What are the benefits MNC’s are getting from AI/ML?
AI, ML seem to be some of the most trending terms in the technological world at the moment. So what are they? And more importantly, why are they so important? The answers lay in the enormous and unimaginable benefits they are lending to MNCs (Multi National Companies).
Let us take a few examples to understand:
- Walmart: Walmart is one of the leading retail chains evolving to take advantage of tech to build their business and provide better service to their customers. From their scan-and-go shopping service in their physical stores, to their usage of machine learning to optimize the delivery routes for online orders, AI and ML is deeply woven into their setup. Investing in these technologies has enabled Walmart to provide their customers with a very high rate of satisfaction, along with bypassing the need to wait in long queues.
2. Tesla: Tesla is one of the topmost automobile companies in the world. What makes Tesla even more intriguing is the whole excitement around its self driven car, which makes an intense use of AI. Artificial Intelligence is the technology which has enabled the car to be self driven, as it is capable of learning and making decisions on its own without human intervention. This is what makes it stand out from the rest of the technologies we have ever heard of. Tesla has taken excellent use of AI and Big Data for expanding its customer base. The firm has made use of existing customer databases for its data analytics using it to comprehend customer requirements and regularly updating their systems accordingly.
3. JP Morgan Chase: A big player in the banking and financial world. The American multinational investment bank has invested $11.4 billion in 2019. It relies greatly on data analysis and analytics along with the use of Artificial intelligence. It has recently introduced Contract Intelligence (COiN) chatbot which is capable of searching internal documents for legal and extraction purposes.
Manual review of 12,000 annual commercial credit agreements normally requires approximately 360,000 hours. Results from an initial implementation of this machine learning technology showed that the same amount of agreements could be reviewed in seconds.
The Emerging Opportunities Engine, introduced in 2015, purportedly uses machine learning and natural language processing to help identify clients best positioned for follow-on equity offerings. The technology has proven successful in Equity Capital Markets and the company stated their intentions to expand it to other areas, including Debt Capital Markets, but it’s unclear if this has happened yet.
Conclusion
By taking the highly varied examples of Multinational Companies from such diverse industries, I wanted to showcase the plethora of benefits that AI and ML are giving to MNCs.
Hope this article was useful and helps you understand the widespread scope of these industries!
