Artificial Intelligence is Transforming Industries Worldwide
Living in a world surrounded by technologies, we can conveniently verify that Artificial Intelligence is behind most of the innovations that take place today. It has become one of the innovation resources of the current era. From finances to healthcare, technology has its reach everywhere, transforming every industry for better. Although every technology in the mainstream today is evolving at a fast pace, in comparison to other fields, AI has shown some great and remarkable advancements in the past year. Let’s have a look back into 2019 and see how the technology has introduced some of the most innovative breakthroughs of this decade.
In the monetary arena, the innovations empowered by AI and ML have taken a significant leap. As per the observation presented by a Deloitte report, “AI leaders In financial services: Common traits of frontrunners in the artificial intelligence race“, various AI platforms and tools are revolutionizing several aspects of the BFSI sector. In particular, machine learning tools are driving better customer engagement while helping authorities manage portfolios and plan future services and scenarios. Through ML implementation, financial institutions are also able to own long-term strategies and enforce operational improvements. As illustrated by the report, organizations that are dubbed “frontrunners” are observing revenue growth of 19% company-wide. This significant implementation of AI subset to achieve better business can be attributed as an AI innovation.
Transforming the agriculture sector, an Australia-based agtech company FluroSat served farmers with real-time information. Using this information, farmers were able to assess plant health and detect crop stress. FluroSat’s platform, FluroSense, provides a mix of satellite data, farming records, and AI in an analytics engine that helps farmworkers foresee crop performance. Also, using the received data, the AI tool can provide recommendations on how to optimize crops. Since its launch in 2019, FluroSense is being employed by more than 1000 agronomists across eight countries.
Moreover, across the healthcare and pharmaceutical industry, technology is making great advancements. Living under the reign of terror induced by a coronavirus, no other generation than us can understand the true benefits of technology in reshaping the healthcare industry. Today AI and its subsets are being used extensively for drug discovery and medical treatment planning. However, the upsurge of AI in this industry has been noted in 2019 when a Hong Kong biotech startup called InSilico Medicine partnered with the University of Toronto researchers to create a drug in order to advance the concept to initial testing. As noted by Fortune, the significance of AI on pre-clinical development and on the economics of healthcare is worth watching. “What’s eye-popping here is the timescale: just 46 days from molecular design to animal testing in mice. Considering that, on average, it takes more than a decade and costs US$350 million to US$2.7 billion to bring a new drug to market, depending on which study one believes, the potential impact on the pharmaceutical industry is huge.”
In an effort to transform recruitment processes and HR operations, Harver developed an AI software that automates the hiring process making use of data to sort, test, and vet candidates. The software is extremely helpful in simplifying the hiring process with decreased chances of unconscious bias in the process. As noted by Springwise, Harver is different from other AI-based hiring programs because it focuses on the pre-interview selection process. The company’s software offers HR teams several adaptable assessment modules. The tests can examine everything from personality to typing skills. The program then assesses the results and determines which candidates are the best fit for an interview.
In its creative approaches, the innovations of AI are quite remarkable. One of the most prestigious publications the New Yorker recently agitated a discussion if AI possesses the capability to write for the publication. The article mentions the recently-released GPT-2 by Open.AI. GPT-2 is an AI platform that builds on deep training of a vast “neural net” in order to establish fairly realistic language abilities. According to Open.AI, “We’ve trained a large-scale unsupervised language model which generates coherent paragraphs of text, achieves state-of-the-art performance on many language modeling benchmarks, and performs rudimentary reading comprehension, machine translation, question answering, and summarization—all without task-specific training.” Moreover, some kindred mechanism is being employed to create basic articles, and sports reports.