December 14 2016
New Research Reveals Natural Language Understanding, Reasoning and Traceability are Key Capabilities for Organizations Considering Artificial Intelligence Solution
82% of research respondents will invest in AI in 2017
DEDHAM, MASS. – December 14 2016 – RAGE Frameworks, a provider of artificial intelligence (AI) for the enterprise, today released a new research report titled, “Can Artificial Intelligence Deliver for Today’s Enterprise?” The results reveal that more than three quarters (82%) of executives surveyed for the report indicate that their organizations will invest in AI in 2017, while another 11% state they are strongly considering deploying AI. As increasing numbers of businesses seek competitive advantages in the marketplace, the successful deployment of artificial intelligence will be a key differentiator.
Nearly 70% of responses to RAGE’s research survey were provided by C-level executives, with approximately 80% representing companies with $1 billion dollars or more in annual revenue. The top two capabilities that respondents identified as important to the AI solutions they would invest in included: reasoning and traceability (the ability to understand why your AI solution came up with the results it did) at 55%; and natural language understanding (your AI solution understands context and relevance) at 53%. Both of these capabilities are conspicuously absent at present, with the industry overwhelmingly relying on computational statistics based approaches that do not support traceability, context or interpretation.
Key business drivers for purchasing AI include the desire to keep up with the data explosion, both to grow revenue and to reduce costs. The top two use cases executives indicated interest in applying AI for were lead generation and customer service.
RAGE’s data aligns with other recent research published that is also forecasting explosive growth in the adoption of AI technologies. This includes the newly-released Worldwide Semiannual Cognitive/Artificial Intelligence Systems Spending Guide from International Data Corporation (IDC) that predicts that widespread adoption of cognitive systems and artificial intelligence will drive revenues from nearly $8 billion in 2016 to more than $47 billion in 2020. IDC further notes that “identifying, understanding, and acting on the use cases, technologies, and growth opportunities for cognitive/AI systems will be a differentiating factor for most enterprises and the digital disruption caused by these technologies will be significant.”
“We’re seeing tremendous customer growth with our AI solution from global organizations such as large financial services firms, manufacturers, consulting companies, high-tech firms, and logistics companies,” said Vikram Mahidhar, SVP RAGE Frameworks. “Many choose RAGE because they are finding that competing AI technologies apply a computational statistics-based approach to processing natural language, which essentially turns text into ‘data’ to look for deep patterns. This method has largely failed for enterprise applications – and organizations are now seeking technologies that overcome these challenges to help power the transformational applications needed to create a competitive advantage.”
RAGE’s patented intelligent machine, RAGE-AI™, significantly extends the frontier of deep learning and machine intelligence from “natural language processing” to “natural language understanding.” RAGE-AI™ incorporates deep linguistic parsing and proprietary linguistics-based innovations to read and interpret information within its context, as a human would, to understand the true meaning of documents. Furthermore, as a completely transparent solution, the reasoning behind RAGE-AI™’s insights is completely auditable.
About RAGE Frameworks: It’s Possible
RAGE Frameworks Inc. is a leader in knowledge-based automation technology and services providing AI for the Enterprise. RAGE AI™ is a no-code patented platform for end-to-end automation of knowledge-based processes. RAGE AI™ is currently used by some of the largest banks, manufacturers, consulting companies, high tech firms, and logistics companies. Headquartered in Dedham, Massachusetts with global operations centers in Pune and Belgaum, India, RAGE offers unprecedented speed, flexibility and insight in solving today’s most complex, critical business problems. Visit us at www.rageframeworks.com to learn more about RAGE AI™ and our entire suite of intelligent automation solutions and follow us on Twitter @RAGE_Frameworks.
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