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28 Ways Artificial Intelligence Will Affect Your Business and Life in 2018
A trends report on artificial intelligence explains: AI isn’t a singular technology, but an umbrella term that includes machine learning, voice recognition, predictive analytics, among others, to solve a problem.
Whether you’re excited, indifferent, or stocking a bunker with dry goods, there are a number of ways that your life is likely to be impacted by artificial intelligence in the coming years.
The Webby Awards AI Trends Report revealed that: 79% of U.S. adults indicated they had used some form of artificial intelligence in the last 12 months, and 65% acknowledged that automation has a significant impact on their daily lives.
This provides an interesting opportunity for smaller businesses to continue to differentiate by providing personal, human-powered service to their customers.
Narrative Science found that 61% of companies with a dedicated innovation strategy are using AI technologies to mine their data for thus-far unidentified business opportunities.
Data mining is still limited to larger companies, but increasingly, tools are available to help even small companies assess their data and turn those assessments into actionable tactics.
We know that many entrepreneurs and small business owners need help with naming their company, logo design, web design and other graphic design projects, but lead forms are not always the best way to help us measure and follow-up on that interest.
A startling statistic from Forrester points out that while more than 60% of executives believe that their business is not where it should be in terms of its digital transformation, 20% of CEOs will fail to act.
Forrester’s Predictions 2018 report goes on to explain: Lack of skills, quasi-differentiated brands, and aged operations are hurdles for traditional retailers — but the role of intelligent agents will be the thorniest issue in 2018.
In the next year alone, it is estimated that 59% of business tech decision makers polled consider changing their business model to support AI to be a “high”
One of the biggest challenges to implementing AI technology is managing the transition to replace a business’s existing data practices. 26% of business tech decision makers cite data practice change management as a major AI challenge.
Some people fail to understand AI’s impact because they don’t speak its language. Narrative Science shares that 38% of companies surveyed reported that they were using AI technologies in their workplace;
For that reason, it’s essential that marketing professionals source talent that can act as translator and influencer between the marketing team and the platforms that rely on AI algorithms. Forrester predicts that: 25% of CMOs will fail to do this, resulting in their brand becoming undifferentiated and silenced in the market.
For example, considering that one of the most anticipated uses of artificial intelligence in the coming years is to create self-driving vehicles, those in the trucking industry may have a reason for alarm.
The American Trucking Association’s estimate shows that there are 3.5 million US-based truck drivers who stand a 79% chance of losing their job due to vehicle automation.
Concerns about AI extend beyond job loss to other factors of life as well. 45% of those polled worry that AI and increased automation may pose a privacy risk.
According to an infographic from Forrester, 31% of business tech decision makers plan to implement AI technology to improve the delivery of their business’s insight services.
It logically follows that 33% of business tech decision makers anticipate that AI will aid in the improvement of products and services and cite this as a key benefit of artificial intelligence technology. (Forrester AI Infographic) 25. Narrative Science reports that 38% of businesses surveyed feel that providing predictions on customer, machine and business health is the most important service that artificial intelligence technology can provide.
It’s estimated that 1% of the US population, will spend roughly $24 billion, using AI services to filter out media that isn’t relevant to them.
Forrester predicts that 10% of purchase decisions with be guided by a platform’s intelligent agent or bot, starting the “real economic impact of empowered machines.” As you look ahead to the new year it’s important to strategize in order to optimize your chances of success in our constantly-evolving technological landscape.
The Impact Of Artificial Intelligence In The Everyday Lives Of Consumers
Artificial intelligence might conjure images of a robotic Haley Joel Osment in Spielberg's film AI, or it may make you think of Data from Star Trek.
Yet the impact of artificial intelligence in everyday life is more understated and far-reachingthan science fiction might suggest.
These voice assistants find the information and return the answers to your device, or they control other apps to achieve the desired result.
How many man hours would it take for employees to sift through the thousands of transactions that take place every day?
Financial companies often use artificial intelligence to monitor transaction requests since algorithms process information so quickly.
It may seem inconvenient if it was you trying to book those exhibition tickets, but it could save you thousands of dollars in the long term.
Using machine learning to let the cars learn how to behave on the road means they're more likely to integrate with user-operated cars.
In reported incidents so far, drivers have collided with self-driving cars because the autonomous cars stuck so rigidly to the rules of the road.
Artificial intelligence could elevate them beyond simple programming to better evaluate the situation on the road in real time.
In fact, an average Boeing 777 pilot spends just seven minutes manually piloting the plane.
The software can even land commercial aircraft, though much of those seven minutes is spent on takeoff and landing.
Imagine your digital assistant plugging into the smart city to direct your car to the nearest free parking space.
It can combine that data with incidents reported by users to build a picture of the traffic at any given moment.
