Pick up a tech magazine, scroll through your FB or LinkedIn newsfeed, or simply have a conversation with your peers at a tech conference. You’ll observe that almost every tech discussion today seems to have some element of AI to it. Did you do a web-search today to land on this blog? You likely interacted with AI. Are you among the 197 million people who use Amazon each month to buy groceries online to stay safe at home? Or maybe one of the 182 million subscribers binge watching Netflix amid the COVID-19 pandemic? If so, you’re interacting with artificial intelligence. Whether it is recommending products on Amazon or streaming your favourite TV show, or finding us better dates on Tinder, artificial intelligence is no more a science-fiction dream but a critical part of our day-to-day lives and a disruptive force that has dramatically changed the business landscape. Right from the automobile industry to geriatric care, artificial intelligence has shown relevance across industries. These days, AI is rarely out of the headlines as everyday novel advances are made and breakthroughs are announced. But this is just the beginning, and one day we’ll look back at AI in 2020 and laugh at how medieval it was. Because the future of AI innovations will bring in more value to drive sustainable growth for businesses. Have you ever wondered what are the benefits of artificial intelligence that take it on a roller coaster ride of success? Unlike humans, AI systems operate 24×7 without interruptions or breaks. They don’t need to sleep, take coffee breaks, or get entertained as they are never bored or tired. Read on to explore the benefits of artificial intelligence.
Benefits of Artificial Intelligence That Power Businesses
“Everything we love about civilisation is a product of intelligence, so amplifying our human intelligence with artificial intelligence has the potential of helping civilisation flourish like never before – as long as we manage to keep the technology beneficial.“ – Max Tegmark, President of the Future of Life Institute
Artificial Intelligence today is an integral part of mission-critical applications across diver industries outperforming humans at many tasks. Following are some of the benefits of artificial intelligence behind its growing popularity in the business landscape –
1. Benefits of Artificial Intelligence: A Remedy for Human Error
Research estimates that humans make close to 800,000 decisions over a lifetime and regret close to 150,000 decisions for making mistakes. Humans are bound to make mistakes from time to time, unlike intelligent machines which if programmed properly have a low error rate compared to humans. Regardless of the size of the dataset, artificially intelligent systems can process it error-free with speed accuracy, and incredible precision. The decisions taken by AI systems are based on a specific set of algorithms thereby reducing room for error. For example, a major security problem that employees of MNC’s encounter is phishing emails. Employees usually follow the instructions mentioned in phishing emails not because it appears authentic but because it conveys some urgency message from a manager or someone important. Though these phishing attacks can be minimised with proper employee training, there could still be a likelihood of error. This human error factor can be mitigated by blocking the delivery of phishing emails in the first place using AI. This is where AI can be a game-changer as it has the capability to automatically detect any anomalies in the email content as well as metadata to prevent email phishing attacks and address data security concerns.
2. Benefits of Artificial Intelligence: A New Age of Enhanced Automation
The advances in artificial intelligence since the inception of deep learning have paved the way for enhanced automation of many jobs that include predictable physical labour or manpower. Today machine learning, deep learning, computer vision, NLP, and other AI technologies are at the forefront of adoption across diverse industries to minimise the workload of humans. AI systems can go beyond human capabilities and perform intensive human labour tasks that involve answering customer queries, extracting data from documents, manipulating tools, sensing emotions, and even making judgments. Thereby, helping businesses reduce the cost of manpower and other business operational costs.
A beautiful example to understand the benefits of artificial intelligence in enhancing automation can be the use of chatbots that can reduce customer service costs by up to 30% by answering 80% of standard questions thereby reducing the burden on customer help desks. India’s first AI-based banking chatbot Eva helps HDFC bank customers get information about banking products and services by answering questions in less than 0.4 seconds. The chatbot Eva is capable of handling approximately 50,000 semantic variations for various banking related queries. Another fantastic example of a highly efficient bot is JPMorgan’s COIN that automates the process of analysing complex agreements, contracts, and other legal documents. COIN has helped JP Morgan save close to 360,000 hours of manpower by automating labour-intensive tasks and performing them in seconds which would otherwise take hours for humans to complete.
