Artificial Intelligence and its future

Artificial intelligence (AI) is intelligence demonstrated by machines, as opposed to natural intelligence displayed by animals including humans. Leading AI textbooks define the field as the study of “intelligent agents”: any system that perceives its environment and takes actions that maximize its chance of achieving its goals, Some popular accounts use the term “artificial intelligence” to describe machines that mimic “cognitive” functions that humans associate with the human mind, such as “learning” and “problem solving”, however, this definition is rejected by major AI researchers.

AI in healthcare:

AI in healthcare has gained significant traction during the pandemic. AI has taken on a much bigger role in healthcare during the pandemic. The White House partnered with AI research institutions to mine scientific literature to better understand Covid-19. Biotech companies and big tech players leveraged AI to understand the structure of the novel coronavirus to expedite drug discovery. Social distancing and lockdown measures forced medical labs to accelerate their digital pathology capabilities.   Amid economic uncertainties, healthcare AI companies raised recording funding in Q3’20.

AI will change healthcare by 2030:

This article is part of the World Economic Forum Annual Meeting. By 2030, AI will access multiple sources of data to reveal patterns in disease and aid treatment and care. Healthcare systems will be able to predict an individual’s risk of certain diseases and suggest preventive measures. AI will help reduce waiting times for patients and improve efficiency in hospitals and health systems. The first big consequence of this in 2030 is that health systems are able to deliver truly proactive, predictive healthcare.

AI and the Future of Work:

A recent study from Redwood Software and Sapio Research underscores this view. Participants in the 2017 study said they believe that 60 percent of businesses can be automated in the next five years. On the other hand, Gartner predicts that by 2020 AI will produce more jobs than it displaces. Dennis Mortensen, CEO and founder of x.ai, maker of AI-based virtual assistant Amy, agreed. “I look at our firm and two-thirds of the jobs here didn’t exist a few years ago,” said Mortensen.

In addition to creating new jobs, AI will also help people do their jobs better — a lot better. At the World Economic Forum in Davos, Paul Daugherty, Accenture’s Chief Technology and Innovation Officer summed this idea up as, “Human plus machine equals superpowers.” 

Potential to transform businesses and contribute to economic growth:

These technologies are already generating value in various products and services, and companies across sectors use them in an array of processes to personalize product recommendations, find anomalies in production, identify fraudulent transactions, and more. The latest generation of AI advances, including techniques that address classification, estimation, and clustering problems, promises significantly more value still. An analysis we conducted of several hundred AI use cases found that the most advanced deep learning techniques deploying artificial neural networks could account for as much as $3.5 trillion to $5.8 trillion in annual value, or 40 percent of the value created by all analytics techniques. 

Deployment of AI and automation technologies can do much to lift the global economy and increase global prosperity, at a time when aging and falling birth rates are acting as a drag on growth. Labor productivity growth, a key driver of economic growth, has slowed in many economies, dropping to an average of 0.5 percent in 2010–2014 from 2.4 percent a decade earlier in the United States and major European economies, in the aftermath of the 2008 financial crisis after a previous productivity boom had waned. AI and automation have the potential to reverse that decline: productivity growth could potentially reach 2 percent annually over the next decade, with 60 percent of this increase from digital opportunities.

Work Cited:

Artificial intelligence – Wikipedia

The Role of Artificial Intelligence in the Future of Work | Blogs | CDC

AI, automation, and the future of work: Ten things to solve for (Tech4Good) | McKinsey

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