Article | May 24, 2021
Reveal makes extensive use of AI models. Generally, an AI model is a software program that has been trained on a set of data to perform specific tasks like recognizing certain patterns. Artificial intelligence models use decision-making algorithms to learn from the training and data and apply that learning to achieve specific pre-defined objectives.
Reveal offers a Model Library which consists of a collection of pre-existing models you can use straight out of the box, extend or adapt to suit your specific needs, or stack and pack to achieve a larger objective. We give you the ability to create your own AI models, which you can use for your own purposes as well as make available to others via our Model Marketplace. We also will work with you to create custom models such as the ones that drive DLA Piper's Aiscension and those used by Epiq in its new AI Model Library program.
Article | December 20, 2020
COVID-19 has impacted every aspect of our lives including the way we do business. In fact, according to a recent survey by McKinsey, COVID has accelerated companies’ digital transformation journeys.
In a post-COVID world, there will be an even-greater acceleration of AI adoption by enterprises. AI business applications will be centered around automating tasks, forecasting supply disruptions, and enhancing customer behavioral analytics. There will be a rise in industry and sector specific AI applications where business domain knowledge and business content data are the main differentiators. However, increases in AI adoption rates do not necessarily translate into higher success rates. To avoid failure, business executives need to develop robust AI strategies and metrics, enhance data quality, and focus on AI integration and governance.
Key trends and applications for 2021 and beyond are as follows:
AI and Healthcare
Artificial intelligence played a crucial role in the detection of COVID-19. Indeed, we have seen the emergence of the use of AI at hospitals to evaluate chest CT scans. With the use of deep learning and image recognition, COVID patients could be diagnosed thus enabling the medical team to follow the necessary protocols. Another important application was the triage of COVID-19. Once a patient has been diagnosed with COVID, AI has been used to predict the likely severity of the illness so the medical staff can prioritize resources and treatments.
In a post-COVID world, we will see increased use of AI in detection of illnesses, triage of patients, and drug discovery. According to a recent market research reported by PRnewswire, the market size for global healthcare IT is expected to reach $270 billion by 2020. The increase will be driven by COVID-19, government policies, and the use of technologies such as artificial intelligence and big data.
AI and Supply Chains
Coronavirus has highlighted the need to re-think traditional supply chain models. There will be an increase in the use of technology such as artificial intelligence, Internet of Things, and 5G to make supply chains more efficient.
Artificial intelligence applications will focus on improving end to end visibility, analyzing data to detect anomalies, and forecasting supply and demand outlooks thus making supply chains more resilient.
AI and Retail
The pandemic has changed what and how consumers buy, with retailers forced to grow their online presence. E-commerce has been put at the forefront: in the first six months of 2020 consumer spending with US retailers increased by about a third compared for the same period in 2019 according to Digitalcommerce360.
According to new market research reported by PRnewswire, AI in retail will be worth about $20 billion by 2027. When it comes to retail and ecommerce, we can find AI applications in several areas including customers analytics for product recommendations, targeted marketing, and price optimizations.
For the latter, AI is applied to analyze patterns and data on customer profiles, their purchase power, product specification, timing of purchase, and what the competition is offering. The outcome of the analysis will set the pricing strategy. Several companies use AI to set their pricing strategy on a frequent basis, for example Amazon’s average product’s cost changes about every 10 minutes according to Business Insider source.
AI and Intelligent autonomous agents
COVID has highlighted the need to deploy intelligent autonomous agents that cannot catch diseases to fight against the pandemic. We have seen both robots used at hospitals to diagnose COVID-19 patients and drones deployed to monitor if the public is adhering to social distancing rules.
An ABI research showed that mobile robotics applications market size will increase to $23 billion by 2021. This increase is mainly due to applications that disinfect, monitor, and deliver materials.
The integration of AI with drone technology and robotics will create new application opportunities and will make them mainstreamed across several sectors.
AI and Education
Education is another sector that was badly hit by COVID. According to Unicef more than 1 billion children are at risk of falling behind due to school closures. The pandemic has highlighted the need for educators to adopt digital solutions to minimize learning vulnerabilities across the globe.
AI application in education will mainly focus on personalized learning where the technology is used to design and tailor training materials that matches the student’s ability and learning preferences. Other applications include the deployment of voice assistants to interact with educational material and the use of AI to support teachers in administrative tasks.
AI and Digital Twins
The pandemic has accelerated the adoption of digital twin technology. Digital twins are replicas of physical assets such as cities, offices, and factories. This technology became crucial in testing pandemic scenarios and emergency plans.
