[IMAGE: LAURENT HRYBYK]
Not for the first time in its history, AI is rising on a tide of hype. Improvements to the technology have produced some apparently impressive advances in fields such as voice and image recognition, predictive pattern analysis and autonomous robotics. Doing so raises a host of challenges of definition and measurement, because the field is moving quickly and companies are branding Artificial Intelligence for marketing purposes.
Still, the rise of AI has not yet shown up in the economy as a whole, at least not in the numbers. Once theorized as visions of a future society, technology like automation and Artificial Intelligence are now becoming a part of everyday life. These advancements in AI are already impacting our economy, both in terms of individual wealth and broader financial trends.
These technologies are already beginning to change the way we work. It is of crucial importance that we start preparing for greater changes as soon as possible. Besides improving the productivity of workers, AI is driving economic growth through innovation. The analyst Gartner believes there are more than six billion digitally connected things in the world, churning out reams of data daily. Thanks to Artificial Intelligence, this data can be analysed to give businesses valuable insight into their customers’ behaviour, demographics and purchasing habits.
While AI is perceived as a new technology, it has been around in different forms for longer than most people realise more than 60 years. The excitement that it is generating now reflects the fact Artificial Intelligence has become more commercially viable thanks to the increase in the processing power of computers, a fall in the cost of storing data due to advances in cloud technology, and the existence of a wealth of digitised data. AI is in everyday use across a range of industries. Banks are using it to automate a series of paper-based processes and insurers are applying it to detect fraud and to validate claims remotely.
With all the excitement and hype about Artificial Intelligence that’s “just around the corner” self-driving cars, instant machine translation, etc. AI becomes more deeply integrated in our lives, it will become the new infrastructure powering a second industrial revolution. We’ve only scratched the surface of examples in day-to-day life.