Posts Tagged ‘artificial intelligence’

Why AIOps is the Next Big Thing in IT Operations?

Friday, September 4th, 2020

AIOps platform market size is growing exponentially. According to Markets and Markets latest survey, the AIOps market size will reach USD 11.02 billion by 2023 and USD 237 billion by 2025. But, what is AIOps, what it is designed to do, how it is developing, and why AIOps is the next big thing in IT operations? If you are also looking answers for such questions, then your search ends here. Have a look:

The ‘What’ Of AIOps

AIOps is the application of Artificial Intelligence (AI) to IT operations. It is Continuous Integration (CI) and Continuous Deployment (CD) for core IT functions. AIOps combines machine learning, big data analytics, and various AI technologies to automate the challenging IT tasks. Using the IT data collected from algorithm analysis, AIOps check assets and gain visibility into dependencies within or outside of the IT systems. It helps IT Ops and DevOps teams work smarter and faster. It also denotes a shift from siloed data to a more dynamic business environment.

With AIOps, Ops teams can tame the immense complexity and quantity of data. This prevents outages, maintains uptime, and match endless service assurances. By 2022, 40% of all large enterprises will integrate big data and ML functionalities to replace and support monitoring, service desk, and automation methods (Source: Analytics India Mag).

AIOps Benefits

The prime advantage of embracing AIOps is that it provides momentum and agility to the Operations Team. This helps to ensure the uptime of vital services and timely delivery for better customer experience. Other AIOps benefits:

  • Data-Driven Decision Making

AIOps brings key ML techniques to the IT operations and helps with decision making. It enables the data-driven approach and automates responses. Such automated responses eradicate human errors and data errors. AIOps lets the organization focus more on resolution than detection.

  • Event Noise Reduction

Machine learning technology has great learning skills. With AIOps, using ML, the operations team can identify the error pattern and take immediate counteraction against the discrepancy.

  • Immediate Cause Identification

AIOps platform enables deploying correlation analytics. This helps teams to identify errors and its root cause by correlating monitoring data pointers. As a result, a team can resolve issues quickly and efficiently.

  • Predicting Event Warning

Early error detection is as necessary as fixing it. AIOps with advanced analytics can’t only detect the anomalies in the application performance, but also fix it efficiently for better customer experience.

  • Enhanced Customer Experience

AIOps can predict underlying availability and performance issues by collecting and analyzing data. It accelerates deployment and problem-solving processes.

Conclusion

AIOps is here to stay. It can potentially replace the traditional IT approach with streamlined automation and better efficiency. At Successive Technologies, we integrate the AIOPs, DevOps, and Agile procedures across the software lifecycles to improve operational efficiency and foster innovation. We deliver applications at the pace of business with comprehensive AIOps and DevOps services.

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AI-based Hyper-Personalization in Fintech

Friday, March 13th, 2020

Have you experienced AI-based hyper-personalization? No? I bet you have. Remember the notifications from Swiggy, Zomato, or Uber Eats during your lunch hour, reminding you of your favorite dishes? It is a simple example of the use of hyper-specialization through AI. 

What is hyper-specialization?

It is a step ahead of the old school definition of specialization. Brands portraying that they know about you and care for your choices, preferences, etc. through notifications pop up reminders and specially crafted emails are hyper-personalization.

What is the role of AI in hyper-specialization?

AI helps in the functioning of the whole idea behind the hyper-specialization. It works through consumer data. Using consumer data like past experiences, reviews, purchases, and even clicks, the AI draws patterns and reaches conclusions that are further used by the companies in the hyper-specialization. 

Role of AI-based hyper-specialization in today’s world-

In today’s world, 81% of consumers want brands to understand them better and know when and when not to approach them. As they are tech-savvy and well informed, they want the technology to make their life easier. They prefer the websites and brands which show what they want exactly when they want that and, when this connection is poor, they move on to a better one. As per cmo.com, consumers are willing to pay even more for consumer-friendly experiences, which are speedy as well as efficient.

And, this advancement has not left the Finance industry untouched. Fintech companies have also started using AI-based hyper-specialization for providing better customer services and winning their trust. 

What is Fintech

It is a term used to describe the use of technology in rendering financial services to consumers. When a company uses software or other technology for payment and other commercial purposes, it is described as fintech.

Fintech and AI-based Hyper-Personalized

Everyone has a different source of finance, needs, and ways of using it. One structure cannot be suitable for all. Here is where data of financial institutions can be used to develop personalized structures as per the preferences and needs of the consumers. 

Today, what consumers want are not limited services but various options that show their needs, choices, and requirements covering more and more areas of their financial sphere. 

