Artificial Intelligence All Around Us
Summary
Artificial Intelligence (AI), used increasingly, mostly relieves humans from boring tasks, so its hard to recognise. AI grew 270% over the last 4 years and is growing 54% year on year. The public believes AI will replace jobs but that is unlikely. It frees up humans to do what they are good at, being creative. That increases productivity and our living standards. The transition may cause upheaval but is inevitable.
Big business executives believe if they don’t scale up AI in their business, they risk going out of business.
AI scans data in seconds and makes decisions based on that scan, which would take a human years. The amount of data in the modern world is huge and provides information about everything. Based on this, accurate decisions can be made.
There are 2 forms of AI, Narrow which means the ability to do routine tasks and constantly improve through ML (Machine Learning). The 2nd is General which is to think creatively like a human, but this is a long way off.
The video below by Bernard Marr (again, because his summations are short and pertinent!) explains the latest trends:
Applications
AI holds the potential to transform the quality of life, improve business outcomes, and create a world with endless possibilities. Max Tegmark, the President of the Future of Life Institute, puts forth this argument excellently:
“Everything we love about civilization is a product of intelligence, so amplifying our human intelligence with artificial intelligence has the potential of helping civilization flourish like never before. As long as we manage to keep the technology beneficial.“
The examples below are a sample but eventually, AI will be used everywhere.
Healthcare:
As only one example, doctors can now identify cancer using AI before it is too late. AI increases quality and patient safety by increasing predictability, consistency, and dependability.
Banking and Finance
AI is used by banks to detect fraud and for other purposes, such as customer service, identifying abnormalities, etc. Often bank or company chat sites have you talking to a robot, but they need to improve markedly (and will). At present unusual requests are beyond them! As with all AI, the secret is analysing large data in a short time. Most mobile apps use AI to advise or carry out requests.
Education
The problem with teaching is ‘one size doesn’t fit all’. As AI academic solutions improve, hopefully, AI will bridge gaps in teaching and learning. This will help teachers cater for all levels. Students will have to work in a world where AI is the norm. So it’s important schools prepare them to use the technology. This is why there is an emphasis on STEM.
Agriculture
AI and ML are rapidly being adopted in agriculture, both in terms of crop improvement and farming practices. AI is on track to become the most revolutionary technology in agricultural services ever. It can understand, learn, and respond to multiple situations to improve efficiency. AI can assist farmers to extract greater value from their land while conserving resources.
Space Exploration
Artificial intelligence is gaining traction in space exploration. Space missions and new discoveries need the analysis of massive volumes of data. AI and machine learning is the most effective method for handling and processing large amounts of data.
Human Resource Management
AI and ML are going to transform the way HR management and recruiting are done in every firm. HR is expected to be among the first departments of a company to gain from AI. First, HR has a wealth of high-quality data. Also, HR is one of the few parts of any firm that is both necessary and under time pressure.
Marketing
Marketers and merchants all around the world appear to be turning to AI as their “right hand.” Recently SMEs (Small to Medium Enterprises) have begun to incorporate AI or ML based applications into their sales funnels. Marketers can now build a clearer understanding of their intended audience than ever before. Due to the evolution of big data, advanced data analysis solutions and AI, marketing is at the forefront of this advancement.
E-Commerce
Individual tastes, spending patterns, and preferred methods of individual consumers are all available when they shop online. Advanced technologies such as AI and ML have been used by major e-commerce enterprises. Any e-commerce website may use AI to propose items that are individually suited to customers. Individuals can search for things using conversational language or imagery as if they were engaging with a human.
ML aids businesses in a variety of areas, including demand forecasting, product recommendation results. Also product and offers suggestions, retail placements, identity verification, translations, and more.
Navigation and Travel
AI is being used in the travel sector to handle a variety of administrative and customer support jobs. It’s AI at work even when applications like Google Maps evaluate traffic and construction. This provides the shortest route to your location. Also used by autonomous driving, automatic pilots, sea navigation, etc.
References
3 Responses
Thank you Campbell. Now I know a little. Very little about AI. With blogs like these, I am going to wake up and understand somewhat new technologies and how they impact mankind.
Good work Bala. We will make you an expert on technology (and golf) in no time.
Comment from Graham Harris
Hi Campbell,
We still are not back to the Monday Group for golf but hope next month we can start again.
With regard to blockchain, there is so much scamming that it is hard to understand how to be involved safely.
Is there a way ?
Grahame
Good to hear from you, but what has happened to the Monday Group?!!
Re cryptos, I buy and sell in $A using coinspot.com.au. They are professional and provide 2FA which is almost impossible to hack. I also have an offline Ledger wallet for long term storage.
I subscribe to https://www.brownstoneresearch.com/ for advice on cryptos and high tech USA shares. They provide the essential due diligence. Jeff Brown has a big team who are excellent and knowledgeable.
Hope this helps
Campbell
Regards,
Grahame