How Artificial Intelligence is Driving Singapore’s Tech Startups
Deep technologies are an integral part of growing businesses of the future
PHOTO CREDIT: Getty Images
There is no doubt about the impact technology has on our everyday lives. Most industries have been disrupted by technological advancements, and more startups are realising the power of technology in boosting their businesses.
Certainly, deep technologies will continue to play a major role in the businesses of the future. Artificial intelligence (AI), for one, has the potential to solve the modern world’s complex challenges—from enabling workers to complete tasks more efficiently, to predicting external conditions that may affect business operations.
Take a look at how these Singapore-based companies are harnessing the power of AI to drive their businesses.
Automating knowledge work
AI company, Taiger, specialises in knowledge worker automation solutions for financial institutions, insurance companies and governments. It essentially means that Taiger’s AI solutions are designed to read and understand information as a human worker does, thus making raw data valuable to businesses. It cuts costs by freeing up employees to concentrate on higher-value work.
Its iMatch AI solution is able to extract, validate, and interpret information contained in physical and digital documents. The company was awarded accreditation status by the Infocomm Media Development Authority and was tasked to support Singapore’s digital transformation. In 2017, Taiger closed a $5.9 million Series A round.
Analytics for the financial industry
AiDA Technologies, meanwhile, offers machine and deep learning capabilities focused on banking and financial services. Its solutions are geared toward delivering advanced AI technologies for risk and compliance analytics, which are both predictive and preventive.
Finance is an area where technology can be combined with human thinking to come up with actionable insights. AI helps make sense of past data to aid future decisions. As such, AiDA’s technologies can help in portfolio monitoring, detecting trade fraud, institutional lending, credit risk management, and human capital analytics.
Predicting logistics flows
For businesses that rely on logistics, Portcast harnesses machine learning to predict cargo flows and arrival times. AI helps logistics companies make decisions about the amount of cargo that should be shipped between two locations—taking into consideration the impact of supply chain disruptions such as weather, fuel price, and port congestion.
Portcast reduces inefficiencies in the industry and “make[s] shipping routes possible by predicting demand using AI and machine learning,” says co-founder and CEO Nidhi Gupta in an article from Asian Scientist. With adequate data, companies can fine-tune their operations accordingly—from redirecting resources, to adjusting pricing and targeting the right customers.
Safety in autonomous driving
VEBITS is a company founded in 2017 by a group of scientists and engineers with the lofty goal of eradicating traffic fatalities—starting with public transportation. Partnering with fleet companies, VEBITS offers products ranging from mobile situational awareness with real time video feed, to driver behavior monitoring and traffic surveillance. VEBITS also provides geo-spatial big data techniques to analyse past data that determines location-based patterns, such as where drivers are likely to accelerate, slow down, or pick up a passenger.
While the widespread use of autonomous vehicles is not within reach yet, the massive amount of data gathered by VEBITS can eventually be used as cities integrate autonomous buses into their urban infrastructure.
The myriad applications of AI—from logistics, to autonomous driving and financial services—show just how much AI can impact the way we do things, affirming that it is not merely a buzzword that has been bandied about.
By giving machines the ability to learn and make predictions, AI has allowed humans to work faster and smarter. Routine tasks done by human workers may now be a thing of the past. More importantly, AI is a technology that is proving to be a crucial part of accelerating the businesses of the future.
Visit the SGInnovate blog for more articles on AI and other deep technologies that are changing the tech landscape and improving the way business is done.
BY Entrepreneurs Organization