The Australian Government released its artificial intelligence (AI) technology roadmap during Australia's inaugural AI summit Techtonic, held recently in Canberra. As reported, 'Artificial Intelligence: Solving problems, growing the economy and improving our quality of life' was developed by CSIRO, Australia's national science agency. The roadmap outlines the importance of action for Australia to capture the benefits of AI, which is estimated to be worth AU$ 22.17 trillion to the global economy by 2030. It was developed for the Australian Government in consultation with industry, government and academia. The roadmap is intended to help guide future investment in AI and machine learning, and accompanies Artificial Intelligence: Australia's Ethics Framework, a discussion paper prepared by CSIRO's Data61 and published by the Australian Government in April 2019.
Incumbents should consider partnerships and find new value-added services. For a long time, insurance proved resistant to digital technology's disruptive power. Complex regulation, the capital reserves required to underwrite insurance, and underwriting skills and proprietary data built on years of experience kept the industry protected. But these barriers are rapidly eroding. For the most part, the main threat is not from insurtechs, the nimble new tech start-ups that have thus far focused on property-and-casualty (P&C) insurance, as well as marketing and distribution, and into which venture capitalists have poured $4.4 billion in the past two years.
The manufacturing industry has traditionally been hesitant to react to the advent of technologies due to cost. To deliver greater efficiency and productivity, the industry must harness technology. The digital transformation of the manufacturing sector will touch nearly every aspect of business as existing systems, jobs, and business processes are instrumented, redefined, and optimized with artificial intelligence. Information technology, operational technology, supply chain, asset management, services, and the customer-facing system will be impacted by this far-reaching transformation. The first step to digitization is to analyze the current state of all systems including R&D, procurement, production, warehousing, logistics, and marketing to sales and service.
We're in the midst of the Fourth Industrial Revolution – driverless cars, virtual assistants and the gig economy are only a glimpse of what is still to come. Perhaps unsurprisingly, coverage of technological change is often pessimistic and focused on machines'taking our jobs'. And we can indeed already see some areas where this kind of displacement is taking place – in supermarkets, airports and banks – to name a few. But why are we so afraid of the future? Why is that the talk of the implications of artificial intelligence is about our soon-to-be robot overlords and mass unemployment, instead of the opportunities new technology presents?
In the next several years, FinTech, AI, and data-driven technologies will converge into a single ... [ ] advanced technology Over the past 100 years the financial industry has largely excluded people in retirement. Even today tech entrepreneurs are ignoring financial inclusion for people over 60, who make up the wealthiest part of the financial system, and instead, are developing new financial products designed for younger people. The most valuable and capable client demographic in terms of purchasing power are the citizens of the 7th Continent which is made up of 1 billion people over 60. The global spending power of this demographic is expected to be $15 trillion this year. Who will serve this market?