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) …
In 2015, a poll of 200 senior corporate executives conducted by the National Robotics Education Foundation identified robotics as a major source of jobs for the United States. Indeed, some 81% of respondents agreed that robotics was the top area of job growth for the nation. Not that this should come as a surprise: as the demand for smart factories and automation increases, so does the need for robots. According to Nearshore Americas, smart factories are expected to add $500 billion to the global economy in 2017. In a survey conducted by technology consulting firm Capgemini, more than half of the respondents claimed to have invested $100 million or more into smart factory initiatives over the last five years.
The evolution of global industries to Industry 4.0 (Rev 4.0) is both exciting and scary. Industry 4.0 is the designated code name for a combination of traditional manufacturing practices and industrial processes with technological capabilities, from automation to AI. Whilst there are many benefits of Industry 4.0, there are several key challenges that lie ahead. Having everything attached to everything else in the Internet of things (IoT) is going to monumentally increase the vulnerabilities present in any given network. With more nodes, connections and burden of connectivity, systems are going to have to be more secure. Rev 4.0 will usher in more calls for greater cybersecurity.
A new topic is buzzing through academic conferences, dominating business strategy sessions, and making waves in the public discussion: artificial intelligence (AI). Every presentation I see includes it these days, even if only used as a buzzword -- it's rivaling the use of "Uber for X" that's been so popular in recent years. I'm inspired to write this post because while AI is a trending topic, it's not just buzz. AI is already deeply ingrained into the strategy and design of our products – well beyond a shout-out in presentations. With my fellow product managers, we strive to optimize what we have to better serve our customers and partners, so it is worth taking AI seriously because of its unique role in product innovation.
The way we engage with technology is changing constantly and there's hardly a day that goes by where we don't hear about Artifical Intelligence (AI) and the'rise of machines.' While mature AI-related technologies are still in their infancy, it's a fact that workplace automation is already here across all sectors. From farming to fashion, businesses are using automation to reduce costs and pick up the pace of production. A report from PwC earlier this year claims that in the next 15 years, 30% of jobs in the UK could be affected by automation, with 46.4% of manufacturing jobs and 56.4% of storage jobs being automated by the early 2030s. Despite these high figures, PwC argues that for the most part, automation will enhance productivity, cut costs and add real value to sectors that depend on intelligent human interaction.
Find out how to optimize your website to give your customers experiences that will have the biggest ROI for your business. Growing up, there's a good chance you heard the mantra "go to a good school, get a good job, and make lots of money." On the surface, that seems like sound advice. After all, college graduates, on average, earn almost $1 million more in their lifetimes than those with only a high school education. Perhaps you were encouraged to get a professional degree to land a high paying job like a doctor, dentist, lawyer or something similar.
Let's tackle those fears and myths by understanding more realistically what AI can and cannot do to enable business applications: To understand AI in ways that drive business, we must start with something that business is familiar with -- business intelligence (BI). Simply defined, predictive analytics use your existing data to predict data that you don't, or can't, have. Prescriptive analytics in advanced BI can recommend actions to optimize business processes, marketing effectiveness, ad targeting and many other business operations. Machine learning can now train models to produce results that closely match those obtained by human experts.
A new report indicates that Australia must double its pace for artificial intelligence and robotics automation to achieve up to $2.2 trillion opportunity by 2030. While doing this, the country must urgently prepare to support over 3 million workers who may lose their jobs. Economics and strategy consulting firm AlphaBeta has released a report, which showed that automation can take away an average four hours of work every week from Aussie workers over the next 15 years if its rate is doubled. AlphaBeta director Andrew Charlton said the reality is that automation alters every job. He explained it is not so much about the jobs, but how the jobs will be done.