For example, financial companies use emails and notifications for advertising about insurance based on your age, nature of the job, and types of expenses. 

By drawing patterns and deriving conclusions, banks send notifications of car loans and home loans, etc. Even though there are numerous benefits of personalization through AI, according to The Digital Banking Report, only 6% of financial institutions say they are deploying advanced personalization technology. Nowadays, the consumers want their fintech providers as any other retailer which takes care of their needs and suggests relevant product and services. 

Nearly 90% of retail banking customers who are provided with personalization services are highly satisfied with the advice provided by their financial institution say they “definitely will” reuse their bank or credit union for another product. Time has come that the institutions develop themselves from personal connections to personalized connections to get the most advantage of the technologies and succeed in the game. It has become important that they rise above just basic transactions.

How To Uplift Your Brand Using Chatbots

Friday, January 24th, 2020

A chatbot is a program, powered by rules and AI, which simulates a real interaction with users via a chat interface. In other words, a chatbot is a service that can have a conversation with you just like a real person. Chatbots are based on Machine Learning to gather conversational cadences that allow them to copy human conversations and react to written or spoken requests to deliver a service. They comprehend language, not just commands, since they use AI. Therefore, the more conversation chatbots have with users, the more intelligent they become. The purpose of chat bots is to support and scale business teams in their relations with customers. It could live in any major chat applications like Facebook Messenger, Slack, Telegram, Text Messages, etc. They are changing the way companies and customers interact, helping to create powerful, engaging human-to-AI agent experiences.

The number of businesses using Chatbots has grown exponentially. Chatbots docked to Facebook’s Messenger have increased from 30,000 in 2016 to over 100,000 today. Every major company has announced its own Chatbot and 60% of the youth population uses them daily. These statistics prove that Chatbots are the new-gen tech. No more waiting for the right time to incorporate them into your business. By the year 2020, nearly 80% of businesses will have their own Chatbot. And shipments of virtual digital assistant systems are beginning to touch every industry, from the banking and financial services space to travel, retail, education, and more. It’s estimated to grow into a $7.7 billion market by 2025.

Below are some of the benefits of Chatbots.

1. Chatbots will excite your customers, keep them satisfied

“When the customer comes first, the customer will last.” — Robert Half

People are very excited about technology and love exploring it. According to an online survey, about 44% of U.S. consumers prefer Chatbots over humans for customer communication. Therefore, businesses excite their customers when adopting a new Chatbot.

Still, it’s the businesses’ responsibility to ensure a smooth experience. To be successful, they must ensure their Chatbots are: Professional and bug-free.

Aligned with the brand rather than just random affairs.

Providing good linguistics.

Providing well-defined tasks.

Answering queries with proper answers.

Working seamlessly on a variety of devices.

2. Always-Available Customer Support

According to research by Gartner, customer service is the most important factor in success. So, whether you are an international or a local business, having a good customer service 24/7 has a positive impact on your customer satisfaction.

Customer support process can be improved with the help of chatbots. Bots can be programmed to give automated answers to repetitive questions immediately and forward the request to a real person when a more complicated action is needed. This enables human customer service representatives to save time and assist more important cases rather than time-consuming simple tasks.

Additionally, with the help of chatbots, organizations can handle more tasks at the same time so that no customer has to wait. This will allow companies to scale up their operations to new markets globally without multiplying incoming requests to be handled.

3. Extensive Customer Assistance

A survey shows that 83% of online shoppers need support during shopping. So, your customers may require help trying to understand which products fit their needs/budgets any time of the day. Moreover, shoppers may not find what they are looking for due to navigation issues when they are on your site, they may have a registration, payment, checkout, and delivery questions or there may be a lack of information about a product.

In all these situations, chatbots can provide assistance real-time like a salesperson in a real store. Moreover, chatbots can offer interactive communication where they also ask questions to understand the real problem. Furthermore, along with text and voice, they can present customers rich content with product pages, images, blog entries, tutorial videos based on their responses that can help them through their journey.

4. Chatbots won’t replace the humans

The biggest Chatbot misconception is that they’ll take over services and automate everything so businesses wouldn’t need humans to function.

This won’t happen; at least not completely. While Chatbots may appear to replace apps and will minimize human efforts for more productive outcomes, they cannot completely replace people and services.

Chatbots merely interact with people to clarify their queries within the preset scope as much as possible. For issues outside the scope, Chatbots are still able to determine a customer’s initial query. A chatbot is more helpful when customer ask repetitive questions because all information required for further resolution has already been gathered, saving time and energy, resulting in more expediency and accuracy.

