Illumination
In the recent times, few words (like Robotics, Artificial Intelligence, Analytics, Data Mining, Machine Learning, etc.) are powerful (sometime confusing) in IT industry.
In this competitive world, it is highly important for any software engineer to understand the concepts and usage of the emerging fields. Itz essential to survive in the rapid growth IT industry.
Based on my (l)earning through the premium technology institute and related work experience, I'm writing this article with the strong fundamentals and concepts around it.
Key Areas
In my view, these emerging fields are categorized into 4 key areas. Letz see them in details:
1. Statistics
We all know that Statistics is a study of how to collect, organizes, analyze, and interpret numerical information from data. Statistics can slip into two taxonomy namely:
1. Descriptive Statistics
2. Inferential Statistics
Descriptive statistics involves method of organizing, summering and picturing information from data. Familiar examples are Tables, Graphs, Averages. Descriptive statistics usually involve measures of central tendency (mean, median, mode) and measures of dispersion (variance, standard deviation, etc.)
Inferential statistics invokes method of using information from sample to draw conclusion about the population. Common terminologies are "Margin of error", "Statically Significant".
2. Artificial Intelligence (AI)
AI is a broad term referring to computers and systems that are capable of essentially coming up with solutions to problems on their own. The solutions aren’t hard-coded into the program; instead, the information needed to get to the solution is coded and AI (used often in medical diagnostics) uses the data and calculations to come up with a solution on its own.
As depicted above, AI is the super set of the listed components and so itz a vast area to explore.3. Machine Learning (ML)
Machine learning is capable of generalizing information from large data sets, and then detects and extrapolates patterns in order to apply that information to new solutions and actions. Obviously, certain parameters must be set up at the beginning of the machine learning process so that the machine is able to find, assess, and act upon new data
4. Data Mining
Data mining is an integral part of coding programs with the information, statistics, and data necessary for AI to create a solution
In the traditional reporting model, the data source is retrospective to look back and examines the exposure of the existing information. Descriptive analytics are useful because they allow us to learn from past behaviors, and understand how they might influence future outcomes.
Inter Connectivity
On connecting the dots of the above said 4 platforms, Artificial Intelligence is the foundation which is followed by Machine Learning, Statistics and Data Mining, chronologically. In simple term, AI (Artificial Intelligence) is the super set of all paradigm.
Artificial Intelligence is a science to develop a system or software to mimic human to respond and behave in a circumference.
Evolution of Statistics, AI, ML and Data Mining is depicted in the below chart.
Need of Chat Bot
On analyzing where people really spend time, you’ll probably get the details where the users are. Chat Bot is the low hanging fruit in terms of business & technical opportunity.
A Chat Bot can be easily built into any major commonly used chat product like Facebook Messenger or Slack. Latest industry data indicates that the end users reached more usage band of messenger apps than social networks, as depicted below:
We've another dimension of Messenger App usage. According to Statista, most popular global mobile messenger apps usage is pointed below, as of April 2016. Itz based on number of monthly active users (in millions).
Next Gen - Messaging
If you think about your daily interactions online, it won’t be that surprising – you use Slack or Skype to communicate with your colleagues at work, you talk to your closest friends on Facebook in Messenger, you probably have several chats with different groups of your friends depending on interests etc.
Chat Bots shift the shopping experience from browsing (web/retail stores) to recommendation. Bots learn about you, much like a trusted friend or personal shopper.
Chat Bot in Business
In Artificial Intelligence, Chat Bot plays a key tool by providing feedback to users on purchases with customer service agents on hand to provide further assistance.
In China, not only is WeChat used by close to two thirds of 16-24 year-old online consumers, but the service has capitalized on its massive market share by offering functionality well beyond simple messaging by attempting to insert itself into as many stations along the purchase journey as possible.
As the major part of digital consumers’ purchase journeys and online lives, Chat Bot will need to be non-intrusive, obviously beneficial to the user and, perhaps most importantly, present themselves as an honest assistant, not an advertisement in disguise.
As the summation of my analysis, 2 key business benefits of Chat Bot usage:
1. High automation in manual contact center business; leads to drastic cost reduction
2. Continuous improvement (on usage) is possible with the usage of Machine Learning in AI intelligent Chat Bot
Conclusion
What you research today may eventually underpin how you deploy a successful Chat Bot application for your business sooner rather than later once all the kinks get worked out. Get ready, folks !!
