EMERGING TRENDS PRESENTED BY AI LIGHTBOX & WESTERN AI - Carlee Olsen, Sarah Whittaker, Jennifer Qu
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EMERGING TRENDS PRESENTED BY AI LIGHTBOX & WESTERN AI Carlee Olsen, Sarah Whittaker, Jennifer Qu
TABLE OF
CONTENTS
1 Introduction
2 The Workforce of the Future
3 Marketing Reimagined
4 Healthcare Transformation
5 Summary
EMERGING TRENDS Introduction AI is changing the way of life for the better. Not only that, but it is revolutionizing industries. AI Lightbox focuses on three major aspects in our Emerging Trends Annual Report. The goal of this report is to help educate the greater Western community on the importance of AI from a non- technical point of view. AI Lightbox compromises of three analysts from diverse backgrounds who have delved into extensive research on the following areas: • The workforce of the future: re-defining roles & responsibilities in the workforce to invite technology into the workplace • Marketing reimagined: Envisioning a new way of personalized customer interaction • Healthcare transformation: Driving a patient-centered approach to reinvent the healthcare experience
The Workforce of the Future
1 | The Workforce of the Future 2 | Marketing Reimagined 3 | Healthcare Transformation
EMERGING TRENDS
Restructuring the work
experience.
Due to technological advances, roles and responsibilities within
the organization will need to be redefined and adjusted to enable
smooth interactions between technology and its users.
Why?
• Digital disruption: Need to successfully transition the
workforce to adapt to and profit from the 4th industrial
revolution1
• Solution: Designing a workforce based on what it will need to
succeed in defined strategic scenarios 5-10 years ahead
Current status2:
• Only 26% of Canadian CEOs are preparing for this shift
• Lack of vulnerable labour supply, 48% global companies are
hiring ahead of growth
• Can’t successfully transition operations without the right skills
1 Courlas, S. (2018, February 9). Disrupting the workplace. Retrieved from https://home.kpmg/ca/en/home/insights/2018/02/disrupting-the-workplace.html
2 Creating the workforce of the future. (n.d.). Retrieved from https://home.kpmg/ca/en/home/insights/2018/05/creating-the-workforce-of-the-future.html1 | The Workforce of the Future 2 | Marketing Reimagined 3 | Healthcare Transformation
EMERGING TRENDS
Building out the strategy
Digitization/Automation1
• RPA, smart workflows, process digitization
• 43% of all bank working hours can be automated with
current technologies
Analytics/Applied Science2
• Back-end: administrative tasks such as anti-fraud,
compliance, and core conversion in acquisitions
• Front-end: potential for 70% of front-office tasks to
be eliminated
• Internal: greater potential for employee facing
support to improve efficiency
Future Job Prediction
• If AI is implemented successfully, predicted 14% net
gain of jobs and 34% increased revenue by 2022
1 Dana Maor Leads McKinsey’s Israel office. (n.d.). A strategic blueprint for making the most of banking talent. Retrieved from https://www.mckinsey.com/industries/financial-services/our-insights/banking-matters/a-strategic-blueprint-for-making-the-most-of-
banking-talent
2 Crosman, P. (2018, May 7). How artificial intelligence is reshaping jobs in banking. Retrieved from https://www.americanbanker.com/news/how-artificial-intelligence-is-reshaping-jobs-in-banking1 | The Workforce of the Future 2 | Marketing Reimagined 3 | Healthcare Transformation
EMERGING TRENDS
Implications & Outcomes
1 2 3
Training & Progression Challenge Workforce Composition Challenge Net Jobs
Need to embrace learning how to learn, Diversity in generation, ethnicity, and gender2. Goal is to create and elevate rather than
implement foundation skills and scalable eliminate.
adaptability1. • Digitization enables flexibility among skill
level in multi-generational workforce • Elevate: emphasize and increase roles with
• How to determine and motivate job • Inclusion and diversity leads to 10-155 higher skills that can’t be automated
progression if roles are task based? returns from better decision making • Create: technology will require specialized
• 1/6 of core skills change every 3 years skills that form new roles i.e. analytics
• Only 3% of US banks are investing in translators
retraining to prepare for AI • Re-skill: largest transformation of workforce
will be one replacement
1 Rise of the humans 2. (n.d.). Retrieved from https://assets.kpmg/content/dam/kpmg/xx/pdf/2017/10/rise-of-the-humans-2.pdf
2 The future of banking talent. (n.d.). Retrieved from https://www.mckinsey.com/industries/financial-services/our-insights/banking-matters/the-future-of-banking-talentCASE STUDIES: Workforce Transformation
Describes how an incumbent steel Explores how an AI chatbot addressed a Examines how a biotech start-up in the
manufacturer in Netherlands, facing growing need to improve customer San Francisco Bay Area is applying ML
significant industry high winds, launched service in a cost-effective and scalable to R&D practices1.
