South Florida Reporter: How AI Technology is Impacting Florida’s Business Sectors
Artificial intelligence is an integral part of Florida’s business world. There are a lot of startups in this state based on AI technology and offering highly effective business solutions.
According to a study by RS Components, the US is the world leader in the number of AI startups. Florida has proven to be one of the largest startup hubs in the US. Thanks to tax advantages, favorable climate and significant investments in the region, hundreds of new businesses originate here every year, and the most progressive of them are based on artificial intelligence.
Let’s take a look at how the introduction of artificial intelligence is impacting Florida’s business.
AI in Retail
Artificial intelligence has breathed life into retail businesses by improving the experience of both online shopping and physical store visits. Take, for example, autonomous retail technology like Amazon’s AI self-checkout. It allows a shopper to walk into a store, grab whatever they want, and walk out without having to queue at the checkout. This is a revolutionary way of shopping.
The Florida retail business industry doesn’t stand aside when it comes to the implementation of artificial intelligence. For example, Intuitivo uses computer vision to provide a solution similar to that used by Amazon. The company is retrofitting shelves of coolers with their Grab&Go technology for accurate product recognition. This allows shoppers to scan a QR code to start shopping, pick up the products they like and leave. The system automatically recognizes the product thanks to computer vision technology and deducts its cost from the buyer’s virtual wallet.
FIT: MATCH helps clothing brands select the best fit for their customers by scanning and analyzing their bodies. The solution takes advantage of the winning combination of augmented reality and artificial intelligence. FIT: MATCH allows you to get a 3D body shape using LIDAR-powered smartphones. Then the system compares the shape of the new consumer with the database and recommends the best size given the asymmetry of the body. This makes it much easier and faster to find the perfect clothing size which is the main pain point for both buyers and sellers.
AI in Healthcare
Modern AI-powered solutions also significantly enhance the potential of the healthcare industry. For example, the Heru project in Miami offers AI vision diagnostics and augmentation software. The platform develops real-time diagnoses of eye diseases using wearable devices. This approach helps to minimize the time between diagnosis of the disease and treatment and significantly increases the efficiency of this process.
Another healthcare startup, Neuromore, offers a SaaS cloud system to connect AI and wearables to build a single smart medical ecosystem. The technology allows for better patient care, brain diagnostics and much more. Thanks to advanced machine learning algorithms the system can understand and predict human behavior and use this data to provide better medical and wellness services.
Care.ai also offers the possibility to provide improved patient care powered by AI. It uses sensors and neural networks to monitor patients and detect signs of illness or infection. Artificial intelligence-enabled sensors are deployed throughout the medical facility. By collecting behavioral data, clinicians gain valuable real-time insights that help anticipate patient deterioration as well as optimize workflow within the clinic. This is where modern devices and AI-driven app development create a perfect combination.
AI in Fintech
Implementation of AI provides a lot of economic benefits, and fintech is a sector that is built on the most efficient and advanced technologies. Since its inception, fintech has been closely linked to artificial intelligence, and modern startups continue these traditions.
For example, Home Lending Pal provides clients with a personal mortgage assistant powered by AI technology. It analyzes clients’ financial and credit situation to form a list of lenders who are more likely to grant them a loan. Smart search is based on AI algorithms. The system analyzes the client’s financial information and compares it to current market standards to provide the best recommendations.
Another company called Squeeze helps users to find ways of saving on their bills. It’s based on the combination of experts’ analysis and artificial intelligence. Squeeze works with insurance, mortgages, cell phone plans and more and finds the best rates for each type of expense. This allows customers to make smarter purchasing decisions and manage their personal finances more effectively.
Due to its self-learning nature, artificial intelligence is an ideal solution to many fintech challenges, such as streamlining financial operations, better risk management, and more efficient financial management. Not surprisingly, most fintech companies somehow use artificial intelligence algorithms in their products and services.
AI Assistant Technologies
One of the most popular use cases for artificial intelligence in business is AI assistants, smart applications that help you to solve certain problems in a human-like manner.
Kore.ai offers virtual assistants for enterprises to enhance customer experience. The technology allows you to adapt the assistant to various business domains and set up customer support as efficiently as possible. Kore.ai uses a standard set of virtual assistant technologies, including natural language understanding, natural language processing, and machine learning which allows the system to learn and improve after each conversation with customers. The startup has already achieved some success and was named a Leader in Gartner’s Enterprise Conversational AI Platforms Magic Quadrant 2022.
Projects of this type also include Vozy and Chirrp. Both companies have conversational AI at their core that allows them to quickly and efficiently respond to customer requests. Vozy also provides a voice biometrics solution that offers the possibility for users to authenticate using voiceprint.
AI is becoming more than just a trend, technology is a necessary part of a business that wants to stand out from the competition, deliver the best user experience, and take advantage of the market.
Read the original article HERE.
