Business
7:47 13 July 2020
Post by: WBJ

AI won't change the world... or will it?

AI won't change the world... or will it?
Source: Backwell Tech.

Each year in the world of car racing it’s a given that competing teams will try and out-do the other in their never-ending bid to improve on the previous season. 

In this regard, artificial intelligence is much the same as a racing championship in which a team chooses its driver, mechanics, engineers, tires and petrol – all whilst aiming for the most advanced solutions. 

Despite that, when it comes to engines and chassis, teams have veered towards projects rooted in the 70s and 80s, using them as inspiration for latter-day models fit to compete in 2021. 

That is the situation. 

But when it comes to artificial intelligence, one thing is certain, and that is its potential to do so much more than what we might have seen already – as such, it should neither be underestimated not dismissed as hype. The possibilities are there, they simply await the right algorithms to be put in place. 

At Backwell Tech. we began from scratch, with just a pen and paper and the goal of redesigning a new engine and a new chassis before building a car for the championship.

Admittedly, this was a risky approach as using it meant that we had no previous solutions to fall back on – no prior studies or tests.

The key, however, lay in ensuring that artificial intelligence could be harnessed to its fullest in terms of the user-machine relationship and conversational technology. 

In fact, along the way, we discovered that once the user's intention was understood, algorithms could aid in creating useful results in a very short period. 

To date, we have seen these technologies applied to simple things: for instance, ordering take-away or booking a restaurant table. But thanks to the latest advances in the world of Natural Language Processing and Natural Language Generation, it’s also become possible to reach higher levels. 

To give a few examples, just think of a law firm: as things stand, legal firms mainly use AI to catalog documents, however, what if they were able to use AI to deduce winning or losing strategies before engaging in a new case? 

Likewise, the financial field where customized reports could be created explaining to the investor why his portfolio is gaining or losing, not to mention why certain dynamics are occurring – imagine a world where each client has a customized digital consultant, a highly-evolved chatbot/robot advisor.  

In the world of sales managers, meanwhile, instead of classic CRM, could it really be possible to have software that suggested customized business strategies based on customer expectations that could make negotiations easier? 

Were this the case, then imagine the time saved by not having to write daily reports, by instead replacing these through automated questions and answers. Thereafter, analyzed by the software, these reports would then provide useful insights to HQ and provide an inside look on operational activities and the development of business strategy. 

In short, each and every sector stands to gain hugely from the added value of implementing such solutions.

At Backwell Tech. we started looking towards such a future almost two years ago, studying and implementing new algorithms with the potential to support but not replace human value. 

The vision we are pursuing with our start-up opposes layoff culture, but rather instead seeks to create time for people to pursue other avenues in their work while helping them maintain and improve their competitive advantage in the professional sphere. 


ai
backwell tech.

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