an internally-developed AI strategy to way in India1.
optimize its production process1. • Implementation challenges:
• Implementation challenges: technical integrating AI into traditional
• Implementation challenges: re- development difficulties, regulatory workflows
trained 200 workers in AI & considerations
emphasized employee buy-in • Business & productivity impact: 10-
• Business & productivity impact: 3rd fold increase in experiment output
• Business & productivity impact: party service costs were reduced by per week compared to conventional
increased productivity by 13%, broke- 26% despite 10% increase in R&D labs
even 1-2 years of launching, higher customer volumes
ROI than traditional plant upgrades • Workforce & labour impact:
• Workforce & labour impact: created internally 50% smaller core R&D
• Workforce & labour impact: no over 40 AI jobs teams per project, supported by a
immediate workforce reduction higher number of ML related teams
1 AI, Labor, and the Economy Case Study Compendium. (2019, August 2). Retrieved from https://www.partnershiponai.org/compendium-synthesis/1 | The Workforce of the Future 2 | Marketing Reimagined 3 | Healthcare Transformation
CONCLUSIONS
EMERGING TRENDS
Conclusion #1
Metrics for Success All three organizations reported varying degrees of productivity improvements from
their deployments of AI .
Conclusion #2
Buy-in from management1
All three instances of AI implementations entailed changes for the way labor operates:
• Successful adoption of new AI systems required buy-in from sometimes a shift in the roles humans take on, compared with technology; sometimes
management and the workforce alike. In doing so, having intelligible a shift in the skills humans must possess to thrive in their roles; and sometimes a shift
ML models was of paramount importance. in the number of humans required to complete a process or deliver a service.
Conclusion #3
Short-term ROI growth1
As skilled workers retire, and as companies face increased industrial pressure to
• Each firm reported productivity or ROI growth in the short term, but operate leanly, companies may decide to cut jobs, rather than shift their workers into
in all cases, these effects could not be attributed solely to AI, as other other areas.
process changes always accompanied the introduction of AI
technologies. Conclusion #4
Though each case subject experienced certain common themes, their particular
experiences implementing AI were also informed and constrained by the relevant
Varying workforce impacts1
contexts in which the organizations exist.
• There were varying impacts on the local workforce due to the
adoption of AI systems and no reported layoffs to date, but the
effects were difficult to measure internally and in some cases,
cascaded beyond the firms we studied into their third-party vendors
and broader business ecosystems.
1 AI, Labor, and the Economy Case Study Compendium. (2019, August 2). Retrieved from https://www.partnershiponai.org/compendium-synthesis/Marketing Reimagined
1 | The Workforce of the Future 2 | Marketing Reimagined 3 | Healthcare Transformation
EMERGING TRENDS
Revolutionizing the
Customer Experience
Artificial Intelligence marketing (AI Marketing) is a method of
leveraging customer data and AI concepts like machine learning to
anticipate customers’ next move and improve the customer
journey1.
3 core elements of AI marketing:
1. Big Data
2. Machine Learning
3. Powerful Solutions
1 What Is Artificial Intelligence Marketing? (2019, July 2). Retrieved from https://www.emarsys.com/resources/blog/artificial-intelligence-marketing-solutions/1 | The Workforce of the Future 2 | Marketing Reimagined 3 | Healthcare Transformation
EMERGING TRENDS
MARKETING
TODAY
Product Reactive Generalized Low Interaction
Misinterpreting customer Defined set of product How the product will Lack of personalization Focused on a single
wants and needs caused by features with be provided to the for the customers and source of customer
generic marketing tactics. standardized pricing customer often ineffective promotion
and placement
MARKETING
TOMORROW
Using analytics to increase the Production Proactive1 Personalization Diversity1
customer experience through Using customer Predicting consumer Personalizing the Cross-channel and
personalization and cross- analytics to optimize behavior, defining consumer experience cross-device
channel communication. content for production strategies, and by using intelligent promotions
allocating resources automation
1 AI Poised to Take the Marketing World by Storm in 2019. (2019, February 21). Retrieved from https://www.act-on.com/blog/marketing-artificial-intelligence-2019/1 | The Workforce of the Future 2 | Marketing Reimagined 3 | Healthcare Transformation
EMERGING TRENDS
HOW DID EBAY DO IT?
eBAY Revolutionizing the eBay partnership with Phrasee’s technology
Blast Email Experience Using natural language generation and deep learning to automatically
write and optimize email subject lines, Facebook ads, and push
messages to scale. The solution is able to produce thousands of
machine-written messages in minutes.
eBay – the online shopping site best known for its customer-to-
customer auction style selling. With billions of products to choose
from and millions of customers to serve, eBay was looking for a
way to make each customer feel like they were the only person in Personalized email subject lines
the world that mattered1.
eBay is able to write and test thousands of different personalized email
subject lines with millions of customers, in a fraction of the time it takes
eBay was able to make the business more efficient and effective in
human copywriters.
making the job of human copywriters far more rewarding.
