Have you ever come across the fancy work “AI” which has seen to be revolutionizing the business and industry for quite some time?
I am sure, most of us have come across that and wondered what it actually is? What could it do to us? How could it transform businesses? Why is there a growing concern for the job market with respect to AI?
There are a lot of such questions which lacks precise answers, but there are certain transformations that AI has enabled in the past and it has tremendously changed the way a business functions. Many people think it’s too complex to comprehend and try to stay away from it. But intentionally or unintentionally “Artificial Intelligence” is coming into everyone’s home and off course it’s among us in various aspects and we’re in touch with a lots of AI systems these days. Please don’t panic about the exaggeration shown in terminator and other movies of AI taking over the whole world. We aren’t anywhere near that for now. All that AI focuses on now is to mimic the human brain to learn, reason, adapt take decisions and complete the assigned tasks. There are various algorithms used which enables the functioning of AI systems. Artificial intelligence is in-fact the superset comprising of machine learning and deep learning as its subsets.
I understand that a question would pop up, what does that mean? How is it related? We’ve got you covered in this.
History of AI
The term AI was coined in 1956. Arthur Samuel is regarded as ‘The father of Machine learning’. Neural Networks were the start point in 1950-1970, which later gave rise to Machine Learning in 1980-2000 and finally deep learning emerged which is used since then to design a AI system
Motivating factors for mass adaptation of AI:
- Huge data volumes
- Advanced algorithms
- Improved computing power and storage
- Automating repetitive learning and discovery through data
- Addition of intelligence to existing systems
- Adaptation via progressive learning algorithms
- Incredible accuracy
Types of AI systems
The primary classification of AI is into Strong AI and Weak AI.
How AI works?
1. Manufacturing
Artificial Intelligence will transform the manufacturing industry, congratulating it on overcoming many of its inherent challenges; technologies will be useful in full automation, decision-making, integration and information flow; and completely transforms production processes. Production will grow by 40% by 2035. Benefits will include: rapid data-driven decision making, contributing to improved operating results, improved process efficiency and reduced operating costs, and outstanding product development and scalability.
Machine learning solutions can speed up inventory planning because they do a good job forecasting demand and scheduling supply.AI-powered demand forecasting tools provide more accurate results than traditional demand forecasting methods (ARIMA, exponential smoothing, etc.). These tools enable companies to better manage inventory levels, which reduces the likelihood of out-of-stock and out-of-stock scenarios.
Industrial robots, also known as manufacturing robots, automate repetitive tasks, prevent or reduce human error to a small extent, and shift the focus from human labour to more efficient areas. The applications of robotics in factories are varied. Applications include assembly, welding, painting, product inspection, assembly and placement, forming, drilling, glass making, and grinding.
Industrial robots have been present in manufacturing plants since the late 1970s. With the addition of artificial intelligence, industrial robots can monitor their accuracy and performance and automatically learn to improve. Some production robots are equipped with computer vision, which helps the robot to move accurately in difficult and random environments. Cobot is another robotics application that uses computer vision to work safely with people to complete a task that cannot be fully automated.
2. Automobile
This is especially true in the case of transportation: people need to sleep, eat, use the toilet, take breaks, etc. With autonomous vehicles, transportation will no longer be limited to 8 hours a day, 5 days a week. Tesla is a prime example of self-driving cars, producing not only cars, but also self-driving trucks. Another lesser known example is Rolls Royce and Intel. Together, they created an intelligent cognitive system that opens the door to autonomous ships.
Self-driving cars can save time, limit energy consumption and significantly reduce more than 1.25 million road traffic deaths each year. Indeed, with a high proportion of fatalities caused by human error, self-employed start-ups in the UK can save hundreds of thousands of lives each year. Oxbotica is the manufacturer of Selenium, an artificial intelligence-based software system that, once installed, allows multiple vehicles, not just cars, to understand and manage their immediate surroundings. in late 2018, its vision sensors were used aboard NASA’s rover.
3. Healthcare
Artificial intelligence is changing the healthcare industry like never before from robotic operations to protecting personal data from cybercriminals. The healthcare industry has been hit by medical costs and inefficient processes.
Artificial Intelligence Workflow Assistants help doctors free up to 17% of their time. Virtual assistants reduce hospital repeat visits by giving nurses nearly 20% of the time by last name. Plus, AI is helping pharmaceutical companies research life-saving drugs in less time, saving time and cutting costs. More importantly, AI is being used to improve healthcare in countries around the world. According to a 2016 CB Insights report, approximately 86% of healthcare organizations worldwide will use artificial intelligence. By 2020, spending on AI projects in the healthcare sector will reach $54 million. Healthcare implementations will be useful in medical record management, laboratory analysis, X-rays, CT scans, data entry, treatment design, virtual nursing, and more.
AI in healthcare is huge, and technology is transforming the industry by offering the best healthcare solutions. The combination of artificial intelligence and the Internet of Medical Things (IoMT) makes healthcare workers more efficient with research and teaching. Apps powered by artificial intelligence technology help people to actively lead healthy lives. AI is revolutionizing healthcare by empowering doctors and hospitals to deliver better care, more patients, and faster.
Babylon Health has developed an artificial intelligence chat application available to the UK National Health Service (NHS) that people can use as their first point of contact when they are not feeling well. The app answers patients questions about their symptoms 24/7, providing free instant medical advice on what to do next. It is also possible to sign up for a video consultation and, if necessary, talk to a doctor, prescribe medicines and application can save the patient from unnecessary visits to the doctor.
Conclusion
The advancements and trends include;
- In 2014 Deloite predicts a growth of $1 billion to $50 billion.
- IBM invested $1 billion in their Watson technology.
- Around 2,948 investors invested in 423 new Machine Intelligence firms.
The AI evolution is already here and it is to take its respective place within our society and environment. It will for sure re-define the roles and responsibilities in the job market. We should buckle up and embrace the Artificial Intelligence transformation to cope up with the upcoming trends to stay updated and take part in the AI revolution.
Welcome to the AI era!
