Several types of AI technology are suited for a specific application. For example, deep models are especially useful for handling data that is not numerical. Such models must be able to read symbols and process huge amounts of information. Examples of such applications include speech analysis and drug discovery. Robotics also uses AI technology, borrowing from mechanical and electrical engineering areas. For example, robots may be used for driverless cars or for other applications.
Currently, the AI technology market is still in its early stages. However, the report found that companies that implemented AI technologies could increase their revenue by 28 to 51 percent. Although the market is young and AI tools have a long way to go, the best way to ensure that your business is gaining the most from AI is to choose AI tools with open APIs.
Applications in commerce
AI is increasingly influencing the way businesses do business. For example, companies can use algorithms that can learn from vast amounts of data to predict demand, offer relevant recommendations, and streamline the buying process. ECommerce companies can also use these algorithms to improve customer service. While the future of AI is still quite a few years off, companies are already starting to see significant results.
One example of how AI can improve customer service is chatbots. Chatbots can simulate the personal touch that humans provide. With AI-powered chatbots, businesses can offer personalized experiences that help customers make purchases. Businesses can also automate the work of customer service representatives and reduce the number of steps they must take.
Impact on healthcare
AI may not replace doctors anytime soon, but it can provide a much-needed extra pair of hands. With the growing demands of patients, global pandemics, and complex administrative regulations, the medical community is already under tremendous pressure. Adding AI solutions to the mix will free medical practitioners to focus on patient care. Moreover, AI will greatly reduce the workload of medical professionals, giving them more time to spend on clinical diagnoses.
Besides improving healthcare operations, AI can also help improve population health, including disease detection and early intervention. It can also be used to predict hospital admission risks, identify cancer at an early age, and improve healthcare R&D and pharmacovigilance. As a result, the use of AI solutions is increasing in health systems worldwide. Additionally, AI can also improve patient experience and adoption.
Implications for government
AI has numerous implications for the government, from cost savings to increased productivity. Already, AI is transforming industries like manufacturing, logistics, service, and maritime, among others. In addition, AI-based technologies can be strategic national security assets. For instance, countries like the US and China have invested significantly in fully autonomous weapons systems and robots.
Nevertheless, the future of AI in society requires addressing a wide range of issues. For example, the ethical implications of AI are still far from fully understood. This is one area where a national governance structure is needed. The Berkman Klein Center collaborates with international agencies such as the International Telecommunications Union and the Organization for Economic Cooperation and Development to develop policy guidelines on AI technology.