If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
Everyone has a morning routine. You wake up, get dressed, have breakfast -- and in the days before COVID-19 -- pack up your bag to leave for the office. Day after day, you pack your bag the same way, tossing in your laptop, lunch, and maybe even workout clothes. It's so routine that it becomes automatic. One day you leave the house, and you notice your bag is less bulky than usual.
Years ago, most companies that looked to AI to create products, services, or processes would have found a steep learning curve -- a raft of new terms and new ways of thinking. But by now, in 2020, many have likely leaped beyond those early struggles and have completed proofs of concept, conducted initial pilots, and may have some projects in production. The next step is getting to scale, said Kurt Muehmel, chief customer officer for Dataiku, during a session at Transform 2020. Dataiku is a software company that helps other companies -- usually enterprises -- develop the internal ability to build their own AI products and services, hook those into their own business processes, and scale them. These days, it's not uncommon for a Dataiku customer to be stuck at the scaling phase after building something with AI. "Maybe they've succeeded once, twice, maybe 10 times," Muehmel said.
Concern over the safety of AI varied according to age, with younger respondents adopting a more relaxed attitude. While 73% of those aged over 55 supported the introduction of extra guidelines to improve safety standards, only 53% of those aged between 18 and 34 concurred. Britons also wanted to see companies take more accountability, with 72% of people believing that companies that develop AI should be held responsible for any mistakes that the technology makes. At 81%, those aged over 55 were the most likely to hold this view, while at 60%, millennials were the least likely to agree. The research, which was published today, revealed that Brits have high expectations regarding AI's performance and capabilities.
As artificial intelligence (AI) assumes more of the internal workload and serves up more predictive and prescient insights, organizations are recognizing its value. The rise of AI has in turn put a spotlight on today's data architecture – the fuel that ignites the intelligence. With customers gravitating to online sites, mobile apps and smart devices that are more convenient, informative and engaging, data is central for businesses seeking to deliver a differentiated experience. Data and intelligence can not only enhance the customer experience, they can improve process efficiency, automate tedious tasks, and quickly uncover previously hidden insights. AI-ready data architectures have helped transform organizations and industries.
Plexiglass and human "traffic monitors" will go only so far to ease concerns of both consumers and employees about in-person banking while the COVID pandemic continues. Financial institutions are realizing that long-term adjustments will be required in how retail banking is conducted. This dramatic shift has sharply increased interest in various types of conversational banking, especially as a means to ease the pressure on call centers. Most often, conversational banking takes the form of chatbots powered by artificial intelligence. But it also includes voice-activated digital assistants such as Alexa, Google Assistant and Siri, used with a variety of devices including mobile phones and smart speakers.
Hardbacon is pleased to announce that it will receive consulting services and has obtained conditional funding of $50,000 for an artificial intelligence research and development project to predict stock prices. The grant is part of the National Research Council of Canada's Industrial Research Assistance Program (NRC IRAP). Hardbacon, a mobile budgeting and investment tracking app, is currently developing a stock rating system, which will leverage artificial intelligence to help investors pick stocks. Ratings generated by artificial intelligence will appear in Hardbacon's mobile application, and will also be made available under license to financial institutions wishing to use these ratings or to offer them to their customers. "Many Hardbacon users asked us to tell them what to invest in", explained Julien Brault, CEO of Hardbacon.
When you pick up a magazine, scroll through the tech blogs, or simply chat with your peers about technology, you'll quickly notice that almost everything related to the technology world seems to have some element of artificial intelligence or machine learning to it. Computer power is developing, calculations and Artificial Intelligence (AI) models are getting increasingly advanced, and, maybe generally significant of all, the world is creating impossible volumes of data. As a result, AI is being blended into almost every aspect of our lives, from our cars and medical devices to robots and entertainment. Artificial intelligence will likely revamp every aspect of society, business, and industry over the coming decade. AI could impact everything from customers to employees to operations, making it indispensable that organizations begin understanding their place in this era of AI.
This content was produced by Insights, the custom content arm of MIT Technology Review. It was not written by MIT Technology Review's editorial staff. And the data shows it: according to a recent MIT Technology Review Insights survey of 1,004 AI experts, the top three uses for AI in health care are in quality control (60%), customer care and support (44%), and monitoring and diagnostics (42%). The importance of quality control in health care is obvious--better medicines and diagnostics help everyone from doctors to patients to pharmaceutical and insurance companies. Some might think that putting resources into the health-care back office is a cop-out.
Automated extraction solutions bear the promise of freeing up subject matter experts from tedious and error-prone manual review tasks. AI software can easily extract agreement terms or clauses, expiration dates, and more. If their results are accurate, these solutions will add strategic value to the organization by improving efficacy, reducing risk exposure and generating new opportunities. To maximize their benefits, one needs however to select carefully. An automated contract review tool should be able to reliably extract key information from thousands of complex contracts containing disparate and diverse terminology.