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Benefits of Artificial Intelligence for the Business Environment

3502 words (14 pages) Essay in Technology

08/02/20 Technology Reference this

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Artificial Intelligence (AI) – The Forthcoming Revolution

  1. INTRODUCTION

Everything we love about civilization is a product of intelligence, so amplifying our human intelligence with artificial intelligence has the potential of helping civilization flourish like never before – as long as we manage to keep the technology beneficial.

Max Tegmark, President of the Future of Life Institute

From Alexa to self-driving cars, artificial intelligence (AI) is progressing on a faster rate. The rapid expansion digital applications and advanced technology that characterizes the “4th Industrial Revolution” is transforming the way we live, work and learn. While science novels portray AI as robots with human-like attributes, AI can enclose anything from Google’s search divisions to autonomous weapons. Every section of the economy can gain benefit from the smart and efficient use of Artificial Intelligence. AI solutions are already leading to major improvements in advances in various sectors such as education, healthcare, better cybersecurity, and increased business competitiveness and productivity. AI also has the strong potential to create substantial economic growth and empower governments to serve more responsive federal services while addressing some of their most pressing societal challenges. The real changes in offices will come from executing AI to augment and even replace human labor in a number of tasks. As a point of real concern, it’s important for companies to know how necessary AI implementation could be for their businesses to prevent jumping the gun and needlessly reducing human jobs. We must think about AI as a tool for the augmentation of human thought and creation and make every effort not to turn the reigns of creativity or ethics over to the machines. Understanding how artificial intelligence (AI) can benefit in a business environment may seem like an unsettling task. But there is mass of applications in business for these technologies that can be implemented to turn life easier as listed

  1. APPLICATIONS FOR BUSINESS

 

 

  1. Efficient Energy Use and Costs: AI used to cut energy consumption and reduce energy costs for drilling, storage and petroleum refining operations. AI application can be run now to predict future energy load at different levels
  2. Forecasting Vulnerability Exploitation: Machine learning being used to predict if vulnerability of data will end up being used by attackers which helps us to stay alert ahead
  3. Advancing to Customer-Centric: AI used to better analyze customer reactions to surveys and over time which enables to understand whether or not there are specific qualities that correlate to the response rate
  4. Market Prediction: AI is being used in a number of traditional places like intuitive workflows and product recommendations and intern predicting the future market trends.
  5. Accelerated Reading: Development of advanced AI that understands life science articles, helping researchers to speed up the discovery of cures in healthcare and the development of new treatments
  6. Building Infrastructure and advanced solutions: AI platform build for conversational interfaces to power the next generation of chat and voice assistants, new IT services and security, as well as hyper-converged infrastructure
  7. Cybersecurity: The AI system constantly analyzes network packets and figures out what is normal traffic. It is aware of major patterns on the network. AI wins over traditional firewall rules and it works automatically without prior signature knowledge to find anomalies.
  8.  Health Care Benefits: On an applicational level, AI helps doctors with diagnoses and informs deteriorating conditions of patients. Hence medical intervention can occur faster. The sharpness in precision of machine learning can also detect diseases such as cancer

Artificial Intelligence (AI) and Machine Learning (ML) were just buzzwords years back until the technology market players started wrenching the full potential of these two technologies. Be it Google, Microsoft or any other tech giant to think of, artificial intelligence and machine learning has been in the forefront everywhere. Startups, as well, are now increasingly adopting these technologies to optimize their performances. Companies are starting to recognize them as investments, rather than expenses, that would benefit enormously in the longer run. Artificial intelligence would be a fundamental technology in the coming future and industries would start to work with these technologies at their focal point. Industries have already been influenced by AI and ML and rely heavily on them for advancement.

