“AI is so popular now, because its the industrial revolution. The technology will effect all sectors and fields.”
Artificial Intelligence (AI) is able to impact almost everything in much the same way electricity did in the early 1900s by replacing steam powered machines. For example, AI can transform FinTech, healthcare, logistics, search engines, etc.
The obvious advantages of AI are that errors are reduced, repetitive one second human thought tasks are replaceable (e.g. is that a dog or cat in the photo), scalability and continuous operation. AI is also able to surpass human level capability such as quickly deriving insights from large volumes of data. The benefits to the user include more personalised service (e.g. more targeted advertising to increase sales) and feedback on user behaviour for R&D teams to develop new products/services or improve existing products/services.
The simplest type of AI being widely implemented now in many industries is through a process of supervised machine learning. Supervised machine learning requires a training data set and a known output. Businesses who possess or accumulate a lot of data are in the best position to leverage AI because they have the training data sets required. Devices that generate data (e.g. sensor data from home appliances) or services that generate data (user data like Google search queries) are the fuel for AI.
90% of the world’s data was generated since 2015. 2.5 million terabytes (Tb) of data is globally generated each day. One important enabler is that the storage cost for data has dramatically fallen from $500,000 per gigabyte in 1981 to $0.03 per gigabyte today. Another enabler is cloud computing which provides businesses with the ability to outsource data storage that is scalable and therefore eliminate a substantial upfront purchase expense and reduce ongoing maintenance costs.
Data is the new economic moat….
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