UTILITY OF AI
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Explore how different industries are embracing the utility of AI to create and deliver new value for their customers and organisation * Discuss the state of maturity of AI across industries * Get an appreciation of business posture to AI projects We also review the utility of AI across several industries including: * Healthcare * Newsroom & Journalism * Travel * Finance * Supply Chain / eCommerce / Retail * Streaming & Gaming * Transportation * Logistics * Manufacturing * Agriculture * Defense & Cybersecurity Part of the What Matters in AI series as published on www.andremuscat.com
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UTILITY OF AI
- 1. www.andremuscat.com UTILITY OF AI. UNLEASHING NEW VALUE ACROSS INDUSTRIES WHAT MATTERS IN ARTIFICIAL INTELLIGENCE SERIES
- 2. www.andremuscat.com What matters in AI Series For executives needing to understand the macro and strategic trends in artificial intelligence, its opportunities and impact from a non-technical perspective. WHAT MATTERS IN AI SERIES AI For Business Leaders 1 Utility of AI. Unleashing new value across industries 2 Meet Generative AI 3 Intelligent Automation (IA) 5 Monetisation of AI 6 Essentials to build solutions with AI Capabilities 7 Stakeholder Engagement in AI Work 8 Risk Management in AI Work 9 The Future of Productivity 4
- 3. www.andremuscat.com Discuss the state of maturity of AI across industries Get an appreciation of business posture to AI projects Review the utility of AI across: > Healthcare, Newsroom / Journalism, Travel > Finance > Supply Chain / eCommerce / Retail > Streaming & Gaming > Transportation, Logistics > Manufacturing, Agriculture > Defense & Cybersecurity TODAY’S AGENDA UTILITY OF AI. UNLEASHING NEW VALUE ACROSS INDUSTRIES Explore how different industries are embracing the utility of AI to create and deliver new value for their customers and organisation
- 4. www.andremuscat.com LEADERS RATING STATE OF THEIR INNOVATION PROJECTS Source: Antonio Grasso (@antgrasso), MIT Sloan Management Review 3% 7% 14% 13% 14% 17% 16% 10% 4% 2% 1 Not at all close 2 3 4 5 6 7 8 9 10 Very Close Early (24%) Developing (44%) Maturing (32%)
- 5. www.andremuscat.com 0 100 200 300 400 500 600 700 20% 30% 40% 50% 60% AI Impact in $ Billion Share of AI impact in total impact derived from analytics, % CREATING VALUE ACROSS SECTORS Transport and logistics Travel Retail Healthcare systems and services Consumer and packaged goods Public and social sectors Advanced electronics / semiconductors Automotive and assembly Insurance Banking Basic Materials High Tech / Big Tech Pharmaceuticals and medical products Telecommunications Media and entertainment Agriculture Chemicals Aerospace and Defense Oil and Gas Source: McKinsey
- 6. www.andremuscat.com Tech Automotive Aerospace and Defense Life Sciences Natural Resources Retail Utilities Industrial Average Energy Communication & media Public Services Chemicals Insurance Travel Consumer goods & services Healthcare Banking & capital markets AI MATURITY RISING BUT VARIES BETWEEN INDUSTRIES 30% 40% 50% 60% 2021 2024 Estimation Source: Accenture Research
- 7. www.andremuscat.com 16% 19% 22% 25% 28% 31% 34% 38% 44% 59% 69% 3D Printing Drones Robots Virtual reality Digital tagging and traceability Augmented reality Dynamic pricing Autonomous Vehicles Chatbots Internet of Things Virtual Assistants (e.g. Siri, Alexa) Most impactful AI Technologies BUSINESS POSTURE 3% 13% 13% 16% 28% 28% 34% 53% 63% Fulfilling corporate responsibility issues Product quality/safety (e.g.. Reducing defects) Increased job fulfillment/flexibility Better product innovations Re-thinking business strategies Increased interconnectivity in retail value chain More efficient manufacturing processes Creating more meaningful relationships with customers More efficient supply chain Area of greatest business opportunity
- 8. www.andremuscat.com INDUSTRY X APPLICATION OF AI PROJECTS Future Market Landscape of AI + Industry X Technology Platform Providers Specialised Delivery Service Providers AI Technology Provider
- 9. www.andremuscat.com PEAK AT HOW INDUSTRIES ARE USING AI
