Open-source Innovations transforming Industries

S Mohini Ratna, Editor, VARINDIA

Open-source innovations have been transforming industries in various ways, from software development to healthcare and beyond. Digital transformation - the integration of digital technology into all areas of business, is a top priority for a vast majority of organizations.

IT components and tasks are multiplying faster than your team can handle. By automating redundant and mundane tasks, you can roll out new applications and services faster. Automation can also reduce the risk of human error that can lead to security and compliance challenges. Developers in the open source community create free automation solutions that you can easily integrate into your processes.

Open-source innovations are transforming industries by providing access to high-quality tools and resources that can be used and adapted by anyone. These projects are often collaborative and community-driven, which can lead to faster innovation and a more equitable distribution of resources

The recent rise of AI bots and open-source innovations has been significant in many industries and has transformed the way we work and interact with technology. There are several benefits of chatbots—plus, many consumers give AI a thumbs up and like the idea of bots handling support queries.

The exciting developments from Google DeepMind, breakthroughs in open-source AI projects, and the ever-growing potential of AI-powered services across various industries have made headlines. 

Secondly, AI & ML are building a new framework for Ecommerce CX. With this, customers are increasingly turning to an array of channels phone, email, social media, and messaging apps like WhatsApp and Facebook Messenger to connect with brands. They expect conversations to move seamlessly across platforms so they can continue discussions right where they left off, no matter what channel or device they’re using.

Tech pundits believe that, while the technology can be a helpful resource to gain top-level information, it doesn't replace the deeper insights derived from first and third-party data sources or internal teams. Executing a personalized customer experience requires the entire organization.

It is true that,  AI does carry its risks, but will ultimately be beneficial for human beings and its limitations 'will be gone before we know it'. The integration of AI and augmented reality (AR) is creating unique applications in fields like cooking and 3D knowledge mapping. Wearable AI devices, such as Humane's AI-powered projector, are set to change daily life in the coming years.
A report states that 26% of companies currently offer AI and chatbot-guided self-service, and 25% plan to add it soon. Juniper Research predicts that transactions via chatbots will reach $112 billion by 2023 in ecommerce sales alone. Not only can chatbots generate leads or increase your site's conversion rate, but they can support the entire customer lifecycle
It’s important for every business in retail and beyond to leverage data to understand their customers and earn a competitive advantage. Companies that are successful in this area can tap into insights derived from sophisticated and safe enterprise data models to inform decision making for almost every aspect of the business, from product offers to messaging and imagery to delivery to personalization and more.

A recent survey reveals that,  AI chatbots are incredibly 'fluent at being able to read and write' and will help in teaching students to improve their reading and writing in novel ways.

Microsoft co-founder Bill Gates recently shared his optimistic outlook on the future of artificial intelligence (AI) in education, specifically the potential for AI chatbots to assist in teaching children to read and write. Gates believes that in just 18 months, AI chatbots will become powerful educational tools, offering private tutoring to a wider audience and leveling the playing field for students who may not have had access to such resources before.

The future of AI in education is promising, as experts are forecasting significant advancements in the near future.  As AI chatbots overcome current challenges and continue to improve, they have the potential to revolutionize the way children learn and help bridge the gap in educational resources for students from all backgrounds.

After OpenAI launched ChatGPT, Google also came up with its own AI chatbot, Bard, in February this year. On the other hand, Microsoft, which had entered into a partnership with OpenAI long back, also launched the new Bing with an inbuilt AI chatbot. 

As technology continues to evolve, the potential applications and impact on various industries will become increasingly apparent.