(PDF) Artificial Intelligence, Natural Language Processing, and Machine Learning to Enhance e-Service Quality on e-Commerce Platforms
Moving Beyond The AI Hype: Building Value Through Core Assets And Strategy
Vibhor Kapoor is the Chief Business Officer at NextRoll, a data-driven marketing technology company for ambitious businesses.
gettyThe surge in generative artificial intelligence (AI) adoption has triggered a frenzy, with companies rushing to integrate AI into their products. But is this sustainable or just a trend?
AI advancements have been monumental across industries worldwide, with businesses integrating features to drive innovation and efficiency. While this has democratized access and allowed AI to become part of our daily lives, companies must think critically to use it effectively and extract its true value without getting swept up in the current rush.
The appeal of low-hanging fruitBusinesses have been jumping on the AI trend by leveraging large language models (LLMs) and integrating basic AI functionality into their offerings. This can look different depending on the organization, but it generally takes the form of chatbots that use natural language processing (NLP) and AI models to mirror human-like interactions with high context awareness. The ease and broad application of these programs have spurred businesses to implement AI wherever possible.
Integrating AI into many platforms has generally been a good thing, as quick AI wins have many benefits. These tools can simplify user experiences, enhance digital products using automation or prompts and streamline operations, reducing the need for constant human intervention.
This approach can help explore AI's capabilities and allows for initial experimentation without getting overly technical and complicated. However, this simplified version has limitations, as it barely scratches the surface of AI's potential capabilities.
The pitfalls of trend-chasing without strategic foundationsApplying trendy AI functions won't guarantee a competitive advantage. Off-the-shelf solutions lack customization. Tailored solutions that don't involve AI can sometimes address specific needs more effectively.
Everyone using generic AI programs leads to market oversaturation. If all businesses use the same tools, they have the same capabilities and offer the same services or experiences, making it harder for consumers to differentiate between the options.
Customers are now looking for more than just basic, trendy AI features and have clued into the fact that sustainable differentiation comes from a deeper strategy. The lack of that long-term value is displayed, and people are starting to notice the lack of foundation and integrity employed by these "one-size-fits-all" AI models.
Where the true value lies Go back to first principlesRather than deploying AI tools for novelty, consider why your business needs them. Revisit the original friction points. Then, research bespoke AI or machine learning programs that can address these issues.
Data and model assets as the foundationThe advancements in AI and machine learning make the investment worth it for businesses. While developing AI models takes time and resources, investing that into creating and refining custom programs ultimately leads to greater success down the line. Businesses would no longer rely on generic programs like their competitors, but would feature a setup unique to their needs.
There's a potential for great success if businesses can leverage proprietary data as another differentiator from the competition. Companies that access their unique data sets gain unique insights, which they can use to train machine learning models to be more accurate and relevant to their specific goals. Focusing on data and model development helps businesses create AI solutions that aren't just reactions to trends but are tailored to their unique needs.
Workflow integrationMore often than not, businesses are extraneously integrating AI into the workflow. When done right, AI will be natural and integral to the core workflow of the user and autonomous. This is where we start to see the evolution from chatbot or co-pilot—which still rely on human interaction—to agents that can plan, perform tasks and achieve goals autonomously. That is where true value creation happens.
The future of AICustomers should focus not just on the newest industry trends but also on the long-term implications of such trends. Rather than getting caught up in the flashiness of trend-chasing, take a look and focus on the "secret sauce"— the unique recipe and curation of data, models and strategy. That's what we focus on at AdRoll. We started building machine learning into our bidding and insights platform before it was cool and have since been able to collect almost two decades' worth of data from online behavior. This has helped us build a strong foundation with AI and will ultimately help our platforms outlast the hype.
As is typically the case, true value in the machine learning industry is derived not from trend adoption but from thoughtful and curated AI implementations. Consider the importance of having a specific strategy. That allows AI to be used to its fullest potential, encompassing data acquisition and model development into the implementation of the programs. Bespoke customization also allows for continuous improvement as the industry continues to evolve. Businesses should be committed to continuous improvement, allowing for adjustments and enhancements along the way.
Thoughtful AI integration as a path to sustainable growthGetting started with a complex and growing technology like AI can be challenging, so sometimes, using simple machine learning programs as a gateway can be smart. There are benefits to using off-the-shelf programs to uncover your unique AI needs, but you should also recognize when you have outgrown that. Businesses must continue evolving and refining their use of machine learning to build complex, defensible strategies.
Those who will succeed and thrive utilizing these programs will be the ones who blend proprietary data with curated AI applications to drive lasting differentiation.
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What Companies Are Fueling The Progress In Natural Language Processing? Moving This Branch Of AI Past Translators And Speech-To-Text
AFP via Getty Images Key takeawaysChatbots have exploded in popularity in recent months, and there's a growing buzz surrounding the field of artificial intelligence and its various subsets. Natural language processing (NLP) is the subset of artificial intelligence (AI) that uses machine learning technology to allow computers to comprehend human language.
AI has many applications, including everything from self-driving cars to AI-driven investing. If you're curious about what AI can do for your portfolio, download the Q.Ai app to get started.
Natural language processing applications have moved beyond basic translators and speech-to-text with the emergence of ChatGPT and other powerful tools. We will look at this branch of AI and the companies fueling the recent progress in this area.
What's natural language processing all about?Natural language processing (NLP) is a subset of artificial intelligence (AI) that uses linguistics, machine learning, deep learning and coding to make human language comprehensible for machines. Natural language processing is a computer process enabling machines to understand and respond to text or voice inputs. The goal is for the machine to respond with text or voice as a human would.
