Artificial Intelligence: How is it transforming the business landscape?
In 1956, the term “AI” was coined by John McCarthy. In the beginning of 1950’s, cybernetics, automata theory, and information processing were studied under the name “thinking machines”. But, in order to collect and organize these desperate research efforts in one single field, McCarthy wanted to introduce a new umbrella term, which later was known as artificial intelligence.
In the old days, the pioneers of AI didn’t really accept that machines could act insightfully and most certainly didn’t think about how machines will ultimately far surpass every single intellectual activity of any human! In any case, associations like DARPA poured a huge number of dollars into AI projects at MIT, Carnegie Mellon, Stanford, when the outcomes ended up being shocking, PCs having the option to tackle mathematical issues, invent mathematical proofs that were more exquisite than before, adhere to directions and answer inquiries in English. Throughout the years, as the computing cost started to decline and the processing power got more powerful, AI, presently, is ready to run a more complicated algorithm on a greater amount of data!
Is AI going to take over the world?
There is no clearly significant answer to this query, we can only make assumptions. The real question that should be asked is, Should we be afraid of AI? And the answer to this is NO, we should not.
Each time another innovation happens, it raises some sort of fear with it. With the creation of telephones individuals started to think that the usual discussion between humans would end. The innovation of vehicles made individuals think it would be killing families. This is all true at a certain level. In any case, these developments have brought things that have increased the human experience in different ways. That is the general purpose of creating these machines.
Machines can assist mankind with doing things that are excessively tedious and hard to do at the current time. It does not make any sense to fear AI, because it will not be programmed, it will be taught to incorporate the core values. The AI that we will ( and people in the future) will deal with will be able to help us and not control us. We should be learning from the past and try our best not to be afraid of new innovations. This blog will raise the curtain of AI and you will take a look at how AI is changing the world.
Few Real World Examples of Artificial Intelligence
The tangible effects of AI are clearly noticeable. Every smartphone has this feature of virtual assistants. All you have to do is say, “Alright, Google.” Once you’ve expressed it, you will hear a lady’s response. It’s AI as virtual assistants, or sometimes called chatbots. In any case, it ought to be noticed that a few organizations and individuals actually really like to differentiate among these virtual assistants and chatbots.
A lot of significant organizations have introduced AI assistants: Microsoft utilizes Cortana, Google uses Google assistant, Amazon offers Alexa, Samsung uses Bixby, and Apple has Siri. These AI assistants can comprehend the given orders and react likewise. For example, if you give commands to Siri, it will turn on the music on your phone, or Alexa can open any application on your request, or Google Assistant can even compose a message for any of your contacts at your command.
A lot of you must have watched the show in which the CEO of Google, Sundar Pichai introduced Google Duplex in 2018, an updated version of Google Assistant, that has the ability of understanding the context as well. The presentation was engaging and simultaneously, felt unreal. During the initial segment of the show, the AI assistant was talking to a woman to make an appointment at the salon, and the woman on the opposite side did not speculate anything. She did not understand that she was not conversing with a person on the other side. The AI assistant was so persuading you could barely differentiate between a genuine individual and an assistant. It impeccably copied the way humans speak and say “um”, “mm-hmm”, “oh”, to get questions and respond to them exactly like humans do. It felt like two individuals were having an ordinary discussion.
On the 21st of November, 2019, Google reported that this assistant can buy a film ticket for its owner on the website as well! It is currently accessible in practically all states of the United States. If you want to reserve a spot in some cafe, or book an appointment to the hospital, or purchase a ticket to the park, you can use this revamped Google Assistant. Everyone is excited to explore the next stage of this virtual assistance.
There are many different examples of AI on your cellphones today. You can utilize AI wherever you are, as it eliminates borders. In case you are heading out to China, and you want to read a sign board in the Chinese language, what you can do is to simply utilize your cell phone to recognize unfamiliar words. Additionally, this is an indication of how AI will make a huge difference, even the manner in which we speak with the rest of the world.
