Last week, EDB had the pleasure of co-hosting "From Hype to Reality: Building Enterprise-Ready AI" at Seattle Tech Week alongside our partners AWS and Griptape. The turnout was phenomenal, with over 100 attendees joining us to explore the latest AI advancements and real-world applications.
The event’s title sums up our aim: Cut through the AI buzz and showcase practical, scalable solutions that businesses can implement right now. Together with AWS and Griptape, we’re making AI accessible and beneficial for enterprises by delivering end-to-end AI solutions for today and tomorrow’s next-generation applications. Here’s a closer look at just a few of the conversations we had about AI trends and insights across various industries.
Enhancing fraud detection and prevention in finance
AI is becoming a powerhouse for enhancing security and streamlining operations in finance. We had great discussions with engineering leaders from JP Morgan and Sofi about how vector databases and AI are revolutionizing fraud detection and prevention efforts.
Fraud costs the global economy billions each year. In the second quarter of 2024 alone, there were 284,000 reported cases of identity theft and 111,000 cases of credit card fraud in the United States. AI-powered fraud detection is changing the game by enabling real-time analytics to spot anomalies and prevent fraud more effectively. Our demos showed how our EDB Posgres AI platform supports these efforts with up to 99.999% availability and 5X throughput performance.
Revolutionizing e-commerce with intelligent search
The retail industry is undergoing a significant transformation with AI at the forefront. The demo stations were packed as we showcased AI-powered search capabilities for e-commerce. Imagine snapping a picture of a product and having AI instantly recognize and search for it. That’s not a futuristic concept by any means – it’s already happening.
The global AI in retail market, valued at USD 5.59 billion in 2022, is projected to reach USD 71.23 billion by 2031, growing at a CAGR of 32.68%. Personalized and intuitive search options will revolutionize the shopping experience, improve customer satisfaction, and drive sales, making intelligent search a must-have in today's competitive market.
We highlighted case studies from major retailers using AI to enhance their online platforms. For example, AI-driven recommendation engines are tailoring product suggestions to individual customer preferences, significantly boosting conversion rates. Beyond that, AI is optimizing inventory management by ensuring that popular items are always in stock and reducing excess inventory costs.
Safely unlocking the potential of patient data in healthcare
Healthcare is another industry ripe for AI disruption. We connected with leaders from GE Healthcare and innovative startup founders at the event to discuss how they’re leveraging patient data to improve health outcomes while ensuring HIPAA compliance and protecting personal information.
The potential for AI to make disease symptoms semantically searchable is a huge step forward. By enhancing diagnostic accuracy and patient outcomes, clinical AI applications are poised to save the U.S. healthcare economy up to $150 billion annually.
We discussed how AI can assist in early disease detection by analyzing medical images and identifying anomalies that might be missed by the human eye. AI-powered predictive analytics can also help in anticipating patient needs and allocating resources more effectively, ultimately leading to better patient care and operational efficiency in healthcare facilities.
Solving challenges in the nonprofit sector
Griptape's demo in the nonprofit sector was a highlight showing how AI can solve real-world problems. By enabling users to search for nonprofits and return a list of eligible grants through an AI agent, Griptape showcased a practical solution to a common challenge.
Nonprofits often struggle with finding and applying for grants, and AI can streamline this process significantly. Griptape’s demo underscored the potential of GenAI chat agents and AI search to create meaningful impacts beyond the hype, helping nonprofits operate more efficiently and focus on their missions.
We also explored how AI can enhance data management and reporting for nonprofits to make it easier for them to track progress and demonstrate impact to stakeholders. AI tools can analyze large datasets to uncover insights and trends, enabling nonprofits to make data-driven decisions and maximize their resources.
Embracing Postgres' vector database capabilities
The tech industry, including giants like Microsoft, is taking notice of Postgres' vector database capabilities. Our demos showed how EDB’s AI database simplifies complex coding tasks – for example, reducing 130+ lines of code down to just seven. This efficiency is crucial for both startups and large enterprises alike.
By leveraging the full power and compatibility of SQL, companies can combine semantic search with relational, geospatial, time series, or any other query capability in Postgres, accelerating development and enhancing performance and scalability.
We highlighted success stories from startups using AI to disrupt traditional business models. For example, AI-driven analytics are providing deeper insights into customer behavior to enable more targeted marketing campaigns. Additionally, AI is helping startups scale their operations more efficiently by automating repetitive tasks and improving overall productivity.
Real AI solutions beyond the hype
From finance and retail to healthcare and the nonprofit sector, AI is driving significant changes and delivering tangible benefits. Our key takeaway from Seattle Tech Week was that getting beyond the AI hype involves decluttering and simplifying the tech stack.
There is a lot of complexity and overly specialized databases and services that add unnecessary weight. By working together, AWS, EDB, and Griptape are providing practical, enterprise-ready AI solutions that cut through the noise and make a real impact.
The energy and enthusiasm at Seattle Tech Week were palpable, and we’re excited to continue driving the future of AI with EDB Postgres AI. Stay tuned for more events and opportunities to connect with EDB.