Sunday, October 3, 2021

g-f(2)536 THE BIG PICTURE OF THE DIGITAL AGE (10/3/2021), MIT Sloan, How big firms leverage artificial intelligence for competitive advantage

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"g-f" fishing of golden knowledge (GK) of the fabulous treasure of the digital ageArtificial Intelligence, Competitive Advantage (10/3/2021)  g-f(2)426 


How big firms leverage artificial intelligence for competitive advantage, MIT Sloan

    • Artificial intelligence is no longer a ‘technology of the future.’ Here’s how Siemens, Mastercard, and John Deere gain real-world advantage from AI today.
    • According to experts at EmTech Digital, MIT Technology Review's annual event on artificial intelligence, big data plus AI creates a foundation for more intelligent products and services — ones that initiate maintenance procedures before something breaks, perform more precise operations, or automatically recalibrate resources to meet changing demand and usage patterns.
    • “The question is how do you use AI right or use it wisely,” said panelist Ed McLaughlin, president of operations and technology for Mastercard.
    • “The biggest lesson learned is how to take these powerful tools and start backwards from the problem,” McLaughlin said. “What are the things you’re trying to solve for, and how can you apply these new tools and techniques to solve it better?”

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              Opportunity, AI-enhanced design, development, and manufacturing, MIT Sloan

              • Industry players like Siemens have already taken steps to make this vision a reality. Consider AI-infused generative design features now common in some engineering software: Engineers can specify critical design and cost parameters such as weight or performance characteristics, and the software automatically explores the design space, quickly coming up with a range of options that a typical human couldn’t ideate on their own. By automating design and engineering tasks, Siemens customers, among others, are already seeing notable results, including greatly reduced manufacturing costs and improved product performance, Jockusch said.
              • The ability to churn out better designs faster is especially important in markets where discerning buyers want more customized choices, yet don’t necessarily want to pay more for the privilege. 
              • “The basic technologies for this vision might be 10 or more years into the future, but the technologies are already helping to facilitate increasingly complex design jobs in many of our applications in a much faster and more reliable way,” Jockusch said.

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              Opportunity, Fighting fraud with AI, MIT Sloan

              • The data gives Mastercard an opportunity to leverage AI to come up with services and offerings that make the customer experience better, McLaughlin said.
              • One of the most visible ways Mastercard is channeling those resources is to fight fraud.
              • To accomplish its goals, Mastercard built a decision-management platform on top of a massive in-memory grid in its network that holds over 2 billion card profiles with 200 analytical vectors. 
              • “We were able to have a three-time reduction in fraud and a six-time reduction in false positives using AI with that graded dataset,” he explained.

              Opportunity, Precision agriculture via AI, MIT Sloan

              • In a perfect world, a farmer would tend to a single crop all season, staying razor-focused on soil consistency, nutrient counts, and the perfect time for harvesting. No one can make a living on such one-to-one treatment, but AI is helping farmers achieve that kind of plant-by-plant-level management at scale, said Julian Sanchez, director of emerging technology for John Deere.
              • “We can leverage AI, machine learning, and machine vision to be able to go through a field at a high level of productivity while still helping farmers farm more profitably and sustainably,” Sanchez said. “We are managing every inch of the field, every plant, with the highest level of specificity possible. That’s the aim of precision agriculture.”

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              • Category 2: The Big Picture of the Digital Age
              • [genioux fact deduced or extracted from geniouxfacts]
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                • Inherited from sources + Supported by the knowledge of one or more experts.


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