 

  1. Five Industries Artificial Intelligence (AI) Technology is Transforming

 

 

Transportation

 

Smart cars using AI intelligence have already made their way to the markets. Self-driving cars are certified utmost safe to drive. Connected cars are the future of the automobile industry right now, where predictive processes accurately inform drivers the probable malfunctioning of spare parts, driving directions, disaster prevention protocols and more. Gartner have predicted that connected cars with embedded wireless connectivity would be the benchmarks for cars by 2020. This is also turning into a reality with the prototypes of autonomous cars coming into being. From spatial awareness cameras to motion sensors, self-driving car ‘brains’ fall into the human machine interface (HMI) category of AI. In addition, to be safe on the road, we need to get to a tip where the machine driving automated cars are not just aware of predictable physical factors in the world around them but also the unquantifiable and unpredictable facets of driving caused by the random actions of human drivers.

Healthcare

Artificial intelligence has already been a game changer in the healthcare sector. IBM’s cognitive supercomputer recently diagnosed the presence of a rare type of leukemia in a patient that even doctors failed to detect after multiple research done. Artificial intelligence and machine learning

systems are making personalized healthcare a reality today and predictive healthcare is gaining momentum as well.AI could reframe the health care industry from the bottom up. Researchers predict a potential market of $6.7 billion for AI systems in the industry by 2021, prompting investment by tech giants like Google and IBM. Medical innovations like CRISPR-Cas9 gene-editing technology could take a massive turn forward as AI algorithms predict the outcomes of gene manipulation. AI tech is also being utilized in the operating room with AI-powered surgical tools with more than 3 million robot-assisted surgeries been performed since the technology developed almost twenty years ago. The possibilities of AI are extreme, and they are capable of providing personalized healthcare to every single patient in the system.

Finance

In regard to AI and ML being applied in the finance sector, these technologies are heavily relied on to detect fraudulent transactions and pave way for a more secure online transaction. The rise and fall of stocks values in the market can also be predicted andthus, help financial advisers with ideal investment plans. Unlike many industries, the finance sector has been generating rich pools of data for many years, and their stringent consistency makes them a model for AI-driven pattern recognition. Withall that available data, AI researchers are already looking for ways to leverage machine learning to streamline common financial challenges such as risk management, loan approvals, and much more. The different banking algorithms that employ AI technologies could one day differentiate the traits of customers against market data in real time, and further expansion could lead to the incorporation of an even greater number of factors in risk assessment and product suggestions. Hedge fund management, banking cybersecurity, and operational efficiency are all potential applications for artificial intelligence. AI can be applied to the finance industry to make data-based decisions about where to invest money and when to buy and sell stocks.

Advertising

Through the use of automated sales associates and machine learning algorithms, artificial intelligence is taking over the advertising industry, and every individual personal data is the engine driving the global-scale integration.AI is being widely used to speed up the success rates of personalized, targeted advertising on social media and web pages, and it’s being used to sift through massive count of buyer preference data to drive inventory and trends for online shopping giants like eBay and Amazon. Firms including Intel, German data crunching specialist Software AG, IBM and others have been attempting to apply AI to the advertising, marketing and promotions business for some time now. But we will have to work with guidelines that we lay down now while it is still at the embryonic stage for security of data. The marketing industry is increasingly relying on automation and several tools to get the work done. This improves the experience for customers whilst simultaneously selling more product.

Education

AI benefits the education sector with features such as personalized learning, additional educational support and assessment and student engagement. AI assists in monitoring the students’ capability and enhancing the learning process as per the student’s requirement. AI focuses on individual monitoring which allows students to understand the topic at their own pace. AI technology offers the best customized and interactive software tools integrated with both augmented and virtual reality deployed on digital devices such as tablets or smartphones. The digital interactive content speeds up a student’s understanding and learning process. They also help students to achieve a better understanding of different concepts in a unique manner. The AI technology reduces the time required for performing complex administrative tasks such as grading work, which also helps the institutions to focus more on individual students and plan the lessons accordingly. The use of AI in the education sector will bring chances for behavior management, which would help in understanding the different behavioral patterns of students through face recognition capabilities.