- 10. www.andremuscat.com Increase processing of Imaging scans from 25 a day to thousands Better personalised diagnosis & treatment recommendations Preventative care to reduce need of people needing a doctor: > Continuous monitoring > Encourage healthier behaviours > Oversee early-stage heart disease > Provide personalised care services > Align treatments to past conditions AI IN HEALTHCARE
- 11. www.andremuscat.com AI IN HEALTHCARE: PROOF OF CONCEPT / PRODUCTION Imaging Identify specific types of abnormalities at a faster rate, without the need of surgical tissue samples Robotic Surgery Leveraging precision-control of robotic arms to achieve higher success operations with less complications and speedier recovery times 24/7. Preliminary Diagnosis Earlier detection of ailments such as skin cancer and other conditions Prioritising patients that need timely care Virtual Nursing Assistants Providing quick answers to simple patient questions, especially between office visits. Help triage patients to appropriate care setting Connected Medical Devices Pro-actively detecting situations that may breach safe bed configuration compliance, fall prevention, alarm and and recommending of medical reach-out/treatment Prescription Error Recognition Detecting prescriptions that do not fit past medical history, or doses needed based on height, weight, body surface area, or kidney function 77% 66% 59% 55% 48% 45% 43% 41% 41% Supporting clinical decision making Extracting meaning from big data Resolving operational inefficiencies Enabling earlier diagnosis of deseases Optimising admin/clinical workflows Increasing patient engagement Advancing patient behavioral change Advancing personalised medication Improve data integration from connected devices Source: Healthcarenews.com, Phocuswright
- 12. www.andremuscat.com AI IN THE NEWSROOM 15% 31% 19% 30% 60% 45% 31% 53% 50% 30% 40% 38% 28% 20% 10% 0% 20% 40% 60% 80% 100% Automated recommendations Commercial uses (better propensity to pay models, etc.) Newsroom automation tagging/ transcription/assisted subbing, etc.) Newsgathering (e.g. help identifying stories/interrogate data) Robo-journalism Not Important Somewhat Important Very Important Source: Statista, Journalism, Media and Technology Trends and Predictions, 2022
- 13. www.andremuscat.com AI IN TRAVEL Search & Support (Chatbots) Self-Service Shop & Digital Assistants (Natural Language Processing) Buy (Machine Learning and Personalised Recommendations) Transit (Facial Recognition + AI Baggage handling) Experience & Profound Sentiment Analysis (Personalisation) Share/Analysis (Flight Forecasting, Analytics & Social Media Impact) Source: Phocuswright
- 14. www.andremuscat.com AI IN FINANCE Source: Roland Berger, Teradata, Sopra Steria Consulting 25% 26% 35% 70% Cut costs by letting software bots perform routing tasks (e.g. feeding data into Excel) Future belongs to cognitive systems Want to use AI to improve customer experience Hot priority topic actively being looked into
- 15. www.andremuscat.com AI IN FINANCE: IMPACT Cloud Computing Enhancing how products are delivered and reduces operational costs Reinforcement Learning Advances in reinforcement learning contribute to shaping the future of Algo Trading Language Learning Advances in natural language processing enabling processing of even larger amounts of data, making better decisions, faster Algo Trading Systems that handle 75% of the volume of trades globally. The focus in AI trading shifted from speed to increasing the number of variables in each model Bots The most efficient and easy to deploy AI-based solution for financial institutions Regulation Pushing for greater automation of trades in some asset classes which traditionally were not executed electronically
- 16. www.andremuscat.com Better forecasting and ongoing deep-learning-driven risk analysis Increasing velocity of data processing to execute + Reduce unit transaction: AI IN FINANCE: ELIMINATING FRICTION TO TRANSACTION ASSET MANAGEMENT CREDIT INTERMEDIATION ALGORITHMIC TRADING BLOCKCHAIN-BASED FINANCE Reporting and record management Data Analytics Credit scoring / risk underwriting Trading P&L, reconciliations Post-Trade Processing IT / Infrastructure Compliance Credit Scoring & Risk Management Anti-Money Laundering (AML) / Know Your Client (KYC) checks Control functions / Processes Anti-Fraud Tailored recommendations & personalised products Asset Allocation Robo-advisors, Chatbots, Customer Service Biometric Authentication Trading strategies and execution BACK OFFICE MIDDLE OFFICE FRONT OFFICE Source: National Crowdfunding & Fintech Association
