AI Articles and Analysis about Process automation

Natural language processing, (NLP) is one AI technique that's finding its way into a variety of verticals, but the finance industry is among the most interested in the business applications of NLP. In fact, according to our AI Opportunity Landscape research in banking, approximately 39% of the AI vendors in the banking industry offer solutions that involve NLP. 

AutonomousNEXT released a report on the opportunity that AI might create in the banking and financial services industry. The report estimated that by 2030, the potential cost savings by applying AI in banking, investment management, and insurance were $490 billion in front office operations, $350 billion in middle office, $200 billion in the back office operations.

Episode Summary: In this episode of the AI in Industry podcast, we interview Grant Ingersoll, CTO of Lucidworks, about AI developments in enterprise search, and the common challenges of AI adoption in enterprise.

Forrester surveyed call center business leaders and found that 46% of them expect their business to grow by 5%-10% in 2019. To make this happen, Forrester reports that companies will increasingly explore the use of AI-driven chatbots and voice services.

We have identified three areas in finance where companies are applying AI to solve real business problems: fintech, regtech, and suptech.

The clinical trial is a foundational pillar of the pharmaceutical drug discovery process. Essentially, clinical trials are research studies which seek to determine if a medical treatment or device is safe and effective for humans. While the pharmaceutical drug industry has experienced some fluctuations it remains a profitable market. Global prescription drug expenditures are estimated to reach nearly $1.5 trillion by 2021 according to Quintiles IMS Holding.  

With the entrance of artificial intelligence and its capabilities of recognizing temperature, vibration, and other factors from sensors pre-built into machinery and vehicles, business leaders in heavy industry might be interested in the possible opportunities of predictive and preventative maintenance applications.

Before getting into this report, we have to inform readers that none of the companies discussed below claim to offer software that provides diagnostics, except Cognoa, which has FDA approval to call itself a diagnostic tool. We suspect this is because these companies are not legally allowed to do so. We usually don't refer to a dictionary to determine what constitutes a concept, preferring to create our own informed definitions, such as in our What is Machine Learning? piece, but Merriam Webster defines "diagnosis" as the following: "the art or act of identifying a disease from its signs and symptoms."