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New research predicts six key trends in the consumer IoT market

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Smart home IoT company Viomi Technology and the International Data Corporation have jointly issued a white paper that identifies key consumer trends for the Internet of Things and the smart home.

With the smart home, connected services and the Internet of Things overall gaining greater acceptance it is important for businesses to understand where the technology is heading next. Focusing on the home market, smart home Internet of Things company Viomi Technology, in collaboration with the market intelligence company International Data Corporation (IDC), has issued a white paper that signals the key consumer trends that are set to shape the home IoT market over the next few years.

The new paper is called “Consumer IoT Outlook 2025“, and as the title suggests it forecasts the primary trends in the consumer IoT market from now through to 2025. These trends are:

  • Computing capabilities of consumer IoT devices will increase rapidly. For this, artificial intelligence is vital to the future development of consumer IoT. The main developments will be with sensing technology, data acquisition capability and decision-making intelligence.
  • Different network protocols will work together as a hybrid network. The aim here is to provide consumers with stable and fast connection anywhere and anytime. This will be enhanced by 5G, and increased consumer expectations for connection anywhere and anytime.
  • Edge computing and local storage will be widely used on smart devices. This move will improve computing efficiency and personal privacy.
  • Consumer IoT devices will have more open integration in terms of technology. Interoperability should be achieved by breaking the boundaries between products, platforms, and applications.
  • Human-device interaction will be more user-friendly and feel more natural. This will be seen with applications like voice-, image-, face-, and touch-based interaction.
  • Smart devices will soon move into the stage of proliferation. The main growth area, the report suggests, will probably be in China.

The research will be presented by Viomi at the Appliances & Electronics World Expo in Shanghai, China on March 13, 2019.

At the same time, a separate report from market research firm Grand View Research predicts that the global smart home automation market will hit $130 billion by 2025, compared to $46.15 billion in 2016.

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Healthcare

Canadian startup Deep Genomics uses AI to speed up drug discovery

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One of the biggest challenges pharmaceutical companies face is with the time taken to discover new drugs, develop them and get them to market. This lengthy process is punctuated with false starts. Startup Deep Genomics uses AI to accelerate the process.

Canadian startup Deep Genomics has been using artificial intelligence as a mechanism to speed up the drug discovery process, combining digital simulation technology with biological science and automation. The company has built a platform which uses machine learning to delve into the molecular basis of genetic diseases. The platform can analyze potential candidate drugs and identify those which appear most promising for further development by scientists.

The drug development process is dependent upon many factors, such as those relating to combining molecules (noting the interactions between hundreds of biological entities) and with the assessment of biomedical data. The data review required at these stages is highly complex. For these reasons, many researchers are seeking algorithms to help to extract data for analysis.

According to MaRS, Deep Genomics is addressing the time consuming element involved in the initial stages of drug discovery. The artificial intelligence system that the company has designed is able to process 69 billion molecules, comparing each one against around one million cellular processes. This type of analysis would have taken a conventional computer (or a team of humans) many years to run the necessary computations.

Within a few months, Deep Genomics AI has narrowed down the billions of combination to shortlist of 1,000 potential drugs. This process is not only faster, it narrows down the number of experiments that would need to be run, saving on laboratory tests and ensuring that only those drugs with a high chance of success are progressed to the clinical trial stage.

This type of system goes some way to addressing the lengthy typical time to market, which stands at around 14 years for a candidate drug; as well as reducing the costs for drug development, which run into the billions of dollars per drug.

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Health service partners with Alexa to provide medical support

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The U.K. National Health Service (NHS) is to partner with Amazon’s Alexa in order to provide health information. This is being piloted as an alternative to medical advice helplines and to reduce the number of medical appointments.

While the U.K. NHS is much admired around the world as a free-at-the-point-of-use healthcare system, health officials are always keen to find ways to reduce the strain on the systems, especially relating to medical visits where the process of booking appointments and waiting times for sessions with doctors can be lengthy. The average time to obtain a non-medical emergency appointment with a general medical practitioner is averaging around two weeks.

Although a non-emergency medical helpline is active (accessed by dialling 111), plus an online system, health officials are keen to explore other ways by which the U.K. population can access medical services. For this reason, NHS England is partnering with Amazon.

The use of Alexa voice technology not only offers an alternative service for digitally-savvy patients, it provides a potentially easier route for elderly and visually impaired citizens, as well as those who cannot access the Internet through a keyboard, to gain access to health information. This fits in with a new initiative from the U.K. Government called NHSX, which is about the NHS Long Term Plan intended to make more NHS services available digitally.

