4 Reasons Artificial Intelligence is Going to Change Our Lives

Written by CFTE’s Experts

Artificial intelligence and machine learning have come to become objects of fear and excitement. While there are unpleasant ramifications arising from this technology are justified, a lot of it can be managed with the right regulations and policies. The hype around artificial intelligence’s capabilities to alter our lives as we know it is true and it is catching up to us sooner than we imagined.

Artificial intelligence is the simulation of the human ability to think by machines. These intelligent systems are causing big shifts around us, and here are 4 reasons that will help you see it clearer.

1. AI is all around us

If you don’t believe that’s true, think again! Artificial Intelligence has already been seeping deep into everyday life disguised behind the facade of simplicity and convenience. If the Spotify app could give you the perfect playlist recommendation or Netflix knew what movie you would like best , it’s because all these results were powered by AI. And this is just an iota of the possibilities driven by artificial intelligence today.

A truly intriguing case of AI increasingly seen in banking today as well is being able to detect fraudulent transactions in the blink of an eye! This machine intelligence allows companies like Mastercard to evaluate 75 billion transactions ever year, helping them seamlessly avoid any financial mishaps with AI algorithms. So to get things straight, AI has already infiltrated our lives and it’s only going to deepen its stronghold.

2. AI is not replacing humans - it's supporting them

Let me ask you a question to help you put this into perspective. When decades ago the first computer came into existence did it replace humans? No! Though the comparison cannot be so literal, it does resonate with the future of humans with artificial intelligence.

Certainly, AI has been rapidly advancing at doing ‘human jobs’ and companies around the globe are adopting these technologies to automate processes, but if this is done with an intention to replace human intelligence, companies are heading for short term productivity gains. Research conducted by Harvard Business Review found that humans and machines work together to enhance their capabilities. Humans can be better at the core competencies – leadership, collaboration, creativity and social skills, while machines at – speed, statistical capabilities and scalability.

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3. AI’s convergence with other tech is game-changing

AI technology is not the only new kid on our block. There are several other technologies like cloud, big data, robotics and IoT that are shaking up industries. While these innovative systems are exponentially improving they are also increasingly intermingling and converging.

Well, why would this matter? It’s because each technology alone possesses tremendous capabilities that we could only imagine what they could do in collaboration. This convergence of tech will only help fuel greater disruptions, innovations and capabilities around the globe. Breaking it down to a simple example, ‘Roomba’ is a smart vacuum that does all the cleaning for you without you ever having to lift a finger. How? It’s possible with the perfect harmony between AI and robotics. This robot vacuum, maps and adapts to its environment as it learns through artificial intelligence, while it completes its task of clearing dirt and small debris from floors. Once we see these megatrends consolidate at a much wider scale, we will feel the true transformative power of technology.

4. AI is creating ripples across multiple industries

AI is not tethered to just one industry. Its ability to break through silos and transform multiple fields is astounding! Communications, Automotive, Energy and Financial Services, are just some of the few industries leading the race of AI adoption.

Looking into the Energy sector – Iberdrola, the Spanish multinational, has been able to nail down the right formula to achieve productivity gains with AI that have helped benefit the company and the environment. They use systems developed with machine learning to coordinate and plan the delivery of maintenance, the monitoring of electricity usage and optimisation of distribution. Looking into another industry, Financial Services – Bank of America, the banking behemoth, has also been using AI to successfully drive down costs and drive up efficiency. It uses a system known as robotic process Automation (RPA) to automate hundreds of repetitive tasks like responding to customer queries.

These examples are evidence that AI is already transforming some industries, and it’s just a matter of time before the rest catch up.

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Conclusion

AI is not tethered to just one industry. Its ability to break through silos and transform multiple fields is astounding! Communications, Automotive, Energy and Financial Services, are just some of the few industries leading the race of AI adoption.

Looking into the Energy sector – Iberdrola, the Spanish multinational, has been able to nail down the right formula to achieve productivity gains with AI that have helped benefit the company and the environment. They use systems developed with machine learning to coordinate and plan the delivery of maintenance, the monitoring of electricity usage and optimisation of distribution. Looking into another industry, Financial Services – Bank of America, the banking behemoth, has also been using AI to successfully drive down costs and drive up efficiency. It uses a system known as robotic process Automation (RPA) to automate hundreds of repetitive tasks like responding to customer queries.

These examples are evidence that AI is already transforming some industries, and it’s just a matter of time before the rest catch up.

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