- 17. www.andremuscat.com AI IN FINANCE: ROBO ADVISORY Ability to follow-up and probe based on experience Understand Client Needs Current Future Monitor Results & Adjust Current Future Propose Solutions Current Future Implement Solutions Current Future Gather client information Gather client information Assess risk-tolerance Assess risk-tolerance Consider outside accounts Consider outside accounts Understand needs & preference Understand needs & preference Gather client information Quarterly or annual performance reviews Understand needs & preference Dashboards, status-alerts Assess risk-tolerance Market updates & research Consider outside accounts Ability to explain complex and confusing topics Ability to follow-up and probe based on experience Ability to explain complex and confusing contexts Source: Toptal.com – Current and Future Robo-Advice Capabilities Client- Advisor Lifecycle
- 18. www.andremuscat.com 95% 44% 40% 10% Increasing efficiency and resolving peristent challenges Better asset utilisation More accurate demand forecasts Reduction in structural costs AI IN SUPPLY CHAIN TRANSFORMATION Source: Building intelligent, resilient and sustainable supply chains
- 19. www.andremuscat.com AI IN ECOMMERCE & RETAIL Chatbots Communicate & interact with customers in a way that delights Personalisation Send relevant messages at the right time. Deliver a seamless experience across platforms leveraging emerging tech like Product Image Analytics Recommendation System Recommender systems providing personalised offers and custom-tailored online journey to users via their web sites Predictive Analytics Machine Learning based system that can analyse past transactions to predict how customers will likely behave in the future Intelligent Pricing Algorithm that considers several pricing variables (e.g., time, period of month, demand, competitor pricing etc) to determine best prices for items sold Source: TP&P Technology Strategic Initiatives Intelligent Demand Forecasting Customer Churn Protection Prediction of Customer Lifetime Value Automated Content Generation
- 20. www.andremuscat.com AI IN ECOMMERCE & RETAIL: CONTEXTUAL INTERACTIONS
- 21. www.andremuscat.com AI IN ECOMMERCE & RETAIL: BENEFITS & VALUE 49% 44% 43% 40% 39% 38% 27% 26% 24% 24% 22% 16% 11% Cost savings Increased productivity Increased revenue More informed business decision making Faster resolution of business problems Automated processes and tasks Expansion of employee knowledge and skills Faster delivery of new products & services Predictive/prescriptive analytics Ability to design and test new ideas with Increase in innovation Ability to identify new revenue streams Attract new high skill employees Source: CES, Tech Trends
- 22. www.andremuscat.com Suggestions based on your previous reactions and choices Fraud detection > Cheating > Financial > Child Abuse In-stream object detection > Buy now > Advertising > Censorship Responsible Gaming Copyright Infringement detection AI IN STREAMING & GAMING
- 23. www.andremuscat.com AI IN TRANSPORTATION Traffic Flow Analysis Parking and Traffic Regulation / Enforcement Automated License Plate Recognition Autonomous Vehicles Delay Predictions Drone Taxis Source: Phocuswright
- 24. www.andremuscat.com AI IN LOGISTICS Productivity Accessing shipping data, filling in forms, orchestrating data flow Warehouse management avoid mistakes Predictive Maintenance Warn about possible breakdowns / schedule repairs Supply Chain Planning Balance demand, supply and optimise delivery processes Route Optimisation Using digital. satellite maps and traffic info to reduce costs Workforce planning Prescriptive performance management
- 25. www.andremuscat.com AI IN MANUFACTURING 59% 44% 32% 29% 22% 22% Quality Control Inventory Management Monitoring, Diagnostics Customer Care Personalisation of products and services Asset maintenance Source: MIT Global AI Agenda, Promise, Reality and future of data sharing
