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[Ep#307] Artificial Intelligence: A Useful Tool to Save Time & Grow a Business with Dr Andree Bates

Artificial Intelligence: A Useful Tool to Save Time & Grow a Business with Dr Andree Bates

We can't deny that artificial intelligence is one of the fastest-growing domains in technology. This development comes as no surprise, as Artificial Intelligence (AI) offers a myriad of benefits to business owners. However, not many entrepreneurs have a good grasp of what AI is  and how it can solve their problems. If you want your business to thrive for years to come, you will have to educate yourself on the wonders of AI.

In this episode, Annemarie Cross speaks with Dr Andree Bates to discuss how entrepreneurs can leverage AI to grow their businesses. She shares concrete tools that you can use to help you get started with automation to generate more revenue. Dr Andree also delves into how AI works for various industries, along with its benefits and dangers. She highlights the critical role of data in ensuring a successful AI project.

If you want to learn how you can leverage AI for your business, then this episode is for you!

Here are three reasons why you should listen to the full episode:

  1. Discover what AI is, how it works, and what digital humans are.
  2. Find out the role and importance of data in the success of AI tools.
  3. Learn some AI tools that you can adopt to solve problems in your business.

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WATCH NOW (and check out the Resources and Episode Highlights below): 

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Episode Highlights

[04:09] How Dr Andree Got into the AI Industry

  • Dr Andree’s background is in healthcare. She did her PhD in neuroscience, where she got exposed to machine learning and how the brain processes language.
  • She then got into the pharmaceutical industry and ended up in Tokyo.
  • Tokyo was behind in technology in the 90s. Dr Andree made it a mission to incorporate tech in their office and with their pharmaceutical clients.
  • After leaving her work, she started a digital health agency. From there, she moved into AI as she was looking to apply mathematics to marketing.
  • But she realised that traditional mathematics is linear, so it cannot capture complex relationships. A nonlinear method of doing this is artificial intelligence.

[06:22] The Rapidly Growing AI Industry

  • We had more data in the world in 2017 than we have had for the entire history of humanity.
  • AI is symbiotic with big data.
  • It is a collaborative industry to a degree because of open sources available to everyone.

[08:14] What AI Is

  • AI is the intersection between mathematics and computing.
  • It works similar to how the human brain learns.
  • The algorithm learns and becomes more proficient with more data coming into the system.
  • The three phases of AI are narrow AI, general AI, and super AI.

[11:55] What is a Digital Human?

  • A digital human is like a chatbot but is way more sophisticated. They have an avatar, can express emotions, and detect emotions.
  • Dr Andree has worked with a digital human who can speak 147 languages, remember every conversation she's had and engage in trillions of interactions in parallel.
  • The charge per interaction is only around $1 once the digital human is trained in your space.
  • Listen to the full episode to learn more about the things digital humans can do!

[15:12] The Importance of Data in AI Tools

  • Off-the-shelf tools are not great for the pharmaceutical industry because most of the data they have isn’t public.
  • However, these tools are great for helping small businesses grow their sales and reach.
  • Tune in to the full podcast to learn how AI is beneficial in analysing your target audience’s language!
  • There are also tools to help entrepreneurs understand images, colours, hashtags, and emojis for different social media channels.
  • One AI tool can analyse marketing copies and the images in it and swap them out for better performance.

[19:13] How AI Analyses Big Amounts of Data

  • It uses supercomputing and quantum computing.
  • Some people are worried that AI is a tool that requires a high-end personal device. However, this is a non-issue since AI calculations occur in the cloud.
  • Some AI analyse people's personalities before you even speak to them and can be used for prospecting.

[21:31] AI Tools for Small Businesses

  • Dr Andree has put together a webinar where she shares three AI tools for small businesses.
  • The first tool creates automated newsletters.
  • Meanwhile, the second tool is for writing blogs.
  • Lastly, the third tool analyses your conversation with a person and provides tips on tweaking your language to increase sales.

