Some of the most relevant Spanish Artificial Intelligence (AI) stakeholders gather every 3 months thanks to city.ai, the platform that organizes events for analyzing the AI impact on different areas. The last city.ai event was held in Madrid on April 6, with the speakers of many different companies providing their insights. Artificial Intelligence applications in businesses and the daily challenges of Deep Learning were some of the topics discussed.
Ana de Prado (Machine Learning Program Leader) and Gabriel Muñoz (Data Scientist), from Terminus7, were some of the experts participating in the event. Their talk started with a state of art of AI, highlighting that, currently, we can find this technology everywhere, even in places in which we are not aware of its presence. For instance, facial recognition is used by entertainment systems and smartphones to identify the user, many car companies are launching their driverless cars, and medicine is employing patterns for the early detection of health problems, which can be more effective than humans. And, of course, personal assistants are arriving at our homes. Hence the prediction of Ana and Gabriel: “It is absolutely clear that AI is already part of our lives, and no other technology is going to grow faster than Artificial Intelligence”, according to the experts.
“It is absolutely clear that AI is already part of our lives, and no other technology is going to grow faster than Artificial Intelligence” Ana de Prado & Gabriel Muñoz
Medicine, personal assistants… But, what about business? Terminus7 experts delved into the AI applications for businesses. Business decisions are based on patterns, therefore, one can optimize the definition of these patterns to make them as accurate as possible. In fact, some traditional business decisions have not been taken using rational data, but with intuition, relationships, or past experience. Decisions associated with pricing, new products, strategy or negotiations have been eventually made based on wrong (or inaccurate) patterns. This is the scenario in which a business can benefit from IA the most. This is thanks to the data entered in the system and training the system, allowing it to learn, predict or suggest, and make decisions where humans are too slow or inaccurate.
AI applied to business advantages
However, accuracy is not the only benefit of applying AI to business, and as Ana and Gabriel explained, it has many other advantages:
- Time-to-market: delivering at the required time in a highly competitive environment. Being the first in a sector can mark the difference.
- Production ready: by focusing on the actual business workflow, you can develop a solution that is integrated into everyday decisions.
- Multi-sector: according to a research conducted by the Harvard Business Review, information technology, marketing, finance and accounting, and customer services are some of the sectors working with AI solutions, though it can be found in any company. As Ana and Gabriel highlighted, the Terminus7 AI-based solution has been implemented in electricity generation prediction, call center classification, train tracking, planet detection, infrastructure monitoring and other areas.
- Automation: a huge volume of resources can be saved thanks to automation.
- Cutting down the times: according to the analysis conducted by Business Insider, powering platforms, apps and interfaces and bots help companies by spending less time on routine administrative tasks, but also on improving strategies or, for example, to create better products.
Accuracy is not the only benefit of applying AI to business, as it has many other advantages.
Deep Learning challenges
Our experts Ana and Gabriel admitted that, even though it is a fascinating topic, this field of expertise presents many challenges. Quality of data is only one of them, as well as volume. Media coverage is also one of these challenges, and news gives an inaccurate image of AI projects, showing only successful ones. Another challenge mentioned by Ana and Gabriel is the opposition between laboratory and production, and the details that must be taken into account, such as those associated with Python, Tensorflow or Keras frameworks. According to Ana, “the perfect framework depends on the customer and on the objective”. But one of the biggest challenges these experts face in their day-to-day work is definitely customer expectations: “Deep Learning (DL, a branch of Artificial Intelligence in which Terminus7 specializes) is not always the best solution for a customer, and we must be honest and explain this to them”, stated Gabriel to the people attending Madrid.AI.
To sum up, Terminus7 experts gave some tips about implementing DL in businesses:
- Analyze whether Deep Learning is the best solution for a business or not.
- Choose the right metric for your business.
- Take into account the time needed for every part of the project.
- Keep in touch with the customer, as much as required.
Do you want to know more? Would you like to know what Terminus7 could do for your business? Let’s talk.
Would you like to know how to apply Artificial Intelligence to your business?
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