From cars that drive themselves to the ability to lock your home after you’ve left, artificial intelligence, or AI, has advanced quickly. It’s transitioned from something only imagined in sci-fi movies and books to a reality. Scientists from the University of Oxford have been researching artificial intelligence, and they’re predicting that by 2024, the technology will surpass humans in translating languages. They also believe that by 2026, it will be writing school essays. This is how AI will change the future.
1. It Will Decrease Mistakes in Healthcare
An estimated 86% of the mistakes that occur in healthcare are preventable. AI will start tackling this problem in the future. As the healthcare industry begins using AI more, medical treatments will become more affordable and more accurate. When AI and predictive analytics are used together, medical professionals will gain a better understanding of how different factors, such as local air pollution levels, birthplaces and eating habits, can impact someone’s health.
With this information, AI-managed healthcare systems will have the ability to predict when someone is most likely to be affected by a chronic disease and offer preventative measures to offset it. Technology experts can enhance AI with large amounts of data. AI algorithms operate better when they receive continuous data.
In learning, there is a connection between neuroscience and AI, which is that both aim to understand the workings of the brain to predict behavior. Better AI technology can be developed with a better understanding of how the human brain functions.
2. It Will Improve Banking
The IHS Markit’s AI in Banking report states that by 2030, the worldwide business value of AI in the banking industry will reach $300 billion. AI is ready to make its way into the banking spotlight within the next 10 years or so in areas like security and business intelligence. When it does, it will decrease costs, increase productivity and improve customer experiences.
One of the benefits of artificial intelligence is that it will help power Robo Advisors in the financial sector. In fact, they will become a familiar feature in the future. Robo Advisors will save space and time. Banks in the future will not only customize their products and services, but they will also personalize a customer’s experience. An example of how this would work is that when you walk into a bank for service in the future, a teller would greet you by name and have access to your banking history without you needing to provide an identification card.
3. It Will Impact the Environment
AI is in place to have a positive impact on climate change, environmental problems and sustainability. With the use of high-tech sensors, cities will experience less congestion. They will also become less polluted and transition into more livable environments. Car sensors will be able to transmit data about current traffic conditions to predict issues and improve the stream of cars on a roadway.
4. It Will Improve Retail
According to a retail study by Capgemini, if retailers implement AI throughout their business operations, it has the potential to save them more than $340 billion by 2022. The benefits of artificial intelligence include helping retail managers make better decisions. In the future, a consumer will receive a small package just 30 minutes after ordering it from the help of an AI-managed drone.
Amazon is currently taking steps to safely and reliably deliver packages using drones, but the company is still working on the process. Within the next 10 years, you can expect to receive packages delivered via drone.
Along with drones, the retail world will be able to use AI to develop virtual racks that are personalized based on a person’s data-described image. The future of the retail industry will include customization according to a person’s previous history. The great thing about this is that it will make it easier and less stressful for people to make purchases.
5. It Will Enhance Entertainment
Instead of binging with Netflix, in the future, you’ll be able to settle in on the sofa and order a custom movie starring virtual versions of your favorite actors. AI may also help film studios release movies that won’t flop. Studios will be able to use advanced predictive programs to review a film script’s storyline and forecast how it will perform at the box office.
6. It Won’t Make Human Workers Obsolete
When you consider how often Hollywood makes AI the bad guy in sci-fi movies, it’s understandable that many people are worried that the technology will make them obsolete in the workplace. While it is true that advancements have taken over jobs that people used to do, it’s more likely that AI will inspire innovation that will create new growth sectors. This will result in more jobs being created, making it the future of work.
AI has improved its ability to mimic the effectiveness of human intelligence when completing some jobs, but the technology continues to face limitations. For instance, AI programs are generally only able to perform specialized intelligence. This means that they can handle only one thing at a time. They can also be inflexible and unable to react to input changes or perform any actions that aren’t a part of their programming.
An intriguing fact about AI is that the technology is being used in more ways than most people know. These days, it’s being installed in smartphones and even chatbots. This shows how the advanced technology is merging into people’s everyday lives instead of taking over their jobs.
Artificial Intelligence Will Change How People Work
The future of work will include AI. From healthcare to banking, most industries will benefit from embracing this type of technology. At the Productivity Intelligence Institute, I can help you implement AI into your company and offer guidance on how to use it in the workplace. Reach out for more information today.
