While we may not realise it just yet, many of the services we utilise every day are being powered by artificial intelligence where big data centres have collected so much data about us, the user experience has become seamless, all the whilst saving billions of dollars.
Although it is a harsh reality, automation by artificial intelligence will continue to take over jobs that were traditionally completed by humans with the driving force being better outcomes for users and customers.
It’s why user experience is core to the underlying value of emerging artificial intelligence developments where mass adoption will be driven by applications of AI that genuinely provide better outcomes and experiences. Here are three ASX-listed small cap AI companies with tech that meet this criteria.
Crowd Media (ASX: CM8)
Share Price: $0.039
Market Cap: $22.5m
When aiming to improve user experiences, Crowd Media is driving the next frontier of eCommerce – aCommerce. Artificial commerce is described by Crowd as their conversational commerce strategy where they are deep in development of a platform that will enable customers to interact with brands, celebrities and social influencers in real time.
This vision will be powered by their artificial intelligence chatbot which has already answered more than 180 million user-submitted questions, and Crowd is now adding visual faces with 3D imaging, real-time audio conversations, voice cloning and commercial applications for enterprise users.
Crowd has already released a beta version of this AI tech and secured valuable strategic partners that can improve the visuals and speed of responsiveness. Once complete, these Talking Heads, which can be made to look and sound like celebrities, will offer users with an immersive experience compared to current text-only chatbots which have been so widely adopted that the market leader LivePerson trades on the Nasdaq with a USD $5 billion market cap.
Chairman Steven Schapera, who was recently appointed to an Executive role, has voiced confidence that the platform will challenge LivePerson’s text-only capabilities by rolling out talking heads rapidly for use in online retail, customer service and education. These are all sectors that have had an influx of user activity, digitally, through the pandemic.
The last time Schapera took on an Executive position, he co-founded and sold BECCA Cosmetics to L’Oreal for $300 million.
Houston We Have (ASX: HWH)
Share Price: $0.052
Market Cap: $13.6m
Houston We Have are specialists in machine learning but with the amount of sectors that their artificial intelligence algorithms are applied to by paying clients, the Company is flying under the radar.
Previously named Veriluma, the Company changed its name to Houston We Have in December 2019 where its primary clients were the Department of Defence (DoD) and health insurance funds. The company has continued to provide tech to the DoD which is their single largest contract while their application in healthcare data is used by healthcare insurers to assess risk and determine costs.
Over the past 12 months however, Houston We Have has expanded their machine learning capabilities into credit risk, investment risk and client engagement. All three applications are consumer-focused.
Credit risk algorithms are provided through a partnership with Marketlend, who has integrated prescriptive augmented intelligence software to assess borrower credit risk assessment. These assessments are completed rapidly and enable users to get responses for credit applications substantially faster than the old school method of ringing around.
The investment risk applications utilise HWH’s patented software with automation and data science to better understand the potential performance of new business ventures and investment choices. This is an area AI already drives the industry through trading algorithms and is hugely lucrative if they can gather further momentum from a small pool of current clients.
Customer engagement is also being commercialised as a solution to assist companies maintain their customers and identify those at high risk of leaving. This is entirely focused on creating better customer experience for those displaying hesitative behaviours so that clients can action changes before losing the customer that has so many competitor options to choose from.
Gooroo Ventures (ASX: GOO)
Share Price: $0.057
Market Cap: $8.7m
Still an emerging player in the AI market, Gooroo is the most speculative of the companies on this list but draws upon the value of human resources which is the underlying reason artificial intelligence is emerging as such a force in the global market.
Recognising that the recruitment market will only become more competitive as artificial intelligence can complete more tasks, Gooroo’s AI is focused on predictive decision making.
This application of AI aims to differentiate the value of a human or potential employee based on how their tech predicts the individual will respond in certain situations. Basic applications of this have been the foundation of human resources and recruitment, but the application of AI will streamline the process and optimise recruitment processes which are time consuming and extremely costly if the wrong hiring decision is made.
Gooroo is in the process of negotiating distribution deals for their proprietary software in the United States but it comes at a time when the human resources landscape has changed dramatically as a result of the pandemic. Because of this, the increased adoption of working from home has added a new dimension to recruitment where employee wellness has become a significantly higher priority where predictive analytics will have a role to play in the alignment of an employees value in the world’s progressive working culture.
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