Several industries have already been facing a seismic shift because of AI. In the near future, far more industries will face the same, sooner than they expect. AI is a very broad term that represents huge possibilities – both for your company, your competitors and every possible new player in the market. In general, smart digitalization will be the end of many businesses but also the beginning of many others.
Tom Kr Foosnæs - Senior Manager, Business Consulting
Things are starting to happen in Norway
Despite the fact that Europe is far behind the United States and especially China, in Norway we are adapting to the new reality as well. About a year ago, Amazon Go opened its first fully automated store in Seattle, and it now has eight stores in the United States. These stores use cameras, computer vision algorithms, sensor fusion, machine learning, image analysis and radio frequency identification to make physical shopping easier than ever before. Upon entering the shop, you simply scan your phone, grab everything you need and then walk out. No cashier points are needed. You get the receipt on your phone as soon as you leave the shop. Before the start of summer this year, the Coop Extra in Bogstadveien, Oslo, will implement a similar type of system. In short, once the shop’s employees have left at 11pm, technology will take over until the following morning. Customers will be able to log themselves into the store using their mobile phone. This exemplifies how new technology is being used to make shopping easier. The extent to which the Coop will use AI remains a company secret. What is clear is that the system will not be as complex as Amazon Go’s. However, it shows us that what happens abroad soon affects us in Norway.
The same applies in the area of viewing recommendations. Netflix uses AI, or more specifically machine learning, to make recommendations for what to watch. RiksTV in Norway now does the same. Norwegian banks are also starting to be affected by what is happening beyond our borders. A recent trend report published by Cicero Consulting, Mito and Itera showed that AI will become increasingly important for the Norwegian banking industry in the years to come. Norway’s largest banks have already started projects in the fraud prevention area and developed their own chatbots. Initiatives such as cognitive surveillance, intelligent savings, robotic accounting, voice assistants and automatic text analysis have also been undertaken. Automatic text analysis has been used by JP Morgan Chase to reduce the amount of time spent on a particular task from 360,000 hours to seconds. Churn analysis can be used to predict which customers are about to leave you. This information enables you to implement proactive measures. Itera has previously carried out churn analysis for other industries. We believe we will see this used by the banking industry as well as by other industries within a short space of time.
Several reasons why change is happening more quickly than ever
The use of AI is developing at a far greater pace than before. Today AI assists us in every area of our lives, whether we are trying to read our emails, Google something, use social media, get driving directions, or start a new business. We are also seeing smart buildings and smart cities emerge around us.
The reason why the use of AI is increasing much more quickly now is that we now have access to far greater computing power. Machines are everywhere, and the amount of data we can feed into computers is endless. In addition, Microsoft, Google and Amazon Web Services now all include AI as an integral part of their cloud platforms. This means that it is much easier than before to get projects started.
We will be happy to help
Technology-driven innovation and digitisation are changing industries overnight. Itera has consultants that can take care of all aspects of your AI initiatives, from business consulting, content, service and interaction design through to development, testing and operations through managed cloud services.
Which projects you test out first should be based on commercial considerations, not technology. This increases the likelihood of you getting the most out of your investment. We use the digital and technological changes taking place in the market to create good business models and thus ensure our customers continue to be competitive in the market of tomorrow. Using our insight, we conduct analysis work to identify business opportunities and their value. New technology is central to this. Cloud platforms are revolutionising the possibilities that are available in terms of creating smart services that use large amounts of data, artificial intelligence, machine learning, AR, VR, digital twins and other new technologies. However, an understanding of the opportunities and threats any given technology brings is important but not sufficient; what is more crucial is knowing how it will affect people, brands and markets. We combine insights such as these to create digital strategies and change programs that provide short-term gains and long-term results. Welcome to the future of creating digital business. Welcome to Itera.