- 26. www.andremuscat.com Monitor livestock health in real time Monitor crop fields in real time Use video feeds to identify human or animal breaches Reduce potential of accidental destruction of crops Improve yield prediction Advance pest management Use smart tractors, and agribots when workers are hard to find Price forecasting Improving product trackability AI IN AGRICULTURE Source: V7, 8 Practical applications of AI in agriculture
- 27. www.andremuscat.com AI IN DEFENSE Training & Simulation Surveillance with geospatial analysis, suspicious activity and target recognition Autonomous weaponry for optimised kill success and reduced need for human participation Forecast and protect against unauthorised intrusions. Identification of misinformation Source: Emero, AI in the Military
- 28. www.andremuscat.com 68% 57% 56% 53% 43% Impersonation and spear-phishing attacks More effective ransomware Misinformation and the undermining of data integrity Disruption of remote workers by targeting home networks Deepfakes AI IN CYBER SECURITY – KEY CONCERNS Source: Statista, Preparing for AI-Enabled Cyberattacks, 2021
- 29. www.andremuscat.com 52% 44% 39% 38% 38% 31% Allocating more budget to security Assessing AI-enabled security systems Automating the investigation process Deploying autonomous response technology Hiring more security analysts Outsourcing to managed security service providers AI IN CYBER SECURITY – PRIORITY INVESTMENTS Source: Statista, Preparing for AI-Enabled Cyberattacks, 2021
- 30. www.andremuscat.com What matters in AI Series For executives needing to understand the macro and strategic trends in artificial intelligence, its opportunities and impact from a non-technical perspective. THANK YOU! WHAT WE EXPLORE NEXT… AI For Business Leaders 1 Utility of AI. Unleashing new value across industries 2 Meet Generative AI 3 Intelligent Automation (IA) 5 Monetisation of AI 6 Essentials to build solutions with AI Capabilities 7 Stakeholder Engagement in AI Work 8 Risk Management in AI Work 9 The Future of Productivity 4
- 31. www.andremuscat.com Discussed the state of maturity of AI across industries Got an appreciation of business posture to AI projects Reviewed the utility of AI across: > Healthcare, Newsroom / Journalism, Travel > Finance > Supply Chain / eCommerce / Retail > Streaming & Gaming > Transportation, Logistics > Manufacturing, Agriculture > Defense & Cybersecurity TODAY’S AGENDA HOW AI IS UNLEASHING VALUE ACROSS INDUSTRIES Explored how different industries are embracing the utility of AI to create and deliver new value for their customers and organisation
- 32. www.andremuscat.com This is an informational piece of work designed to simplify, inform, educate and entertain people around a complex topic. This publication was built by researching, collating and using publicly available information . It is being made available under the Terms of Services as published on www.andremuscat.com. Wherever possible, any source materials are highlighted, and remain the full ownership of their creators/publishers. Any interpretations applied are used to enhance and compliment the understanding of the topic. All opinions are those of the author alone. Wherever possible we use data sources that collect data or consider data that spans impacted users, roles and people working across various industries such as Advertising & Marketing, Airlines & Aerospace, Automotive & Transportation, Business Support & Logistics, Construction, Machinery, Homes, Education, Entertainment & Leisure, Finance & Financial Services, Food & Beverage, Healthcare & Pharmaceuticals, Insurance, Manufacturing, Retail, E-Commerce, Real Estate, Telecommunications, Technology, Internet & Electronics, Utilities and Energy. We also try to consider companies of various sizes across markets and geographies. In no way or means of this material, are we rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for engaged professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor to fully assess your situation and context. The author or andremuscat.com shall not be responsible for any loss sustained by any person or organisation that relies on this publication. Copyright © Andre Muscat. All rights reserved EDUCATIONAL CONTENT