Artificial Intelligence can be classified as a machine’s ability to replicate the cognitive functions of a human being such as the ability to learn and problem-solving. The progress of AI is evolving as technology develops. Today, we can experience three recognized levels of the Artificial Intelligence spectrum, which are classified as:
The AI systems are expected to take over a thousand of jobs in the coming future, and any job that requires human input will be replaced by AI. Moreover, new generation of AI is likely to change the world of firefighting, mining, constructions, and deep-sea oil drilling. We might not know what impact an all AI workforce will make, however, economists believe that the world might be a better and more rewarding place with machines taking over all the risky day to day jobs.
With the rapid evolution of AI, we are finally understanding that the system is much better than human in many ways. AI is installed with algorithms that can monitor and process massive amounts of data and can make better conclusions based on patterns present in the data. Currently, AI is utilized in small issues such as traffic patterns, to figure out the best routes to take, and in fixing roads and rebuilding highways. In future, the system will be made capable of solving serious issues such as monitoring and stopping the prevalence of epidemics and diseases.
AI to change the prospect of Business and Healthcare
Over the past years, artificial intelligence has gone from a mere science fiction dream to a critical part of our day to day lives. Today, we are using AI to interact with our phones and speakers through voice assistants such as Google, Siri and Alexa. AI is also paving its way in automobiles, for example intelligent cars made by Tesla can now analyze and interpret the surroundings. In the view of this, economists have high expectations from what AI will be capable to do in the field of business, and in healthcare.
Artificial intelligence market has the potential to create a USD 2.6 trillion of value by 2020 in marketing and sales, and USD 2 trillion in manufacturing and supply chain planning. Moreover, worldwide spending on cognitive and artificial intelligence systems is likely to reach USD 77.6 billion in 2022, IDC. The success of cognitive computing cannot be measured by a computers’ ability to mimic humans, it should be measured in more practical ways such as market opportunities, investments, and based on diseases cured and lives saved. Moreover, AI technology is a means towards effectiveness and efficiency, better opportunities and improved capabilities. Today, several industries have already begun to adopt AI into their day to day operations, and 24% of businesses are planning to employ AI soon. Cognitive technology is expected to shine in the health, financial services and automotive sectors.
In financial sector, Price-water-house-coopers (PwC) has put together massive amounts of data in an AI system from the U.S. Census Bureau, U.S. financial data, and other public licensed sources to create a huge model that is capable of making financial decisions for over 320 million U.S. consumers. The system is designed to help the financial services companies to map buyer personas, anticipate consumer behavior and simulate future selves. In addition, it has also benefitted the financial services companies in validating real time business decisions. AI application has provided marketers with new and more reliable tools in process automation, market forecasting and decision making.
Making a market decision is a complex affair and note the changing consumer behavior comes in handy while making the best marketing decisions. Moreover, it is vital to understand customers need and desires, and to align the products according to it. Here is where AI steps in, an AI based modeling and simulation techniques enables reliable insights into the buyers personas, these techniques can be used to predict the pattern of consumer behavior. With the help of a decent decision support system AI can help in providing with data gathering, forecasting, and trend analysis.
Artificial intelligence enables with many automated functions within the customer relationship management system such as data recording, contract management, analysis, and lead ranking. Moreover, AI’s buyers persona modelling has the capability to predict a customer’s lifetime values which can be best utilized by the sales and marketing teams.
Artificial intelligence is one of the most revolutionary ideas of the century. AI promises ease of access, attainability, and productiveness in the field of healthcare. The power of artificial intelligence across the industries is tremendous but its impact on healthcare is what is changing lives. From timely identification to enhanced diagnosis, AI is helping the industry for the betterment of humanity. If used wisely AI can help early diagnosis of cancer, diabetes and heart diseases. In specialty care like pathology, pharma, and radiology AI is of great importance.
This transmuting technology has brought a precedent change in the healthcare industry. From clinical research to drug development, artificial technology has reformed the health sector in many ways. Artificial intelligence has helped better results at a lower cost. As per the reports, AI can create annual savings of around $150 billion dollars to the healthcare sector. In 2011, there has been a huge investment by public and private sectors in the healthcare industry which was valued at $6.6 billion dollars.
AI based healthcare will be remarkable, with the ability to use intricate algorithms and to learn features from an enormous amount of information. With the help of these features, AI can be armed with self-correcting and learning abilities which will help the structure get better precision. For instance, it can help the physicians in clinical decision making, and help diagnose therapeutic errors. AI system has access to a massive amount of information which can help to predict potential health risk by extricating useful information.
WHY DO WE NEED IT?
AI has an immense influence on the healthcare industry. With its powerful nature, it raises no question on its effectiveness. The technology helps prevent surgical errors, which is one of the supreme cause of patients’ death. In the healthcare industry, AI can help prevent 86% of medical errors, and in the coming decade, AI health market is expected to grow by 10 percent.
With an increase in AI technology, the world is most likely to witness healthcare robots soon. Healthcare robots can provide 24 hours customer service, they can take care of their medication as well as schedule their appointment with their health care provider.
AI’s performance is not limited, it pushes the limits of healthcare, helps reduce cost, saves time and is efficient.