The story is a perfect example of how artificial intelligence can:
• Be far from a technology to fear Reallocation of eBay jobs
• Can enhance and augment the work of human marketers
Instead of having human copywriters guess which subject lines will
work, eBay’s copywriters now focus their time on building the next
innovative campaign – and make sure any copywriting, human or
machine, resonates with customers and stays on-brand.
1 Kaput, M. (n.d.). How eBay Uses Artificial Intelligence for Copywriting [Case Study]. Retrieved from https://www.marketingaiinstitute.com/blog/how-ebay-uses-artificial-intelligence-for-copywritingHealth Care Transformation
1 | The Workforce of the Future 2 | Marketing Reimagined 3 | Healthcare Transformation
EMERGING TRENDS
Healthcare
Transformation
Data from Accenture estimates AI in healthcare will be a $6.6
billion market by 2021. AI startups have raised $4.3 billion across
576 deals in the last 6 years, and healthcare providers are
projected to save almost $150 billion by 2026 with the help of AIs
that can prevent medication dosing errors1.
Five distinct trends are converging, which means robotics will
come to define new health:
• Value challenge
• Explosion of health data
• Information technology
• Increasing democratization of access for healthcare
• Willingness of the general public
1 PricewaterhouseCoopers. (n.d.). Five distinct trends are converging to determine how artificial intelligence (AI) and robotics will define New Health. Retrieved from https://www.pwc.com/gx/en/industries/healthcare/publications/ai-robotics-new-health/five-
trends.html1 | The Workforce of the Future 2 | Marketing Reimagined 3 | Healthcare Transformation
EMERGING TRENDS
4 Top Trends of AI in Healthcare 2019
Patient-centered Data-driven Medical Improving healthcare
approach1 Medicine1 Imaging1 communication1
• Democratization of access • Over 4 billion gigabytes of • Traditional medical • A quarter million
to electronic health healthcare data imaging is highly expensive Americans die per year
records (HER) • Data is unstructured making • Google DeepMind’s due to predictable medical
• Apps that offer at-home it difficult to navigate and medical image assistive errors
health solutions update can identify 50 eye • 80% of errors occur
• Making it easier for people • AI technology will help diseases because of
to receive high quality compile data for clinical • Other AIs identify markers miscommunication during
health care research and identify most of potential strokes, can patient care transfer
effective treatments screen children for autism • Apps allow patients to chat
with an iOS app with doctors and schedule
appointments
1 Mills, T. (2019, June 28). Council Post: The Top AI Healthcare Trends Of 2019. Retrieved from https://www.forbes.com/sites/forbestechcouncil/2019/06/28/the-top-ai-healthcare-trends-of-2019/#1d601ec055051 | The Workforce of the Future 2 | Marketing Reimagined 3 | Healthcare Transformation
EMERGING TRENDS
Major Challenges for
Healthcare & AI
Organizational and Technical Barriers to Data Sharing Use1
Data formats and an application programming interface (API) for
exchanging electronic health records has not been embraced by a range
of large EMR vendors and others in the technical community.
Patient Trust & Data Commons: Privacy, Security and Health Data
Use1
General Data Protection Regulation (GDPR) authorized Member States
to permit processing of health data without consent where it is necessary
for scientific research purposes or for public interest in public health.
Ethical Considerations Related to AI in Health Care1
Adequate transparency must involve transparency not only about how
the AI system explains results – teaching users what to expect from
systems, how to interpret their results, and the extent to which they can
be meaningfully relied upon in clinical decision-making.
1 Healthcare, Artificial Intelligence, Data and Ethics - 2030 Vision. (n.d.). Retrieved from https://www.digitaleurope.org/wp/wp-content/uploads/2019/02/Healthcare-AI-Data-Ethics-2030-vision.pdfEMERGING TRENDS Summary The aim of this report is to illuminate a new perspective and insights regarding the future of AI. This Emerging Trends Annual Report covered three critical industries for which AI is currently making an impact, but the technology is set to change the future. Stay tuned for upcoming events with AI Lightbox.
ABOUT THE TEAM
Carlee Olsen Sarah Whittaker Jennifer Qu
AI Lightbox Project Manager AI Lightbox Research Developer AI Lightbox Research Developer
Carlee is a Second Year Sarah is a Fourth Year Jennifer is a Second Year student
undergraduate student in undergraduate student pursuing an currently studying business
Specialization Economics. She is an Honours Specialization Bachelor of administration specializing in
avid entrepreneur which has Science with a double major is accounting. She is passionate about
sparked her interest towards the Genetics and Sociology. She has a the business world and how AI has
future of technology from an keen interest in translating transformed for the better.
analytical point of view. between science and business and
exploring practical implications of
next generation research.AI LIGHTBOX Emerging Trends Annual Report
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