  1. Artificial Intelligence (AI) Applications outside the US

 

AI Technology Revolutionizing Transportation – Singapore

 

Singapore is moving towards becoming the world’s first Smart Nation, by introducing the Intelligent Transportation System (ITS), a methodology that has relieved the issue of traffic congestion in the cities by integrating a range of ‘smart’ transportation technologies. nuTonomy, a self-driving car company develops self-driving cars in Singapore. They later partnered with Grab (another popular shared-ride service in the country) to make autonomous taxis and this was available to the general public. Further initiatives are on its way to develop self-driving buses and to explore and understand how this technology can be also used in freight transport and utility vehicles. Mobike, another bike-sharing platform, uses an AI data monitoring platform to make predictions of supply and demand for bike rentals to improvise on motor efficiency. Airports are also implementing AI technologies, with the use of facial recognition to get travelers from terminals to their aircraft in shorter times. Innovative CT X-ray machines, which do not require travelers to remove their laptops from their bags, are also being introduced.

 

AI in Healthcare and Research – United Kingdom (UK)

The UK government has announced plans to invest millions from government funding to develop AI that is able to diagnose chronic diseases and cancer before the symptoms start to be developed, potentially saving about 20,000 lives each year. UK’s National Health Service (NHS) has started looking to AI for improving healthcare service and cutting costs. Researchers predict that AI could handle most routine check-ups, giving doctors extra time to invest on quality interactions with patients. By implementing AI when tapping into the huge data available, healthcare firms can gain access to real-time information and sophisticated insights – empowering them to improve decision-making and delivering services that meets well the needs and wants of the UK citizens. The NHS has practically unused archives of millions of diagnostic images that could become one of the most powerful medical datasets in the world if artificial intelligence is applied effectively. The health service has a wealth of imaging data that it can start teaching machines how to recognize parts of the human anatomy and how to recognize abnormalities.

The Powerhouse of AI in Finance – Germany

The rise of artificial intelligence is set to disrupt financial services on a massive scale in Germany as a host of banks are increasingly turning to AI powered technologies to improve existing processes.  A key differentiator in wealth management is the capacity to identify which securities and assets will yield the best results and, in this sense, AI technology has a huge part to play in giving wealth managers the competitive edge. AI has a wide range of applications in the insurance industry. The AI algorithms enable better modeling and insurers have access to a new formula to understand you and serve you better. For example, A startup in Germany called MetroMile is using AI to develop an entirely new business model in which the insurance premium is calculated depending on usage by installing an IOT device on cars to extract data on the user. In regard to customer service, machines can now fully address customer enquiries whenever relevant. New Fintech companies in Germany such as Upstarts is using AI to gather additional data to prove creditworthiness. This alternate data may take various forms that ultimately analyse a user’s digital footprint to receive data to help make lending decisions.

Using AI as part of Advertising in Creative Process – Canada

The applications of AI are helping advertisers in Canada create more personalized and effective campaigns. In the present digital world, consumers are bombarded by a large amount of advertisements and they are becoming less effective each day. Hence companies like Ubex in Canada is developing AI solutions that makes it helpful to provide more personalized advertising messages to users. The Ubex platform aims to enable AI with a capacity to leverage website and user information that was captured by blockchain technology in order to serve the most appealing and relevant ads at all times. This intelligent advertising algorithm will allow consumers to respond more faster to online advertising, while generating more revenues for advertisers and publishers in the meantime. Businesses need not hire marketing experts anymore to test untested online ad campaigns. Hence consumers will only see ads that actually is needed for them and which would subsequently lead to a better experience. Companies that embrace AI technologies will have a significant advantage in delivering next-generation customer experience and businesses in Canada will use this technology in the same way as electricity without even hardly thinking about it.