Digital twins technology is expected to reach a global spend level of about $13 billion by 2023 fueled by AI and machine learning according to Juniper Research.
When integrated with artificial intelligence and IoT, digital twin technology becomes very powerful when trying to test scenarios and predict bottlenecks, breakdowns, and productivity.
AI and Ethics
Over the last year, we had several prominent examples of AI ethics issues. The first example relates to facial recognition: after several calls against mass surveillance, racial profiling and bias, and in light of Black Lives Matter movement starting in the United States, several tech companies such as Microsoft banned the police from using its facial recognition technology. The second example relates to the use of an algorithm to predict exam results during COVID-19 period: after accusations and protests that the controversial algorithm was biased against students from poorer backgrounds, the United Kingdom government was forced to ditch the algorithm.
In the absence of regulations and tightened frameworks, ethics will continue to be the main concerns surrounding the use of artificial intelligence.
Article | July 29, 2021
Technology has penetrated businesses through every nook and corner. It would not be wrong to say that businesses that do not implement technology will see a dead end sooner or later. Technology is drastically changing business. The direction in which it has revolutionized businesses is impeccable.
The impact of technology on business varies widely. For example, a local grocery store need not know about AI or its implementations. Instead, he needs essential technology tools like online payment, placing online orders, delivery tracking, and inventory list. Thus the technology needs vary from business to business.
There is digitalization in every aspect of the business. For example, if you have replaced calculators with excel sheets, that is digitalization. Thus be it big, medium, or large scale businesses, technology has impacted everyone.
Let us dive into the depths of how technology is changing business and evolving with it.
Ways in Which Technology Is Changing Business
Automation plays a significant role in managing businesses. From basic processing to workflow tasks, automation manages everything. This has reduced manual labor and increased error-free processes.
Automation software is implemented in almost every sector. It performs the tasks diligently and works round the clock. This software is a proven methodology to save time and money while improving the client experience. As a result, your business works seamlessly even in your absence. And you have an entire report at the tip of your fingertips.
Automation has increased productivity and helped humans to reduce unnecessary tasks. This, in turn, helps businesses to utilize their workforce in the right place.
Improved Communication Process
Communication processes between clients, employees, and departments have been seamless despite the world working remotely in the pandemic. The organizations that were reluctant to remote working have easily made the transition. And all this is made possible through internet communication.
The communication technology for video calls, voice calls, text, meetings, etc., keeps global communication ongoing. As a result, businesses can communicate with their employees or other businesses anywhere and anytime.
The integrated software for communication has made hybrid meetings possible. Despite being in different geographical locations, technology enables all teammates to be present in one board room during a meeting.
The pandemic is a catalyst in promoting hybrid working. If it had not been for the pandemic, the transition to remote working would have taken many more years. But this transition was smoothened by technology.
The innovations and implementations of technology have made hybrid working a success. Employers can give the option to the employees to work in the surroundings of their convenience. This has helped organizations to grow globally.
With the right technology and infrastructure, businesses have cut down costs in remote working. These resources are utilized in expanding the company and increasing ROI. In addition, technology has proved that hybrid working helps in making the business more agile and scalable.
Technology is changing business through digital transformations. As a result, this is used to expedite processes, increase productivity, and enrich user experience.
In 2019, US$1.3 trillion was spent by companies on digital transformation. And a significant percentage of these organizations were immensely successful.
Integrating digital technology in the crucial aspect of the business saves a lot of time, money, and workforce. The ROI is excellent. A business that embraces digital transformation proves that it is open to change and innovations. With the update in technology, the digitally transformed business will have to make minimum changes with time to stay ahead in the race.
Incredible Customer service
Technology has genuinely proved that ‘customer is the king.’ Most of the focus of innovation and technology is on customer experience. Customer experience is enhanced by targeting their behavior and providing them with the same service that they are looking for.
Technology is changing business by providing personalized customer service. The company may provide the same service to many people, but every individual will feel special.
Customers can approach the service center 24 hours and have various modes of contact. Incredible customer service ensures an increase in brand value.
Artificial Intelligence has emerged with a bang. It has changed the business scenario forever. From drones managing traffic and deliveries to robots giving the best user experience, AI has transformed businesses for good.
AI uses predictive technology to study a buyer’s journey and then personalizes their experience. They study the user’s behavior through various algorithms to provide a personalized approach.
