Fortune 500 Companies AI/ML Use

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Fortune 500: Using AI, Machine Learning, and Big Data

Cognizant is a provider of IT services, including consulting, technology, digital, and operations. Some Fortune 500 companies similar to Cognizant using AI, machine learning, and big data to disrupt their industries are Accenture Consulting, Tata Consultancy Services, Cisco Systems Consulting, and IBM Global Services. For example, IBM is using AI and machine learning technology to predict employees who intend to leave their jobs, while Accenture is using the capability to augment its in-house human technologists with virtual agents to deliver better business outcomes.

ACCENTURE

  • Accenture is using AI to supplement its in-house human technologists with virtual agents via an AI-enabled platform, myWizard. This has helped them "improve data analysis and pattern identification and drive better business outcomes." The company testifies to an average of 60 percent increase in productivity as a result.
  • The myWizard platform is also available for Accenture's clients, and uses a virtual advisor "Collette" that applies an AI and user-centered design to better "establish customers’ lifestyle and preferences and provide customized advice." Hence, the company is able to offer IT consulting services to clients at around 95% less of the usual cost.

TATA CONSULTANCY SERVICES

  • For the past two years, Tata Consultancy Services has applied the machine first approach, which is based on machine learning, big data, and artificial intelligence, to enhance energy usage.
  • Across Tala's nearly 150 delivery centers, the company runs enormous electricity bills — in the millions of dollars. In the past, the facilities were consuming 500 MWh units of electricity per year; however, with the introduction of the machine first approach, including machine learning, big data, and artificial intelligence, the company established energy-saving practices such as "automatic shutdowns of light and heat in unoccupied spaces."
  • As a result, although Tala may increase floor space, the years total electricity bill is poised to remain the same, thereby, decreasing administrations costs.

CISCO SYSTEMS CONSULTING

  • Cisco Systems Consulting is using AI and machine learning capability to power the Cisco Digital Network Architecture (Cisco DNA) software, resulting in pleasant user experience, lower operational cost, and better reliability.
  • Cisco DNA is an open platform which augments the user's services across campus, WAN, and branch networks to enhance IT, business innovation, and streamline operations.
  • By employing machine learning procedures, the software has the ability to continuously monitor the performance of the network, reveal arising issues before network users realize, offer troubleshooting options or repair it automatically.
  • Artificial intelligence technology enables Cisco DNA software to advance users with "more relevant, personalized visibility into their environment."

IBM Global Services

  • IBM is using AI and machine learning technology to predict workers turnover. Already, IBM AI retention tool has saved it nearly $300 million in retention costs.
  • IBM artificial intelligence technology can predict employees who are a flight risk by analyzing multiple data points, including tasks completed, educational courses, and rankings earned, as well as offering solutions for managers to engage employees.
  • The technology is up to 95 percent accurate in predicting employees who intend to leave their jobs.

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Part
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Fortune 500: Using AI, Machine Learning, and Big Data (Part 2)

Deloitte, PricewaterhouseCoopers, JP Morgan Chase, and Wells Fargo — just like Cognizant, are Fortune 500 companies using AI, machine learning, and big data to disrupt their respective industries. For example, Deloitte is using machine learning to predict and quantify the social impact of a large corporate investment while PwC employs big data analytics to detect, monitor, and track employee theft, calculate costs, and change employee behaviors.

Deloitte

  • Deloitte has developed a machine learning powered tool, Social Impact Measurement Model (SIMM), that is capable of predicting and quantifying the social impact of a large corporate investment.
  • Some large corporate investments predictions include the opening a new office or headquarters — on a community "across more than 75 social measures spanning education; housing; family and migration; income and employment; transportation; and industry factors."
  • The results of SIMM are better-informing decisions of why, where, or what corporate investments they should concentrate upon.
  • Deloitte Advanced Analytics & Modeling (AAM) employs the capability of big data "to analyze large quantities of internal and external information to unlock previously unknown, but meaningful, business relationships."

PricewaterhouseCoopers

  • PricewaterhouseCoopers (PwC) employs big data analytics to detect algorithms in real-time and monitor transactional employee expenses from the employee expense database. Additionally, the big data capability provides "alerts to employees and stakeholders to catch theft, analyze costs and change employee behaviors."
  • The company employs a tool, Halo for Employee Expenses, which has an advanced analytics engine to facilitate employee detection, monitoring, and tracking.
  • The firm leverages an AI tool in-house that's capable of scanning general ledgers, checking for anomalies or "outliers that might require additional test."
  • PwC is also using artificial intelligence for tax and accounting. This is made possible through a four-week-long AI "sprints" that are used to demonstrate to clients a working model prior to the first implementation. The sprints are "staffed by a small team of just two to three people."

JP Morgan Chase

  • JP Morgan Chase is using artificial intelligence and machine learning technology to "analyze legal documents and extract important data points and clauses." The result is a faster processing speed of seconds. Ordinarily, it takes about 360,000 hours to review "12,000 annual commercial credit agreements."
  • The company implements this powerful technology through a Contract Intelligence (COiN) platform designed for the detailed analysis.
  • The US commercial bank also employs AI and ML capability to "identify clients best positioned for follow-on equity offerings" via the Emerging Opportunities Engine tech. Already, this has been successful in the equity capital markets, and there are plans to roll it out to the debt capital markets.

Wells Fargo

  • Wells Fargo is also investing heavily on the emerging technology of AI and machine learning. In 2017, they established an in-house artificial intelligence enterprise solutions team charged with enhancing opportunities with AI for the payments and virtual solutions.
  • The company is using the technology to power a chatbot through the Facebook Messenger platform.
  • The AI-enabled chatbot, virtual assistant, "communicates with users to provide account information and helps customers reset their passwords." The results for customers are better user experience, huge time-savings, and better reliability.
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Sources