable of searching internal documents for legal and extraction purposes. Manual review of 12,000 annual commercial credit agreements normally requires approximately 360,000 hours. Results from an initial implementation of this machine learning technology showed that the same amount of agreements could be reviewed in seconds. The Emerging Opportunities Engine, introduced in 2015, purportedly uses machine learning and natural language processing to help identify clients best positioned for follow-on equity offerings. The technology has proven successful in Equity Capital Markets and the company stated their intentions to expand it to other areas, including Debt Capital Markets, but it’s unclear if this has happened yet.

SUMMARY : These case studies of machine learning listed above would have been almost impossible to even think as recently as a decade ago, and yet the pace at which scientists and researchers are advancing is nothing short of amazing. In the coming future, we’ll see that machine learning can recognize, alter, and improve upon their own internal architecture with minimal human intervention.

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