Artificial intelligence is impacting the future of virtually every industry and every human being. There’s virtually no major industry that has not keyed into the use of artificial intelligence, majorly for objective functions using data-trained models.
Artificial intelligence has acted as the main driver of emerging technologies like big data, robotics and IoT, and the likes.
At the beginning of 2021, Ipsos conducted a survey on the global opinion of artificial intelligence and this is what was found:
Businesses, government and societies were making decisions that will impact on their strategies for 2021-25 and were relying more on Artificial Intelligence for better productivity.
Countries like India with a vast population of With a dynamic population of more than 800 million people, need to create huge opportunities to connect with Indian consumers outside the cities, creating a great need for AL.
Artificial intelligence may be changing the world, but how is it adding value in our industry and can one leverage on its potential?
Values Of Artificial Intelligence
A new wave of artificial intelligence breakthroughs is making it possible for technology to do all sorts of things that invariably makes our lives easier and more productive.
Christopher Bishop, a distinguished scientist with Microsoft Research Cambridge, said: “Right now we’re in a phase of very fast advances, and that may well continue for a small number of years.”
With advances in machine learning, including deep neural networks and probabilistic models, computers can now instantly translate spoken and written conversation, recognize and accurately caption photos, identify faces and be your personal assistant.
The latest breakthroughs in artificial intelligence are the result of core advances in AI, including developments in machine learning, reasoning and perception, on a stage set by advances in multiple areas of computer science.
Computing power has increased dramatically and has scaled to the cloud. Meanwhile, the growth of the Web has provided opportunities to collect, store and share large amounts of data.
There also have been great strides in probabilistic modelling, in which computing systems consider uncertainties and make the best solution or recommendation, and machine learning, in which a computer gets better at something based on the data that it receives. Truly what a great time to be alive.
Further advances in AL, such as machine learning methods called neural networks, can be trained from massive data sets to recognize objects in images or to understand spoken words.
Another promising effort is “integrative AI,” in which competencies including vision, speech, natural language, machine learning and planning are brought together to create more capable systems, such as one that can see, understand and converse with people.
Also, 80% of global respondents in an EY organized survey said it was the lack of these skills that was the biggest challenge when employing AI programs while insisting AL would have a positive impact on the economy by creating jobs that require the skill set to implement new systems.
The Downside of Artificial Intelligence
As many organisations are already beginning to see the incredible capabilities of AI, there is a need to take advantage of AL than human intelligence in order to gain real value from their data.
The first companies employing AI systems across the world will gain competitive advantage, and in order to reduce the cost of operations, those working in roles now handled by AL are at risk of displacement. Whilst this may be a positive from a business perspective, it is obvious that the creation of these technologies will likely trigger an issue with unions and job security due to the substantial operational changes.
Although AI will affect every sector in some way, not every job is at equal risk. PwC predicts a relatively low displacement of jobs (around 3%) in the first wave of automation, but this could dramatically increase up to 30% by the mid-2030’s. Occupations within the transport industry could potentially be at much greater risk, whereas jobs requiring social, emotional and literary abilities are at the lowest risk of displacement.