5. Chatbots help reduce costs

Every year, around 265 billion customer support requests are made and it costs businesses whopping $1.3 trillion to service them. These costs can significantly be reduced with the help of AI Chatbots. Implementing virtual agents or Chatbots can help businesses to save up to 30%.

Chatbots ensure lucrative productivity from the investment in agent or employees. Hiring agents for 24*7*365 and adding resources to give support to the customers round the clock can be too costly for the company. Virtual agents or Chatbots will be the first point of contact and for more complex queries it can be escalated to human agents, hence Chatbot helps in improving customer service and reduces cost.

6. Lead generation and pattern recognition

Users interact with chatbots in very personal ways, much like they do with friends and family, chatbots are able to ask much more personal questions as well — questions that would normally be intrusive and annoying coming from a company or brand. These can range from ‘What music do you like? to ‘Where do you like to go on holiday?’. The answers to these questions provide valuable data that can be referred back to in follow up conversations and offer ways to further personalize the experience the customer has with the brand. Chatbots can, for instance, offer special discounts on a customer’s birthday, or suggest songs as per the previous requests and genres.

A bot can ask the necessary and related questions, persuade the user and generate a lead for you. Chatbots ensure the flow is in the right direction to get higher conversion rates. Of course, this also raises privacy concerns, and companies will need to find a balance between privacy and their quest for increasingly extreme personalization.

7. Increased Customer Engagement

Needless to say, it’s important to keep your customers engaged with your brand. According to research, companies that engage with their customers on social media were able to increase the customer spend by 20% to 40%. While social media is doing its job, chatbots can contribute by making the engagement more interactive — usually with a great sense of humor!

A conventional customer service interface usually provides more information than it receives from the users. However, Chatbots, in contrast, give only a slice of information at a time and can lead the interaction based on the input the user provides at each specific time. Therefore Chatbots don’t bore customers with irrelevant and unnecessary information and keep your customers on your platform longer and keep the content flowing by maintaining the conversation.

8. Easier Approach to Global Markets

Whether you are already an international brand with customers all over the world or a local brand who is ready for global business, chatbots can solve your customer care problems in multiple languages and 24/7, 365 days a year. This allows your business to scale up its operations to new markets without having to worry about multiplying incoming requests to be handled.

6 Future Technologies

Friday, January 24th, 2020

There has been a huge increase in the technology involved in the daily life of humans in the past 50 years. From engineers feeding in 0s and 1s into a room-sized computer to a wrist watch reminding us to complete our daily goal of 20,000 steps, technology has come a long way. The common man hadn’t even heard of a smartphone 12 years ago and today it’s hard to spend even a few hours without it. The technological advancement seen in the last decade was unseen in human history and it’s natural that we will one-up ourselves in the coming years. With a lot of new tech being conceptualized developed and tested, the future looks more exciting than ever before. There are many exciting new technologies that will continue to transform the world and improve human welfare. Here are six of them-

1. Self-Driving Cars

Self-driving cars exist today that are safer than human-driven cars in most driving conditions. Google, Uber have been testing them for over 2 years now. Over the next 3–5 years they’ll get even safer, and will begin to go mainstream. The World Health Organization estimates that 1.25 million people die from car-related injuries per year. Half of the deaths are pedestrians, bicyclists, and motorcyclists hit by cars. Cars are the leading cause of death for people ages 15–29 years old.

Just as cars reshaped the world in the 20th century, so will self-driving cars in the 21st century. In most cities, between 20–30% of usable space is taken up by parking spaces, and most cars are parked about 95% of the time. Self-driving cars will be in almost continuous use (most likely hailed from a smartphone app), thereby dramatically reducing the need for parking. Cars will communicate with one another to avoid accidents and traffic jams, and riders will be able to spend commuting time on other activities like work, education, and socializing.

2. Virtual and Augmented Reality

Computer processors only recently became fast enough to power comfortable and convincing virtual and augmented reality experiences. Companies like Facebook, Google, Apple, and Microsoft are investing billions of dollars to make VR and AR more immersive, comfortable, and affordable.

People sometimes think VR and AR will be used only for gaming, but over time they will be used for all sorts of activities. For example, we’ll use them to manipulate 3-D objects.

To meet with friends and colleagues from around the world. And even for medical applications, like treating phobias or helping rehabilitate paralysis victims.VR and AR have been dreamed about by science fiction fans for decades. In the next few years, they’ll finally become a mainstream reality.

