A tremendous progress in AI has been registered in the recent past due to the increased computing power, big data availability, and evolution of machine learning. The current status of AI illustrates the fact that it has the potential to revolutionize key industries and create a broad ripple effect in society.
AI is already behind the scenes of many common technologies we use in everyday life. Siri, Alexa and Google Assistant etc. are real life examples of artificial intelligence where natural language processing is used for speech recognition and answering questions. A prime example of the use of AI technology includes spam filters, auto-correction, product suggestions, and face detection in photos. Autonomous cars are vehicle that are able to operate on roads without the need for human inputs and are powered by computer vision, sensors, machine learning and other AI technologies.
The possibilities of employing AI systems will evolve as algorithms improve and computing capabilities increase. Here are some of the ways AI promises to shape the future across various sectors:Here are some of the ways AI promises to shape the future across various sectors:
Healthcare
AI is a relatively unexplored field but it has massive benefits for increasing the quality of patient care and streamlining clinical processes. Mitigating the problem, there are various AI diagnostic tools which can be used to analyse medical images to identify tumors, retina problems and many others. AI can be implemented in the form of chatbots and virtual health assistants to provide an initial diagnosis of health issues based on the symptoms that can be ascertained through the interface. Applying patterns discovered by artificial intelligence to the big data that can be extracted from the electronic records can help doctors in diagnosing the illnesses and designing the course of therapy. Surgical robotics systems can allow operations to be more precise and individualised whenever robots are used to assist in invasive procedures. AI appears to be primed to supplement human potential when it comes to the diagnostic, therapeutic, surveillance, and supportive aspects of patient management.
Business & Manufacturing
The utilization of AI and machine learning is speeding up businesses and manufacturing in ways that were unimaginable before. With supply chain and logistics solutions driven by AI, demand can be forecasted with great reliability across geographical locations as well as across different channels and product distribution networks, even simultaneously identifying optimal production, inventory, and shipment routes in real time. Computer vision and natural language processing play a vital role in the successful operation of a system that offers customised, predictive customer support services. Artificial intelligence is easily applied to sales and marketing platforms so that buyer’s intent is evaluated as well as relevant suggestions provided. Ipa robotic refers to repetitive back-end activities that organizations can use to free the manual workforce. There are smart factories wherein a number of machines and factors of production such as sensors and control systems are connected to the Internet, and decisions on the production line are made by these connected systems. AI will offer substantial market edge to organizations preparing for the future of work as they adapt more operations and gain enhanced efficiency.
Financial Services
AI and Machine learning are being adopted by the banks, insurance companies and other financial institutions to enhance the risk evaluation, fraud detection in real-time, identify the economic signals and offer the financial solutions according to the customer behavior. AI is currently being used in the organization in a manner where it interacts directly with the customers to answer general questions that may be posed to the organization to enhance the speed of response as well as customer satisfaction. Machines, driven by Artificial Intellgience, are executing trading algorithms, for stocks, bonds and cryptocurrencies, around the clock using real time data and impulses. Robo-advisors are being utilized as follow-up assistance or replacements for human financial advisors for basic transactions and services. The era of global financial technology is set to enable consumers to get better, more individualised banking, insurance and wealth management based on enhanced algorithms.
Education
As education has turned largely to online since the COVID-19 outbreak, AI holds great possibilities to enhance the learning results. The AI tutors can also be programmed to match the students’ knowledge level and learning rate to ensure the lessons are tailored to suit the students. They can participate and utilize more senses and the major one is verbal communication together with video clips, games and simulations. Some of the applications of AI in quizzes can understand the responses given by the students in natural language and offer feedback. In terms of performance indicators and preferences, adaptive courseware identifies resources for use in filling content gaps. The future of smart education seems to be built on the foundation of artificial intelligence to deliver personalized, engaging and student-centered education. It can also allow teachers to better monitor the class and individual performance.
Transportation
Self-driving cars are the future of transport and mobility services are set to be revolutionized. Cars, trucks and shuttles that are self-driving will employ machine vision, light detection and ranging (LiDAR) systems, radars, GPS and maps for the purpose of undertaking journeys. They also communicate with other entities including city infrastructures and other vehicles. Self-driving cars are no longer science fiction, and entities such as Tesla, Waymo and Cruise have been taking prototypes on public roads. If safety measures are put in place and the automation technology is effectively implemented to work in large scale transport, then it does come with certain advantages that are, increased access to transport, reduction in transport risks due to human factors and reduced traffic congestion through co-ordination. AI could significantly transform the current paradigm related to the use of personal vehicles and public transport.
Energy
AI is widely used in creating the smart grid, energy management, and efficient utilization of infrastructure for the same. Advanced artificial intelligence can solve optimization issues concerning supply and demand in distributed renewable power systems that consist of solar panels, wind turbines and electric automobiles. It can set the price flexibly and can store excess energy into battery systems that are connected to the grid for demand in the hours of peak load. AI can set reminders to prevent equipment from breaking down which will help minimize the time machines are not in use. It can also control central heat and air or control power consumption with the help of smart meters in buildings. Today, government organizations are utilizing AI to monitor the emissions, predict the pollutants, and to design the effects of the severe climatic conditions prevailing on power infrastructure.
Entertainment & Media
AI is now crossing borders in creativity and entertainment industries. It has been employed in creating fake news articles, fake videos, or deepfakes, which are media products that portray matters that have never happened in real life. Game engines are integrating AI to make games interactive and dynamic games and their stories. It is worth noting that apps such as FaceApp use algorithms to alter eye color or even age people. Currently available are such programs as Amper Music that composes songs based on the imitation of popular singers and music styles. Before long, chatbots could even trick random Internet users, which prompts questions about its credibility. Going forward, as AI capabilities evolve, new frameworks will be required to authenticate and endorse synthetic content. Besides, the ethic issue, people will be able to enjoy more, more engaging, and more tailored pieces of entertainment.
The examples above show the extent of what AI is capable of in the world we live in today. However, the unleashing of AI to its full potential with positive impact for the society needs careful guidance and management on the appropriate ways of sharing data, being transparent, avoiding bias in the algorithms and addressing the issue of employment loss due to AI integration. That is why governments are encouraged to create national strategies regarding AI and its application based on ethical principles and relevant values. Another important topic is that fast reskilling of workforces will be essential alongside to research and development. The international cooperation is required to understand different standards and protocols related to AI systems. In this regard, it is important to understand that, on the one hand, the AI will subvert traditional schemes and companies’ strategies, however, there are significant potential benefits for those who will be the first to adapt it. The current advances in AI therefore show that, when appropriately applied with proper visions and values on how they should be developed, they can foster positive changes to economies and communities.