The use of neural network architecture means artificial intelligence can improve translation software for better accuracy in understanding other languages.
Joseph Stiglitz on artificial intelligence: 'We’re going towards a more divided society'
It must be hard for Joseph Stiglitz to remain an optimist in the face of the grim future he fears may be coming.
He worries about hamfisted moves that lead to routine exploitation in our daily lives, that leave society more divided than ever and threaten the fundamentals of democracy.
At Addenbrooke’s hospital in Cambridge, for example, cancer consultants spend less time than they used to planning radiotherapy for men with prostate cancer, because an AI system called InnerEye automatically marks up the gland on the patients’ scans.
“Reading an MRI scan is only part of the job that person performs, but you can’t easily separate that task from the others.” And yet some jobs may be fully replaced.
If AI takes over certain unskilled jobs, the blow could be softened by hiring more people into health, education and care work and paying them a decent wage, he says.
“These new tech giants are raising very deep issues about privacy and the ability to exploit ordinary people that were never present in earlier eras of monopoly power,” says Stiglitz.
Now you can target particular individuals by exploiting their information.” We’ve gone from a 60-hour working week to a 45-hour week and we could go to 30 or 25 It is the potential for datasets to be combined that most worries Stiglitz.
For example, retailers can now track customers via their smartphones as they move around stores and can gather data on what catches their eye and which displays they walk straight past.
What is clear is that it introduces a level of anxiety in everything we do and it increases inequality even more.” Stiglitz poses a question that he suspects tech firms have faced internally.
With the new AI, it looks like the answer is finding a better way to exploit somebody.” Grim revelations about how Russia turned to Facebook, Twitter and Google to interfere with the 2016 US election brought home how effectively people can be targeted with bespoke messages.
“All the worst tendencies of the private sector in taking advantage of people are heightened by these new technologies.” So far, Stiglitz argues, neither governments nor tech firms have done enough to prevent such abuses.
“There is nothing to circumscribe that kind of bad behaviour and we have enough evidence that there are people who are willing to do it, who have no moral compunction.” In the US in particular, there has been a willingness to leave tech firms to thrash out decent rules of behaviour and adhere to them, Stiglitz believes.
It has to be done publicly with an awareness of the danger that the tech firms represent.” Fresh policies are needed to curb monopoly powers and redistribute the immense wealth that is concentrated in the leading AI firms, he adds.
To Stiglitz, this is about labour bargaining power, intellectual property rights, redefining and enforcing competition laws, corporate governance laws and the way the financial system operates.
“If we don’t change our overall economic and policy framework, what we’re going towards is greater wage inequality, greater income and wealth inequality and probably more unemployment and a more divided society.
“Silicon Valley may hire a disproportionate fraction [of people who work in AI], but it may not take that many people to figure it out, including people from Silicon Valley who have become disgruntled with what has been going on,” he says.
How Artificial Intelligence Will Soon Change Your Life
Earlier this year, Pooya Abka attended the 2018 Consumer Electronics Show and walked away feeling validated.
As Abka explained to me, we 'created the first AI agent that can understand customers' service needs over voice, connect them to vetted service providers instantly, and learn about their personal preferences with time.'
Given that he sees a lot of these technological advances taking place in a few years, you may want to find an AI agent that can take notes for you because you'll want to remember this.
in less than a year, you may have the following conversation with your Idemandu Assistant while driving back from work: You: 'Hey Idemandu, could you ask my massage therapist to come to my place tonight preferably after 8?
And as is common with these types of breakthroughs, it comes down to solving an individual pain point or need of the founder or inventor.
'In summer 2016, it took me almost three months to find, vet and hire a decent, reasonably priced maid.
'I discussed the story with my closest friend (current cofounder) and realized he was experiencing the exact same difficulty in finding a decent plumber for his newly purchased house,' Abka told me.
'So we sat together and came up with Idemandu, an assistant that could seamlessly match service providers with people utilizing cutting-edge AI technology.'
Think of it as a fair, transparent and trained financial advisor that connects to your bank account to give you financial guidance on saving for college, buying a home or planning retirement.
An essential recommendation model could compare one's financial situation with millions of others and recommend the best solutions.'
It also enlarges the bandwidth of transferring information to computers, giving us incredible access to machine's computational power.'
AI is a tool that can push the human race forward, like how other notable inventions did throughout the history of humanity.'
Abka explains it further, saying: In the future, each time a transaction is scheduled to happen on Idemandu, the assistant will give you the option to record it as a smart contract on the Ethereum blockchain network.
Smart contracts are applications that run precisely as programmed without any possibility of downtime, censorship, fraud or third-party interference.
All too often we lessen the impact of an advancement by not allowing it to help us achieve our own goals and help others in the process.
- On Monday, June 1, 2020
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