Friday, March 9, 2018

Can Unisys ride the Artificial Intelligence wave?




Artificial Intelligence is not a new term to the industry, having been coined in 1955 by John McCarthy. However, the usage of AI has been dormant over the years, primarily because of limitations imposed by hardware and data. After six decades of chequered history, AI is making a comeback because of the advancements in hardware and the way how we store and manipulate huge amounts of data structured and unstructured data. Unisys has products like Elevate, Digistics and LineSight that span a wide array of industries like Finance, Transportation & Cargo and Safe Cities. Let us take the financial sector for example, a sector which AI is taking by storm. Can Unisys ride the Artificial Intelligence wave?

Almost every financial company is started using AI to reduce costs, enhance the customer experience and optimize their processes. For example, JPMorgan Chase’s Contract Intelligence (COiN) platform uses image recognition software to analyze legal documents and extract important data points and clauses in seconds, compared to the 360,000 hours it takes to manually review 12,000 annual commercial credit agreements. According to a 2015 study by research firm Javelin Strategy, false declines, legitimate transactions that are wrongly rejected, account for $118 bln in losses for retailers. A third of false decline cases result in lost customers, and in US alone they incur damage that is worth 13 times the value of actual fraud. The widespread adoption of AI across industries is predicted to drive global revenues of $12.5 billion in 2017 and $47 billion in 2020 with a CAGR of 55.1% from 2016 to 2020. Given the direction that the market is headed towards, there is clearly a lot of potential in these domains.

Some might say that it is too late for a new player to enter the AI industry. However, AI is not all technology. It is both a technology and an art. Today, getting the data is not the challenge. Everyone has a different perception of data and how to get insights from it and for this very reason, I believe that it is never too late for a new player to enter the industry. If someone has a better algorithm, they can compete with the best in the market because their solution will be provide an improvement in profits and reduction in costs which is actually the main goal. Then comes the idea of security. Unisys has security in its DNA. Our customers trust us with their data on our servers. We can leverage this trust and provide better products and services to serve our customers.

Artificial Intelligence is still evolving and has a long way to go. Unisys still has a great chance to get into this market and disrupt it.

Sources: 
1. https://www.toptal.com/finance/market-research-analysts/artificial-intelligence-in-finance
2. http://www.cmo.com/features/articles/2017/8/24/15-mindblowing-stats-about-artificial-intelligence-dmexco.html#gs.kQfReEY

5 comments:

  1. AI in Financial Services will be a good proposition especially in the Chat Bot. Security coupled with AI will position Unisys in a good position to capture the market.

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  2. Very good question, Sarthak. Your examples in the financial sector clearly highlight the power of AI. What does Unisys have to do to ride the AI wave? I few pointers or use-cases would help. Perhaps a topic of your next blog.

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  3. I think AI would be niche sector and not everyone can make inroads. Unisys is well placed to leverage it with its deep knowledge of technology and industry. If we make right moves we can get good share of the market.

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  4. First...Excellent write up and flow. I thoroughly enjoyed reading it. Bright spot...Question as title is a great source of curiosity. Anyone having related question will read the blog. The examples quoted perfectly opened the topic.

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  5. A good blog, we (Unisys) are definitely making the right noises by re-positioning our products/ offerings and the market / external stakeholders have taken notice. There are potential AI use cases in each and every product. It all depends on how quickly we leverage and get it to market. Execution is key.

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