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The 3 Industries Best Prepared to Capitalize on Artificial Intelligence and Machine Learning

February 27, 2019
By: Jason Holte

We’re taking a look at how artificial intelligence and machine learning are beginning to disrupt utility, commercial real estate, and government workflows, and how location intelligence facilitates the adoption of these technologies.

Artificial intelligence (AI) and machine learning (ML) are no longer theoretical concepts from futuristic science fiction movies or novels. As of last month, AI has become the most-used tech term at the popular Consumer Electronics Show (CES) in Las Vegas. More than 60 exhibitors demonstrated the power of AI-driven technologies at CES in the form of pocket translators, smart baby monitors, kitchen devices that produce personalized nutritional drinks, and more. Essentially, a ‘buzzword’ technology trend has been demystified.

Artificial intelligence and machine learning in business

Consumer products aside, AI and ML are also transforming the way companies do business. Gartner predicts that by next year, AI and ML technologies will become a part of almost every new software product or service. Additionally, McKinsey has curated more than 400 real-life use cases of artificial intelligence across 19 industries. Further, they have pegged the technology’s annual potential value at $5.8 trillion for nine different business functions.

While AI and ML have the power to transform nearly any industry, today we’re looking at three industries that are especially ripe for innovation driven by these powerful technologies.

Artificial Intelligence and Machine Learning in Action

Utilities

From capturing information from a variety of sources to swiftly analyzing this data for trends, anomalies, and precise predictions, there are several ways in which different industries can leverage AI and ML technologies. For example, utilities can optimize load dispatch by using AI to anticipate energy supply and demand. Google’s AI lab DeepMind is also in talks with the United Kingdom’s National Grid to help the country reduce its total energy bill by 10%.

Additionally, GE’s renewable energy arm is positive it can empower a wind turbine to earn around $100 million in extra revenue over its lifetime. By creating a digital twin of a wind farm and optimizing its operations with predictive models built on real-time data, GE has seen its Digital Wind Farm increase the energy production in wind farms by as much as 20%.

Commercial Real Estate

Al is also quietly disrupting the commercial real estate industry. In July 2018, a startup called Skyline AI completed its first artificial intelligence-based real estate deal when it helped a partner to acquire two residential building complexes in Philadelphia, US, for $26 million.

Machine learning algorithms are capable of ingesting current and historical data from multiple sources. This allows them to crunch thousands of different property attributes and locate market anomalies much faster than human analysts can alone. As a result, real estate software built on AI technologies could point real estate professionals toward hidden opportunities and upcoming market trends with unparalleled accuracy.

Government

Not surprisingly, governments are also seeking to modernize their operations through AI. According to a report by professional services firm Deloitte, AI-based applications could help municipalities and local governments to reduce backlogs, cut costs, improve the accuracy of projections, and inject additional insights into scores of processes and systems.

Take the example of the US Centers for Disease Control and Prevention (CDC). Leveraging AI to classify different types of virus and segment disease reports into clusters allowed the CDC to streamline its polio virus tracking and reporting process. With the help of AI, work which used to take the CDC over three months to perform could now be completed within a week.

How Location Technology Enables Artificial Intelligence and Machine Learning

Data is undoubtedly the mainstay of machine learning models and artificial intelligence algorithms. However, its location component is the adhesive that ties disparate datasets together in an intelligible manner. Location technology equips organizations to automate the process of data classification and clustering, leading to smarter predictions and decisions.

A location intelligence platform facilitates utility asset management, and it can also help utility companies manage risk, improve outage response, and more. It’s no wonder, then, that applying AI and ML techniques to the UK’s territory-wise energy consumption datasets enabled demand technology platform Open Energi to map 6GW of peak-shifting potential in the country.

Similarly, an all-in-one location intelligence platform could act as a single source of truth for commercial real estate companies. This would prepare them to accelerate the benefits of comprehensive location data using AI and ML technologies. One potential advantage would be the ability to predict which geographical areas could witness the biggest price bumps in the coming years based on future infrastructure developments, crime data, points of interests, etc. Commercial brokers would also be able to calculate rent values for comparable commercial properties and find the best price for vacation rentals on various platforms.

Even governments require a robust location intelligence platform to tie together data collected by different departments. Once collected, the public sector could feed data from police, fire, civil defense, transportation, public health, and other sources into AI engines for advanced, automated analysis.

How the DMP Location Intelligence Platform Enables AI Applications

Artificial intelligence and machine learning technologies rely heavily on data to be effective. Digital Map Products is one of the largest aggregators of location-based, map-ready data in the United States, collecting and normalizing hundreds of different datasets from numerous different sources. Post-normalization, these datasets are ‘AI-ready,’ meaning they can be streamed into AI engines to deliver on business objectives ranging from targeted, hyper-personalized location-based advertising to property recommendations based on historical search activity.

Learn more about how we apply our location intelligence platform to provide industry-specific solutions capable of meeting the challenge of emerging technologies. You can also contact us today for more information!

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