AI is the Future: Why we think so

image of AI hand touching human hand
Credit: technewsworld.com

Artificial Intelligence (AI) has been around for more than most people actually realize. The term “artificial intelligence” can be traced back to 1956. It belongs to John McCarthy, a Stanford researcher who coined the term and defined the key mission of AI as a sub-field of computer science.

DEFINITION OF AI
In simpler terms, Artificial Intelligence (also known as machine intelligence) is intelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans and other animals. Artificial Intelligence is the goal of computer science and the goal is to create systems that can function intelligently and independently.

The truth is that AI is everywhere and is already being woven into the fabric of society. From the 3.5 billion daily searches on Google to the new Apple iPhone X that uses facial recognition to Amazon Alexa that answers questions and to self-driving cars.

However, these days, there is a perception of technological advancement as an imminent threat to the society, widening social divide and limiting employment opportunities. While the latter part ‘may’ sound logical, it is not entirely true. Innovation is not additive or subtractive, but multiplicative. It exponentially creates more opportunities for people than the prior status quo. According to a PwC study, 38% of jobs in the U.S are at high risk of being replaced by AI over the next 15 years. But that doesn’t mean there would be limited job opportunities. Technology displaces and creates jobs. According to a research firm, Gartner, some 1.8 million jobs will be wiped out by 2020, but 2.3 million new ones will be created. In fact, repetitive jobs will become extinct. Therefore, as the role of computers evolve in the workplace, workers have to evolve their own roles as well.

REDUCE COST OF OPERATIONS

Image of AI in banking
Credit: Chatbots Magazine

For instance, did the ATM replace banks? No. ATMs helped to increase the number of banks by more than 40% by lowering the cost of opening a branch. AI would eliminate jobs that are physically harmful and dangerous to humans. Good news for factory workers who breathe in toxic chemicals and bomb disposal experts who place their lives on the line.

 

 IMPROVE FARM YIELD

Image of AI in farm
Credit: Bainbridge Consulting

We can make use of AI in different sectors of the economy, including farming, Researchers at Penn state and Swiss Federal Institute of Technology have been able to feed networks of computer with over 53,000 photos of healthy and unhealthy crops in which the system has been able to identify crops and diseases with an accuracy rate of 99.35%. AI is also capable of increasing yield of farmland in developing countries with machine learning algorithms used in drone technology for both planting and fertilizing seeds.

 

 INCREASE ACCESS TO HEALTHCARE

Image of AI assisting in healthcare

Even in the healthcare sector, consulting firm Frost & Sullivan reports that the healthcare AI market is set to experience a compound growth rate of 40% through 2021, largely because AI has the potential to improve healthcare outcomes by 30% – 40% while cutting treatment costs in half. Also, virtual nursing assistants, aid clinical judgement/diagnosis, automation of administrative tasks, image analysis, and so on are potential ways AI can benefit the healthcare sector.There have been extraordinary advances in the ability of Artificial systems to incorporate intentionality, intelligence and adaptability in their algorithm. AI has the potential to greatly improve security, healthcare, education, and poverty. AI is the future.

By Jeje Yansola, Content Writer at DigiLaw

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