3. The Internet of Things

The Internet of Things has long been talked about amongst tech insiders as the next big innovation in-home technology. In recent years, IoT has begun to carve a niche for itself in everyday life with the growing adoption of systems like Google’s Home and Amazon’s Alexa. These devices will continue to integrate more aspects of the home into one harmonious system by utilizing the internet, allowing a user to control anything from the air conditioning to their security via voice command and a small personal assistant.

Apple has announced its plans to roll out the HomePod this year and Samsung is reportedly working on their Bixby technology in order to compete with the success of the Google and Amazon systems. You can expect that one of these devices will be simplifying life in your home and the homes around you by 2020.

4. Artificial Intelligence

Artificial intelligence has made rapid advances in the last decade, due to new algorithms and massive increases in data collection and computing power. AI can be applied to almost any field. For example, in photography, an AI technique called artistic style transfer transforms photographs into the style of a given painter.

Google built an AI system that controls its datacenter power systems, saving hundreds of millions of dollars in energy costs. The broad promise of AI is to liberate people from repetitive mental tasks the same way the industrial revolution liberated people from repetitive physical tasks.

Some people worry that AI will destroy jobs. History has shown that while new technology does indeed eliminate jobs, it also creates new and better jobs to replace them. For example, with the advent of the personal computer, the number of typographer jobs dropped, but the increase in graphic designer jobs more than made up for it. It is much easier to imagine jobs that will go away than new jobs that will be created. Today millions of people work as app developers, ride-sharing drivers, drone operators, and social media marketers- jobs that didn’t exist and would have been difficult to even imagine ten years ago.

5. Internet for everyone

We can’t seem to live without the internet (how else would you read sciencefocus.com?), but still only around half the world’s population is connected. There are many reasons for this, including economic and social reasons, but for some, the internet just isn’t accessible because they have no connection.

Google is slowly trying to solve the problem using helium balloons to beam the internet to inaccessible areas, while Facebook has abandoned plans to do the same using drones, which means companies like Hiber are stealing a march. They have taken a different approach by launching their own network of shoebox-sized microsatellites into low Earth orbit, which wakes up a modem plugged into your computer or device when it flies over and delivers your data.

Their satellites orbit the Earth 16 times a day and are already being used by organisations like The British Antarctic Survey to provide internet access to very extreme of our planet.

6. Cryptocurrency & Blockchain

After Bitcoin’s meteoric price jump in 2017, major tech players have begun to take cryptocurrencies seriously. Along with major Initial Coin Offerings that have hit major news outlets like Etherium, smaller companies are developing Stablecoins that provide an attempt to provide all the pros of cryptocurrency transactions without the price fluctuations that have plagued the system. As these coins begin to work themselves out and exchanges even out the fluctuations in prices, expect these assets to be mainstream methods of payment by 2020.

Blockchain, the decentralized ledger that holds together cryptocurrencies, has applications reaching far beyond financial transactions. Companies have applied the technology to everything, from simplifying tracking and access to information in academia to interesting and amusing games that use complex algorithms to create unique experiences.

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Extended Reality (XR)  How It is Different from AR and VR

Friday, January 24th, 2020

Extended Reality is an umbrella term that encapsulates various immersive technologies that have the ability to merge the physical world we live in with computer-created virtual worlds. This means that top UX design firms combine various components of computer-altered reality including but not limited to Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) to develop XR.

Also referred to as XR, the X in Extended Reality is a variable that can stand for any letter of the alphabet since the components of XR are not clearly established. It includes any technology that combines real and virtual environments, including future realities that we still have not developed yet.

In order to fully understand what Extended Reality is and what it can do, you need to understand the three main components, which are Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR). We explain these below:

Augmented Reality (AR)

Augmented Reality or AR is when computer-generated content is overlaid on the real world we live in, thus enhancing reality using digital content like text, images, as well as animation. This experience can be accessed using either AR glasses or using smartphones, tablets, etc. The key feature of AR is that it is not completely immersive as the augment content does not merge with physical reality, which means that users can still be aware of what is going on around them and interact with reality.

Virtual Reality (VR)

Virtual Reality or VR is a technology that fully immerses users in a simulated digital environment. For this, A special VR headset or a head-mount display is required so that the user can have a 360-degree view of the virtual world created.

Mixed Reality (MR)

Mixed Reality or MR has elements of both VR and AR. While digital content is overlaid on the real world like in AR, this overlaid content is immersive and interactive, as is the case in VR. So, digital and real worlds are blended in real time.

Future Scope of Extended Reality

Recent research has revealed that more than a whopping 60 percent of the respondents believe that Extended Reality will become mainstream in the just the next five years. This shows just how rapidly this technology is being developed, and how willingly the public is ready to adopt it once it is ready and available in the market.

