Complex Made Simple

What is helping businesses save millions?

Demand for Artificial Intelligence (AI) expertise and technologies is being driven by compelling business value from across industries. Right from detecting a breach of privacy to enhancing operational efficiency and thwarting any potential cyber attack to offering better services to end clients, AI’s role is undeniably crucial in today’s corporate ecosystem.

Working in this direction, Teradata, a prominent data and analytics company, is helping clients to capitalize on the power of AI to deliver high value business outcomes in the areas of fraud detection, manufacturing performance optimization, risk modeling, and precision recommendation engines.

Read: Can Artificial Intelligence make governments more efficient?

Outperforming machine learning approaches

To help clients accelerate their AI initiatives, Teradata supports with data science acumen and deep learning algorithms that significantly outperform most rules-based and machine learning approaches.

For example, Danske Bank worked with Teradata to create and launch a state of-the-art, AI-driven fraud detection platform expected to meet 100 percent ROI in its first year of production. The engine uses deep leaning to analyze tens of thousands of latent features, scoring millions of online banking transactions in real-time to provide actionable insight regarding both true and false fraudulent activity.

By significantly reducing the cost of investigating false-positives, Danske Bank increases its overall efficiency and is poised for substantial savings.

Besides, a mobile services provider is using deep learning and natural language processing techniques to apply 300+ routine response types to manage customers’ common questions in two languages, and automating routine queries at a much lower cost so human agents can focus on complex requests that require more personal customer attention.

Read: UAE consumers have high appetite for AI: study

Ensuring robust ROIs

A major shipping/logistics distributor is using AI for image matching techniques that reduce costly “lost package” resolution time, saving the business $25 million a year – a significant return on an initial AI investment.

Interestingly, a government postal service organization now uses AI-driven image recognition and deep learning processes to improve the sorting of over 115 million parcels a year, resulting in valuable operational efficiencies that reduce sorting time and radically lower cost.

Get, set, go

“Teradata can help companies to get started now in AI. Our offerings are delivered by hands-on consulting services teams of data scientists with expertise in deep learning techniques such as convolutional neural networks, generative adversarial networks, and recurrent neural networks,” said Rick Farnell, Senior Vice President, Think Big Analytics, a Teradata Company.

Setbacks in deploying AI are often caused by such issues as identifying appropriate AI use cases, technical bottlenecks integrating open source tools and special hardware, and operationalizing and supporting autonomous decisions. Notably, a recent Teradata survey found that 91 per cent of IT and business decision makers foresee barriers to AI realization.

AI is more ambition than action

A recent survey of 3000 businesses in 112 countries conducted by MIT Sloan Management Review and The Boston Consulting Group (BCG) found that more than three-quarters of business executives expect artificial intelligence to create competitive advantage or new lines of business for their companies.

“But only about one in five companies has incorporated artificial intelligence in some offerings or processes today, and only one in 20 companies has extensively incorporated AI into its current offerings or processes,” the report said.

“Less than 40 percent of all companies have an AI strategy in place, and while the largest companies—those with 100,000 employees or more—are the most likely to have an AI strategy, only half do have one.”

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Despite speculation about job loss from AI, less than half of survey participants were worried about redundancies within the next five years, and almost 80 per cent expected employees skills to be invested in.

“Almost 85 per cent believe AI will allow their companies to gain or sustain a competitive advantage.”