2018 is the year of Artificial Intelligence
If the history of human advancement has taught us one
thing it is this: genuine step-change progress does not occur because of a
single technology breakthrough, but a combination of multiple complementary
factors coming together at the same time.
The Industrial Revolution, which began around 1760,
was driven by an amalgamation of steam power, improvements in iron production
and the development of the first machine tools.
Similarly, the PC revolution of the early 1970’s was
the outcome of simultaneous advancements in micro-processing, memory storage,
software programming and other factors.
Now, as we enter 2018, we are at the cusp of a new
revolution, one that will ultimately transform every organisation, every
industry and every public service across the world.
2018 is the year of Artificial Intelligence – or AI – as it will be the year that it
will start to become mainstream, to begin to impact many aspects of our lives
in a truly ubiquitous and meaningful way.
AI: Over 65 Years In The Making
The concept of AI is not new. In fact, it stretches
back to 1950 when early computing pioneer Alan Turing famously posed the
question “Can Machines Think?” and it would be another 6 years, in 1956, before
the term “artificial intelligence” was first used.
So it has taken nearly 70 years for the right
combination of factors to come together to move AI from concept to an
increasingly ubiquitous reality. And there are three innovation trends driving
its acceleration and adoption right now.
The first is Big
Data. The explosion of Internet-connected devices, sensors and objects has
expanded exponentially the amount of data the world is now producing. In this
increasingly digital era, data is the “new oil”– a source of value and sustainable
competitive advantage.
The second factor is
ubiquitous and powerful Cloud computing. Today, anyone with an idea and a
credit card can access the same computing power that, traditionally, only
global multinationals or governments have possessed. Cloud computing is
democratizing technology and accelerating innovation on a global scale.
The third factor
driving AI capabilities is breakthroughs in software algorithms and Machine
Learning that can identify sophisticated patterns implicit within the data
itself. If data is the new oil, Machine Learning is, perhaps, the new
combustion engine.
So, it is this combination of powerful industry
trends, all maturing at the same time, that is accelerating – and democratizing
– AI today.
AI Everywhere
Industry experts refer to the way in which AI will
impact our lives as an “invisible revolution”. This refers to its ubiquity. AI
will be everywhere—powering your online recommendation engine, acting as a
virtual assistant chatbot for your bank account or travel agent, personalizing
your newsfeed or guarding your credit card against fraud. AI will be more
pervasive – and yet less invasive – than any previous technology revolution.
In particular, AI will be embedded seamlessly into
existing, well-established products and services to enhance their capabilities.
For example, with a small piece of AI tech called Microsoft Presentation
Translator, anyone can help overcome any language barriers as PowerPoint can
show real-time subtitles in more than 60 languages, simultaneously as they
speak, during their presentations.
In business, AI will be used by most companies for at
least some part of the value chain either in research and development, design,
logistics, manufacturing, servicing or customer engagement. In fact, leading IT
industry analyst IDC believes that by next year, 40% of digital transformation
initiatives globally will be supported by AI capabilities[1].
And you do not need to be a start-up or hi-tech
company to embrace the possibilities of AI, just have the vision and commitment
to make it happen. Take, for example, Mitsubishi Fuso Truck and Bus Corporation (MFTBC), an 85-year-old Japanese auto manufacturer, which has
given itself just two years to become a “100% digital operation” – complete
with cloud-based capabilities in AI, the Internet of Things (IoT), and Mixed
Reality (MR).
One of the initiatives they have recently implemented
is an AI-powered chatbot where all its 10,000 employees can access information
and assistance they need in a faster, more intuitive and reliable way. This
significantly reduces the time employees spend on learning the Intranet site
navigation, searching for information or calling each other for help. The company
is now planning to extend chatbot technology to boost customer services,
productivity, and maintenance across the whole company.
AI in 2018
As we stand at the cusp of the new year, there are
four key AI developments happening over the next 12 months:
Mass adoption of AI
starts from 2018: AI adoption is set
to soar in 2018 and beyond when organizations start to see clear benefits being
reaped by AI innovators such as MFTBC. IDC forecast that worldwide AI revenues
will surge past US$46 billion in 2020[2]. Closer to home, AI investment in Asia
Pacific is predicted to grow to US$6.9 billion by 2021, expanding rapidly by
73% (CAGR)
Ubiquitous Virtual
Assistants: We will begin to see the
adoption of broad-scale AI in the form of conversational AI chatbots in both
consumer and business scenarios. In fact, Gartner predicts that by 2020 more
than 85% of customer interactions with the enterprise will be managed without a
human interaction and AI will be the key technology deployed for customer
service[3].
Democratizing data
and decision-making: In a world where
more data exists than ever before, the ability to deliver meaningful business
insights from that data to the maximum number of relevant employees becomes of
paramount importance. AI will be the key technology for making that happen by
bringing together data from employees, business apps, and the world.
Building trusted
foundations for AI: There will be
increasingly more discussions at governmental and industrial levels to create
formal governance and regulations in the usage of AI. We saw these discussions
with the onset of eCommerce and the advent of cloud technologies. It is
critical for transparent public-private conversations to take place as they
will shape how AI can benefit economies and societies in a fair, transparent
and trusted way.
The future of AI burns brightly and 2018 is the year
that will establish a solid foundation for the mass adoption of this exciting
and vital technology.
References
[1] IDC Reveals Worldwide Digital Transformation Predictions, Nov 2017
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