Last Updated on January 9, 2024 by Umer Malik
Table of Contents
Introduction
Artificial intelligence is a process that enables us to harness the power of datasets for improving the decision-making and simulation power of machines. As such, pawer of artificial intelligence helps in transforming various spheres of life. The applications of artificial intelligence are spread across various sectors and the research in the field is expanding at a brisk rate.
In the year 2015, a survey was conducted by Statista in which major tech giants of the world participated. They were unsure of the role of AI in their organizations at that time. 5 years down the line, another report by Statista points out that more than 50% of organizations are dependent on artificial intelligence in one or the other form. Some of them have already incorporated artificial intelligence courses in the training of their employees. In the present times, such organizations are aiming at integrating information, analyzing data, and deriving critical insights from it. Decision-makers around the world are relying on the power of artificial intelligence and quantitative data sets for improving operations across various sectors.
Harnessing the benefits of artificial intelligence
There is a general methodology and some rules that need to be followed for harnessing the benefits of artificial intelligence. First things first, the access to data for researchers around the world needs to be improved. That said, it needs to be noted that special protection of user data needs to be enforced and any compromise on data privacy needs to be treated strictly. The investment in unclassified artificial intelligence needs to be promoted in the long run. There is a need to introduce new artificial intelligence courses as well as novel models of digital education. This will not only allow reskilling of our workforce but will enable the workers to cater to the complexities of new systems and technologies. For better governance and policymaking, a white document needs to be drafted related to artificial intelligence. This white paper can act as a guiding document for various AI principles and norms. Any kind of malicious behavior that may impede the functioning of AI systems worldwide needs to be curbed and core aspects of cybersecurity need to be promoted.
Differentiating factors of artificial intelligence
Two important differentiating factors of artificial intelligence include intelligence and improvisation. The intelligence of artificial intelligence can likely be attributed to different kinds of machine learning algorithms and data analytics techniques. With the help of various machine learning tools and techniques, artificial intelligence is able to solve complex problems in a short span of time. By utilizing the power of various knowledge discovery models, artificial intelligence systems can even help in decision making and predictive analytics. The improvisation capabilities of artificial intelligence are largely attributed to its design thinking and product analysis. The models powered by artificial intelligence are able to devise new pathways for carrying out a particular task. This not only improves the functioning and efficiency of the current models but also decreases the sophistication and infrastructural requirements.
Another important quality of artificial intelligence is its adaptability. The adaptability of artificial intelligence can be understood with the training of semi-autonomous vehicles and adaptation to traffic norms and other obstacles. Since artificial intelligence utilizes various kinds of advanced algorithms and sensors, it is able to process large data streams in real-time. In machine learning terminology, the model is able to train itself with the help of reinforcement learning and adapt to its surrounding environment. The same is the case with semi-autonomous vehicles that are able to compete with manual vehicles and navigate through complex roads and traffic conditions with a lot of ease.
AI statistics narrate the future
The reasons for the increasing importance of artificial intelligence in our lives are numerous. According to a report by PriceWaterhouseCoopers, it is estimated that artificial intelligence will lead to an increase in global Gross Domestic Product by more than 15% by the end of this decade. Another report by McKinsey Global Institute finds large instances of increased automation with the help of artificial intelligence around the world. According to this report, automation will not only boost productivity in various industrial sectors but will also lead to an increase of about 2% in the global Gross Domestic Product. These statistics are enough to estimate the range of deployment of artificial intelligence systems that we would witness by the end of this decade. As such, a large number of opportunities related to jobs and research would be created in various sectors and this will rapidly contribute to various developmental aspects.
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