I wrote this last year in January as an interesting piece, I am in no way an expert in the field of Data Analytics or Artificial Intellegance. Something different to what I would like this site to eventually. but for now I am happy to publish personal blogs, informative blogs and a variety of interest pieces… Enjoy
Artificial intelligence or AI is like the human brain, only better at asking and answering questions, working things out and helping process information. A better explanation is that AI is a manmade machine which is used to think and perform an action in response to a request or query.
In an article written by Business Insider on how AI will change the modern workplace, they show compelling evidence that productivity or lack thereof in the current workplace is costly to businesses. In fact, the article on ServiceNow stated that 15 hours out of a 40-hour week are lost on non-productive activity. Organisations are on the losing end because this means that 37.5% their most valuable asset “time” can be spent on more focused tasks. Most business owners and CEO’s would be shocked to see that number because it affects the bottom line.
This is where Artificial Intelligence will play a major part, as there are already demands for smarter technologies and machine learning.
In a 2016 news release on the impact of AI in 12 developed economies by Accenture describes that by 2035 annual economic growth could potentially double and the business impact of AI is expected to increase productivity by up to 40 percent. In the future, we will continue to see technological advancements especially in the business sector and with AI rapidly becoming the next big thing we will start to see more automation for everyday tasks in the workplace improving overall productivity and performance. Knowledgebase, facts, learning and decision making can be time-consuming for humans; AI systems can make these decisions quickly, accurately and consistently.
AI has made the most impact in the financial services industry to date. It is being used to answer business questions, provide stock recommendations, evaluate loan applications, spot potentially fraudulent activity, and minimise human errors in transactions, and this is only going to grow with the increasing availability of technology.
Amazon is currently developing and testing a supermarket system which allows consumers to simply pick up what they need and go, no more lines at checkouts. This system will reduce costs (employees) and increase profits, a win for both consumers and store owners.
The Big Innovations Centre is developing a robotics program to explore how AI is creating opportunities for SME’s and larger organisations through the innovation of networks and supply chain process development. But this is happening right now and will only continue to be enhanced as we move into the future, as more businesses are investing in AI to foster economic growth and business development.
Whether you’re aware of it or not, we use AI every day without even thinking about it, it’s in our pockets, cars, homes, and workplaces. Siri, video games, customer support, and Smart TVs barely scratch the surface, AI in businesses include fraud detection and security systems.
Mark Zuckerberg brought AI into social media platforms (Facebook and LinkedIn) with “friend recommendations”. Apple and Amazon also did it with “recommendations for you”.
John McCarthy first said in 1955 at a Dartmouth conference “Every aspect of learning or any other feature of intelligence can in principle be so precisely described that a machine can be made to simulate it. An attempt will be made to find how to make machines use language, form abstractions and concepts, solve kinds of problems now reserved for humans, and improve themselves.” This was said 62 years ago and in the last 10 years, we have seen innovative technology change how we accomplish routine tasks, like asking Siri for directions, or asking Cortana to open a recent document on your laptop.
It’s everywhere, answering questions you never thought you had because it’s programmed to think like that. AI is changing the way we live our lives, how we work, travel and play. It gives the world a possibility to escape reality, learn incredible things and transform the future. We all have AI in the palm of our hands now, but imagine the possibilities 3 to 10 years from now…
What do you think the future will be like?
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