AI has introduced many opportunities and advantages for businesses to explore. Along with AI, VR, MR, and AR are there, which are combined to enhance a buyer’s journey.
Robotic technology is playing a significant role in the health industry, wherein error has no place. But, of course, it won’t replace human doctors but will eliminate human errors by scheduling tasks, providing information, and taking care of patients whenever required!
Security is challenged with the evolution in technology. Moreover, hackers are trying to come up with new ideas to break the security systems. Hence it is essential to have robust cybersecurity.
Cybersecurity demands have given rise to cybersecurity jobs. Every organization wants the best security to avoid breaches of data. Thus, Big Data, cloud technologies, and blockchain technology are the new names in good storage of data with ultimate security.
Mobile Friendly Business
More than 70% of users connect to businesses through mobile devices. Hence having a mobile-friendly business is the need of the hour. Moreover, cell phones have become an irreplaceable part of the human body. Thus, it will be best if you have your business functions be mobile-friendly to attract customers.
The paradigm shift of desktops to mobile technology was a game-changer for businesses. Customers browse on mobiles anytime and anywhere. This increases the scope of businesses beyond geographies and time zones. In addition, developing apps and target advertising has helped businesses to spend less time analyzing and more time enriching customer experience.
Benefits of Implementing Technology in Businesses
Technology is changing business by expanding room for improvisations and innovations. As a result, businesses can streamline processes, develop competitive advantage, and plan prospects effectively.
Here are some of the benefits of implementing the right technology in businesses.
Innovation and growth
The alignment of services in a business has made innovation and growth an easy thing. Business, technology, innovations go hand in hand. Technology is changing business and has made managing things an effortless task.
Incorporating the right tools ensures that maximum time is spent in innovation rather than doing laborious tasks. Technology is changing business by managing tasks in a zero error way to deliver maximum results.
Reduced human effort
Technology is changing business has provided valuable tools to reduce human effort. For example, employees can concentrate on the job that they are hired for, rather than updating or managing stuff. In addition, computing and technology ensure goal-oriented activities.
For example, when software manages the salaries and attendance, the HR department can concentrate on improvising the ways of the organization and building a better culture.
Best productivity at lower costs
Technology is changing business by delivering incredible ROI. The investment in technology is much less compared to the results it delivers.
Reading about technology and implementing it in business are two different things. You know your business the best, so implement the technology that suits it. Do not integrate technologies just because they are trending.
Ensure that the technologies that you invest in guarantee the best returns.
Frequently Asked Questions
How does technological change affect business?
Technological change opens new doors of business opportunities. It brings in new ideas, services, products and eases out processes. As a result, it helps to reduce costs and increase productivity.
What are the negative effects of technology on business?
The biggest threat of advanced technology in business is security. The more data is exposed, the more vulnerable it gets. Also, the dependency on machines increases, and downtime disrupts major workflow processes. Glitches, power failures, virus attacks, bugs, etc., prove very expensive to the business.
What are the positive impacts of technology on business?
Technology has helped businesses to be customer-centric. The predictive technology makes it easy for a business to target an interested audience. This saves a lot of time and money. Also, technology increases productivity, makes regular processes error-free, assists employees in day-to-day activities, etc. Technology also helps businesses expand globally with minimum investments.
"name": "How does technological change affect business?",
"text": "Technological change opens new doors of business opportunities. It brings in new ideas, services, products and eases out processes. As a result, it helps to reduce costs and increase productivity."
"name": "What are the negative effects of technology on business?",
"text": "The biggest threat of advanced technology in business is security. The more data is exposed, the more vulnerable it gets. Also, the dependency on machines increases, and downtime disrupts major workflow processes. Glitches, power failures, virus attacks, bugs, etc., prove very expensive to the business."
"name": "What are the positive impacts of technology on business?",
"text": "Technology has helped businesses to be customer-centric. The predictive technology makes it easy for a business to target an interested audience. This saves a lot of time and money. Also, technology increases productivity, makes regular processes error-free, assists employees in day-to-day activities, etc. Technology also helps businesses expand globally with minimum investments."
Article | April 20, 2020
One of the measures to reduce the spread of coronavirus in the current crisis is social distancing. This entails that when outside people should stay at least 2 metres (6 feet) away from each other at all times. While this is not a difficult requirement to meet for most people, workers in industries that have been identified as essential and continue to work during this current period of quarantine will not find it as easy to meet this rule. This is why Landing AI has created an AI-powered tool to ensure that people are maintaining a safe distance from each other.