AI based lead intelligent software systems can deliver a significant value for any business size. Moreover, companies using AI for sales has increased their leads by more than 50%, reduced their call time by over 60% and reduced their realized costs by 40%. These software systems can allow any small business to take a leap in short period of time.
One of such tools is ‘OptinMonster’, it provides with best lead generation resource that delivers a full range of AI marketing and sales tools
Using these AI software products, entrepreneurs can personalize their engagements, anticipate the needs and improved the lead quantity.
Innovations in artificial intelligence data collection and analysis has the potential to provide small companies with critical decision-making information on their larger counterparts. These cognitive systems use internal data to collect various sources to present a complete view of the business and its opportunities in the marketplace. Moreover, one of the most comprehensive data analytics AI systems in the market is IBM Cognos, its user structured dashboard gives the best visual representations and actionable reports based on the provided data. In addition, the intuitive dashboards provide with a variety of options, such as accessing data by date, product line, geographic location, and more. With the help of this tool the reports are easy to create and distribute and are very well secured. IBM sells its tools at an affordable price with the intention to make its products available for an entire range of organizations from small businesses to global enterprises.
If AI continues to evolve in future years, the services of human resources will be completely transformed into an AI based system. All the services rendered by HR such as recruitment, engagement, continuing education and benefits management will be taken over by cognitive technology. Moreover, there are various AI recruitment companies that provides with a variety of services for small business needs at an affordable price such as:
It is essential for small business entrepreneurs to keep track of their competition to sustain in the market. Moreover, ‘Crayon’ is an AI based market analyzing company that tracks competitors across most digital channels including social media to gather a cumulative information of the market competitors on their product pricing, marketing language and strategies. In addition, this system can analyze and identify market trends to deliver actionable intelligence for strategic marketing and planning.
Amazon and Alphabet are leading AI providers
Today, best artificial intelligence providers use techniques like machine learning and neural networks periodically as a core function for their businesses. Moreover, millions of consumers interact with an AI based system every day through virtual assistants, facial recognition technology, host software and mapping applications. In the view of this demand, market players are heavy investing in the AI sector as it contains a profit potential, and the top 5 AI companies are:
Nvidia Corporation is a specialized semiconductor company whose technology plays a vital role in the development of many newbie and high growth areas of tech. The company’s net revenue for 2017 was noted to be USD 9.7 billion. Moreover, one of the most popular product and service provided by the company is its graphics processing unit (GPU), this technology is widely used in autonomous vehicles, cloud computing, high performance gaming and in the field of deep learning. In addition to this, Nvidia’s superior technology and high-performance GPUs have given the company an upper hand for years, and the company enjoys a more reasonable valuation then it did before. NVDA faces a strong market competition, and the company follows a powerful strategy to sustain in the arena. The company has managed to be a market leader for many years and has consistently been the best AI stocks to invest in.
Google’s parent Alphabet is known for its existential interest in heavy investing in artificial intelligence. Moreover, google uses AI and deep learning to automate many extremely significant parts of its business, and most of its AI services include relevant search results, digital ad pricing, self-driving cars, image and speech recognition software and personal assistant software. In 2019, Alphabets revenue was noted to be USD 32 billion. Moreover, the market capitalization of the company is approaching USD 1 trillion, most of the company’s valuation mainly relies on maintaining and improving the company’s service. In addition, many observers believe that Google’s AI could be the market winner, as the company has its resources, motivation and experience.
Salesforce.com is a customer relationship management software giant who is known for its keen focus on seeking growth and opportunities to scale. The company uses regularly acquires tech startups to improve its software services. For instance, the company acquired ‘Bonobo AI’ a firm that used automated analysis of customer phone calls, chats and texts to deliver actionable insights. In 2019, Salesforce.com generated the revenue of USD 13.2 billion. In addition, increasing focus of the company on powerful services makes Salesforce the newest member on the list of best AI companies.
Amazon is the second company to ever reach a USD 1 trillion valuation, this is because the company invests heavily in artificial intelligence. The central idea of Amazon’s business is to provide relevant search results, it utilizes AI for forecasting product demand, improving the voice powered Amazon Alexa virtual assistant, and optimizing logistics and warehousing. In 2018, the company’s revenue was accounted for USD 232 billion.
Microsoft is one of the most valuable tech companies in the world, and the company’s major investment is in artificial intelligence. Moreover, the company’s cloud computing service ‘Azure’ is home to AI driven tools in medicine, language, medical imaging and robotics. In addition, the company made a USD 1 billion investment in OpenAI with the aim to produce ‘Artificial General Intelligence’ (AGI) that can challenge everything that human intelligence can do. If successful, ADI is likely to take decades to be implemented but the profit potential is practically limitless. In 2019, Microsoft’s annual revenue was accounted for USD 125 billion.
What can we expect from AI in the future?
Some of the AI experts predict that AI has the potential to challenge human competence and is likely to surpass humans in various domains. Today, AI is continuously migrating from research labs into the world of business where all the leading companies are using its power for analyzing countless data in seconds of time in order to provide better customer interactions. However, most of the scenarios about the future of AI are hypothetical, it still presents us with existential questions. So, we can estimate that in the coming decade improvements in AI will completely change the way we work, and the way we think, and it will become an essential part of all our lives.