The Future of AI
With respect to the recent developments in technology, here is how the future of AI will be:
AI in Retail
- In 2022, the global market of AI is expected to reach over $5 million.
- A study suggests that if retailers use AI in their daily business operations, it will save them over $340 billion by 2022.
- Another report states that in the end of 2022, AI investments in the retail sector will boost up to 38 percent.
These insights are an obvious evidence that AI guarantees an extraordinary future for retailers with different utilization opportunities for better decision making in business. In the future, you can expect conveyance of as much as 5-pound packages in under 30 minutes, all thanks to AI-controlled drones. Amazon is now dealing with it to decide appropriate security and reliability of tasks for conveying packages, there is no date decided yet on the utilization of these drones. In any case, in the following decade, you can expect an independent conveyance of products and food quickly with the help of drones.
The future of AI in retail is not just about independent deliveries on time, rather it is more independent and personalized with real life scenarios which include virtual-racks personalized according to the data provided, changing rooms with connected screens, and much more customization basing on the past history and trends that make customer choices way more relaxing and pleasing.\
AI in Healthcare
Almost 86% of the slip-ups can be stopped in the healthcare sector and AI will be playing an imperative part in this. In healthcare, the future of AI is a step towards democratizing medical care to serve patients and medical care experts the same, simultaneously, making it less expensive but rather more precise through AI-controlled predictive care. Predictive analytics combined with AI can assist with understanding different variables (birth place, dietary patterns, air pollution levels, and so forth) that impact an individual’s health. In the future, we can await AI-controlled medical services frameworks to predict when an individual is probably going to develop an illness and recommend protection drugs to fix it before it gets worse.
There are different types of research being held in order to develop AI-powered applications that assist doctors in diagnosing and treating the patients, AI will be a distinct advantage in offering better clinical consideration to patients. You can expect a very surprising future for medical care as robots communicate and cooperate with patients, mind their ailment, and assess the further requirements for a meeting with a specialist. We will still require specialists, medical attendants, researchers, and the list goes on. Nonetheless, AI will improve on our lives by making the clinical and medical care information we produce more significant.
AI in Banking
Banking report of IHS Markit states that AI’s global value is expected to reach $300 billion by the end of 2030. AI is ready to become the dominant focal point in the next few years in sectors like business intelligence and security with decreased expense, expanded production and upgraded client experiences. Robo Advisors in banking will turn into a more typical sight and game changers in the banking space-saving huge measures of time for wealth directors and clients. The future of banks will not only provide personalized products and services but rather it will utilize AI to personalize client experiences. An incredible illustration of such personalization would be eliminating the need of creating an ID card when you stroll to the bank office and still keep on being welcomed with your name and complete information on your whole financial balance history.
New Job Opportunities
“Will Artificial Intelligence take our jobs?” is the most fearsome question that surrounds AI. With AI, we can automate a wide range of work. We can imagine about a more comfortable future for ourselves that will be creating new job positions and not dislodge them.
As per a report on the Future of Jobs by World Economic Forum, AI will be making 58 million new AI job positions by 2022. There is an astounding possibility that by 2030, AI will be outperforming people in the majority of the psychological tasks but that doesn’t mean it will remove jobs. Truth be told, the AI industry has doubled in size in 2019 contrasted with the previous year. In only one year, three times more organizations are dealing with AI-based tasks and this momentum is probably going to continue.
The AI future is coming – coming soon!
AI, at this point, is no more a sci-fi as it has moved far beyond assumptions and theories. Despite the fact that a portion of the high level indications of AI, as completely autonomous vehicles or a medication that will fix significant illnesses, haven’t shown up yet, we actually can notice its presence in practically any circle of human movement — from amusement, car, web based business to the economy. Artificial intelligence is all over the place — in the cell phones you are taking around with you to IoT gadgets and many more. All in all, AI has impacted the current business landscape in many ways opening new doors to the opportunities that never existed before. If you want to scale your business with AI, reach out to System Plus to find out how we can help you.