This article was written by Sergii Gorpynich, co-Founder and CTO at Star, co-written by Perry Simpson, Managing Director of Star, and was written, edited and published in alignment with our transparent Emerj sponsored content guidelines. Learn more about reaching our AI-focused executive audience on our Emerj advertising page.
Four months ago we launched our AI in Banking podcast where we covered some of the most critical topics related to AI adoption and implementation in banks and financial institutions each month. Our series was based on interviews with AI industry experts, many of whom also shared their valuable insights during our first comprehensive banking research project, the AI Vendor Scorecard and Capability Map.
Many of the top Fortune 500 retailers have begun using AI and ML to solve business problems for various departments. Walmart and Costco share one in grocery stocking, which includes the freshness and condition of the products along with timing the restocks for peak hours.
Businesses still don't have a clear understanding of what to expect when it comes to the ROI of AI. Many believe that AI is just like any other software solution: the returns should, in theory, be immediate. But this is not the case. In addition, business leaders are often duped into thinking the path to ROI is a lot smoother than it is when it comes to AI because AI vendors tend to exaggerate the results their software generates.
We spoke with David Carmona, the GM of Artificial Intelligence at Microsoft about his approach to AI ROI with the enterprise clients he works with at Microsoft. The biggest takeaway from this episode comes right at the beginning. David talks about how to think about artificial intelligence ROI in the long-term and the near-term.
Robotic process automation, or RPA, has dominated much of the automation conversation in the insurance industry for several years. RPA is able to capture manual steps that employees take to log into software, search documents, and enter data and replicate them.
It's clear that there's a revolution in how artificial intelligence is done with neural networks as opposed to the old school systems of the '80s and the '90s. It's clear that hardware is beginning to evolve, and it's also quite clear that the way that we power these hardware systems is going to have to change.