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) …
Although the COVID-19 pandemic affected many areas of industry, it did not lessen the impact of Artificial Intelligence in their daily lives. Thus, we can assume that AI-powered solutions will undoubtedly become more widely used in 2021 and beyond. Knowledge will become more available in the coming years, putting digital data at higher risk of being hacked and vulnerable to hacking and phishing attempts. AI and new technologies will help the security service in combating malicious activities in all areas. With strengthened safety initiatives, AI can help prevent cybercrime in the future.
As we continue to move forward in digital transformation, an increasing number of companies are discovering the promise of robotic process automation (RPA). In a nutshell, RPA allows companies to gain efficiencies and (hopefully) save money by automating routine tasks. RPA is what I'd call the low-hanging fruit of artificial intelligence. It's governed by structured input. Its processes are mundane and rule-based.
AI, RPA, and machine learning, you must have heard these words echoing in the tech industry. Be it blogs, websites, videos, or even product descriptions, disruptive technologies have made their presence bold. The fact that we all have AI-powered devices in our homes is a sign that the technology has come so far. If you are under the impression that AI, robotic process automation, and machine learning have nothing in common, then here's what you need to know, they are all related concepts. Oftentimes, people use these names interchangeably and incorrectly which causes confusion among businesses that are looking for the latest technological solutions.
Research firm Gartner estimates the market for hyperautomation-enabling technologies will reach $596 billion in 2022, up nearly 24% from the $481.6 billion in 2020. Gartner is expecting significant growth for technology that enables organizations to rapidly identify, vet, and automate as many processes as possible and says it will become a "condition of survival" for enterprises. Hyperautomation-enabling technologies include robotic process automation (RPA), low-code application platforms (LCAP), AI, and virtual assistants. As organizations look for ways to automate the digitization and structuring of data and content, technologies that automate content ingestion, such as signature verification tools, optical character recognition, document ingestion, conversational AI, and natural language technology (NLT), will be in high demand. For example, these tools could be used to automate the process of digitizing and sorting paper records.
The phrase'digital transformation' has been bouncing off the walls of boardrooms around the world for more than a decade. You might have expected Covid-19 to put the brakes on some of this activity, but it's been full steam ahead. In fact, Gartner reports that digital innovation and the application of emerging technologies has actually accelerated during the pandemic. Amit Gupta is Executive Vice President and Global Head – DRYiCETM Software, HCL Technologies. The phrase emerging technologies used to apply to AI, which was something of an optional add-on when the concept of digital transformation first hit the mainstream.
Intelligent Automation (IA) is one of the trending buzzwords of our times. Bill Gates believed automation to be a double-edged sword when he said: "Automation applied to an efficient operation will magnify the efficiency. IA lies at the intersection of robotics, artificial intelligence (AI) and business process management (BPM). But before you think HAL from 2001: A Space Odyssey, J.A.R.V.I.S. from Iron Man or Terminator 2: Judgment Day scenarios, first, a little context. IA is not new; automated manual processes have been in existence since the dawn of the Industrial Revolution.
Well, it looks like the science fiction writers had some surprisingly accurate crystal balls to predict what life would be like over 50 years into the future. Autonomous vehicles, for the majority, seem very close, mixed reality is finding its way into niche solutions, mobile phones facilitate a computer in the pockets of most people, and 3D printing continues to evolve as examples of this progress. So where are we today in terms of artificial intelligence (AI) becoming part of our daily personal and work lives? AI has promised the world, to the extent that there are valid concerns over what the future of work will be. Will we, as a human race, no longer need to work?
For the past few years, headlines have abounded about how robots are going to take over -- specifically people's jobs. It's true robots have been taking on more mundane tasks, but there's more to the story. A recent McKinsey report found that more companies were pursuing automation in 2020. However, many of the organizations surveyed said they were automating with an eye toward their personnel, complementing existing talent to allow for growth. For modern finance teams interested in automating tasks, below is a look at two types of automation technology.
Robotic Process Automation (RPA) uses software robots on a physical or virtual machine. It has a defined set of instructions for the robots or bots to follow. RPA bots are capable of stimulating most human-computer interactions. These bots carry out thousands of tasks without a single error and at high volume and speed. Pro bots: Follows simple and repetitive commands to process data.
Despite many challenges that we faced due to the pandemic in 2020, the momentum of growth for advanced technologies has continued. Especially, artificial intelligence (AI) is continuously finding increased usage in both the private and public sectors. During 2020, there were developments around natural language processing (NLP) techniques (for example, GPT-3 model built to produce human-like texts), virtual assistants, job automation, and more. And it appears that AI growth is not going to slow down anytime soon. In 2021, AI will become the core business technology.