The era of artificial intelligence (AI) has arrived. It has been foraying into various sectors including finance, manufacturing, healthcare, and others. AI has transformed the world by facilitating many intricate and time-consuming tasks and performing mundane activities. It replaced human workers and performs tasks faster and efficiently. However, AI has leaped into arts now. A Chicago-based Narrative Science is using AI to write stories based on data. The company was founded in 2016 to create stories based on statistics in baseball. Now, it has become a major company into natural language processing.
The transition from sports to business has been made to change the daily workflow in various industries. Moreover, it is aimed at bridging the language gap between humans and machines. Along with development of stories, Narrative Science developed finance news stories and real estate market analysis. The company began with building business in media and shifted toward an enterprise software company.
Stuart Frankel, CEO of Narrative Science, said, the company gained a lot of attention in early stages as it presented disruption in the journalism industry. They had many inbound enquiries from different industries which had a lot of data with them, but not enough resources to make stories out of it. Now, the company has nearly 100 customers. It provides its services with three key aspects: operational efficiency, improving customer engagement, and compliance.
Narrative Science’s business has expanded majorly in finance sector. The company has been working with financial corporations such as USAA, MasterCard, Franklin Templeton, and others. There was a lot of data sitting idle in the organizations. Only offering data to customers will not be efficient as they need to acquire skills to interpret, analyze, and take further actions. It is impossible for every customer to have skills of a business analyst or data scientist. The company realized that if it provides a software with which computers will communicate in a language that humans can understand, it would be easier to take advantage of available data.
Commenting on the role of AI in current scenario, Stuart Frankel said, “I think ultimately, AI is going to wind up being ubiquitous and impacting every industry. Whether it’s finance or retail or health care, there is an enormous amount of data now.”
There are many companies which want to acquire information that can be extracted from data, for either gaining information or making decisions based on data. AI will be used to extract necessary information and less time will be spent on going through spreadsheets, large database of numbers, and querying. AI will be advantageous in many ways and it is interesting to see which innovative ways this company opts in future to close the gap between machine and humans.