Several years ago, I waited 45 minutes in the queue just to buy a simple beverage and I thought whether we really need cashiers in retailers, or not. I knew the answer was no. In my opinion, it was possible to walk in, grab whatever you like and leave with a self-checkout system. However, because of the lack of technical knowledge, I could not come up with a brilliant idea. The only idea came to my mind was RFID (Radio-frequency identification) tags. The idea was simple; tag every product with RFID tags (like we see on books or DVDs) that will enable customers to scan each product with their smartphone –Near Field Communication (NFC) technology is standard for most of the smartphones today- and add the products to their cart and pay online.
AI makes healthcare more personalized
Personalized healthcare is the process of distinguishing patients into different groups based on their unique characteristics, clinical decisions, the risk of disease to provide them personalized care and treatments. The term, personalized care or personalized medicine has risen recently with the deep understanding of certain disease in a molecular base and new approaches to diagnosis thanks to technological developments for data and analytics.
Understanding the patient
Patients’ genetic tests have a major play in personalized medicine and are used for diagnostic testing.
Marketing operations are mostly automated and supported by artificially intelligent systems. However, organizations are struggling to use artificial intelligence to automate customer care services because machines’ natural language processing capabilities still remain significantly less than humans’. For more info, you can check out our explanation on why language is such a difficult issue for machines. Though agents will not be completely automated soon, intelligent call routing systems can help connect customers to agents that are most suited to solve their problems.
Sellers used to set the price for a product or service based on a manual analysis of the cost, demand, supply or competition. Without sophisticated algorithms, two pricing strategies were common:
- Premium Pricing: Premium pricing is where companies set the price higher than average competitive price. The key factor for the success of this strategy is differentiation. Premium pricing effectively works when the product has a unique feature that differentiates it from similar products in the market and has a competitive advantage.
- Penetration Pricing: Penetration pricing is basically setting the price relatively lower than the market competition. Companies use this pricing strategy to raise brand awareness and increase customer loyalty. Initially, penetration pricing may cause revenue loss but the main goal of this strategy is market penetration.
Profit maximization is not always possible with both strategies. At premium price level, demand would be low. Even if you have a high demand for penetration pricing, the price will remain low. What if you can cover all the price segments and respond faster to demand fluctuations in the market? This is possible with dynamic pricing.
Cognitive automation or also called intelligent or smart automation is the hottest field in automation. Talk to any RPA company CEO and they will start talking about cognitive automation, at least Max from WorkFusion was most excited about cognitive automation in our podcast.
While automation is old as the industrial revolution, digitization greatly increased activities that could be automated. However, as you can read more on our guide on RPA tools, initial tools for automation, which includes scripts, macros and robotic process automation (RPA) bots, focus on automating simple, repetitive processes. This makes sense because most core corporate processes are quite repetitive but not repetitive enough to completely take human out of the loop with simple programming. However, as those processes are automated with the help of more programming and better RPA tools, processes that require higher level cognitive functions are next in the line for automation.