By Ankit Dhandhania
Welcome to the Artificial Intelligence gold rush!
Today we are experiencing another gold rush in Artificial Intelligence. In
today’s world billions of dollars are spend on start-ups across every imaginable
business. Amazon, Google and Microsoft are some companies who is in
heavyweight fight investing over 25 billion dollars in artificial intelligence.
AI is everywhere. From billions of searches on Google to the new iPhone in the
market which uses face recognition to get an answer from Alexa. Media stories
on how AI is helping doctor to diagnose the diseases, farmers are able to
predict crop yields and market target and to retain customers are coming up
daily on there channels and newspapers. Artificial intelligence and machine
learning will be woven into fabric of the society. But as the question who will
find gold in gold rush? And who will hit pay dirt?
As I started thinking that Who is going to win the gold in gold rush, I ended up
with 4 questions Artificial intelligence in facets. AI in Industries, AI in business
and in chip making
1) Artificial intelligence in its many forms and facets, nowadays very large
number of companies are somehow involved in Artificial intelligence in
their application or services. But AI is a broad term which describes
applications when a machine performs cognitive functions and helping
in problem solving. When speaking about AI it has only two main
approaches Machine Learning and Deep Learning.
Machine learning includes classical algorithm for various kind of task such as
clustering, classification or regression. Whereas Deep learning is a young field
which includes neural networks which are produced to solve classical as well as
advanced tasks such as language generation and image recognition. If the
company wants to incorporate AI in their services or product deep learning will
be helpful.
2) Artificial Intelligence in Industries: - The total annual value of AI
potential across 23 industries and 10 business function in global
economy is 3.5 trillion dollars and 5.8 trillion dollars. This constitutes 40
percent of total annual value of the AI field. There is a wealth to new AI
powered start-ups providing solutions to cooperate uses in financial,
automotive, agriculture, legal and industrial sectors.
Many start-ups are providing valuable points and solutions and they can be
successful in their objective if they have access to 4 things. 1) They should have large data training sets. 2) they should have domain knowledge that gives them deep insights into opportunity. 3) they should have deep pool of talent around Artificial Intelligence. 4) there should be enough capital to fund the growth.
Start-ups that are doing well in their business generally speaks about ROI,
Business Efficiency and corporate language. In the form well developed
market plans.
3) Business Function: - It shows the value of potential of AI in comparison
to value potential of classification analytics across nine different
business functions.
When speaking about business functions there are mainly 3 opportunities in
the field AI field 1) Marketing, 2) Supply Chain management and
manufacturing.
a) Marketing in AI can help business in making better marketing decisions
and lead customer to your brand. Technology has developed so much
that it can transform are job as marketers. By doing this, they are giving
themselves a multi- year head start on their peers who are still afraid of
exploring AI. Whatever the reason, brands that don’t find smarter ways
to do their marketing will be left in the dust by their competitors that
do.
b) Supply chain: - AI in supply chain is involving about leveraging artificial
intelligence as process of supply chain. AI is operational processes by
interpreting large number of historical data, such as a supply shortage or
surplus. Supply chain improvements have direct impacts on our day to
day life. Operational efficiencies in supply chain are responsible for
reduction in cost to serve us all. It helps maintain current prices for the
product we love to buy.
c) Manufacturing: - Manufactures face lots of problem while reducing the
costs while continuing to deliver the products with high quality services.
Manufactures are taking an active approach to streamline operations.
Companies that are using AI are enjoying benefits of improved efficiency
and decrease downtime while maintaining customer satisfaction.
4) Chip makers: - Even there is falling in price of chips the demand is rising
faster. AI and machine learning with massive with datasets and its
trillions of vector calculations has a ferocious and insatiable appetite.
It is clear that the cost of designing and manufacturing chips the sustaining
a position as a chip leader is very high. It requires a deep pocket and a
team of silicon and software engineers. This means that there will be very
few new winners. Just like gold rush days those who provide the cheapest
and most widely used will make a money.
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