Mega Trends In AI & Machine Learning
Artificial intelligence will reach human levels by around 2029. Follow that out further to, say, 2045, and we will have multiplied the intelligence the human biological machine intelligence of our civilization a billion fold.
- Ray Kurzweil, American inventor and futurist.
The above forecast might raise a lot of eyebrows, but the pace of adoption of Artificial Intelligence solutions is unprecedented. The importance of AI solutions as part of the digital transformation journey is visible as every individual is impacted by the power of AI solutions. It's also predicted that the adoption journey has been squeezed by as much as 2-3 years and some of the pre covid targets of AI adoption by 2025 will be seen by 2023. This acceleration is putting pressure on business leaders to move fast so as to be relevant in this race for AI enabled digital transformation. We look at some of the major trends which are shaping the application of AI and ML which leaders should watch out.
· Hyper Automation enabled by AI and ML Each organization needs to define its own innovation journey to become an Intelligent Enterprise. AI and ML solutions are going to play a pivotal role in making enterprises adopt automation which will enable them do jobs much better. This is also playing a key role in evolution of Industry 4.0 for manufacturing sector. This is a journey which enterprises need to embark on starting from simple RPA solutions and evolving towards highly sophisticated hyper automation solutions. Its imperative that most of the repetitive jobs will be done by bots in the near future which will not only drive speed but also provide a lot of insights for better delivery of outcomes.
“Each organization needs to define its own innovation journey to become an Intelligent Enterprise”
·IOT and Edge Technologies are getting more power by AI and ML solutions There is explosion in edge devices and this going to be getting an extra boost to interaction with branch offices or customer interactions at the edge. The creation of large number of connected sensors are providing huge data collection opportunity in agriculture, healthcare and consumer related technologies. These data are then being used for better management of crops, patients or customers thus opening a huge opportunity of use of AI and ML tools. 5G technologies will help in communication between IOT devices and cloud without near zero latency which will help in making automation real.
·Smart Factory and Industry 4.0 is getting a huge boost with the advancement of AI and ML models. It's predicted that AI enabled robots will be able to take over 60 percent of precision jobs in factories once 5G communication becomes readily available. Post COVID there is a huge push towards near shore manufacturing and modern factories will be built with modern robotics which can significantly enhance the entire global manufacturing supply chain. There is strong push towards creating of Digital Supply chain twin with the help of AI and ML models where various scenarios can be tested. This digital twin can help in accurately making manufacturing decisions there by enhancing productivity.
· Moving from tex communication to Visual/Video The advancement of Image processing and Video procession capabilities will help in moving towards a much different type of communication between sellers and consumers. Interactive commerce with help of bots is already a reality and will be enhanced in the coming years significantly. There is advent of real-time communication which is leading towards a new era of commerce. AI models can help understand customer behavior which will help in personalization and targeting for better interaction than human beings.
·AR/VR applications will emerge The current AR/VR solutions are still maturing to give a near real life experience, but the advancements are moving much faster. Its predicted a large part of interactive commerce will be done by AR/VR channels by 2025. 5G streaming will also provide the necessary boost to have virtual stores which will have near real-life experience to feel merchandise as well as interact with selling agents. The fast moving towards virtual working will also be boosted by this advancement of AR/VR technologies.
The above use cases are going to boost the way we work, shop and interact at a pace which was not seen in the past few decades. With this penetration of AI in all walks of life it's important to keep in mind that these needs to be done with a strong ethical framework. There has been a lot of talk about use of AI by creating biases which are favoring one party. These biases can have long term impact and hence Ethical AI is the need of the hour and it's important that everyone has a responsibility to build a responsible society.
The other challenge to be aware of is the expansion of data is causing a huge impact on the carbon footprint on this planet. We need to ensure that with this explosion of data we keep on building solutions which can help in reduction of the carbon footprint in the long run.