World is growing, global market is growing also industries are growing and this has been possible only with the intervention of technology in our lives. While we are talking about technology in our life, we cannot ignore the AI (Artificial Intelligence). In this 21st century we almost 55% population of the world are connected with the AI technology either directly or indirectly whether it is Google voice search, Amazon’s Alexa or Apple’s Siri.
Let’s understand the basic concept of Artificial Intelligence.
what is Artificial intelligence with examples?
Artificial Intelligence define In simple language – AI or Artificial Intelligence is a power to the machines to speak, answer, learn and perform many tasks like a human intelligence by itself and ability to self help in problem solving tasks.
Here are few examples of AI which are being used by every individual every day. Let’s have an eyes.
- Google Voice Search
- Apple’s Siri
- Amazon’s Alexa
- Self-Driving Cars like TESLA
- IBM Watson
Nowadays AI is the most discussing subject in the technology and business circle as they are looking forward to grow their business by availing the power of AI to their customers.
By doing very deep research and collecting data from all over the internet we have designed this infographic which shows you that How AI could bring $13 trillion to the global economy by 2030.
Many AI companies all around the world are working full time AI development to making it more intelligent and work link a real human. They are focusing all kind of major industries like Agricultural process, Marketing, Manufacturing, hospitality, hotel staffs, healthcare, and various other modern approach to provide intelligent solution which can help to save time and increase work efficiency along with accuracy.
Must Check – Amazon vs Alibaba Infographic
Studies reveal that the future is for AI filled technology, all the gadgets, automobiles, processes will totally use the AI system to perform 100% accurate in systematic way but we know that not only in future but today also we all have started using AI in various forms as I mentioned above.
There are various benefits of AI but many drawbacks for humanity also there. How can AI affect the manpower and how can anybody get or lose his/her job? These all are the sensitive point to discuss while it comes to talk about AI.
How AI affects the economy?
Using AI in every industry can affect economy on very large scale, how? Let’s understand.
Revisal in present occupation
Its not hard to say that the occupation will be modified after entering Artificial Intelligence in the current running market. The way of working and the sovereignty will be totally changed, and it will be exciting to see.
Artificial Intelligence means automation and its means lots of jobs elimination from the market. Once machines go intelligent there will be no need of humans and this will cost manpower terminations. I’m scared and maybe you also. At least 22% estimated jobs from all over the world will be lost once industries occupied by AI.
Innovations of products and services
The man and machine relation is centuries old, But the machine and AI relation will be started and these will be intelligent machines then you can imagine the production level and the services accuracy as there will be no tiredness, no excuses even no deny to work, work and continue work.
Increased activity in global market
High level of upheaval will be seen in global market also in local market because there will be no lack of production and no lack of transportation. Most of the automobile and heavy vehicle companies are working to implement AI in their vehicles to make it self-driven also making intelligent to run on highway without human or any operator.
What are the emerging countries in AI technology?
Have a look at the emerging markets in different countries which are working with or for AI technology.
- Google Brain, Huge team of intelligent researchers are working on this biggest project since 2011 which aims to bring the benefits of AI to the whole world. (2011 – Present)
- Federal Initiative, A USA based organization which is working on AI expansion, safety guidelines and resources. (2019)
- UK Government, seeking to lead the development of ethical AI education among the peoples. (2018)
- European Union, planning to invest at least $22 billion in AI research program. (2018-2020)
China is looking for become the world leader for Artificial Intelligence by 2030 and right now they are developing the regulations for a New Generation of AI. (2016 – Present)
Few other countries also participated in this long way marathon.
Now we need to understand why and how the GAP of performance will affect between the companies which adopt AI and which don’t.
Performance later adoption Artificial intelligence –
While we are talking about next decade, we can predict that till 2030 the global economy will increase exponentially 5x faster than now by utilization of an Artificial intelligence. Because machines will be working 24 hrs automatically we will see the skyrocket growth in the industries and international market.
The net economic growth will be increased upto 20-25% for AI leading countries and upto 5-15% for developing countries.
AI adoption helps
- Demand forecasting – Upto $10 Millions
- Route optimization – upto $15 Millions
- Predictive maintenance – upto $20 Millions
To decrease –
In transportation –
- Cost to serve – Upto 10%
- Deadhead routes – Upto 20%
- Manual operation time – Upto 30%
In Manufacturing –
- Cost of quality – Upto 8%
- Scrap and rework – Upto 25%
- Quality variability – Upto 30%
Companies status in AI adoption right now –
More than 60% companies are still not choosing AI implementation in their current infrastructure and at least 20-30% have cautions about AI adoption and they still not committed to use Artificial intelligence. We think they still don’t believe in intelligent computer system.
What are the limitations of implementation AI?
Here we pointed out them,
Lack of Data – As we all know in human community, we suppose someone intellectual once he/she gets lots of knowledge. Same as in machines to be intelligent it needs lots of infinity DATA. That’s mean we need to collect data at war level.
No way to teach machines – We can not teach machines like a student in school. We can only store DATA into it to use it when needed.
Difficulty analyzing results – It is, Afterall it is the part of the activities of a human, We hope scientist are working on development of AI will invent something to fix it.
Possibility of Bias – Last but not least, there are 65% possibility of bias to adoption and not to adopt AI by different countries and companies.
AI and the future of work –
Possible sectors that will be positively impacted by AI and will grow in their economy. (Numbers in billions USD)
Retail – $600
Healthcare – $380
Agriculture – $120
Public Work – $350
Of course, not 100% work will be done by automations, there will be deduction in jobs but if they learn new skills, they can still be a part of organizations and companies as integrated Human – AI – Work.
Now the question is – Who will be succeed in the AI Era?
As simple as that, who will learn new skills will surely succeed.
AI technology will help to adopt learning to the needs of each individual by translating language aiding memory and providing us feedback on our own emotional and cognitive state.
(Micah Altman – Director of research and head scientist at the MIT program of information science)
Make sure if your business is ready for Artificial Intelligence adoption in coming years.
We have created a road map to integrate AI in your business, this will surely ease you to be a part of “AI Integrated Business”. Follow the steps –
Step 1 – THINK Big picture
It may take Upto 12 months to start delivering results, commit the time and budget.
What to do –
- Pick the right problems to solve
- Consolidate the relevant data
- Build test and deploy the AI
Step 2 – DEFINE success
Address the problems that take full advantage of the unique abilities of AI then augment your current expertise.
What to do –
- Outline the meaningful problems
- Determine, if you have necessary data
- Decide how you will measure success
STEP 3 – LEARN as you go
Keep continue walking, don’t fall behind your competitors.
What to do –
- Start with a standalone problem
- Build solution into your ongoing process
- Continue to build toward enterprise AI
Artificial intelligence is going to take industries and global economy by storm. Is your business ready?