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Artificial intelligence (AI) is the most disruptive innovation of our lives. According to an April 2020 report by Narrative Science, adoption has increased 60 percent over the past year. The report's authors say the technology "has a significant and immediate impact on everything from corporate strategy to business operations to job functions".
How is AI affecting the new normal in which American entrepreneurs save money, work from home, and wear masks everywhere?
Currently, the most popular AI-powered solutions for entrepreneurs deal with predictive analytics (24 percent), machine learning (21 percent), language processing (14 percent), and speech recognition and response (14 percent) report.
However, the AI is also adapting to seismic changes in business practices, health protocols, and government regulations. In other words, companies will use AI to deliver what consumers want. A 2017 by M.I.T. 84 percent of companies expect AI to achieve or maintain a competitive advantage, while 72 percent expect technology to have a significant impact on product offerings.
So how exactly can entrepreneurs like you benefit from this given this type of data? While there are a number of exciting new AI-centric apps out there, below are three of the most popular ones. Got with them.
1. AI helps consumers spend wisely
Consumers are no longer what they used to be. Swag is out and "frugal" is in, and AI will help in that regard. As you can see, AI organizes and analyzes the world's mountain of data in real time, including banking data. Fintech Ventures take advantage of this to help users cut expenses, find deals, and save money.
This is an advantage as Americans are looking for more bargains these days than ever before. A May 2020 report by the Federal Reserve found that 37 percent of Americans would not have instant access to $ 400 for an unexpected emergency, while 15 percent would need to spend it on a credit card.
On the positive side, however, Americans' savings rate rose to 33 percent in April as people stayed home. According to the Bureau of Economic Analysis, this is the highest value since the 1960s. AI agents that simplify finances are becoming more common in iStore and Android.
Banking apps like Moven and Simple allow users to track expenses, budget limited funds and increase savings through personalized recommendations in real time. Cleo is an app with a similar purpose, but aimed at Millennials and Generation Z, as their chatbot communicates with humor and wit. The AI-powered agent actually expresses emojis and memes to appeal to younger people, most of whom are skeptical of banks.
Related: 3 Ways Entrepreneurs Can Use AI to Boost Their Business
2. AI makes Wi-Fi both reliable and fast
Working from home seems like a trend that is likely to continue for a while. With the uncertainty surrounding the release of an FDA-approved vaccine, companies are now using AI to improve their field workforce experience.
According to LinkedIn's April 2020 job report, the hardware and networking industry remains strong despite economic troubles. The hiring rate even rose by 2.3 percent during the month. Why? Incredibly, those in them use both the internet and remote technology to work and look for work, despite the fact that many have to file jobless claims.
Plus, you've struggled with slow internet before, haven't you? If so, there's a good chance Netflix is to blame. According to AT&T, the film company's traffic hit an all-time high during the pandemic. Last year, Netflix alone accounted for 12 percent of all web traffic.
The California-based company uses AI to personalize movie recommendations. The method accounts for 80 percent of the stream time, which means that it is a very effective measure. From literally thousands of options based on AI-powered data, the tech company chooses the most appropriate thumbnail for all of its movies and TV shows.
However, Netflix is not solely responsible for slow internet speeds. Fortunately, AI solves connectivity problems through smarter routing of users and data, as well as automated troubleshooting and real-time identification of network problems. For example, Juniper Networks' AI-driven network recently optimized the WiFi experience for Gap staff and students and educators at Dartmouth College.
Large retailers, universities, and corporations can suffer from unreliable WiFi due to the multitude of devices online and connected to proprietary data centers. AI-controlled network automates troubleshooting and provides real-time insights into web service levels. Incredibly, technician visits to Gap stores using Juniper Networks' AI solution have decreased by 85 percent nationwide.
Related: 3 Ways Machine Learning Can Help Entrepreneurs
3. With AI, users can talk to devices as if they were people
Amazon Alexa, Apple Siri and Google Assistant have been around for years. During this time, speech recognition and response technology has improved significantly. For example, developers have improved natural language processing, making it much easier to interact with AI apps through daily conversational interactions. Technology can also better understand a user's intent even when words are not perfectly communicated.
Today, humans can intelligently interact with AI agents and receive personalized responses. Conversational startups like Kensho use AI to understand and explain complex topics like politics, finance, and government regulations. Such interfaces deliver conversation responses in real time – almost as if the user were talking to another person.
Automatic Speech Recognition (ASR) is becoming increasingly complex until users can book a flight or hotel through an AI agent. An ASR system can identify the relevant airline or product and proceed with the payment process. 43 percent of companies said they are currently sending AI-supported messages to employees. 35 percent said they send interactions using AI to customers, according to the Narrative Science report mentioned above.
Humans and AI work together to get the results you want. As the examples above show, AI has a number of practical use cases for entrepreneurs and businesses that are enhancing the user experience – even amid the new normal that most of us are getting used to.