AI Authority Issue 12

Welcome Friends!

With a widening gap between tech-savvy and less tech-proficient companies, we look at how companies leading in AI and digital technologies outperform competitors in market performance and customer engagement!

Our goal is to provide you with valuable information that inspires, educates, and helps you use artificial intelligence to grow your business.  

With humble gratitude,  

The AI Authority Team

*1,265 words total, 4.55 minutes reading time

Today’s Lineup:

• AI and Digitally Leading Companies Dominate Their Competitors

• CES 2024: A Generative AI Showcase

• AI-Boosted Resumes are Changing the Game

• Is 2024 the Year of AI-Powered Robots?

• AI-Powered Service: Personalized, Predictive, and Powerful

AI and Digitally Leading Companies Dominate Their Competitors

Companies that are leading in using AI and digital technologies have secured a substantial competitive advantage, and their leads are growing!

Data shows that companies with superior digital and AI capabilities outperform those without by two to six times on Total Shareholder Returns (TSR) in every sector.

AI is now an essential tool for business growth, and leaders in its adoption and use are experiencing compounded growth. And the gap is widening between digitally transformed companies and laggards in tech proficiency, market performance, and customer engagement.

All businesses are beginning to understand that they risk falling behind their more digitally adept rivals by neglecting AI investments.

The bottom line is that companies integrating AI thoughtfully see real gains in revenue and market position. It's not too late for digital laggards, but the sooner they begin their digital and AI transformation and adoption, the faster they can reap its numerous rewards.

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CES 2024: A Generative AI Showcase

Generative AI emerged as a central theme at CES 2024, reflecting its growing impact on various sectors. NVIDIA showcased significant advancements with their new GPUs (Graphics Processing Units), greatly enhancing AI video and image generation capabilities.

Amazon also made notable announcements, including a partnership with Panasonic and BMW to demonstrate in-vehicle generative AI capabilities and integrate AWS (Amazon Web Services) generative AI technology into its services​.

Walmart introduced generative AI search and AI replenishment features at CES, marking a leap forward in retail technology. These features combine e-commerce and in-store experiences using AI. Walmart’s Sam’s Club is also piloting AI and computer vision-powered technology for receipt verification, aiming to enhance customer experience by reducing wait times​.

Conversational AI and chatbots, like ChatGPT, were at the forefront and were in every device, from refrigerators to automated pet sitters.

CES 2024 highlighted the significant strides being made in generative AI, and this is just the beginning.

AI-Boosted Resumes are Changing the Game

Recent research by MIT has shown that AI significantly improves resumes. The study, led by MIT Sloan PhD student Emma van Inwegen, found that job seekers with AI-assisted resumes were 8% more likely to get hired than those without. This improvement is due to the AI's ability to enhance spelling, grammar, punctuation, word usage, phrase repetition, tone, and style.

The study examined a large pool of 480,948 job applicants for contract work in a global online labor market. The results were significant. AI-assisted candidates had a higher chance of being hired, received 7.8% more job offers, and received 8.4% higher wages on average than those without assistance. This is especially valuable for non-native English speakers.

Spelling mistakes were a major factor; candidates with more than 99% of their resume words spelled correctly got hired nearly three times more in their first month on the platform than those with less than 90% accuracy. These findings show a clear advantage for job seekers using AI tools to refine their resumes.

Is 2024 the Year of AI-Powered Robots?

Groundbreaking advancements are characterizing the field of robotics and AI in 2024:

1. Autonomous Mobile Robots (AMRs): AMRs have expanded beyond warehouses into diverse environments like airports and outdoor settings like farms. These robots are equipped with sophisticated sensors, AI, and computer vision, enabling them to autonomously understand and navigate complex surroundings. They're also being used in last-mile delivery, providing contactless delivery options.

2. Humanoid Robots: Despite making headlines, humanoid robots, like Tesla's Optimus Gen 2, are still rare in deployment. Optimus Gen 2, in particular, has seen remarkable advancements in speed, weight reduction, and dexterity, demonstrating Tesla's commitment to pushing the boundaries in robotics. Elon Musk envisions Optimus as a future cornerstone in various industries, undertaking tasks deemed unsafe or mundane for humans.

3. Rust Programming Language in Robotics: The adoption of Rust as a programming language in robotics has been gaining momentum. With its inherent memory safety and management features, Rust is becoming increasingly popular among roboticists, especially within the Robot Operating System (ROS) framework.

4. AI Integration in Robotics: AI is playing a critical role in enabling robots to optimize tasks using real-time information. Industries such as healthcare, finance, retail, transportation, and manufacturing benefit from AI-powered robotics, including applications like predictive maintenance, automated quality control, and autonomous navigation in vehicles.

5. NLP and Swarm Robotics: The integration of Natural Language Processing (NLP) enhances human-robot interactions, making robots more adept at understanding and responding to human commands. Meanwhile, swarm robotics, where a group of robots work collaboratively, is being employed in scenarios like search and rescue missions and environmental monitoring.

6. Applications Across Sectors: In healthcare, AI-powered robots assist in surgeries and patient care. In manufacturing, they are streamlining production processes. Service robots in the hospitality industry improve customer service, and environmental monitoring robots contribute to scientific research.

AI-Powered Service: Personalized, Predictive, and Powerful

AI continues transforming customer service, moving from traditional reactive methods to proactive, predictive, and highly personalized experiences. Key advancements include:

1. Proactive and Predictive Customer Experience: AI's predictive capabilities enable businesses to proactively anticipate and resolve customer issues, improving interactions and customer satisfaction. This shift from reactive to predictive service is evident across various sectors, enhancing efficiency and reducing problems like product returns.

2. Real-Time Assistance and Emotional Intelligence: AI-powered chatbots and social media monitoring tools provide real-time responses to customer inquiries, boosting satisfaction and brand image. Additionally, AI systems are starting to be equipped with emotional intelligence, allowing for empathetic and personalized customer interactions and enhancing customer loyalty.

3. Chatbots and Personalization: The increasing sophistication of AI-powered chatbots offers 24/7 customer service, efficiently handling a wide range of inquiries. AI also enables personalized customer experiences by utilizing customer history and preferences data, thus improving the overall service quality.

4. Generative AI and Enhanced Interactions: Generative AI has revolutionized customer service with its ability to generate contextually relevant responses in real time. This allows for dynamic, human-like conversations, further enhanced by AI's emerging emotional intelligence capabilities, thus personalizing customer service and fostering brand loyalty.

5. Customer Satisfaction and Loyalty: AI's integration in customer service leads to proactive support, constant availability, and empowering self-service options. This results in reduced handling times, improved resolution rates, and increased customer satisfaction and loyalty.

AI is redefining customer service by making it more efficient, insightful, and tailored to individual needs, fostering a more satisfying and loyal customer relationship.

That’s all for today, folks!

We’ve lined up some fresh and exciting content for our next edition. Stay tuned; we can't wait to connect with you again. We appreciate your continued readership and support! Until next time. 

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