In recent years we often hear the words AI, Machine Learning, Big Data. What are these 'creatures''? Why do they exist? How are they advantageous to us as human beings? Or would they bring more harm than good?
Artificial Intelligence or AI is the capability of a machine to imitate intelligent human behaviours.
Last week I received a totally absorbing book summary from Gerard Saverimuthu, the book "What To Do When Machines Do Everything", the authors :Malcolm Frank, Paul Roehrig and Ben Pring. I would like to share with you some of the interesting jottings that answer my questions.
1. AI will help to enable the industrial revolution by transforming business into super-informed know it all enterprise.
2. AI can help firm capabilities to enhance its performance and revolutionise productivity. How? As rote elements of work evaporate, workers can turn to more rewarding activities (increase qualified productivity). This enhances effectiveness and develops performance (human capital and firm).
3. New tech will both destroy as well as create jobs. Jobs change but do not disappear.
A recent Oxford University study indicates that by 2025 the G7 nations will lose some 173 million jobs to automation. BUT on the flip side The new technology can help to automate specific tasks; the more routine and tedious chores. As a result people can focus to develop their soft skills rather than performing the same task repeatedly.
(Channel News Asia) In the example of askPru: Prudential Singapore's call centre has seen a 30 percent call reduction since the chatbot's launch. This is due to askPRU's ability to gauge a user's intent and accurately respond to a diverse set of common queries. This in turn frees up time for the firm's call consultants to handle more complex questions and deliver higher value work.
4. There are 3 main factors that will drive the coming boom.
Ubiquitech - the presence of tech inside everything
The way current tech "stinks" compared to tech in 2030
Mass digitalization, where firms master 3M's (raw Materials, new Machines, business Models)
5. Data beat oil.
Data's advantages over oil include the low cost of mining, inexpensive distribution, limitless supply, and its proprietary and exponential nature. How?
Data flows best in an efficiently managed supply chain. Use business analytic tools and processes/ extract and refine exploitable meaning of information. Make any nonedible product "smart". Going smart-where the data lead.
6. AI pragmatists move AHEAD with data as their raw material, system of intelligence as their machines, and data-centric monetization as their business model.
The AHEAD strategy.
Automate- by streamlining processes with AI and bots
Halo -by instrumenting products and resources to generate code
Enhance- human endeavors with AI
Promote Abundance- by making offerings cheap, plentiful, and competitive
Pursue Discovery- by applying AI to make R&D more dynamic.
In conclusion Automation can enhance the quality of human life and vice versa.
"You will never be able to compete with AI, computers are always going to be smarter, so people need to develop more soft skills to compete with AI, and AI should doing something to enable people" Jack Ma -said in World Economic Forum 2018.
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