in ,

The potential of emerging artificial intelligence


Drinking water would be sold in shops like any other consumer goods – this was predicted by a learned Indian over hundred years back. And no one believed it! Not very long ago, who could visualise, switching on the air conditioner sitting in a car approaching home after day ’s tiresome toil or robot attending corporate board room meeting. All these and numerous such activities were considered unconceivable.

The advent of technologies is all set to change the way one thinks and works by offering unthinkable facilities and amenities with minimised human interventions. To count few of such activities – functions in the fields of education, scientific exploratory activities and seismic studies , space missions , cost effective and efficient HR management, economic growth planning and bank / insurance operations, simplified complex e-commerce applications to assist in customer decision-making, business development activities , assisting match-making sites, medical sciences and health care to include diagnostic operations and treatment, playing chess and managing sports events, mechanical fault diagnosis and repairs, controlling traffic lights, military applications as drones and robotic soldiers, operating agriculture drones to spray water / pesticides and quality analysis of grains and vegetable / fruit products, water management to include improving waste water treatment and entering religious/ spiritual field to serve as robotic priests / swamis to recite mantras and perform rituals , freedom/ ease from scores of routine activities that are physically difficult and often stressful so as to refocus our skills on more meaningful tasks and projects and above all in research & development as also management of huge multi-ferrous data being created, processed and utilised.

All these multi-taskings are possible through Machine Learning, which is a subfield of Artificial Intelligence ( AI ). AI may be termed as ‘constellation of technologies that enables machines to act with higher levels of intelligence and emulate human capabilities of sense autonomous comprehensions and actions ’ . Or simply, ‘mechanism that can perform tasks that replicate human intelligence.’ New class of algorithms known as ‘Swarm – Intelligence algorithms’, consisting of bundles of algorithms that follow series of steps to arrive at an action lie at the heart of various AI applications. Prime users Google, Yahoo, Facebook, Big Data, Microsoft and others are dedicated to leading gainful researches in AI at present.

AI innovation has recently caught fire, fuelled by the necessity to make sense of and use swelling deluge of data. As per a recent study, India’s current digital profile includes crores of Aadhaar , mobile, internet and social networks etc. Combination of ‘ Big data’ and ‘ ML’ has seismic impact on multi-ferrous activities in various fields. AI solutions are estimated to rise above $57 billion by 2022. And, hence the competitive frenzy among researchers, academicians and business houses to join the AI club.

Coined by John McCarthy back in 1956, which subsequently has been advanced by many researchers and innovators to sweep into our work places and daily lives as a tool that augment tasks and streamline monotonous labour. Sundar Pichai, the CEO of Google, rates importance of AI as more profound than the impact of fire or electricity. As per Mckinsey, AI would create between $3.5 to 5.8 trillion in annual value each year in the global economy.

Regardless of how it is marketed, Artificial Intelligence is redefining our mobile computing experiences, our homes , our cities , our cars , health care and manufacturing industries, management and financial operations – just about everything one can think of . Any organisation or individual not keeping pace with the unprecedented developments in the field of AI , would be losing and lag behind hugely in futuristic academic and business domains. All emerging businesses will have to embrace AI in the highly dynamic and competitive environment. Likewise, colleges and universities will have to adopt such industry-driven curriculum.

However, like any emerging new field, AI faces few challenges like lack of appropriate skills, fear of rendering manpower surpluses, initial diminishing leadership interest and focused strategy, lack of technological infrastructure and required available high quality data which acts as the fuel for AI processes.

Any technology is a double – edged sword. The major apprehension against Artificial Intelligence is generally associated and feared with job cuts or disappearance and mass unemployment. This needs to be well analysed and comprehensively comprehended as also acted upon to maintain the right balance. Besides, ethics and data-privacy are also issues of utmost concern.

At the same time, role of humans cannot be understated even in the over whelming technological environment. Instead of being replaced, humans will see unprecedented job creation as well as new opportunities to add more value. Work force will have to re-skill themselves to keep pace with new technologies and methodologies. This will open new avenues for HR professionals , trainers and researchers in terms of creating specific algorithms and usage methodologies. Then , there are ‘ Rethinking Industries’ — those which use AI to change the way things are done in existing industries and ‘Rethinking human’ — to include companies attempting to make computers understand human emotions and designers of various augmented reality products.

Such new revolutionary concepts along with much-needed supporting technologies will result in the creation of new high-skilled jobs like chip makers to providers of user-friendly software for web scrapping and other information gathering and working on more ambitious projects on designing neuromorphic ( brain like ) hardware.

Artificial intelligence is one of the most promising technologies of our times- from saving lives to online shopping predictions and raising crop productivity, help detect cancers and other diseases, predict earthquakes, detecting transaction frauds and innumerable applications. AI stands to benefit society across all sectors . Soon , the A I technology will be like a utility through it’s potential to provide large incremental value to a wide range of sectors globally .

In the ultimate analysis, shape and benefits of ‘Artificial Intelligence’ will depend on ‘Human Intelligence’. However, the future is exciting which must be leveraged and used carefully through a balanced approach much like atomic power to serve as boon or curse. All emerging organisations, academic in particular, and aspiring individuals should get prepared and grab the big opportunity . This is vital and relevant, in particular to “ New India’s” hunger or fast growth and prosperity through technological dominance. Therefore, the emergent need to act and adopt.

Linkedin


Disclaimer

Views expressed above are the author’s own.



END OF ARTICLE





Source link

What do you think?

2 Stocks to Play the Artificia

Artificial Intelligence in Insurance Market 2022 Size and Dynamic Analysis by Performance, Market Growth, Risk Assessment, Development Constraints and Forecast till 2026