3. Benefits of Artificial Intelligence: The Key to Smarter, Faster, and Bigger Decision-Making
Early before the advent of artificial intelligence technology human judgment was at the core of business decision-making as organisations were dependent on highly-tuned intuitions of experts based on experience in the domain. Human judgment even today is the central processor for driving decisions but now businesses rely on AI-driven decision making to facilitate better and faster decisions that have a positive impact on the business. Whether it is determining the right inventory levels to stock, approving the right loans, or choosing the best creative for an ad campaign – AI makes decisions based on the data to generate the highest ROI possible for a business.
Let’s take an example of the current pandemic situation to understand this better. COVID-19 is a new disease, one that medical practitioners have not seen before and it might be difficult for doctors to spot any impending severe cases. Researchers at New York University have developed an AI model that can help doctors identify high-risk cases giving them enough time to treat such patients and save lives. Combining data on symptoms like cold, cough, fever, diarrhoea, kidney function, X-rays, blood cell count, and other related patient data, the AI model could identify the symptoms that correlate with high-risk COVID-19 cases. On the contrary, a doctor may or may not have all this information readily available, and, in any event, cannot process as much information as quickly as an AI system. It makes the job of medical practitioners easy because they can simply use the data from the AI model and diagnose COVID-19 more efficiently, accurately, and effectively saving the lives of many high-risk patients.
Evolution of Artificial Intelligence: From Sci-Fi Movies to Reality
Early in 1800, AI was confined only to myths, speculations, and Sci-Fi movies until Alan Turing, a pioneer in AI came up with the idea of making machines think like humans. From then, AI has flourished to a point where it can transform the world. Whether we realise it or not, AI has fast progressed since its inception and here’s how it has come this far :
1950: AI was a concept rooted in history until Alan Turing introduced the concept of machine intelligence.
1956: The term “Artificial Intelligence” was coined by a young computer scientist John McCarthy.
1968: A sci-fi movie “2001: A Space Odyssey” that imagined where AI could lead. AI researchers predicted that computers were heading towards human-level intelligence soon.
1990: The fuel for AI was born – the Internet. HTTP and WWW made it possible for everyone to connect to the Internet generating data which is a fuel for AI systems.
1997: A watershed moment for AI as a computer wins the fight of the 20th century. IBM’s Deep Blue computer stunned the world by defeating a world chess champion Garry Kasparov in a six-game match.
2002: Roomba – The First Robot of the Home – with minimal processing power and simple sensors, Roomba was intelligent enough to efficiently clean home by automatically guiding itself around the house.
2008: Google launched the first voice search app bringing speech recognition to mobile devices. It was fairly inaccurate earlier but today Google claims it to be 92% accurate.
2011: IBM Watson computer was the latest artificial intelligence sensation as it won $1 million for a three-episode quiz competition on the TV game show, Jeopardy. 2011 was the year Apple announced Siri, a major AI breakthrough in voice-enabled digital assistants.
2012: Google computers taught themselves how to Spot Cats. Researchers from Google and Stanford connected 1000 computers wired up like a brain to spot pictures of cats from 100 million YouTube stills in 3 days.
2016: AlphaGo, the first-ever computer program driven by AI that defeated the world’s best Go player. This was a major breakthrough as Go is the most challenging classical game for AI considering the complexity as it has 10 to the power 70 possible board configurations – much more complex than chess.
2018: The era of autonomous cars. Waymo, the self-driving subsidiary of Google launched the first autonomous self-driving taxi service in Phoenix, Arizona.
AI in the Next Decade: We can expect to achieve human-level intelligence across all industries as machines become super intelligent.
The Future of AI: Envisioning AI in the Next Decade
“By 2030, most social situations will be facilitated by bots — intelligent-seeming programs that interact with us in human-like ways. At home, parents will engage skilled bots to help kids with homework and catalyse dinner conversations. At work, bots will run meetings. A bot confidant will be considered essential for psychological well-being, and we’ll increasingly turn to such companions for advice ranging from what to wear to whom to marry.”—Judith Donath, Harvard University’s Berkman Klein Centre for Internet & Society
AI Fact Check – Did you know?
