While technology trends in the past year revolved around making machine learning and artificial intelligence accessible for everyone, this year will be about how these technologies will evolve to benefit businesses. With the beginning of 2020, Ramesh SivaSubramanian, Head of Ramco Innovation Lab, Singapore has made technology predictions. The following is a gist on each key technology trend:
Fraud/Anomaly Detection and automating inputs
Machine Learning based applications have evolved from email spam and malware filtering to predicting and recommending actions. 2020 will see companies benefiting from Machine Learning/Deep Learning’s real-time financial applications such as fraud/anomaly detection, self-auditing systems and suggestions based on past orders/transactions. The consolidation of operations will prevent leakage and mistakes.
Improving employee (Millennial) experience
While voice and chatbots became mainstream for customer engagement in 2019, 2020 will focus on elevating employee experience in the race to attract and retain millennial talent. Millennials value more work-life balance, quick integration with work culture and less ‘boring’ corporate functions. AI/ML and Natural Language Processing, chatbots can help win over millennials while improving workplace productivity.
Improving attendance and workplace access using Facial Recognition
2020 will see significant workplace adoption of facial recognition, especially for customer-centric and cybersecurity functions. Enterprises which adopt this capability, especially those with sizeable workforces, will reduce if not eliminate the tedium of keeping track of employees. It will also solve many issues related to password and access cards, saving even more time and costs.
The future will be all about understanding the user, his personal preferences, and delivering solutions tailored to his needs. Just like how your friendly barista at the coffee shop would start preparing your favourite cappuccino with an extra latte as soon as he sees you enter the premises, organizations are leveraging heaps of information available in historical data to draw patterns and build personalised solutions.
Image recognition-based identification
The AI-based machine vision technology and deep-learning technique is also being leveraged in tasks related to quality inspection and defect detection. Be it the textile industry or the aviation industry, AI-infused image recognition enables organizations to detect common defects. With an accuracy of 90% detection rate, the application will automate the entire quality inspection process in an organization and offer real-time data for timely decisions.