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) …
Progress in artificial intelligence and related forms of automation technologies threatens to reverse the gains that developing countries and emerging markets have experienced from integrating into the world economy over the past half century, aggravating poverty and inequality. The new technologies have the tendency to be labor-saving, resource-saving, and to give rise to winner-takes-all dynamics that advantage developed countries. We analyze the economic forces behind these developments and describe economic policies that would mitigate the adverse effects on developing and emerging economies while leveraging the potential gains from technological advances. We also describe reforms to our global system of economic governance that would share the benefits of AI more widely with developing countries.
Until a few years ago Artificial Intelligence seemed like a thing from sci-fi movies. The whole concept seemed like fiction or a far fetched dream fed by wishful thinking. Then came personal assistants like Siri, Google Assistant, Bixby, Alexa and Cortana, which made the people realise that they could have something like a Jarvis in their homes as well. However, these are just known as weak AIs. Strong AIs are theoretically able to work with human cognitive abilities.
This week, Stanford HAI released its 2021 AI Index. The index is an independent program developed by an interdisciplinary team at HAI in partnership with academia, industry, and government. It takes a comprehensive look at AI's impact and progress each year, analyzing and distilling patterns about AI's impact on everything from national economies to job growth, diversity, and research. Dig into the report to learn in-depth what happened to the industry this past year, or scroll through some of the highlights here.
Clinton Township, Michigan--(Newsfile Corp. - March 1, 2021) - Resgreen Group (OTC PINK: RGGI) ("RGGI"), a leading mobile robot company, today announced the development of Atlas, its new Autonomous Mobile Robot (AMR) for demanding industrial and mission critical 24/7 applications. The vehicle can use either natural feature or magnetic tape guidance to navigate through manufacturing facilities and warehouses. The natural feature or free guidance requires no wires, tape or navigation marks. Instead, the vehicle uses advanced lasers to scan its surroundings, and then determines its position based on the mapped features along its path. "Atlas mobile robot was designed to meet a wide variety of customers' needs, whether it's free navigation requiring no modification to your facility or more cost-effective magnetic tape guidance," said Parsh Patel, CEO of RGGI. "We also understand industrial customers require a rugged vehicle that is built to last and moves heavy loads easily." It features 5G communications and operates using an Android or iOS application in manual mode and WiFi in automatic mode.
Artificial Intelligence is used to inform and shape strategies across a range of industries, but there are still several challenges holding it back from widespread adoption. Ethical considerations must be addressed and operational difficulties, such as building a team with the right skill set, always provide an obstacle. COVID-19 has given organisations across the world the need to expand their digital services. At first glance this would appear to benefit the spread of machine learning. When more people move their financial transactions and activity online, there is more data to tally and learn from.
The ability to make fast, data-driven decisions has never been more valuable as businesses grapple with the shift toward hyper-personalisation, driven by rapidly changing customer behaviours and expectations. The pandemic has accelerated the imperative for businesses to invest in Artificial Intelligence (AI) and Machine Learning (ML) so they can replace guesswork with data-powered certainty to reorient strategy and optimize operations for success in an uncertain future. Nevertheless, enterprises often struggle to integrate these technologies at scale and monetize the benefits. Stumbling blocks typically include challenges associated with cost, lack of investment protection, undefined business outcomes, lengthy timeframes from development to deployment, lack of expertise, and the complexities of the regulatory landscape. Gartner predicts that by 2022, at least 50% of ML projects will not be fully deployed into production.
In recent months, concerns about the economic impact of the pandemic have been closely tied with a spate of panicked automation headlines like, "Will Robots Take Our Jobs In A Socially Distanced Era??". Already we have seen that incorporating new technologies has led to a dramatic shift in the way industries operate worldwide. We are also witnessing a significant rise in interest for robotic process automation (RPA), intelligent automation and artificial intelligence among business leaders who realize that intelligent automation demonstrates strong transformative potential across all industries. Business leaders are accelerating the adoption of technologies they view as crucial to digital transformation efforts – like intelligent and robotic process automation – to help them thrive in this tumultuous business environment and beyond. Businesses are constantly met with new restrictions and 63% of business decision makers feel they are struggling to meet customer demands.
Marking a significant shift in India's digital journey, the Union Finance Minister, Nirmala Sitharaman, has presented the first-ever digital budget for the upcoming fiscal year starting April 2021. Her budget speech touched upon "proliferation of technologies, especially analytics, machine learning, robotics, bioinformatics, and artificial intelligence." The budget has come at a time when the country is still struggling with the massive economic slowdown precipitated by COVID pandemic. However, despite this downturn, businesses have seen a significant push towards digitisation, including acknowledging the importance of artificial intelligence across industries. As a matter of fact, India is considered one of the fastest-growing digital markets globally.
Insurance works with large amounts of data, about many individuals, many instances requiring insurance, and many factors involved in solving the claims. To add to the complexity, not all insurance is alike. Life insurance and automobile insurance are not (as far as I know) the same thing. There are many similar processes, but data and numerous flows can be different. Machine learning (ML) is being applied to multiple aspects of insurance practice.
There have been predictions that Robots will take over our jobs. As of today, that prediction is rapidly coming to pass. Our imagination may tell us these robots are hardware, machines made of metal or carbon fibre. This is not quite the case, as these Robots are software called bots. Bots are programmed to repetitively automate operational and transactional tasks without the need for human input.