What is artificial intelligence(AI)

AI is the ability of a machine to display human-like capabilities such as reasoning, learning, planning and
creativity.AI enables technical systems to perceive their environment, deal with what they perceive,
solve problems and act to achieve a specific goal. The computer receives data - already prepared or
gathered through its own sensors such as a camera - processes it and respond.AI is the backbone of
innovation in modern computing, unlocking value for individuals and businesses. For example, optical
character recognition (OCR) uses AI to extract text and data from images and documents, turns
unstructured content into business-ready structured data, and unlocks valuable insights.

How can business problems solved by AI

Speed and Efficiency

Problem: Your company wants to optimise its customer service response time to handle a high volume
of incoming queries, but the traditional manual approach is slow and overwhelming for the support
team

Solution: AI-Powered Chatbot.During the AI design sprint, the team can quickly prototype and test an AI-
powered chatbot that uses natural language processing (NLP) to understand customer queries and
provide instant responses. By automating routine inquiries, the chatbot frees up the support team's
time, reducing response time, and improving overall customer satisfaction.

Collaboration and Cross-Functional Expertise

Problem: You’re struggling to streamline its inventory management process across different
departments, leading to inefficiencies and increased carrying costs.

Solution: AI-Driven Inventory Optimisation.During the AI design sprint, representatives from logistics,
sales, and finance teams can collaborate to design an AI-driven inventory optimisation system. This
system uses historical sales data, demand forecasts, and external factors like weather and market trends
to optimise inventory levels across the supply chain. The team can create a comprehensive solution that
improves inventory turnover and reduces holding costs.

Mitigating Risk

Problem: Your company is planning to launch a new product in the market, but the potential risks
associated with customer acceptance and market demand are uncertain.

Solution: AI-Enabled Predictive Analytics.During the AI design sprint, the team can develop a predictive
analytics model that uses historical data and market trends to forecast potential demand for the new
product. By simulating various scenarios and market conditions, the model can identify potential risks
and enable the company to make informed decisions about production levels and marketing strategies,
reducing the risk of overstocking or under stocking the product.

Customer-Centric Solutions
Problem: Your e-commerce platform is struggling to recommend personalised product suggestions to
customers, resulting in low conversion rates and missed cross-selling opportunities.

Solution: AI-Powered Product Recommendation Engine.During the AI design sprint, the team can
explore collaborative filtering and machine learning algorithms to build a personalised product
recommendation engine. By analysing customer browsing and purchase history, the engine can suggest
relevant products tailored to each customer's preferences, increasing the likelihood of conversion and
improving customer satisfaction.

Predicting customer behavior

One of the most practical ways that ML is being used in a business is to help companies identify patterns
in big data sets. A common task is to predict customer behavior based on past experiences; for example,
predicting how likely a customer is to make a purchase. Customer analysis based on machine learning
algorithms is being used by banks, telecommunication companies, and online retailers to provide
recommendations for specific products or services. For example, Netflix uses a recommendation engine
that predicts what people will want to watch based on past viewing history.

Marketing campaigns

Machine learning can be used to generate personalized marketing campaigns. In some cases, this was
found to have driven up conversion rates by as much as 30%. It can be used to personalize your online
experience based on your actions and preferences, thus improving the overall customer experience.

Predicting customer’s response

Perhaps the most direct application of machine learning is predicting customer responses to marketing
campaigns. An algorithm might use machine learning to predict whether customers will be interested in
particular products or services, and if so, how likely they are to purchase.

Identifying customer churn

Another popular use of data analytics and machine learning is for customer segmentation, which
typically involves using a number of different variables to determine what type of customer a person is.
For example, the customer might be a low-value, low-spending customer or a high-value, high-spending
customer. When done right, this can lead to increased sales by marketing the right products to the right
people.

What is blockchain?
Blockchain is a record-keeping technology designed to make it impossible to hack the system or forge
the data stored on the blockchain, thereby making it secure and immutable. It's a type of distributed
ledger technology (DLT), a digital record-keeping system for recording transactions and related data in
multiple places at the same time.

Business problems that can be solved by block chain

Blockchain can solve a lot of real world problems and offer a better business model and economic
structure for all of us. Let’s explore these problems and the possible solutions that blockchain offers.

Blockchain Addresses The Problem Of Data Loss Due To Hardware Or Connectivity Issues

Have you or someone you know had a computer hard disk fail? If you didn’t maintain a recent backup,
the result is catastrophic data loss. Corporate data centers commonly use so-called RAID drives (which
stands for Redundant Array of Inexpensive Disks) to address this problem. RAID drives divide and copy
portions of the data onto each of its several hard disks in a very clever way – if one disk should fail, there
is enough information replicated on each surviving disk to recreate the original data lost on the failed
disk.

Blockchain Addresses The Problem Of Data Corruption Due To Intermittent Hardware Or Connectivity
Issues

Single points of failure, such as a hard disk crashing, are usually easy to detect if the errors are
reproducible. On the other hand, intermittent issues (particularly ones involving multiple hardware and
software systems) can be devilishly difficult to diagnose.

Blockchain Addresses The Problem Of Data Security And Trust By Making The Ledger Public

Hardware and software errors are not the only data security issue. The blockchain has to also protect
itself from willful fraud and theft.