Artificial Intelligence and Machine Learning are becoming more and more a part of our daily lives. This just means that technology is rapidly advancing and unless we want our lives to be very suddenly disrupted, everyone must jump on the bandwagon of learning new technology in order to remain relevant.
Artificial Intelligence uses the ability of machines to use their ‘intelligence’ to perform the command it is being given by a programmer. In this instance, Intelligence is simply the ability to process data. Machine Learning studies the patterns and inferences of statistical models, along with the algorithms that the system uses in order to perform a specific task without humans giving instructions. It is a part of Artificial Intelligence.
The key to staying ahead in this era of Machine Learning is to learn the proper analysis and utilization of data. Providing insight into the data we collect is critical to understanding customers’ preferences and in turn, allows us to provide better value-added products and services. The more data you collect, the more you can train AI and increase the accuracy of output.
Applications of AI are already obvious and will continue to expand in these few areas:
The future of AI in retail is all about offering customers personalized experiences, predicting future trends to optimize stock, and improving logistics. Other areas AI can be beneficial is in fraud prevention and customer service chatbots. Chatbots in particular increases the quality of customer support cuts labor costs provides instant response times and round-the-clock availability. Therefore companies must invest in anti-fraud AI to protect customers from scammers, utilize machine learning to optimize stock and give customers a personalized shopping experience, as well as employ the use of chatbots in customer service.
Financial institutions can use Machine Learning to fight fraud using personalized robot assistants, chatbots, and trading automation (for those in the stock markets). It is now advisable for managers of hedge funds to invest in better Machine Learning algorithms to aid human traders and allay investors’ skepticism.
AI will drive the next revolution in mass media comparable to the advent of the Internet. With the help of AI, advertisers will be able to understand customers’ preferences better and tailor their ad messages to individual interests. In journalism, AI has the potential of doing labor-intensive tasks such as collecting election data, allowing journalists to focus on quality journalism and news analysis. Reuters, a global media corporation and press agency, already uses AI-powered video transcription tools to deliver time-coded speech-to-text tools that are compatible with 11 languages.
Future trends we can expect to see include:
Further Development on Natural Language Processing (NLP)
The convenience of NLP solutions is already being enjoyed by users who have utilized virtual assistants like Google Assistant, Alexa, or Siri. According to Adroit Market Research, Intelligent Virtual Assistants is predicted to grow at a 33% compound annual rate in the next five years. Virtual assistants are predicted to get more involved in business operations, more automating processes as well as in executing jobs that require tedious and repetitive tasks.
In 2015, the Guardian published an article that predicted that there will be 10 million self-driving cars in use by 2020. Although this has proven to be too optimistic, tremendous growth is being made in the significant research and development of autonomous vehicles.
Increased use of drones
We are already seeing the use of drones in airdropping relief materials to people trapped in war-torn areas. A few e-commerce companies are planning to have products and items delivered to their customer with the use of drone technology. This network of autonomous drones will be less likely to get stuck in traffic and can be a safer way of getting orders delivered to places where it might not be safe to go.
On a far larger scale, AI is positioned to have a major impact on climate change, sustainability, and environmental issues. Partly with the aid of sophisticated sensors, cities will be made less congested, less polluted, and generally more livable. It is still a very new development but will play a huge role in the coming years.
Experts have predicted that in the near future, people with low-wage routine jobs will be disposed of and replaced with robots. Companies and governments will have to take an active part in re-educating the population to qualify for new and transforming jobs.
If implemented responsibly, AI can benefit society. However, as is the case with emerging technologies, there’s a real risk of privacy invasion and a detrimental effect on human rights. History teaches us that what humanity intends for good can easily be exploited. Think of the nuclear warheads and atomic weapons. With the positive effects of AI, there are also criticisms against the concept. Many people are strongly urging that AI be kept out of weaponry since AI lacks emotions and cannot discern right from wrong. Imagine that such weapons get in the hands of a dictator. But let’s not get ahead of ourselves.
It is important however to note that there is no intelligence, desire, or existence in AI without humans. We still have the advantage of understanding the philosophy of data science, we know the threats we face and we have to look at our challenges and opportunities, and connect them with our business strategy in all fields.