Artificial intelligence (AI) has come a long way in the last few decades. Although it has been widely known for being cutting-edge, the processes and concepts behind AI have been around for a while. However, it wasn’t until 2012 that the full capabilities behind AI had begun to be appreciated, due to advances in computer technology and networks.
There were instances of AI’s capabilities expanding significantly in 2015 and 2016. In 2015, researchers announced that computers were better at recognising images than humans, in an example of AI neural networks picking up learning skills. And in 2016, Deep Mind’s AlphaGo software was able to beat the GO champion in a breakthrough that demonstrated AI’s ability to learn on its own.
So how else can AI benefit us? Let’s look at a number of ways in which AI is transforming our world.
AI for agriculture
New advancements in AI have led to better crop yields and also improves the estimation time for fruits to ripen, thereby allowing farmers to know the optimal time to pick them. AI which is designed for agricultural usage is also able to perform greenhouse automation, simulation and modelling, in order to optimise conditions for plant growth.
AI for medicine
Artificial neural networks are being used in clinical decision support systems for medical diagnosis, and these systems aid doctors in diagnosing diseases such as cancer, based on early stage symptoms. Doctors previously had to go through hundreds, if not thousands, of X-ray and other scans in order to detect anomalies (i.e. potential signs of cancer). AI is being harnessed with algorithms to recognise these anomalies and flag them out to doctors and healthcare professionals for further follow-up investigations. This frees up time for doctors to perform surgeries and treatments, rather than spending hours reviewing scans.
AI for analysis and data mining
AI is also increasingly being used in systems in order to filter through massive amounts of data in order to spot trends or draw conclusions. By utilising the power of computer systems and natural language, AI is able to “read” text such as news and broker reports. It is then able to gauge the sentiment of such reports and to assign scores to them, in effect ranking these articles according to certain attributes.
In the field of statistical analysis for market research data, AI is able to identify patterns within the data to assess correlations and to come up with logical and insightful conclusions. This would be impossible for the human mind as there is simply too much data for the human brain to sift through.
The Foolish takeaway
The above are just a few examples of how AI is being implemented in our daily lives. While it may not seem like AI is “transforming” the world in a radical fashion yet, the time may come when further advances in AI result in more visible and obvious improvements in the way we live, function and commute. I look forward to such days with eager anticipation.
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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice.