Smart technologies are not just changing our homes. They are making their way into many industries and disrupting the workplace. Artificial Intelligence in the near future has the potential to improve productivity, efficiency, and accuracy in an organization.
Because Big Data is here to stay, Artificial Intelligence is predicted to be in high demand for the foreseeable future. Data and AI are merging in a synergistic relationship. In this realm, AI is useless without data, and data is insurmountable without AI.
There are huge amounts of business data in various organizational silos. A wide variety of public domain data sources are also available. Access to data will be essential in the development of artificial intelligence.
Making connections between these data sets allows for a holistic (global) view of a complex problem. From this vision, new insights driven by AI can be identified. Therefore, artificial intelligence is becoming a cyclical and continuous process with Big Data.
It is a critical phase in the digitization process of companies. You can consult the article on the business digitization process for more information.
First, the data is fed into the AI engine, which makes the AI smarter. Next, less human intervention is needed for the AI to work properly. Finally, the fewer people AI needs, the closer society will be to appreciating the full potential of this continuous AI/Big Data cycle.
Technologies for AI
But before AI and Big Data can truly evolve to the level we’ve seen in sci-fi movies, several technologies will need to evolve first. This evolution will require the participation of human beings trained in data analysis and programming AI algorithms.
The ultimate goals of AI are as follows:
- Reasoning.
- Programming and machine learning.
- Machine learning.
- Natural language processing (ability to understand human speech as it is spoken).
- Computer vision (ability to extract accurate information from an image or series of images).
- robotics.
- general intelligence
For these AI fields to mature, AI algorithms will require vast amounts of data. Natural language processing, for example, will not be possible without millions of samples of human language. These samples are recorded and broken down in a format that AI engines can more easily process.
Big Data will continue to grow as AI becomes a viable option to automate more tasks. Artificial Intelligence in the future will become a larger field as more data becomes available for learning and analysis.
Impact of AI on the market
There are several sectors where AI will make a difference. Next, we see some cases.
E-commerce and retail
Artificial intelligence technologies like chatbots, personalized shopping experiences, and product recommendations are already commonplace. However, AI also has the potential to streamline operations. For example, AI can be used to predict upcoming customer orders for the upcoming season.
Digital marketing and content
AI can help marketers personalize and target email content, identify themes to use, and of course, analyze the results of content marketing campaigns.
But AI can also play an important role in the area of content creation.
Automotive
Artificial intelligence is the technology driving this growing trend.
Industry and manufacturing
AI is a fundamental part of automation in the manufacturing space, leaning on robotics.
Home smart assistants
Thanks to AI, there have been significant improvements in natural language processing and speech recognition. Smart home speakers and other digital assistants are becoming more precise in their ability to understand commands and queries.
Health care
AI enables virtual diagnostics, better patient logistics, and even robotic surgery. Artificial Intelligence in the future will continue to enable better healthcare outcomes and improve costs in the long run. Big data analytics helps create a more personalized patient experience.
Education
Virtual tutors in the early stages help human instructors. Facial analysis measures students’ emotions to determine their interests. This way the experience can be better tailored to your individual needs.
The global economic and social impact of AI and its future
According to a Mckinsey study, AI is likely to have two main impacts on the global economy:
- Artificial intelligence has the potential to play an important role in the economy.
- AI can help to widen the gaps that already exist between nations, workers, and companies.
Although AI will affect every industry in some way, not all jobs carry the same risk. PwC predicts relatively low job displacement (around 3%) in the first wave of automation. But this could dramatically increase to as much as 30% by mid-2030. Occupations within the transportation industry could be at much higher risk. While jobs that require social, emotional, and literary skills have the lowest risk of displacement.
Artificial intelligence will change our world both inside and outside of the workplace. But AI in the future is likely to create more jobs than lose them.
Artificial intelligence in the future is likely to soon replace jobs that involve repetitive or basic problem-solving tasks, and even surpass current human capacity. AI systems will make decisions in place of humans in industrial settings, customer service roles, and within financial institutions. Automated decision-making will be responsible for tasks such as approving loans, or identifying corruption and financial crimes.
