The term Artificial Intelligence has been conquering the headlines; especially in the past five years. Artificial Intelligence or AI can be defined as the prompt of natural intelligence in machines as reactions to certain words, sounds and/or events. That is, machines are programmed to learn and mimic the actions of humans in response to specific events. For example, a machine or even a system can be instructed to wish “Good Morning” when the clock strikes 6:00 am. Then the machine learns that whenever there is light you wish “Good Morning” and when it is dark, you wish “Good Night. Though this is not the perfect replica; it gives an idea on how Artificial intelligence works.
IMPACT OF AI ON INDUSTRIES AND WORKSPACES
This post gives an overview of how AI has impacted working styles in different industries as well as on various enterprises. Certain interesting insights along with forecasts shared by leading research organizations across the globe are:
- Utilizing AI in marketing and sales enabled multiple organizations to increase their leads by 50%+. Along with this, they were able to reduce their call time by nearly 70%. Cost reductions came nearly a massive 60%.
- AI is predicted to evolve as a $190 billion industry by 2025.
- The World Economic Forum’s report predicted that estimated that AI probably could create 97 million new jobs by 2025.
These are just some of the many striking features. Use of Artificial Intelligence has become a major necessity for enterprises across verticals and also in the daily lives of common man. For instance, Gmail makes use of an advanced AI system that helps in detecting and filtering spam mails. Also, popular social networking sites utilize AI to detect & delete fake news. Other instances include instances where businesses use AI-powered chatbots for better customer support.
This example would perhaps ring a bell. “Do you own a smart-phone? Is there a facial lock/unlock feature in it? That is, can you lock/unlock your phone by scanning the contours of your face?”
That’s AI for you! Also, when you speak of AI- exploration must also be done on two core branches. These are Augmented Reality (AR) and Virtual Reality (VR).
Augmented reality (AR) can be defined as combining replicas of digital elements in a real-time environment. That is, imagine bringing objects, people and scenarios from your mobile phone or television to the reality in front of you? Imagine if you could actually be at the side of super heroes such as Spider Man when he fights the imaginary character, Dr. Octopus? Say hello to Augmented Reality.
Virtual Reality is very similar. But the core difference is that you do not add graphics or digital media intro reality; you actually go into them. Let us put that in simpler words. “Imagine you could enter the very scene where the fight between Spider Man and Octopus? That is, you were not just watching; you were part of the fight!” That is Virtual Reality in the simplest words.
Augmented Reality (AR) and Virtual Reality (VR) are two developing areas of technology whose full potential are yet to be expanded into mainstream industries. Combining together VR and AI can provide us with some pretty incredible opportunities. There is a lot of potential on the career front, innovation, research, and even commercial growth. However, we still have a long way to go in nurturing the complete potential of AI. There are quite a few roadblocks and challenges.
Jobs- The rising demand for AI has simply resulted in the generation of new career opportunities in the areas of Machine Learning, Data Science, Deep Learning, and more. However, the AI industry is facing server shortage of skilled and certified professionals who can handle these challenging job-roles. That is, there is high demand but not enough supply. AI is the future but normal students, professionals and even entrepreneurs in India are not completely prepared to welcome it.
Responsibility - The major interesting aspect about AI & ML algorithms is that they tend to learn and evolve by themselves on how to react to events. Also, reactions of algorithms are unpredictable. To make it short, developers and/or owners of these machines cannot always control what reaction they wish to generate. Hence, this requires complete expertise in AI with a proper understanding of how it works.
Privacy - To make AI powered systems to function in a precise manner, enterprises would be feeding the systems with large volumes of customer data. This may lead to several privacy concerns that need to be addressed.
This was an educational post which gave you a glance into the world of AI, some of its benefits and some of its challenges. Did you find it useful? We would love to hear more from you. SchoolforAI is a modern hybrid learning platform that shares knowledge to students and similar audiences on the different aspects of AI along with data science. We have multiple customized courses to make you subject matter experts. Follow our page for more.