Applications of Artificial Intelligence

Press release: Tel Aviv, Israel, October 10th, 2016– FinTech company “I Know First” co-founder Dr. Roitman had an exclusive interview on how the applications of Artificial Intelligence are shaping the world that we live in today and how businesses are adapting to these changes.

In a world that is has seen rapid changes in technology and cultural trends over the last couple of decades, people are curious as to how their futures along with their children’s future will look like. The main technological advancement that has occurred over the past few years, and is constantly making headlines in the newspapers is the various applications of artificial intelligence. Therefore, we decided to interview Dr. Roitman, a renowned expert in this field with over 35 years of research in AI and machine learning. Additionally, Dr. Roitman had earned his Ph.D from the Weizmann Institute of Science, a globally renowned university.

Full Q&A of the interview

How is artificial intelligence going to change the way we think about business?

Dr. Roitman, ” Artificial Intelligence, or AI has already begun changing not only the way we live but also the way we behave in our own subcultures. It is used throughout our daily lives whether we realize it or not. Big firms such as Alphabet and Facebook use AI when developing add targeting methods, as well as ways to attract more users towards a platform. Big data as well is increasingly used even more by any company that has adapted to contemporary technology. Firms that want to understand their customers ‘actual’ wants and needs use big data technology to figure it out. Therefore, all the data that you and I produce using technology (online sites), large amounts of data that is used in Business Intelligence. This is the ability of analyzing all aspects of business is the key to competitive advantage. This is enabled by cheap computing power. Although there are serious concerns about AI and computer optimization causing job loss, similar to how factory workers have been replaced in recent years; like any technological progression in history, it creates a new job market as well, that in the long term will benefit the consumers and average household.”

What are the practical applications of AI for business today?

Dr. Roitman,”There are so many practical applications of AI for business today, that most people and many businesses do not even recognize yet. Basic functioning examples can include online advertisement selection as I spoke about before, which heavily relies on big data, and is even being used by the Chinese government to help solve pollution in the region. However, it isn’t something only “big” firms can be using today. With advancement in technology we see more and more small businesses (along with big ones) integrate it into their businesses as well. For example, firms today use SaaS, or software as a service, which helps businesses manage daily operations such as content, payroll, and other cloud services. Just like I mentioned before, companies as well utilize AI to help better assess current and potential consumers, thus applying CRM, or consumer relation management software as well. Even more advanced AI-based algorithms, use machine learning, which allows us, to use voice and face recognition on our smartphones for example, helping banks detect credit card fraud, or even playing the occasional Pokémon Go with your friends. In addition, many financial firms, such as banks, have begun integrated AI-based algorithms into their investment strategies as well. Advanced algorithms, integrate machine learning and complex systems to be able to eliminate short term “noise”, or short-term volatility in the market. Banks and other large firms have as well integrated AI based automated systems, or customer chat-bots, to help manage customer service and client relations. The advancement in AI technology over the past few decades is astonishing, and today more and more adaptations for business are being developed to allow for cost efficient and consumer friendly operations in the workforce.”

How are businesses incorporating AI into their operations?

Dr. Roitman,”As I said earlier, the main applications are for the SaaS, which helps manage the daily operations of the firm. It’s important to understand though that many people think that large technological advancements in society, really only benefits large companies, however; with AI and big data, this is completely not the case. Take Sally the architect, a small business owner, who would like to manage her hundreds of clients in Chicago, IL. She can utilize countless of various CRM based applications, that will, in fact, help more efficiently manage her clients in cost reduced method. Gone are the days where Sally has to use a hardcopy planner and deal with the stress of personally organizing her calendar and other customer involved tasks. She doesn’t need to hire any office manager, rather take advantage of AI systems, whether it be for CRM, advertisement or automated customer service systems, that widely cut costs and increase profits across almost all industries today.”

As AI develops, how will its use in business change? What does the future hold?

Dr. Roitman,”Just like our parents and even some of us, couldn’t imagine a reality with advanced technology that we have today and everything our children take for granted, the same will be true with AI. With more and more advancements and positive data reports, showing the positive aspects of AI, it will increasingly become more incorporated into our daily lives and products that we use. For example, Harvard Law Library had begun a project called, ‘Free The Law”, where Harvard will attempt to upload its entire collection of U.S. case law. People who use Siri on the iPhone, might not even know its AI-based, or even that smart cars utilize the technology as well. In the future I expect the usage to become much more transparent, as the more we incorporate into our daily lives, the more the average person will become aware of it as well.”

I Know First, Ltd. is a financial technology company that provides daily investment forecasts based on an advanced, adaptable, self-learning algorithm. The company’s algorithm predicts over 3,000 securities (and growing) with capabilities to discover patterns in large sets of historical stock market data.

For more information, visit I Know First.

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Ido Brana

I Know First

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