The idea that computers or software programs can both learn and make conclusions is particularly important and something which we should know about, as their procedures are growing exponentially over time. Due to both of these abilities, AI (Artificial Intelligence) systems are now able to reach many of the tasks which were once reserved for people.
Within the last few years, the development of AI technology has been staggering. AI-based systems are now being used to assist individuals to gain from significant improvements and increased efficiency in just about any field of life.
As the development of AI continues to grow, it will change the ways we live and work more and more.
Now, let us see which Areas AI is going to have a massive effect in 2020.
AI in Retail
Recently, technology has taken on a critical role in the retail industry, as e-commerce solutions have been developed, and small, local stores without successful online strategies are made to go out of business.
Actually, in the U.S., bankruptcies for retail stores have increased significantly from 2015 to 2019, 81 major retail businesses have filed bankruptcy. Amazon has been a strong player in the online retail marketplace, but also, it has begun to venture into bodily retail stores, using new models that incorporate artificial intelligence technologies.
In January of 2018, Amazon opened its initial high tech grocery store that doesn’t expect a conventional checkout to the general public.
According to Amazon, this store is possible because of some of the identical AI technologies used in self-driving cars, including computer tracking, sensor fusion, and deep learning processes. Within the shop, there are tools to discover when an item is removed from its shelf, and these items are then charged to a person’s Amazon accounts as they leave the shop, making the shopping experience fast and effective for customers.
In February 2020, the world’s largest retailer, Walmart, is adding tens of thousands of robots to its workforce. These robots can help manage inventory, scrub floors, and keep product shelves in order.
Over the upcoming few decades, we’ll see grocery stores that offer a mix of automatic technologies and only a few human assistants to ensure that everything runs seamlessly for your shoppers.
In addition to automated payment systems and robots, biometrics is just another way that AI will change the way retail shops operate. However, facial recognition tools are gaining momentum in the market and will probably be implemented in shops in the future, analyzing your facial expressions because you analyze various products and producing customized promotions based on the sensors’ observations.
Robotic Process Automation
A report called A Future That Works: Automation, Employment, and Productivity, based on a study from the McKinsey Global Institute, forecasts that nearly half of our work jobs will be performed by some type of a robot by the year 2055. AI bots will automate any kind of job that is routine or repetitive on a certain level.
For example, in the U.S., JPMorgan Chase & Co. introduced a machine learning application called COIN, which has removed 360,000 hours of work for lawyers every year, saving a huge amount of money and increasing productivity tremendously. COIN, that is short for Contract Intelligence, uses AI to critique and interpret commercial loan arrangements in just seconds, performing the types of analyses that would take a team of attorneys countless hours to complete. As big banks begin to use this kind of technology, they will likely have the ability to save millions of dollars each year.
When discussing tasks that are automatic or insistent, most people tend to believe first of low carb tasks. Nonetheless, robots and AI technologies are going to have the ability to replace a good deal of white-collar workers as well.
According to several experts in the field, jobs that need analysis of data and trends will also be among the very first to be given to robots. Including jobs in the health care and financial industries, each of which relies on analytics and trends.
AI will create healthcare more accurate
The contributions that artificial intelligence can bring to the healthcare industry will change how the medical field functions in groundbreaking ways, allowing individuals around the world to get safer and more efficient care and making it easier to cure and prevent diseases.
Traditionally, analysis of health records, health literature, and historic tendencies was extremely time-intensive, but these sorts of jobs are perfectly suited to AI tools.
IBM deployed its AI assistant, Watson, at a test to analyze 1,000 cancer diagnoses. In 99% of the cases reviewed, the treatment plans recommended by Watson matched those suggested by the patients’ oncologists.
Employing AI tools like this may change the way diseases are diagnosed and treated, enabling patients to get the care they need faster and better. Watson is already being used in hospitals across the world, providing IBM with amazing opportunities for growth whilst also helping to improve health care worldwide.
Another trend that has developed because of the availability Of AI-powered health tools is at-home testing and personalized health care. Using features on their smartphones, people may now perform certain diagnostic evaluations by the comfort of their own homes, cutting back on healthcare costs and reducing the workload on physicians and medical staff, while also helping to improve the health of those using those tools.
Chatbots are computer programs that run conversations via audio or text. There is an assortment of ways that chatbots can be utilized, such as payments, processing, as well as marketing.
Usually seeking to automate at least some part of communication with its clients or customers. By way of instance, around 80% of consumer inquiries regarding particular products are insistent questions rather than specific communications. For this reason, creating a chatbot that can share fundamental product information makes sense, as customers can get instant, effective responses at any time of the night or day.
Some of the most commonly used chatbots today are constructed with the logic of a decision tree, working with information from a big database, and providing great resources when you select from the choices provided. However, if you enter a more complicated request or query, these chatbots may not know some of the phrases that you use or might not return the right details.
In 2020, chatbots will become better at matching human conversation, allowing a larger part of consumer interactions to happen through chatbots. When chatbots employ AI and machine learning, they can remember what a user asked in prior communications, and personalize the present conversation based on data from all preceding ones. This provides much better user experience and a greater level of customer satisfaction while offering more powerful communication patterns than individual operators would be able to offer.
Privacy concerns about AI technologies
One of the many challenges facing society because of the rapidly increasing utilization of artificial intelligence is how to keep the privacy of information.
During the next few years, AI is becoming widespread in many areas of our lives. We’ll be able to experience incredible improvements in health care, education, public safety, and much more, all thanks to artificial intelligence. This is becoming possible because of the ability of AI tools to work quickly and accurately to accumulate and analyze large quantities of information.
However, with so much data being available, questions arise as to how we can ensure our personal information isn’t used inappropriately or for business ends. Smart digital assistants such as Apple’s Siri, Amazon’s Alexa, and Google Assistant can be extremely useful tools, but also have a large level of insight into the areas we go and what exactly we do. Because of this, a lot of people are reluctant to use these sorts of devices, worried the companies behind them may use or sell their private information for advertising or even worse.
For that reason, many have claimed that individuals should have access to the information the technology companies have around them.
The idea of privacy also varies from country to country. For example, privacy policies in the U.S. differ greatly from those in Europe.
As technology companies in the EU have been forced to accommodate their Business practices to comply with the GDPR (General Data Protection Legislation), in 2020, other countries will begin to introduce similar sorts of legislation to safeguard their citizens. The law makes it possible for residents of California to know what data companies collect about them. Also, it lets residents of the nation ask organizations to delete their data.
These were a few of my predictions for 2020. It would be interesting to understand what you think are the dominant trend within this market.