Cloudloom

Artificial intelligence is set to grow over the next decade and it is difficult to think of an industry that it will not impact in some way. It will not just be another piece of technology; it will alter the way we live and work on countless levels. It will evolve. We will see more integration of Machine Learning, Internet of Things, Personal Assistants, and Speech and Image recognition.

We have been using Artificial Intelligence as a way for our clients to achieve rapid growth through innovative solutions. In essence, our clients are leveraging the fact that machines are far better and faster at training models to identify patterns in data at large scale than a person.

Through these models, our clients benefit from:

More actionable insights
Lower costs & higher turnovers
Far greater convenience and efficiency

AI in Commerce

Effective Inventory Management

Efficient inventory management is all about maintaining the right level of inventory that can fulfil market demand without adding to idle stock.

While the conventional form of inventory management was restricted to current stock levels, AI-enabled inventory management is enabling how to maintain stocks based on data related to:

Sales trends over the previous years
Projected or anticipated changes in product demands
Potential supply-related issues that could impact inventory levels

Apart from inventory management, AI is enabling warehouse management with the emergence of automated robots that is being projected as the future of artificial intelligence in Ecommerce. Unlike human employees, AI robots can be used to store or retrieve stocks 24×7 along with immediate dispatching of ordered items following an online order.

Omnichannel

Omnichannel AI solutions that are creating a consistent and seamless customer experience across online and brick-and-mortar retail stores. For instance, AI-based omnichannel solutions are utilizing a combination of AI and machine learning, natural language processing, and computer vision to reduce the gap between in-store and online customer experiences.

Data analytics

AI-based data analytics tools for the E-commerce sector that provide a host of benefits such as business intelligence, customer profiles, and online sale analysis.

Supply chain Automation

AI-enabled Supply Chain Automation that enable effective management of supply chains for E-commerce platforms. Other benefits include enabling business decisions related to vendors, delivery schedules, and market needs.

Email marketing

AI-enabled Email Marketing that sends out marketing emails for products (or services) that are of interest to the recipient. Apart from reading more human than automated, these email marketing tools make an intelligent user analysis based on their response and are more aligned to individual customer needs.

Pricing optimisation

What do the airlines, hotels, parking, and cloud computing have in common? You invest in assets upfront and render them out as slices of time. While parking assets exist in the physical space, and cloud computing exists in a virtual space, the principle is the same.

So, what’s the ideal scenario for businesses that run on this model? To be sold out, of course. You’ve invested in the asset up front, and you want to use it as much as possible. If you’ve got an empty parking space for even an hour, that’s a loss of revenue. So how do you optimize the parking asset?

You modulate the price based on circumstances. In peak times, you want to keep prices high to make more money because people will rent the space regardless. Off-peak times, you want to lower the price to encourage demand. This isn’t a hard concept. The difficulty is knowing how high and how low to change prices before you see diminishing returns.

Dynamic pricing uses algorithms to find the ideal pricing for these situations, improving revenue outcomes, and lowering the guesswork for all this pricing madness.

AI can make dynamic pricing easier and better. It facilitates continuous prediction, allowing for pivots for events in real-time. While you can predict some of these events with historical data, but not all. With AI, you identify what’s going on much faster, and you can adjust the price within minutes instead of once per quarter.

For human behaviour, faster reaction times are better. AI can review numbers more quickly than humans, taking them out of the loop for faster results. Humans are prone to errors in this type of analysis. You can save people time, have an impact on revenue, and increase market reaction time by using AI for dynamic pricing.

Virtual Support Agent

Customers can initiate a chat from the smartphone/web with the VSAs to notify a claim, enquire about the claim status, or even seek suggestions on risk management. With the advancements in areas like Artificial Intelligence, Natural Language Processing, Optical Character Recognition (OCR), VCSAs can provide personalized and close to human-like support to the customer.

The VSA can ask intelligent questions to get the relevant information from the customer, specific to the claim instead of a generic questionnaire. The claim will be processed faster by reducing the waiting time to receive information from the claimant.

Document analysis

AI based document processing extends across a wide range of tools that can be automated, but also refers to the sophistication of the automation (i.e. — discover, analyse, design, automate, measure, monitor, and reassess). The main idea is to train an Artificial Intelligence (AI) enabled document processing engine to read documents and extract data to be used by downstream processes. Our team has automated the process of extracting information from contracts or statements of work executed between vendors and customers and load that information into multiple systems with a fair amount of success.