Technology

Three types of artificial intelligence (AI)

Thomas Davenport from MIT and Rajeev Ronanki has conducted a study of 152 AI projects. They divided AI into the following categories:

  1. Process automation through the use of robots
  2. Cognitive insight
  3. Cognitive engagement

Category 1: Process automation through the use of robots (bots)

In the study, this was the most common application of AI (47% of projects). This type of AI is becoming more advanced due to the emergence of more sophisticated code and integration/data capture from several IT systems. These result in advanced algorithms that can perform more intelligent tasks than a few years ago.

Examples of applications:

  • Categorize which customer inquiries (in CRM) are to be invoiced by reading through the contract and comparing it with the text in the customer’s e-mail
  • Put the right risk classification on the customer (in CRM) by retrieving updated credit information and comparing it with market news about the customer
  • Dispatch ordered goods by updating the eCommerce and CRM systems and managing customer communication

Category 1 is the simplest and cheapest form of AI. It is possible to secure both a quick and high return on investment.

Category 2: Cognitive insight AI projects that utilize machine learning was the second most common AI category in MIT’s survey (38%). The projects use algorithms to detect large amounts of data and then interpret what the patterns indicate.

In sales and marketing, the applications can be:

  • Predict what a customer will buy when she visits your online store
  • Design and publish digital ads tailored to your primary audiences
  • Prepare sales forecasts based on a weighting of information capture along the customer’s purchase journey
  • Detect real-time credit misuse
  • Change salespeople’s priorities by preparing lists of priority leads

Category 3: Cognitive engagement AI projects that use cognitive engagement use technologies such as chatbots, intelligent agents, and machine learning and accounted for 16% of MIT’s study projects.

In sales and marketing, the applications can be:

  • Intelligent agents who 24/7 answer potential customers’ questions about prices, functionality, delivery options and services in the customer’s language
  • Product recommendations based on dialogue with potential customersDownload all classes of latest movies from 7starhd and also visit besthdmovies to get modern dubbed movies for free. Legend

Among these is the Swedish bank SEB. The bank has an intelligent agentĀ  that they test on customers.

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