Content Strategist- Ivy Pro School Mar 24, 2019 No Comments
AI or Artificial Intelligence is the word of the now and the future.According to a World Economic Forum report in less than a decades time, machines could take over 52% of the current workload which is only 29% at present. And that can probably be attributed to the varied scopes of Artificial Intelligence in a multitude of sectors across industries.
Experts believe that the journey to the future of mobility is already well underway. With the world moving towards cleaner energy, examples are abound of electrification, autonomous drives, smart and connected infrastructure. The emergence of 5G holds the promise of delivering fast, reliable, omnipresent connectivity. From buying a car virtually without setting foot in the dealership to getting car repairs (Tesla’s over-the-air fix) and even insurance claims will all be virtual in the coming days.”World’s first” autonomous electric bus launched in Singapore by Volvo which is set to undergo testing before being put into operation. Although it could take a decade or more to perfect them, autonomous cars will one day ferry us from place to place and even find parking lots on their own.Not too far away we would be driving flying cars in the sky.And the importance of Machine Learning cannot be underlined enough.
Implementing effective cybersecurity measures is particularly challenging in today’s time as there are more no. of devices than people. AI is already being used in Spam filtering, Credit card fraudery, Botnet detection. But it is still in its very nascent stages. Norton Security estimates that by 2023 cybercriminals will be stealing a total of 33 billion records a year. The annual cost of cybercrime is expected to rise from $3 trillion today to $6 trillion by 2021 and one of the key reasons experts believe is the skill shortage in this area. The use of AI is expected to tackle the skill shortage and help personnel in focusing their attention to curb network breaches. Recurrent Neural Networks can detect frauds at the onset. Companies are leveraging the use of AI in Cybersecurity to handle many of the outstanding issues still haunting this arena.
How many of you remember an agent popping in a contact lens with facial-recognition abilities to search for a fugitive in the movie Mission: Impossible – Ghost Protocol? Although a concept back then, its status is: Mission accomplished. Google, Samsung, Intel, Microsoft all have smart contact lens patents.
Facial recognition techniques are being used by Governments and security forces alike in countries around the world to track down criminals and even identify citizens (China being the harbinger). With widespread uses already established in areas like payments, accessibility, security and even healthcare, future looks bright for this AI based technology which might even possess EQ in the coming time.
AI is popping up across the entire aviation spectrum, from self-service check-in robots to facial recognition checks at customs. It might even make borders between the countries virtual. Switzeland is aiming to digitize its borders by 2026 reports Economist. Closer home, the Bengaluru International Airport is all set to become India’s first airport to support paperless boarding using a passenger’s Aadhaar number and mobile phone. It is aimed at transforming passenger experience and creating a future ready airport with facial recognition systems in place. Other airports in the country like Visakhapatnam airport, Varanasi and the Kolkata airport would soon follow suit.
AI technologies “perform and/or augment tasks, help taking better inform decisions, and accomplish objectives that have traditionally required human intelligence, like planning and reasoning from partial or uncertain information and learning. While Robotic Process Automation in retail can actually help in better managing the supply chain, help in setting the correct price and even in forecasting promotions. The consumer also gets Personalized product recommendations with the promise of timely service. Digital supply chain networks driven by AI have dramatically reduced turnaround, delivery, and customer service times making the whole shopping experience more relevant, enjoyable, and satisfying.
AI in manufacturing is expected to result in enhanced productivity, superior quality control by effective detection of defects and also aid in the predictive maintenance of factory machinery.NASA uses AI to help plan and schedule space shuttle maintenance.These capabilities can help manufacturers reduce costs and downtime in production lines while delivering better finished products to consumers.
AI in Fintech has a range of applications right from bots helping users opening accounts to digital wealth management to providing financial decisions after analyzing their spending patterns and even helping banks in detecting fraudulent credit card transactions to profiling customers based on their credit scores and lending and more.Companies are launching financial forecasting tool which tells users when they can actually spend money, based on their income, bank balances, upcoming obligations. With the effective usage of machine learning, predictive analytics, and even user feedback to predict future outcomes, it helps users make smart decisions to avoid problems like overdrafts, late fees, and end-of-the-month shortfalls.
The digitization of textbooks have been possible with the help of AI. The classrooms of the future are all virtual where virtual tutors assist human instructors and facial analysis gauges the emotions of students to help determine who’s struggling or bored and tailor the learning experience to their individual needs.
Google’s Hire application added new AI-powered updates, simplifying tasks for recruiters and hiring managers. With auto-scheduled interviews, auto-highlighted resumes, and click to call actions, AI reduces the time it takes for recruiters to complete tasks in Google Hire, allowing them to focus more on candidates.
Any Project Managers here? Are you constantly anxious about tasks like data collection, tracking and reporting while sticking to tight deadlines? Gartner has some news in store for you. It projects that by 2030, 80% of the tasks involved in project management will be eliminated. They will be taken over by AI. The report also says Project management as a career is about to get upended by artificial intelligence by 2030, according to Gartner.
#Marketing & Advertising
The application of AI in sales and marketing helps in increased efficiency of sales and marketing organization by focusing on improving conversion rates and sales. Personalised content advertising, knowledge of customers and their behavior gained through facial recognition,visual search technology can all contribute towards improved revenues.
AI could eventually have a dramatic impact on healthcare. It is already helping radiologists check X-rays to spot things that can be missed by manual efforts, aiding researchers in spotting genetic sequences related to diseases and identifying molecules that could lead to more effective drugs. Google DeepMind systems which uses AI algorithms are already being used by the UK’s National Health Service, where it helps in analyzing blood samples of patients and can even combat diabetes, heart disease and dementia in the future. AI will act as a partner or support, freeing doctors to concentrate more on the art of medicine that machines aren’t likely to master.
AI bots can identify victims more quickly, allowing for accelerated retrieval of medical information and first aid.
Reports suggest that 9 billion people will inhabit planet earth in 2050 and the current production of food production needs to be increased by atleast 70%. AI can help farmers double or triple their yields to keep up with global food demands augmented by automated driving technology, computer vision, precision agriculture to look across a farmer’s operations to analyze data on weather, temperature, moisture, and soil composition, and provide insights on how to optimize equipment, improve planning, minimize waste and increase yields.
#AI in your home
Don’t fancy folding laundry? Enter : laundry-folding robot called Laundroid launched by Tokyo-based company Seven Dreamers. You drop clean, dry clothes into a box in a pretty home appliance, and several hours later you can collect the folded, sorted item. Apparently, more than 500 people have already signed up to purchase a Laundroid.
AI is poised to have a major effect on sustainability, climate change and environmental issues. The use of sophisticated sensors can help predict future weather events and create new products and services to minimize the human impact. AI and Machine Learning innovations can help develop greener initiatives, decrease congestions in cities, lessen pollution and generally make it more liveable.
Reasons Why You Should get Certified in AI now
These advances (and numerous others) are only the tip of the iceberg, there’s much more to come — more than anyone can fathom.
Leaders agree that there is no set formula to succeed in this age of Industry 4.0 (a new Industrial Revolution). But there is a shortage of skillpool in the industry. In India there are only 3% Machine Learning or AI Professionals and the gap is only set to increase unless we have professionals who are properly trained and certified. Experts agree that people need to learn about programming and as early as possible because the future is now.
Shromona Kahali – Content Strategist, Ivy Pro School