Artificial Intelligence increasingly is being incorporated into various software systems and products across different verticals like retail, healthcare and so on. AI is also becoming the differentiating factor for sustaining competitive advantage and creating superior customer experiences. The Indian startup ecosystem has been vibrant with various companies working with Artificial Intelligence and machine learning systems to deploy them into newer use cases for processing natural language text, voice generation and recognition in multiple languages.
Deep Learning techniques have revolutionized the world of artificial Intelligence. Abilities that humans once imagined were uniquely our own have begun to fall to the onslaught of ever more powerful computers. However, there is no mathematical reason why networks arranged in layers should be so good at overcoming challenges.
That’s changed, Thanks to the work of Henry Lin at Harvard University and Max Tegmark at MIT in 2016. These guys claim the reason for deep neural networks efficiency does not depend on mathematics but on the nature of the universe. That is to say, the answer lies in the regime of physics rather than mathematics.
Stena Line is expanding the use of artificial intelligence technology to predict the best fuel-efficient way to operate a vessel after a successful pilot study last year reduced fuel consumption by two to three percent. This remarkably enhanced the revenue of the company.
The ferry giant has set a target to reduce the fuel consumption and CO2 emissions by 2.5 percent annually. Fuel is one of the company’s largest cost spending- around 20 percent of total costs. The company aims to do a complete fleet-wide roll out on all of its vessels in Europe during 2020.
According to a global study, in terms of women’s advancements in the workforce, India is inconsistent due to various reasons. However, Positive trends too have been noticed in this context. India has a higher than average share (22 percent) of women with artificial intelligence skill sets as compared to other countries.
The study by Heidrick and Struggles also found that the Indian government has taken some significant initiatives including furthering girl’s education, improved healthcare, and maternity benefits, which address some of the basic challenges faced by women at their workplace.
Tech Mahindra, Atidot partner to offer artificial intelligence-enabled solution for life insurance companies
Tech Mahindra Ltd announced its collaboration with Atidot, an Israel based Insurtech company that offers predictive analytics, artificial intelligence and machine learning tools for the life insurance and annuity companies.
Through this partnership, Tech Mahindra and Atidot will provide a one of a kind platform to increase profitability for insurance companies by predicting customer behaviour, lapse patterns and improve cross-sell as well as up-sell capabilities.
According to an IDC report, worldwide spending on AI systems is forecast to reach $ 35.8 billion in 2019, an increase of 44.0% over the amount spent in 2018. The report also predicts that the retail sector will lead the spending, followed by the banking sector. Artificial Intelligence is well-positioned to impact various sectors like retail, healthcare, banking, finance, discrete manufacturing, transportation etc. According to a Gartner survey, 37% of organisations have implemented AI in some way.
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