GAME-CHANGING TRENDS TO LOOK OUT FOR WITH AI
Artificial Intelligence is a state-of-the-art technological trend that many companies are trying to integrate into their business. A recent report by McKinsey states that Baidu, the Chinese equivalent of Alphabet, invested $20 billion in AI last year. At the same time, Alphabet invested roughly $30 billion in developing AI technologies. The Chinese government has been actively pursuing AI technology in an attempt to control a future cornerstone innovation. Companies in the US are also investing time, money and energy into advancing AI technology.
The reason for such interest towards artificial intelligence is that artificial intelligence can enhance any product or function. This is why companies and governments make considerable investments in the research and development of this technology. Its role in increasing the production performance while simultaneously reducing the costs cannot be underestimated.
Since some of the largest entities in the world are focused on promoting the AI technology, it would be wise to understand and follow the trend. AI is already shaping the economy, and in the near future, its effect may be even more significant. Ignoring the new technology and its influence on the global economic situation is a recipe for failure.
The current state of AI and the challenges it is facing
Despite the huge public interest and attention towards AI, its evolution is still somewhat halted by the objective causes. As any new and fast-developing industry, AI is quickly outgrowing its environment. According to Adam Temper, an author of many creative researches on artificial intelligence, the development of AI is mostly limited by the “lack of employees with relevant expertise, very few mature standard industry tools, limited high quality training material available, few options for easy access to preconfigured machine learning environments, and the general focus in the industry on implementation rather than design”.
With any new complex technology, the learning curve is steep. Our educational institutions are several steps behind the commercial applications of this technology. It is important that AI scientists work collaboratively, sharing knowledge and best practice, to address this deficiency. AI is rapidly increasing its impact on society; we need to ensure that the power of AI doesn’t remain with the elite few.
Another factor that may be hindering the progress of AI is the cautious stance that people tend to take towards it. Artificial intelligence is still too sci-fi, too strange and, therefore, sometimes scary. When people learn to trust AI, it will make a true quantum leap in the way of general adoption and application. Adam Temper supports this point, too, describing the possible ways for AI technology to gain public trust as
“more media attention on positive human impact AI applications, e.g. medical diagnostics and scientific discoveries, general awareness that progress in the field is 100% human driven… Self-improving AI is some way off! Appreciation of the number of new jobs this technology will create, employment shift from manual/repetitive tasks to those with higher creativity seen in a positive light.”
At the same time, if we analyze the primary purpose of AI, we will see it for what it really is — a tool to perform the routine tasks relieving humans for something more creative or innovative. When asked about the current trends and opportunities of AI, Aaron Edell, CEO and co-founder of Machine Box, and one of the top writers on AI, described them as follows:
“Artificial intelligence is a broad term that generally refers to any computer system that replicates human intelligence. As such, a lot of use cases can come to mind from predicting the stock market to vacuuming floors. Where the real opportunity in artificial intelligence lies is in the ability to perform pattern recognition to automate repetitive tasks. At Machine Box, we see a lot of success with customers who are trying to solve a problem centered around automating a task that a human might not be very efficient at, such as tagging people, products, and locations in millions of images or recommending content to people they’re more likely to engage with. Some of these tasks are impossible to scale without something like machine learning to take on the computational burden. The challenges to machine learning are now mostly around having the right combination of use cases and training data. By taking advantage of new research into reinforcement and transfer learning, we’ve built our tools to minimize the amount of training data you need, which is important because where AI and machine learning will succeed is in the ability to tune the models to your data and your needs. A single, grand, machine learning model trained with all the data in the world will not perform as well as one created with your data. What we’re going to see in the near term are smaller, more focused machine learning models that will learn quickly, and can be deployed on-demand like a compute or storage resource.”
AI Influence on Domestic Politics
AI has also become a political talking point in recent years. There have been arguments that AI will help to create jobs, but that it will also cause certain workers to lose their jobs. For example, estimations prove that self-driving vehicles will cause 25,000 truck drivers to lose their jobs each month. Also, as much as 1 million pickers and packers working in US warehouses could be out of a job. This is due to the fact that by implementing AI, factories can operate with as few as a dozen of workers.
Naturally, companies gladly implement artificial intelligence, as it ensures considerable savings. At the same time, governments are concerned about the current employment situation as well as the short-term and long-term predictions. Some countries have already begun to plan measures about the new AI technology that are intended to keep the economy stable.
In fact, it would not be fair to say that artificial intelligence causes people to lose jobs. True, the whole point of automation is making machines do what people used to do before. However, it would be more correct if we said that artificial intelligence reshapes the employment situation. Together with taking over human functions, it creates other jobs, forces people to master new skills, encourages workers to increase productivity. But it is obvious that AI is going to turn the regular sequence of events upside down.
Therefore, the best approach is not to wait until AI leaves you unemployed, but rather proactively embrace it and learn to live with it. As we said already, AI can also create jobs, so a wise move would be to learn to manage AI-based tools. With the advance of AI products, learning to work with them may secure you a job and even promote your career.
Investing Into Your Future
Your future largely depends on your current and expected income. However, another important factor is the way you manage your finances. Of course, investing in your own or your children’s knowledge is one of the best investments you can ever make. At the same time, if you need some financial cushion to secure your family’s welfare, you should look at the available investment opportunities.
And this is where artificial intelligence may become your best friend, professional consultant and investment manager. In the recent years, in addition to the traditional banks and financial institutions, we have witnessed the appearance of a totally new and innovative investment system.
We are talking about the blockchain technology and the cryptocurrencies that it supports. Millions of people all over the world have already appreciated the transparency and flexibility of the blockchain networks. By watching the cryptocurrency trends carefully and trading wisely, individual investors have made fortunes within a very short time.
Nowadays, the cryptocurrency opportunities are open for everyone, not only for the industry experts. There are investment funds running on artificial intelligence that are available for individual investors.
With such funds, you are, on one hand, protected by the blockchain technology. It ensures proper safety of your funds and the security of your transactions. On the other hand, you do not need to be an investment expert to make wise decisions. This is where artificial intelligence is at your service. It analyzes the existing trends on the extremely volatile cryptocurrency market and shows you the best opportunities.
The main point is that we should not regard AI as a threat to our careers and a danger to our well-being. Instead, we should analyze the investment openings created by AI technology that can secure our prosperity. For example, Wolf Coin is using AI technology to create a seamless investment channel for savvy individuals. This robust channel opens great opportunities that investors can use to become new rich kids on the block. Most noteworthy, the low entry cost of $10 has made it one offer that will enjoy a huge buzz. The focus on this new market opening will help people build a solid financial nest egg that will keep them safe even in the face of the storm.
Wisewolf Fund launching the Wolf Coin focused its effort on creating a great opportunity for people who wish to benefit from cryptocurrency trading but are new to this trend. With artificial intelligence and advanced analytical algorithms, the fund arranges the most favorable conditions for individual investors.
Mainstream manufacturers, companies, and factories are embracing AI technology to change the mode of their operations. Therefore, it is critical to keep tabs on this reality as it can bring many benefits that cannot be found elsewhere. AI is one of the hottest topics of discussion, however, it is now clear that AI is here to stay. So, people should accept the obvious in order to create the future that they desire. The wisest strategy is to embrace artificial intelligence and let it work to maintain our well-being.
The following article was originally published on WiseWolf blog. Don’t want to miss the next story? Subscribe to our newsletter and stay tuned!