We at Tuzo believe in learning and sharing together. We would be sharing the best practices, learning about the new technological advancements and how the new technologies are being implemented. We will be sharing the best articles we have read from around the world, even from our competitors, some of whom are doing awesome work which has been our inspiration. This is the second newsletter from Tuzo
A comprehensive report from McKinsey detailing the various use cases in the car industry. The consumer journey is largely online as consumers research online. This means that the automotive players have an ideal condition to deploy AI. Key areas identified in this report are “reduction in discounts on cars”, “next product to buy prediction” and “demand forecasting”. An interesting read as the report builds for a case for implementation of AI in marketing and sales functions in the automotive industry
A very relevant survey was conducted by McKinsey in November 2020 to find out the state of AI implementation across industries and the benefits from various use cases. Interesting to see that 50% of the companies have implemented AI in at least one function. The top use cases were: AI-based product enhancement, service operations optimization, customer service analytics, and customer segmentation.
It is heartening to see that many organizations have reported an increase in revenues or decline in costs as a result of AI implementation and the benefits going straight to the bottom line. Interestingly, more companies have reported a higher impact on the topline than the costs. AI for sales and marketing has resulted in higher revenues for 80% of the companies followed by finance and supply chain management.
One of the most common questions we get from our clients and readers is the difference between AI, ML, and deep learning. Many seem to be using the terms interchangeably. However, these are different things though related to each other. Below is the excerpt from the wonderful article from Serokell that I came across on this topic
In short, deep learning is a subset of machine learning which in turn is a subset of artificial intelligence.
It's not that we have all work and no fun. In our team, we have taken a fancy to “Quick draw with Google” game where we draw and let the neural network recognize the doodle. In the process, we are helping Google create the data set for doodling. Try a hand at this and I am sure you would end up spending hours playing this game.
Let us know what you would like us to cover in the July newsletter. Tuzo is a no-code AI platform for revenue growth. Sign up for early access or write to us at firstname.lastname@example.org
#AI #ML #artificialintelligence #revenue