AI - The next Industrial Revolution

In conversation with Prisila, correspondent,Siliconindia. Noy shared his views on how do you see artificial intelligence impacting the workplace, human resources, and business activity

Noy is an experienced information system &IT Leader. He is bringing deep understanding of business requirements and extensive technology know-how to deliver the right solution to the Organizational needs.He is successfully building global & local IT/IS Units, in house& outsourcing teams. He is managing all technological aspects and delivering end to end solutions, in large multi-national organizations.He has extensive knowledge with latest cutting edge technology such as cloud, Virutalization, cyber/security, mobile internet of things as well as enterprise technology.

With back-to-back technological breakthroughs, our world today is evolving at a rapid pace and so are People, Businesses, and the Environment. What has only been considered a concept of science fiction is now a part of everyday reality and consequently, we now live in a world that was only imaginary before. One such disruptive technology that is upending the world and businesses around the globe is AI (artificial intelligence), and undeniably every industry has succumbed to this megatrend. AI with immense potential has and will continue to alter the way people function in every facet of life, whether personal or professional, by curbing down costs and downtime, in a way that we could only dream about before. This brings huge benefits across the consumer value chain and exceeds consumer expectations. Enabling businesses across the globe to quickly design, build, and deploy tailor-made AI applications and play a key role in fuelling automation and efficiency across industries with increased transparency and productivity.

What AI Holds for the Future?

There is no denying the fact that AI is a revolutionary field of computer science, which is ready to boom as a technological innovator, backed by big data, robotics, and IoT in the coming years. This rapid revolution has recently initiated important discussions, on how we as a global community address new dilemmas regarding AI’s current & future uses and impact on human beings, which might be dangerous or equally a great opportunity. However, prior to diving deep into the future impact of AI, it is important to keep basic know-how of its present state. In general, the term AI can be expressed as the ability of machines or computer-controlled devices to perform tasks that are associated with intelligence. So basically, on its way to birthing intelligent machines that can mimic human behaviour & enhance human capabilities, AI is the next phase of the industrial & technological revolution, tantamount to the harnessing of fire, the invention of the wheel and the commercial usage of steam & electricity.

Artificial Intelligence Spearheading the Future of Every Industry

One of the most obvious ways that AI can shape the future is automation. With the help of ML (machine learning), computers can now perform tasks that were once only possible for humans to complete. This includes a range of tasks such as data entry, customer service, and even driving cars. AI implementation in healthcare, can help healthcare practitioners analyze large amounts of medical data, to identify patterns and make more accurate diagnoses & treatment programs, as well as to detect diseases that are currently difficult for humans to spot. AI is also being used to develop new drugs and treatments, which can help to improve the lives of millions of people around the world. Another area where AI is making a difference is Finance. Machine learning algorithms are being used to detect fraudulent transactions and predict market trends. This helps financial institutions to protect their customers and to make better investment decisions. Additionally, AI is also being used in the field of retail as new-age Retailers are using AI-powered chatbots to provide customers with personalized recommendations and come with services like order tracking and returns. Then comes the field of entertainment, where the role of AI knows no boundaries. Today AI-powered virtual assistants have become an integral part of our daily lives and help us with things like scheduling appointments, playing music, and even ordering groceries.

"AI is the next phase of the industrial & technological revolution, tantamount to the harnessing of fire, the invention of the wheel and the commercial usage of steam & electricity."

AI is Soon Going Replace Human Workforce, a Truth or Myth

Along with AI, today there is hype around businesses and enterprises that AI is soon going to replace human workforce. This however, is not entirely accurate, since the human touch is critical in many businesses irrespective of their size and revenue. Rather than serving as a replacement for human intelligence and ingenuity, artificial intelligence can be generally used as a wide-ranging supporting tool that helps rethink the way of data integration, information analysis, and to produce resulting insights to accelerate and improve decision-making. With AI's ability to learn and improve with more data, it assists organizations in developing successful digital transformation roadmaps. Moreover, Artificial intelligence is the driving force behind digital innovations such as machine learning, natural language processing (NLP), data labelling platforms, and predictive analytics. Additionally, with AI-driven automation, service providers can deliver reliable global & multi-lingual services with 24/7 support, through chatbots and smart data analytics, enabling personalized interactions, optimized workflows, and curbing support costs. Backed by these technologies and robust data analysis, organizations can anticipate the future and bring forward the most effective strategies to align future organizational needs.

Despite AI’s capability to deliver valuable responses, in high speed, high volume & high pressure scenarios at a relatively low-cost form, we shouldn’t consider AI solely as a means to replace or reduce businesses’ human workforce, but rather we should acknowledge that organizations that will wisely & effectively use AI, will surely replace those who do not. This is why rather than feeling threatened by it or neglecting it, businesses as well as individuals around the world, should bravely embrace this opportunity and learn how to harness AI in order to provide positive value to our needs.