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Artificial Intelligence in Retail - Part 3

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  In part 1 and part 2 of the article, we identified the use of Artificial Intelligence in Retail industry and provided some examples of how AI is helping some of the big brands in Retail industry. In this part, let us discuss some use cases where AI will be useful in reshaping the way Retail industry works. AI technologies have been integrated into retail and marketing by using big data analytics to develop customer-specific profiles and their anticipated buying habits. Knowing and forecasting consumer’s demand across interconnected supply chains is more important than ever, and AI technology is expected as an essential component. Here are a few use cases  of using Artificial Intelligence in the retail industry: AI Is the New Personal Salesperson Retailers can use AI to discover new sources of revenue to improve performance, as well as to identify and execute strategies for successful customer relationship management (CRM). AI automates the repetitive sales activities, acts as a

Artificial Intelligence in Retail - Part 2

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  In part 1 of the article on Artificial Intelligence in Retail, we saw how AI is transforming the retail industry and helping the industry grow in sales and profits. Let us dive deeper into the topic with some live examples. AI refers predominantly to computational technology driven by ways in which people use their brains’ neurons and nervous systems to reason and make conclusions and decisions, although they usually work very differently. There are  several ways through which retail can benefit from the robotic system. For instance, the attractiveness of robotic technology will encourage customers to engage more in shopping activities, and this will help the retailers boost their sales. Customers will benefit from faster and intelligent guidance during shopping and thus make more effective and efficient purchase decisions. Robotic technology will support retailers’ endeavours towards minimizing the personnel costs and enhancing the staff well-being. But consultant jargon and t

Artificial Intelligence in Retail Industry - Part 1

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  Retailing has always been called a combination of art and science but for much of its existence there’s usually been too much of the former and not enough of the latter. Traditional retailers' business models arc facing disruption by new entrants who can deliver greater value to customers more efficiently. In recent years, authors have argued that the traditional value chain drives inefficiencies and that the value chain is shortening as manufacturers, third parties and customers are increasingly engaging with customers directly. These inefficiencies combined with the inability to adapt to a changing competitive landscape leaves traditional retailers vulnerable to disruption from market entrants. To remain competitive and survive in an ever-changing and diversified customer market, retailers need to become leaner , more agile, and innovate their value chain by adopting new technologies. Of the new technologies that are impacting the retail industry, AI has been earmarked as

Artificial Intelligence in Law Enforcement - Part 2

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  In the first part of the article on AI use in Law Enforcement, we introduced how Machine Learning and Artificial Intelligence is being used by the law enforcing agencies around the world and what are the pros and cons of using this emerging technology. Now let us discuss different ways by which the police can use machine learning to achieve better results: 1) Pattern recognition One of the most powerful applications of machine learning in policing is in the field of pattern recognition. Crimes can be related and may either be carried out by the same person(s) or may use the same modus operandi. The police can benefit if they are able to spot patterns in crimes. The data that the police get from crimes is essentially unstructured data. This data needs to be organized and sifted through to find patterns. Machine learning tools can compare various crimes easily and generate a similarity score. These scores can then be used by the software to try and determine if there are common patter

Artificial Intelligence in Law Enforcement - Part 1

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  Fighting crime has historically been a field that drives technological innovation, and it can serve as an example of different governance styles in societies. Artificial Intelligence in policing is one of the recent innovations that covers technical trends such as machine learning, preventive crime fighting strategies, and actual policing in cities.   Broadly speaking, Artificial Intelligence uses data to teach computers to make decisions without explicitly instructing them how to do it. Machine learning (part of AI) is used successfully in many industries to create efficiency, prioritise risk and improve decision making. Although they are at a very early stage, the police in the western countries are exploring the benefits of using machine learning methods to prevent and detect crime, and to develop new insights to tackle problems of significant public concern.     The police can use machine learning effectively to resolve many challenges that are before them. The use of

Artificial Intelligence and its impact on society

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  For centuries, human beings have been working towards inventing new ways for making life better. Every once in a while, a revolutionary invention comes along with the power to advance humanity and change the course of history. From the wheel to the World Wide Web, there have been a lot of inventions that resulted in achieving efficiency in the work we do.   One such technological advancement is Artificial Intelligence, popularly known as AI. AI is changing the way we work and live and we see a lot of examples of how AI is affecting the society and impacting our lifestyle. But what really is AI?     Artificial Intelligence (AI), sometimes called machine intelligence, is intelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans and animals. A more vivid definition will be any device that perceives its environment and takes actions that maximize its chance of successfully achieving its goals. Colloquially, the term "artificial

Artificial Intelligence in Coronavirus Drug and Vaccine Development - Part 2

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  In Part 1 of the article on AI in COVID Drug and Vaccine development, we discussed about how AI is used extensively in any drug and vaccine development. In this part, we will look deeper into how AI is specifically being used in COVID-19 drug and vaccine development. The recent applications of Artificial Intelligence for COVID-19 include the virtual screening of both repurposed drug candidates and new chemical entities. For repurposed drugs, the goal has been to rapidly predict and exploit interconnected biological pathways or the off-target biology of existing medicines that are proven safe and can thus be readily tested in new clinical trials. Scientists leveraged AI-derived knowledge graph, which integrates biomedical data from structured and unstructured sources. Similarly, other scientists published an application of their Deep Learning-based drug–target interaction model that predicted commercially available antiviral drugs that may target the COVID-19-related protease and hel