Education in the age of AI – Finland

According to a study by Accenture, Finland is the second greatest country benefitting from AI as a nation, only preceded by the USA. Finland is challenging the entire world to understand AI by offering a free-online course on Artificial Intelligence at the University of Helsinki. This is the emerging growth sector right now and will be even more popular in the future. Elias, the new robot teacher at a Finnish primary school, has sheer patience for repetition and never makes a student feel embarrassed for asking a question. The language teaching machine comprises a humanoid robot and a mobile application, in a pilot program at primary schools in Finland. The robot is able to understand and speak about 23 different languages and is equipped with a software that allows it to understand students’ requirements individually and helps it to encourage learning skills. The robot recognizes the student’s skill levels and adjusts its questions accordingly. It also gives valuable feedback to teachers about a student’s possible problems.

  1. Artificial Intelligence (AI) – Riding the Disruption Wave in Healthcare

 

As Healthcare works hand-in-hand with AI, it rises for the beginning of an interesting game. With Artificial Intelligence starting to find application areas in healthcare & revolutionizing the design of diagnostic plans through the assistance in repetitive jobs to medication management, it is only the beginning. One of AI’s greatest strength is to help people stay fit, so that they won’t really need a doctor. The application of Internet of Medical Things (IoMT) and AI in consumer health applications is already aiding people. AI is democratizing the conservative healthcare industry. With breakthrough in sensors, medical technologies and clinical data, AI is sweeping across the entire healthcare value chain. The below diagram provides insights and a better understanding on how AI technology is disrupting the healthcare sector. The main 5 categories are:

Payer and Provider

Optimize patient data for improving clinical outcome and reducing treatment cost

Diagnostics

Early and precise diagnosis for prevention and treatment of rare and chronic disease

Health IT

Easy access to care providers, treatment guidelines and monitoring

Biotech

Data analyses for custom designing medication and treatment regime

Pharma

Identify promising drug candidates to expedite drug discovery process

 

 

  1. SWOT ANALYSIS

Overall, even though the future of AI-based technologies will be determined by weighing its advantages against threats and costs, technology giants have already positioned to bring and be a part of these transformational changes. From the above views and examination of Artificial Intelligence, the below SWOT analysis is been formulated.

STRENGTHS

WEAKNESS

  • Machine does not require sleep/breaks and can function continuously
  • Even the best programed AI can be tricked with certain tactics. Hence reliance on security can lead the company to attacks, which could render conversion a less than attractive option.
  • Cost Reductions
  • Emerging technology
  • Self-independent technology applications
  • Applications have to be appropriately tested in order to avoid errors
  • Massive amounts of reference data available from learning analytics
  • Risk of program learning errors
  • Massive processing capacity(cloud)
  • Technology that requires an initial investment

OPPURTUNITIES

THREATS

  • Understanding Big Data
  • Security breaches
  • Understanding Emotions
  • Danger of information leaks
  • Adaption to process and user interactions
  • Programming errors
  • Personalization of processes
  • Not yet affordable for all firms
  • Creation of custom content
  • Easily biased by large amounts of incorrect data
  1. CONCLUSION

Artificial Intelligence is a product of both science and myth. AI is in the midst of a new enterprise to build computational models of intelligence. Aspects of intelligent behavior, such as solving issues, learning, making inferences, and understanding language, have already been encrypted as computer programs, and within very limited domains, AI programs can outperform human experts. The great challenge of AI lies in representing the knowledge and expertise that enable people to carry out daily activities. Conventional digital computers might be able to run these programs, or we might need to develop new machines to support the complexity of human thought.

REFERENCES

  • http://phronesis-partners.com/in-focus/how-is-artificial-intelligence-disrupting-healthcare/
  • https://www.cio-asia.com/article/3292616/artificial-intelligence/how-singapore-is-using-artificial-intelligence.html
  • https://www.wiltonpark.org.uk/wp-content/uploads/Thinking-on-its-own-AI-in-the-NHS.pdf
  • https://www.engadget.com/2018/05/20/finland-helsinki-university-ai-course/
  • https://www.adweek.com/digital/how-4-agencies-are-using-artificial-intelligence-as-part-of-the-creative-process/
  • https://www.ft.com/content/fe1f9194-e8e3-11e8-a34c-663b3f553b35
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