Artificial Intelligence: the new gold mine for businesses
Despite the divide, disruptive technologiesare COVID-19 pandemic in emerging markets...
Perhaps, it is necessary to understand the scope of Artificial Intelligence ((AI) in the scope of businesses. An oversimplified description of AI is a collection of technologies that enable machines to learn, adapt and act almost with human-like intelligence at incredible speeds. AI differs widely from simple automation, which may be enabling machines to undertake repetitive human-like acts such as those in assembly lines of factories and in warehouses. In this case, machines are trained to perform a specific act perfectly and performs that act in the same way repetitively until perhaps programmed to perform another task.
In the present age, multi-billion industries hugely depend on AI to drive their businesses. However, the journey of AI has not been smooth; the period of hypes was followed by periods with reduced funding (also known as AI winters). Nonetheless, despite these hindrances, today AI is back in limelight due to development of ‘deep learning’ neural networks with many hidden layers.
AI Redefining the Trove of Businesses
The past century saw technology reached a true seminal moment when humans, through the power of an atom, acquired the capacity to destroy the entire planet. Now, thanks to AI, technology is hurtling us toward a new inflection point. The emergence of Artificial Intelligence is a by-product of advancement in technology. The importance of technology recently manifested in the global pandemic (COVID-19) caused by the severe acute respiratory syndrome.
The pandemic has highlighted the importance of technology and innovation in developed countries. This technology enabled researchers and firms to work at unprecedented speeds to decode the organism’s genetic code in weeks, design testing, monitoring and patient management devices or tools, and bring to market several novel vaccines in about a year. Besides, AI is one of the digital technologies having profound economic, social and environment contributions. The global market for AI is estimated to be growing at about 32%-42% per year– a very fast pace.
While the actual value of the AI global market is worth about $62.35 billion in 2020, it is expected to expand at a compound annual growth rate of 40.2%. It is also expected to hit between $267 billion and $312 billion by 2027. Like other technologies, the contribution of AI to business performance and economic growth is driving greater investments by governments and companies alike. For instance, one estimate suggests that by 2030, AI will “contribute up to $15.7 trillion to the global economy”.
Moreover, Artificial intelligence (AI), as we have seen in the past, is already established in the enterprise. Some professions, like human resources, have taken to it easily while others, particularly regulated industries, have been slower to write AI into their future. The fact of the matter is that AI is still a very new technology and it is still not clear what it will bring to the enterprise, or if what it brings will be positive.
AI Technology offers new opportunities that can lead to notable transformation in businesses and the overall economic system. At the business level, some of the benefits include: the quick unveiling of patterns in big data, speedy visualization and analytics, improved product design, delivering meticulous insights, and many more.
These benefits are expected to introduce new levels of service, increased profit, and expansion of businesses, improved efficiency and cost structures In the global economy, AI indeed is helping certain professionals— but it’s also replacing millions of people. In the military sphere, automation is driving boots off the ground and eyes into the sky in a coming robotic world of war.
And whether it’s Siri, the bots that guide increasingly frustrated callers through automated phone trees, or the AI that checks out Facebook posts, the aim has been to counterfeit human beings — “machines like me,” as Ian McEwan called them in his 2019 novel of that title — while concealing the strings that connect the creation to its creator.