Author: Peter Yang | January 28, 2020
Businesses have been using AI to create tremendous value. For example:
- “Luban”, an AI graphic designer, can design 8000 posters per second, preparing 300,000 eCommerce businesses for the double 11 shopping spree (i.e. the Chinese black Friday + boxing day).
- Trina Solar, photovoltaic cell manufacture, uses artificial intelligence algorithms to boost its productivity by 7%, creating tens of millions of dollars in profit.
- Youku, the Chinese equivalent of YouTube, uses AI to analyze the preferences of its audiences and created the story of an online movie on Youku, called “LOVE O2O”. This move ends up being one of the most-watched movies online, vided by more than 6 billion people in just 10 days.
Today, artificial intelligence plays an increasingly important role in retail, manufacturing, healthcare, media, finance, and other industries. How can companies better incorporate AI in their business model and daily operations to create value? Alibaba has some answers.
Liu Song, VP of Alibaba Group, says that AI will affect the behavior of enterprises, customers, and governments. Aliyun has applied AI technology on a large scale, and its replicated to more industries in the future.
Alibaba recently released a White Paper on Chinese Enterprises 2020: AI application practices and trends, which outlines seven business scenarios that artificial intelligence ML can create value for enterprises.
- AI can increase efficiency
AI helps to complete tasks that are repetitive and that humans are unwilling to do. For example, companies can increase production and quality by using the AI robotic arms in factories.
- Create new technology and break impossible deadlocks by using AI
The combination of AI and other technics (for example, cloud computing, IoT, VR, AR, etc.) can generate new products, models and services which solve problems at a scale that is unsolvable by a human before.
- AI can do things better than humans.
AI has already better than humans in some files, such as recognize, logic, and memory. Besides, it can work in some highly dangerous and complex production environments, such as the exploitation of mine.
- Innovate business with reactivate data.
Chinese companies are accumulating a large amount of unused industry data over the past 20 years, which can be “activated” by AI. Therefore, companies can optimize their business by using these reactivate data.
- Jump out of the box, further develop critical thinking ability with AI.
AI can generate new ideas by eliminating timeworn thought. For example, AI can better match customers’ needs than humans, and solve the problems that cannot be realized due to the limitation of resources, human thoughts, and other factors.
- AI provides a new human-computer interaction mode.
Nowadays, AI has strong capabilities in the field of vision, language, and speech recognition. Therefore, the rise of human-computer interaction markets will allow people to further benefit from AI, especially in the sectors of automotive and medical.
- AI can help people make better decisions.
AI can provide more accurate information by using professional systems and help enterprises analyze problems, build models, and provide better plans.
In the future decade, AI will integrate data intelligence with almost every business model known to us. Business leaders need to think ahead, create and innovate because AI applications are developing rapidly and reaching the outbreak period in various industries.” Said by Alibaba group vice president Song Liu.
Chinese AI technology is leading the world. Many unicorn companies, beside BAT, have emerged and set the playground of AI development in the 2020s. China has the natural advantage of a huge amount of data, which provides a strong foundation for the innovation of AI applications. It is important to consider factors like demographics and object dividends (number of device connections) when using data gathered in China to gain benefits of industry superposition, data density, and scene richness. In the future, the asset of the AI industry will exceed $50 billion and driving the value of related industries to over $100 billion.
About the Author
Peter Yang, Founder & CEO
Peter Yang, the man behind Awakening Vector. After witnessing experiencing the headache of labor-intensive and costly manual annotation work, in 2018, he gave up a career in VC to start his own company, a data service provider trying to build a one-stop data annotation for AI companies worldwide.
Contact the author at peter@awekvect.com or on LinkedIn.