The long-term objective of NLP is to help computers understand sentiment and intent so that we can move beyond basic language translators. This subset of AI focuses on interactive voice responses, text analytics, speech analytics and pattern and image recognition. One of the most popular uses right now is the text analytics segment since companies globally use this to improve customer service by analyzing consumer inputs.
The potential for NLP is formidable. According to Fortune Business Insights, the global market size for natural language processing could reach $161.81 billion by 2029. Market research conducted by IBM in 2021 showed that about half of businesses were utilizing NLP applications, many of which were in customer service.
How are businesses using NLP to improve operations?The primary benefit of NLP solutions for businesses is to use automation to cut costs and improve business operations to maximize productivity and profitability. Here are a few ways that NLP is being utilized right now by businesses globally:
You may be using NLP services daily without even noticing it. We enjoy more and more of these technological benefits as they advance. Here are some common examples of NLP:
We also can't ignore the role of AI and NLP in everyday services like streaming platforms and e-commerce websites (Amazon), where it feels like our results are customized by someone who knows us.
What companies are fueling the progress in natural language processing?While almost every business has to use some form of NLP and AI in its operations, some companies are fueling the recent progress in these technologies. Here are five companies in this space to keep an eye on.
MicrosoftMicrosoft has been making headlines lately since the company reportedly invested $10 billion in OpenAI, the startup behind DALL-E 2 and ChatGPT. These two tools alone have changed the entire landscape of AI and NLP innovations as the improvements bring this technology to the general public in new, exciting ways.
Microsoft Azure is the exclusive cloud provider for ChatGPT, and this platform also offers many services related to NLP. Some services include sentiment analysis, text classification, text summarization and entailment services.
IBMWhile IBM has generally been at the forefront of AI advancements, the company also offers specific NLP services. IBM allows you to build applications and solutions that use NLP to improve business operations.
One of the revenue streams for the company is the IBM Watson Natural Language Understanding service which uses deep learning to derive meaning from unstructured text data. On the Watson website, IBM touts that users have seen a 383% ROI over three years and that companies can increase productivity by 50% by reducing their time on information-gathering tasks.
AmazonThe significance of AI and NLP is felt at almost every level of Amazon's business. You may have used the Alexa device to put on your favorite song or found the perfect product on the e-commerce platform based on a recommendation. These are AI and NLP in action.
Amazon also offers Amazon Web Services (AWS) for cloud storage so businesses can complete their digital transformations. They also have Amazon Comprehend, an NLP service that uses machine learning to determine text's significance. The Comprehend service also offers sentiment analysis and custom segmentation so customers can add NLP to their apps.
LemonadeWhen discussing AI, you can't forget about the first insurance company fully Google
Even though Alphabet, the parent company of Google, recently revealed that it would be cutting 12,000 employees worldwide, they're also planning on launching 20 new products. Google has already offered a small sample group an exclusive look at a tool that will eventually be a competitor to ChatGPT, known as Bard. This chatbot is
The biggest issue for Google is that they want to offer an AI-powered chatbot that's safe, tackles misinformation, and shares factually accurate information. Google has been investing heavily in AI, and it's no secret that management wants to bring the company back to the forefront of this field. You can see Google utilizing NLP technology in every aspect of its business, including spam filters, predictive text when writing emails, search engines and translation tools.
How can you invest in NLP and AI?If you're a proponent of machine learning, there are many different ways to invest in AI and related technologies. There aren't companies that only focus on AI in the same way that Tesla focuses on EVs or Nike focuses on athletic wear because every successful business relies on some form of AI. You can, however, invest in major tech companies since they're becoming increasingly invested in AI. With Amazon relying on AI on everything from the Alexa device to powering the warehouses, this is one company that's all in.
OpenAI is projected to generate $1 billion in revenue in 2024. While you can't invest directly in OpenAI since they're a startup, you can invest in Microsoft or Nvidia. Microsoft's Azure will be the exclusive cloud provider for the startup, and most AI-based tools will rely on Nvidia for processing capabilities. In recent weeks, shares of Nvidia have shot up as the stock has been a favorite of investors looking to capitalize on this field.
You don't have to look any further if you want to see the capabilities of AI in investing. Q.Ai uses AI to offer investment options for those who don't want to be tracking the stock market daily. The good news is that Q.Ai also takes the guesswork out of investing if you want a hands-off approach. Check out the Emerging Tech Kit if you're a proponent of innovative technology.
The bottom lineNatural language processing and artificial intelligence are changing how businesses operate and impacting our daily lives. Significant advancements will continue with NLP using computational linguistics and machine learning to help machines process human language. As businesses worldwide continue to take advantage of NLP technology, the expectation is that they will improve productivity and profitability.
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Nevada Leadership Program
About the Nevada Leadership ProgramThe complexity of the challenges which Nevada faces have increased dramatically. The Nevada Leadership Program (NLP) is a set of programs that support the development of public and public adjacent entities and actors as a part of the University Center for Economic Development. We serve elected and appointed officials, government executives, and the general public in the State of Nevada collaboratively with public sector and private sector partners.
NLP helps elected, appointed and government executives and the general public develop their skills so that the public's business can be conducted in ways that are both responsible and transparent and efficient and effective. To do this we develop and deliver exceptional professional training and workshops leveraging University of Nevada, Reno, colleges and departments in the areas of public administration and management, public policy, economic development, and planning.
Please reach out if you are interested in setting up a custom training, collaboration, or leadership activity - we are glad to help.
WorkshopsThe Nevada Leadership Program offers a variety of workshops throughout the year and throughout the state. Customized workshops are also available.
Example workshops
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