Indeed, Extended Reality has plenty of uses and could be employed in all kinds of fields such as retail, real estate, marketing, training, entertainment, and more. It can also be used by the best UI UX design services. The technology has the potential to completely change the way we live our everyday lives, as it will alter our very perception of reality.

Drone Technology — Uses and Applications

Thursday, January 23rd, 2020

A drone, also known as an unmanned aerial vehicle or UAV, is basically a flying robot that can be controlled remotely or it may have the technology to fly on its own using software-controlled flight plans which are embedded in their systems.

Drone technology is something that is continually evolving, with investments in it increasing year by year. This is because drones have a wide range of uses that are crucial for several industries. For example, unmanned aerial vehicles are commonly used in the military for gathering intelligence, for anti-aircraft target practice and more.

The military isn’t the only field where drones have irreplaceable value. Today, they are used in weather monitoring and prediction, traffic monitoring, in search and rescue efforts to reach places that are impenetrable by humans or larger machines, in surveillance, etc.

They are even used for personal and business purposes. Real estate and delivery services are among the industries which have really benefited from drone technology. When cameras are attached to drones, they are used for aerial photography and videography by photographers, filmmakers, real estate agents, etc. Many top UX design firms play an important role in the development of drones.

How does a drone work?

Drone technology works in conjunction with GPS and onboard sensors. Today, many drones have advanced features that make them extremely durable and intelligent, thus widening their scope of use. Below, we take a look at the different components of drone technology.

Radar positioning and return home

Modern drones are integrated with dual Global Navigational Satellite Systems or GNSS, which includes GPS and GLONASS. These drones can fly in GNSS as well as non-satellite modes. Radar positioning helps in accurate drone navigation and also displays the current position of the drone in relation to the controller. The Return to Home feature guides the drone back to the controller.

Obstacle detection and collision avoidance technology

High-tech drones come with obstacle detection and collision avoidance technology in order to ensure safety. These sensors thoroughly scan the surrounding environment, while SLAM technology and software algorithms produce the scanned images into a 3D map.

Gyroscope stabilization

Drones can fly smoothly because of the gyroscope stabilization technology embedded in them. In addition, the gyroscope also provides important navigational data to the central flight controller.

Inertial Measurement Unit (IMU)

The IMU is a technology that can detect the current acceleration rate using one or more accelerometers. It does so by detecting changes in various rotational attributes using the gyroscope.

Motors and propellers

These are technologies that enable the drone to move into the air and hover or fly in any direction. They let the drone either hover or fly based on the data received from the flight controller and electronic speed controllers.

Understanding Conversational AI Technology

Thursday, January 23rd, 2020

Put simply, conversational AI refers to technology that can automate communication by using speech-based assistants, messaging apps, and chatbots. This helps businesses in creating a highly personalized experience at scale.

Today, conversational AIs are more popular than ever, and their rapid advancement points to a future where we are likely to become more reliant on this technology for our daily tasks. The best UI UX design services are requested time and again by businesses to integrate conversational AIs into their operations.

For example, you or someone you know may have Google Home or Amazon Alexa at home. These are two of the most popular speech-based assistants available in the market today. You can have conversations with these AIs, ask them to carry out certain tasks for you such as setting up an appointment, ask them to play music, etc., simply by talking to them as you would to another human being.

What makes conversational AI Technology so appealing to the masses is that they are driven by a language we are already comfortable with. Whether they are chatbots or speech-based assistants, you don’t have to learn complex processes to operate a conversational AI. They can either be engaged with using full sentences or using word options from a menu and can support two-way interactions with the user, thus connecting humans and machines like never before.

How conversational AIs can affect your business

It’s not difficult to see how businesses can benefit from the power of conversational AIs. One of the key appeals of this technology is that it can carry out personalized interactions with many individual customers simultaneously. On top of this, it enhances engagement and streamlines communication, thus providing an overall better customer experience.

By enabling businesses to hold seamless and synchronized communications with their customers on whatever channel the customers may be using, conversational AIs allow improved efficiency and better customer satisfaction. For example, a customer on a website using chatbots for a query can have any issue resolved in a matter of a few minutes, without having to wait to speak to a representative.

Customers today are already pretty familiar with conversational AI in its different avatars. The younger generation prefers to communicate over conversational AI-enabled platforms than other forms of communication such as phone calls.

Thanks to its ease of use and its efficient nature, conversational AI is gaining momentum, with many top UX design firms investing in it. This means that businesses can use this modern technology to automate customer-focused touchpoints on various channels including their website, social media, and even smart assistants like Alexa and Google Home.

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