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
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.
ReplyDeleteVery 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.
ReplyDeleteI 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.
ReplyDeleteFirst...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.
ReplyDeleteA 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.
ReplyDelete