Artificial Intelligence perfectly captures the zeitgeist of today’s technology. With each day progressing, we are discovering new use cases for AI. Use cases that can improve our quality of life, and also a few that threaten it if development isn’t kept in check.
Businesses from banking to healthcare are implementing AI in their operations. We’ve reached a stage wherein an AI strategy is a must-have for businesses, and a lack thereof can prove to be a serious disadvantage.
AI is here to stay, and it is revolutionizing businesses, with an impact quite similar or perhaps stronger than that of the industrial revolution.
Here are some of the latest innovations in the field:
Advanced autonomous vehicles
Autonomous vehicle manufacturers are figuring out ways to tackle complex computer vision problems. A common problem in this field has been the lack of access to edge-case training data. For example, most autonomous vehicles are only trained to identify pedestrians, road markings, other cars, and signals. But, how should such a vehicle react to a group of 4th of July celebrators storming onto the street?
With the advent of synthetic data and edge-case emphasis, computer vision systems can be trained to understand these rare exceptional cases, thus improving vehicle quality and overall safety.
Besides, computer vision systems have become better at identifying transparent objects, by a mid-step process of converting the object into its opaque version, before being fed into the system.
Improvements to public safety
The governments of nations from India to France are planning to implement computer vision cameras across streets, to curb crime. Computer vision has shown that it can be used to identify missing individuals, monitor criminal activities in real-time, and locate areas that require additional police attention.
The financial services industry has discovered the potential of Big Data and Machine Learning. Money transfer companies are discovering the importance of competitive intelligence, for increasing churn rate and exploring multiple avenues for payment-based opportunities.
Also, AI helps financial firms mitigate fraudulent transactions and provides more accurate ways of assigning credit scores.
Laws surrounding AI
Another contribution to AI’s innovation is the governments’ understanding of AI’s capabilities and potential threat. The EU announced that it will restrict the development of high-risk AI applications. The type that might hurt employment opportunities and reduce the quality of human life.
Lawmakers are beginning to understand that not all AI development will benefit society, thus allowing only the most important and life-satisfying innovations to see the light of day.
Accuracy in patent visualization
As AI innovations increase, so do the patents filed. Patent visualization platforms hold large data that can allow patent holders to identify potential users, and for tech developers to adhere to patent-related legislation.
Predictive medicine in healthcare
With the recent coronavirus outbreak, AI developers are looking for ways to use machine learning to track the spread of a virus. ML is also being used to identify health-related patterns and symptoms in patients, for implementing predictive medicine and treating avoidable diseases.
Improving workplace performance
Many factors add up to determine results at the workplace. Businesses are now using AI for inventory management, evaluating employee productivity, and identifying flaws in ongoing workflows.
AI in inventory management can be used to warn teams about shortages in resources. With the right algorithms, AI can also replace these resources on time and ensure no outages from its end. Employees can be monitored and areas of improvement, skill, and bandwidth, can be identified to make the best use of their abilities.
Music and entertainment
AI and Big Data are entering subjective fields such as the arts. Musicians can now use AI to understand trends in Billboard charting music, and even mimic traits of popular music to improve music streams and ticket sales.
Mobile gaming has benefited from augmented reality, thus creating virtual scenarios in the real world. In filmmaking, facial expressions can be adjusted and synthetic video effects can be introduced for a more vivid watching experience.
AI is developing at an incredible pace. We are seeing countries across the globe planning AI programs. An AI race between the US and China has begun, with Europe looking to give them a run for their money.
And, our understanding of AI has improved significantly, as shown by the numerous applications we have discovered for them. From deepening our technological knowledge to having an idea of AI could turn rogue, we are becoming mature advocates of AI.
The purpose of AI is to make the lives of humans simpler and add value. Hopefully, in a year from now, we’ll have even more to celebrate as AI strengthens its position as a technological juggernaut.
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