Estimates suggest that spending on cognitive and AI systems will reach $77 billion in 2022, a threefold increase from the $24 billion forecast made for 2018. Clearly, AI and machine learning is the centerpiece of digital transformation today. What’s more interesting is that organizations no longer reserve AI only for complex tasks but realize that its potential is limitless. The companies consider artificial intelligence critical to create new lines of business, which allows them to gain a competitive advantage. AI is now used across industries to increase sales, detect fraud, improve customer experience, make business processes more efficient, and reduce operational risks.
In such times making AI more accessible and affordable is the innovation powerhouse Live Tech. What makes Live Tech a class apart is their one-of-a-kind RAID (Rapid Artificial Intelligence Development) framework, DS4BIZ RAID Framework that empowers developers and data scientists to build their own AI applications and cognitive automation processes. As a modular platform which is very easy-to-use, DS4BIZ RAID Framework seamlessly integrates into a client’s existing IT infrastructure, and since its web-service based, the problem of access never crops up.
Elaborating on their platform, Giorgio Grappelli, CEO and co-founder of Live Tech states, “Our framework radically improves time to market and clients can be rest assured to go live with their AI project in three to four months as opposed to years.” DS4BIZ Studio allows customers to build their own AI Application easily and the framework’s plug-in connectors allow a client to integrate with different sources.
Our platform radically supports customers to quickly and easily develop AI applications in an easy and faster way
Since it works on standard technology such as Python and Java, developers do not waste time learning a new language, which again contributes to a quick turnaround time. In addition, the framework is designed to work across multiple domains and automatically extract the context relevant to a domain.
As such, there is no contending that DS4BIZ is truly revolutionary as it learns from varied situations and systems and adapts to the needs of different environments. Whether a client specializes in machine learning, natural language processing, or wants to process large amounts of big data, the capabilities of Live Tech's framework can be combined in different ways to achieve matchless results. "A typical problem with existing solutions in the market is that they focus on certain aspects of ML, say application of ML only on numeric data and not textual data. Our solution combines ML, NLP (Natural Language Processing) and Big Data Technologies through different components that can be combined in many ways and interact with each to offer best-in-class results," adds Grappelli. While Live Tech's solution is completely hands-on, if the situation requires, the company offers the support of their system integrators, which comprises some of the bigwigs in the industry.
To better highlight Live Tech's value proposition, Grappelli gives the case in point of an important insurance company, Generali. The client received a huge number of communication requests each year and they need to dispatch as soon as they can. In short, the quicker they dispatch the communication the sooner they address the requests and solve the issues. With Live Tech's intervention, the client was able to analyze, dispatch to the right office and extract the information from each communication making business processes faster, improving customer care and saving costs. On other hand the same technology has been used by a renowned insurance company, Groupama to learn connection from data (textual and numeric) to improve decision-making. The client had a better handle on risk management as they realized that an entrepreneur had personal insurance as well as an indemnity cover with his company. What stands out is that the insights derived from Live Tech's solution also helped the marketing team to aptly build customer profiles, up-sell and cross-sell. This will allow them to not only increase revenue but also improve customer service and quality.
In the days to come, product development and open DS4BIZ RAID framework to third-parties will be the top priority for Live Tech. "We are already in talks with big players and system integrators that are working on AI projects and are on the lookout for a framework to speed their projects," ends Grappelli.
Live Tech is Determined to Bolster Italian Fintech Companies with its Latest AI Applications
The latest offering by Live Tech will bolster the cybersecurity measures taken by fintech companies, augmenting their growth in the global financial market.
FREMONT, CA: Fintech witnessed its highest investments in the year 2018, with figures reaching up to $40 billion. According to PwC and NetConsulting Cube, the rise in investments was exponential when compared to previous years. After the United States, emerging giants such as China and the Asia Pacific are making a significant impact on the global market shares. Europe has also witnessed growth from 10 percent to 15 percent in the Fintech market.
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