How AI is changing the world as we know it!
With artificial intelligence proving to be the next big thing, this blog talks about how AI is transforming the various industries around us and how it is part of our everyday life.
Artificial Intelligence is intelligence demonstrated by machines. AI is contrary to Natural Intelligence (NI) that is demonstrated by living beings. AI can be termed as a simulation of Natural Intelligence by machines, in particular computers. Artificial Intelligence has come a long way from just being a buzzword. It is in practice and is impacting all the industries in a big way.
Many movies have warned us about Artificial Intelligence. Take the example of the Will Smith blockbuster “I, Robot” where the warning shot was clearly sounded about machines taking over. Take the case of Elon Musk warning Mark Zuckerberg to shut down Facebook’s AI wing. Over the years we have all heard our share of the tech pundits and media warning us about AI and how it is going to destroy humanity. Let’s take that with a pinch of salt and focus on how AI is making the world a better place.
The Automobile Industry:
The thought of a driverless car has been in our heads from the early 80’s. It was shown in to us in movies and always did capture our imagination. Today that has become a reality. This became a reality due to giants like Google and Tesla dumping billions into R&D to make this dream a reality. When we talk about a driverless car, we aren’t talking about something in its incubation stage. These aren’t even partially self-driven car. These cars are entirely based on Artificial Intelligence and are 100% auto pilot driven. The 2018 Tesla Model S is the most advanced car in terms of artificial intelligence.
Take Google’s tagline for its self-driven car subsidiary ‘Waymo’ - “Building the world’s most experienced driver”, what does this tell you? They are pumping in millions and millions of dollars to perfect the art of a self-driven car. Tesla is already rolling out production grade cars at the moment. Safe to say, welcome to the future!
In a survey, 85% of the top executives of tier 1 and tier 2 organizations stated that they believed that AI was the key to their competitive advantage. There are tons of AI technologies, but the ones with the maximum demand and the most popular ones are chatbots. A few facts to substantiate our point:
- Oracle says 80% of the businesses want chatbots by 2020
- Juniper Research says chatbots will reduce business costs by 8 billion USD by 2021
Let’s see how chatbots can help transform your business:
They automate internal tasks – Chatbots powered by AI can streamline the routine tasks that are labor intensive.
Service to customers – This is by far the most important and famous application of a chatbot. An AI powered chatbot will eventually reduce dependency on humans as it keeps machine learning and evolving. A survey by Gartner tells us that by 2020, 85% of the customer issues will be solved without human interaction.
Smart digital assistants – Digital assistants in the form of AI powered chatbots will reduce the dependency of employees on anyone else as they will have hands on help from the chatbot. Once the chatbot is seamlessly integrated messaging platform, it will act as a digital assistant.
Artificial intelligence in Supply Chain:
Today, supply chain has been reimagined with the introduction of AI. Software’s that fully monitor the supply chain from production to transit to deliver have come into play. The major players who have incorporated this are Amazon and Siemens.
How AI is transforming the Supply chain industry –
Process Streamlining – While overseeing the entire supply, the AI learns to cope with changes and becomes better in the process. Using historical data and trends the AI can streamline the entire process with aim of meeting the market demands in the best way possible. During this process, there are scenarios that constantly change and the AI can learn from past mistakes making future decisions error free.
Transportation – As discussed earlier, Tesla and Google are working hard to perfect the driverless car technology. With this technology coming into play commercially, transportation which is the key factor in supply chain will be revolutionized. This will decrease lead times, reduce labor costs and even fuel costs (with the introduction of electric cars). The accuracy achievable with this technology will be unmatched.
Plan to perfection – We draw certain parameters for ourselves while planning a supply chain due to data limitations. With AI in place, we do not have to worry about it at all because of the infinite sources of data that it can comprehend in seconds. This leads to accommodative change in plans, rerouting and planning with a near zero error rate.
AI in Healthcare:
The healthcare industry has taken to Artificial Intelligence like no other. Healthcare has embraced AI with open arms to the extent that AI has become a real time device that is in play. It is estimated that AI in the healthcare industry will save the US economy approximately 150 billion USD by 2026.
How is this possible?
Surgery assisted by Robots – The science behind this is cognitive surgical robotics. What this does is, it uses historical data and actual surgical experiences to improve surgical techniques. Integrating pre-op medical records with real-time operating metrics will improve surgical techniques. A patient’s stay in the hospital post-op will be reduced by 21%.
Administrative assistance – Automation of administrative workflow will aid in the prioritization of urgent matters and will lessen the burden on medical personnel. Routine non-patient care tasks like ordering tests, writing charts, medication prescription etc. will be automated by the AI.
Virtual Nurses – Unnecessary hospital visits can be reduced and this will lessen the burden on medical personnel as well. AI virtual assistants have been accepted by 64% of the people in the US who said they were comfortable with AI assistants. The AI assistants can provide round the clock monitoring, answer quick questions about medications and are available 24/7.
AI in the Music Industry:
AI is changing the way listeners consume music content today. AI helps the music industry redefine its marketing strategies, improve the connect between the artists, industry and fans.
Artificial Intelligence is no newcomer to the music industry.
- The suggestions we receive from YouTube, Google Music and iTunes are all based on the AI powered core. The AI learns the search patterns of every user and provides them with suggestions based on music genre, artist preference and various other filters.
- The applications like Soundhound and Shazam have been prevalent in the music industry for many years now. They have been the benchmark when it comes to AI in the music industry. These applications listen to a particular song that is being played out loud and correlate with the existing database of the million songs available and give you the perfect match in a matter of seconds.
Experts claim Artificial Intelligence may be a bane to humanity. I think not! Look at the ways in which it is revolutionizing every industry. I have listed just a few industries, but the applications are manifold. AI is here to stay and it is the future that we are walking into!