Do you know Paro? Paro is a robot that looks like a cuddly baby seal. It responds to sensory stimuli such as petting, and can recognize and distinguish between human voices. For several years, the robot has been used in therapy for dementia patients. The social robot was developed at the National Institute of Advanced Science and Technology (AIST) in Japan. What empowers Paro is artificial intelligence.
Smart algorithms have long been part of our everyday lives in many different areas. They search for relevant offers for the respective user in online stores, they control traffic lights and, in the future, autonomous vehicles, they support doctors in diagnostics, and they provide quantum leaps in preventive medicine. They are able to do so because they recognize signs of potential disease risks long before they become obvious. They control production within large industrial plants while taking into account market data such as demand and raw material prices in real time.
Many companies – industrial companies, financial service providers, e-commerce companies and retail companies – have been looking at artificial intelligence for several years. They are all looking for ways of using it to make processes more efficient, leverage value or develop new business models. The big challenge here is to transform a promising proof of concept into a live operation.
BCG Platinion has extensive experience with AI-based solutions. We want to share this knowledge with you. Over the next few months, we’ll be publishing a series of deep-dive articles around the topic of artificial intelligence and how businesses can benefit from it.
In the first article, we introduce you to the basics of machine learning – i.e., artificial intelligence – and provide an overview of the three common methods and their areas of application. Article two dives deep into core criteria and methods for the quality testing of AI models. In article three we present a method to succeed in minimizing bias to get realistic results from AI models.
Find out more about AI here:
AI: Choosing the right approach to machine learning for your needsLearn More
This first article in our AI series gives an overview of the three common machine learning methods and their application areas.
Model Accuracy in AI: How Accurate is Accurate Enough?Learn More
The second article of our AI series dives deep into quality and performance of models used.
AI: Detect and Avoid Bias at an Early StageLearn More
In article three of our AI series we present a method to succeed in minimizing bias to get realistic results from AI models.
AI: Data Quality: What to do When Errors Occur?Learn More
Article four of our AI-series puts a lense on the importance of the quality of data used.
AI: Success Factor Data PreparationLearn More
Article five of our AI-series highlights the right selection of data.
About the Authors
Jakob is an experienced IT, Artificial Intelligence and insurance expert. He led several data-driven transformations focusses on IT-modernization, organization and processes automation. Jakob leads BCG Platinion’s Smart Automation chapter and is a member of the insure practice leadership group.
Dr. Kevin OrtbachBCG Project Leader
Kevin is an expert in large-scale digital transformations. He has a strong track record in successfully managing complex IT programs – including next-generation IT strategy & architecture definitions, global ERP transformations, IT carve-outs and PMIs, as well as AI at scale initiatives. During his time with BCG Platinion, he was an integral part of the Consumer Goods leadership group and lead the Advanced Analytics working group within the Architecture Chapter.
Björn ZuchaPrincipal IT Architect
Björn is an expert for data analytics and modern IT architecture. With a background as data scientist he supports clients across industries to build data platforms and start their ML journey.
Oliver SchwagerManaging Director
Oliver supports clients all around the globe when senior advice on ramping up and managing complex digital transformation initiatives is the key to success. With his extensive experience, he supports clients in their critical IT initiatives, ranging from designing and migrating to next-generation architectures up to transforming IT organizations to be ready for managing IT programs at scale in agile ways of working. He is part of the Industrial Goods leadership group with a passion for automotive & aviation and head of the BCG Platinion Architecture Chapter.