As PharmaPhorum reports, Alexa can now answer questions such as “Alexa, how do I treat a migraine?” and “Alexa, what are the symptoms of flu?”

Outside of the U.K., Amazon is working with several healthcare providers, including digital health coaching companies, in order to launch six new Alexa healthcare ‘skills’. According to Rachel Jiang, head of Alexa Health & Wellness: “Every day developers are inventing with voice to build helpful and convenient experiences for their customers. These new skills are designed to help customers manage a variety of healthcare needs at home simply using voice – whether it’s booking a medical appointment, accessing hospital post-discharge instructions, checking on the status of a prescription delivery and more.”

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Retail

Chatbots are revolutionizing retail

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This story originally appeared on Digital Journal.

The rise in chatbot use is just one example of the AI revolution online retailers are facing. A key consideration that retailers face is using the technology to create individualized experiences to retain customers and drive sales.

A recent study by Juniper Networks indicates that retail sales from chatbots will nearly double annually, reaching $112 billion by 2023, which is a lucrative outcome of the automation of customer sales and support processes. Chatbots are just one example of how technology is being used to create intelligent content and perhaps what is becoming the future of e-commerce.

Online retailers are also investing big in artificial intelligence-driven systems, such as smart CMS, that allow them to deliver individualized experiences, an increasingly crucial part of customer retention and driving sales.

Rasmus Skjoldan, chief marketing officer of Magnolia CMS, discusses with Digital Journal how new AI/ML features in modern technology are changing the way retailers create an online customer experience.

Digital Journal: How is artificial intelligence impacting on retail?

Rasmus Skjoldan: Retail is a seasonal industry, and because of that, there can be large peaks and valleys in customer questions and associated ticket volume throughout the year. This is a perfect use case for where digital transformation can have a massive impact, because digital communication channels and automation in the form of chatbots and AI can help alleviate the pain associated with seasonal upticks in volume.

It can be hard to scale live, phone-based support systems for such variations in traffic, and because of this, customers often have to wait on hold to get help — a terrible experience. Messaging, on the other hand, allows conversations to continue without the customer having to wait around for a live agent, and bot-based automation can take on a lot of the heavy lifting for customers with routine requests like checking on a shipping status.

DJ: How important are chatbots becoming for retail, and what advantages are retailers seeking to leverage from chatbots?

Skjoldan: The biggest retailers are able to automate so much more in this era of digital transformation because they can integrate bots with back-end systems, like an existing CRM or shipping provider. These integrations allow them to remove the agent from a lot of conversations. By assigning common inquiries to chatbots, retailers can remove some of the burden from live agents. In terms of staffing around the holidays, bots can handle a lot of the increased volume, so that retailers don’t have to hire as many seasonal agents.

DJ: Generally, how do customers react to chatbots?

Skjoldan: Customers want their issues to be resolved quickly and effortlessly. If a chatbot is able to accomplish that, then most customers are happy. Frustrations arise when chatbots misinterpret the issue at hand. It is important for brands to use chatbots to cater to the customer’s desire for convenience, while also offering the option to speak to a real agent when the chatbot becomes an inconvenience.

DJ: What are the main limitations with chatbots?

Skjoldan: Many chatbot vendors today are relying on a purely conversational bot experience, and it can be very difficult and time consuming to train these AI models. To circumnavigate this issue, organizations can use conversational AI technology to classify the ticket, coupled with decision trees that are deterministic and far more effective in resolving use-case specific issues.

DJ: How can technology help to overcome these limitations?

Skjoldan: If retailers keep their automation and bots decision tree-based, then the retailers are controlling the conversation. This is a simpler form of technology that is easier to manage. If AI determines that the customer inquiry can be handled through an existing bot workflow, then your customer moves through a set of predetermined tasks instead of the customer trying to have a conversation with a bot. If the customer’s question does not match a predetermined workflow, the back-end software will connect them with an agent.

DJ: What will customer service look like five years from now?

Skjoldan: The customer service industry is already seeing massive improvements in the efficiency of CX through automation, and I believe in the next five years, that progress will only be magnified. Brands will automate more than 90% of their customer service and reserve agents for their most complex issues. To get there, the industry will need more data scientists, engineers and analysts to maintain models and create bots that will ensure a great customer experience. Automation will work towards improving efficiency of service — and more significantly increase revenue for brands as a result.

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