The global AI market is expected to be almost $60 billion by the end of 2025.
77% of the devices we use feature one form of artificial intelligence or the other.
AI can increase business productivity by 40%.
The overall investments in AI start-ups grew 6x since 2000.
The future of AI as the stats speak looks promising and bright. We are not far away from the days when we could time travel with a super-intelligent AI, have robot soldiers and drone armies for war, and an AI-powered refrigerator suggesting recipes to cook based on the food items present inside it. Artificial intelligence is progressing at a breakneck speed and is expected to be much more sophisticated and intelligent. By 2030 we can expect AI to have penetrated almost every commercial sector with innovative breakthroughs.
What can we expect from AI in the Future –
- Customer Service: More than 70% of customer interactions will likely be managed by AI. Google is already working on AI-based assistants that can make human-like appointments.
- Healthcare: AI will pave the way for precision healthcare helping medical providers focus on preventative care based on data from wearable devices, genetic information, and other advanced health systems. AI-driven precision health tools will identify personalised potential risks for each patient and suggest preventative care.
- Retail: Robots will drive innovation in the retail industry right from logistics and supply to on-store customer assistant services. With AI-powered virtual in-store assistants and the concept drones in-store, customers will no longer have to wait in long queues for billing. Robots in retail are still infancy but they will take complete control over the retail industry in the next decade.
- Transportation: Whether it’s driving a car or a bus, informing people of open parking spaces at an optimal price, predicting the need for vehicle repairs, or fixing them with AI-driven equipment – AI will rule the transportation industry in the next decade. Autonomous cars will be present in every city across the world and will become the new normal for ferrying people from one place to another.
- Banking: Analysts predict that AI-powered applications will save more than $1 trillion for the banking industry in the next decade. The era of robo-financial advisors is not far away. Robo-advisors will help customers yield greater dividends than customised advice from human advisors. Humans are confined to process only a limited amount of data, unlike robo-advisors who can funnel data through many neural network processing layers. The solid market advice from robo-advisors will help customers keep coming back as they continue to build wealth.
A Career in Artificial Intelligence Amid COVID-19
Thinking about pursuing a career in artificial intelligence? Then, you are thinking in the right direction. It’s no surprise that in the current pandemic scenario, artificial intelligence has been helping a lot with solutions like drones, robots, and other AI-driven automated solutions. So, even in the light of a pandemic crisis, the artificial intelligence field is rife with rewarding career opportunities but with too few skilled candidates. O’Reilly’s survey found that the biggest barrier to AI adoption is the dearth of skilled AI talent. To bridge the supply-talent gap, many colleges and universities are making AI a prominent subject in their respective curricula. For example, MIT is investing approximately $1 billion in setting up a new college that will solely focus on AI.
Gartner estimates that AI will create close to 2.3 million jobs by the end of 2020.
According to “The Future of Jobs 2018” report, there will be 58 million new jobs in AI and close to 133 million jobs created as a result of AI-enabled automation by 2022.
LinkedIn’s 2020 Emerging Jobs Report lists “Artificial Intelligence Specialist” as the number one emerging job with 74% annual growth.
According to Indeed, AI and machine learning job postings saw a 100% increase between 2015 to 2018.
IDC predicts that 75% of organisations will re-train their employees by 2025 to fill the skills gap arising due to the need for AI adoption.
These statistics are a clear proof of evidence that a career in artificial intelligence has a prodigious outlook with rewarding perks and will continue to be so beyond 2020 as companies across all sectors embrace AI for good. 2020 is definitely the time to get on board with AI skills to surpass the competition and foster career growth with one of the 10 most sought-after AI jobs –
Learning artificial intelligence skills opens the door to a world of lucrative opportunities. And the most exciting part is that these kinds of challenging AI jobs didn’t exist 10 years ago. So, what are you waiting for? Learn industry-relevant artificial intelligence skills with Springboard’s comprehensive 1:1 mentoring-led, project-driven and job-guarantee Artificial Intelligence and Machine Learning online program to become the next-gen AI expert.