[24:16] On Data Privacy Concerns

  • There’s GDPR or General Data Protection Regulation in Europe for getting consent.
  • In particular, Dr Andree’s company works with anonymised patient and doctor data in pharmaceuticals.
  • They’ve used AI to connect third-line cancer patients with a pharmaceutical company’s treatment to help save their lives.

[26:53] The Good and the Bad of AI

  • It lies in the combination of the user and the intent of the program.
  • We can’t deny there are dangers involved in using AI. Data is key for this.
  • Tune in to the full episode for actual examples around the risks of having limited data when using AI!
  • The biggest part of any AI project is data wrangling—sorting, cleaning, and structuring data.
  • Human interaction can change the way bots think. For instance, Microsoft had to shut down their newly-launched AI after it tweeted anti-feminist statements.

[32:27] Protecting AI

  • AI is more about data than the code. Putting the wrong data can be dangerous both for humans and AI.
  • It's vital to have algorithms that check what's happening with AI all the time.
  • The space revolving around AI is becoming more regulated in Europe but not in other countries.

[38:13] About AI-cademy

  • It’s a project that Dr Andree put together to provide comprehensive training courses on AI for small businesses.
  • There are 19 videos in each course that takes you through tools you can use to solve problems in your business.

10 Powerful Quotes

‘Artificial intelligence is nonlinear. So it finds the complex relationships between everything: people, their behaviour, the whole gamut.’

‘AI is symbiotic with big data. It needs that big data to be able to function properly.’

‘Once the digital human is trained in your space, I think that the charges are $1 or something per interaction. So it depends if you have millions of interactions, then it's going to cost a lot. But if you're a small business, it doesn't have to cost what you might think.’

‘Let's face it, when it comes to sales, there's complexities that unless you're aware of, you just probably wouldn't even understand.’

‘Like with anything, though, it is very much going to be based on the user of that, isn't there? There's good and bad to all. AI is just AI.’

‘So the biggest part of any AI project is sorting, making sure you've got the right data, cleaning the data, sorting the data, structuring data… The biggest, I think, would be making sure you've got the right data because you've got to have that.’

‘So the humans that are being interacted with, at times, can be influencing these bots in the way they think as well.’

‘In 2017, we had more data in the world than we had for the entire history of mankind before that, in that one year.’

‘So in mathematics, you can write a formula. You can't do that with AI, it's all code. But it's very interesting because what it can do is learn like the human brain.’

‘The more data that comes into the system, the algorithms learn and become more proficient.’

About Dr Andree

Dr Andree Bates is the founder and CEO of Eularis, an award-winning global leader in pharmaceutical marketing analytics. It was the first company to use AI in commercial pharmaceutical applications, combining cutting-edge healthcare and biopharma AI with innovation strategies to transform performance. Dr Andree also founded AI-cademy intending to help democratise AI and FutureTech.

She has worked in pharmaceuticals for 28 years, digital healthcare for 25 years, and AI healthcare for over 10 years. Dr Andree has used her expertise to lead Eularis in over 300 AI-powered big tech builds and over 1000 AI strategies. Her goal is for everyone in healthcare to have access to robust AI-powered marketing.

If you wish to connect with Dr Andree, you may reach out to her on LinkedIn.

Enjoy This Podcast?

You may think that artificial intelligence is still out of reach for most people, but this cannot be further from the truth. AI is becoming increasingly accessible to entrepreneurs who want to solve their problems efficiently and effectively.

With the tools Dr Andree Bates shared, your business will be more ready to adapt to the latest AI technology. If you enjoyed today's episode of Ambitious Entrepreneur Podcast, then hit subscribe now!

Post a review and share it! If you learned something by tuning into this podcast, do not hesitate to write a review and share it with your friends, so they can find out more about knowing the right time for pivoting a company.

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To staying ambitious,

Annemarie

2021-08-29T04:59:03+10:00

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