Artificial Intelligence – A Blend of Hype and Opportunities.
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Ajay V R August 3, 2018

 

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Twenty years ago, the term “Artificial Intelligence” was quite unfamiliar and more Sci-Fi related term for most people. For many it would bring to mind sentient, sci-fi machines such as 2001: A Space Odyssey’s HAL.

But now, Artificial intelligence is considered as the future and the next automation revolution. It is shaping many industries even when it is new compared to other technologies. Many organisations position themselves to capitalize on this blooming technology and making AI technology as a crucial lynch pin of the digital transformation.

Artificial Intelligence – The Philosophy

The core concept of Artificial intelligence has remained simple, building a machine with the ability of thinking like humans, in a nutshell making a machine smarter. This process includes learning, reasoning and decision making. This is achieved by using humans as the blueprint, making the machine to think same like what a human brain does. It is a vast area of technology that comprises everything from Robotic process automation, speech recognition, machine learning to actual robotics.

Global Business Handshake

“AI is probably the most important thing humanity has ever worked on.”

– Sundar Pichai, CEO of Google

AI Applications

From healthcare to driver-less cars, AI has become more reliable technology in many fields. The real power of AI lies in its ability to sense and respond to the situation. AI has already started to beat doctors in predicting heart attacks.

Sales and Business – The introduction of Blockchain in B2B industry has improved the visibility of the information flow in the supply chain networks. This helps the sales professionals to increase their sales rate and easily get engaged with new clients.

Medicine – AI technology is applied to practices like diagnosis process, drug development and patient monitoring. Google’s DeepMind platform is used by UK National Health science to detect certain health risks through data collected via mobile app.

Transportation– Driver less cars, Self-organizing smart containers are some examples of the realty to come true in transport industry with the aid of Artificial Intelligence. Tech giants like Google, IBM are intensively working in this area of development.

Fraud Detection – Artificial Intelligence also helps in detecting the forged documents and ensures the authenticity of the documents.

Predictive Analysis and forecast – AI is used as a major tool to predict and forecast information about sales, weather and stock market. AI based Stock trading system is also developed for the investors. The system makes assessments utilising vast amounts of price and trading data, and predicts how share prices will be trending.

Control Systems – Traffic control system, fleet management are also enhanced with the use of AI software.

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“AI systems will enable doctors to diagnose diseases and treat people better, so blocking that progress is probably one of the worst things you can do for making the world better.”

-Mark Zuckerberg

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Companies investing in AI based on industry, a research done by SpiderBook

 

Future of AI

AI is not about to leave the hype-cycle anytime soon. With the rapid development in the technology, every industry wants to use AI. Semi-Autonomous and fully autonomous vehicles requires an AI based solution to guide them and provide a seamless, more comfortable experience in transportation.

AI will play a major role in healthcare in the forthcoming years. AI will be used to help doctors during surgical operations. AI will take over many dangerous jobs. Handling of toxic substances, welding, mining and work that has to be done in intense heat atmosphere will be outsourced to robots in many cases. Advances in AI will lead to specialised tools in cloud.

AI will play a pivotal role in communication. People will shift from communicating through their devices to devices communicating on behalf of them. AI techniques will provide solutions for many complicated engineering problems in designing, testing and certification of the products. Tools are developed with help of face recognition that helps cops to identify the criminals and terrorists. Tokyo 2020 summer Olympics is gearing with many AI based tool to ensure law and order.

Silicon Valley will not be the only place of innovation for this technology. Many countries have started to work extensively in the development of AI solutions. Many organisation from different parts of the world have started to work with AI based solutions.

Fear of the New Robotic Revolution

The new robotic revolution has changed and developed amazing things like driverless cars and drones delivering packages. But this revolution does not come without a lot of fear about a large workforce losing its jobs and means of making a living.

Will AI Take Away Our Jobs?

Of course, technology has eliminated jobs in the past. At the same time, we cannot predict the number of jobs that technology will create. One study from Gartner research states that 1.8million jobs will be lost by 2020 but 2.3 million new jobs will be created.

Even today technology has created many new jobs that were not there fifteen years ago like data science, Web security and state of art programming. A large number of artificial technology technologies has been developed and some includes,

  • Natural Language generation
  • Speech recognition
  • Deep learning platforms
  • Biometrics
  • Robotic process Automation

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“When those super intelligence goes into robots, those robots with the super intelligence will change our lives.”
-Masayoshi Son, Softbank

Natural Language Processing

Natural Language Processing (NLP) is a component of AI, is an ability of computer program to understand the human language as it is spoken. NLP will interpret the important elements in the human language analyse it and will provide an answer.

Speech Recognition

Speech recognition is the broad topic that comprises NLP. Speech recognition is identifying the word spoken and translating it into text by computers. Speech recognition gives the data required for Natural Language processing.

Siri is an example of speech recognition.

Biometrics

Biometrics is a technology that will identify, analyse and measure human behaviour and physical aspects of humans such as face marks, iris identifications etc. Physical identifiers include fingerprint recognition, face recognition, retina recognition and DNA matching.

Deep Learning Platforms

Deep learning platforms use a unique form of ML that involves artificial neural circuits with various abstraction layers that can mimic the human brain, processing data and creating patterns for decision making.

It is currently mainly being used to recognize patterns and classify applications that are only compatible with large-scale data sets.

Robotic process Automation

Robotic process automation uses scripts and methods that will make robot to mimic and perform the activities of humans. This technology mainly prioritises on developing robot to do some specific jobs.  This becomes necessary at places where the jobs are risky and hard to humans.

Machine learning is slowly improving and impacting many important industries, learning and getting the required technical skills will be the solution to overcome the unemployment fear.

Robots will inevitably take our jobs –boring, hazardous and dirty kind of jobs. Technology is developed only to provide ease of living. Robots and AI are developed by humans and humans are needed to design, control and develop it. These are tools that can be used when we give the right command.

Technology unemployment is scary but on the other hand technology has given the much needed economic growth. There are jobs – key is training ourselves to work with robots and AI. We need to develop our technical skills and keep those skills updated as the technology progresses.

In the next few decades, we will continue to invent many new technologies and methods to make our lives more comfortable, employing billions in the process.

Artificial intelligence is the hottest buzzword and technology of billion opportunities. The human brain remains the most complex and powerful device in the world and can adapt to any situation in the technology driven world. AI is a Pandora box of opportunities and growth that has to be opened.

“From intelligent face recognition to crowd monitoring & suspect tracking, from autonomous cars to autonomous trains & planes, from advanced analytics & prediction models to intelligent decision support systems, from software robots that automate organization process to AI driven robots for industrial and household work, the scope and spectrum of Artificial intelligence is expanding every day.  Tools and Technologies are getting aligned to make AI the most significant building block in enterprise and consumer applications.  ThinkPalm is well aligned with this industry direction and have a team of AI/ML experts and data scientists equipped to build innovative solutions and products for our customers spread across the globe.”

-Manoj K P, CEO ThinkPalm


Author Bio

Ajay V R Ajay works as Market Analyst at ThinkPalm. He is a newbie to the world of marketing hailing from Tamil Nadu.He is a Polyglot obsessed with Glossophilia. He is a tech savvy and his favorite market is Japan.