AI, or artificial intelligent systems, can help businesses increase productivity and reduce costs by automating processes. AI can also boost revenues by assisting corporates in introducing new categories. AI-based technologies are an advantage for software and robotic process automation companies and will continue to benefit first-movers. The artificial intelligence field is expected to grow by 20% per year in the short term, as massive improvements in storage systems, analytic techniques, and computation power make the field ripe for innovation. The employment landscape, however, will remain fluid.
There are numerous advantages to using AI, including its broad scope in virtually every industry. AI algorithms are already used in the financial industry to manage equity funds. They are also becoming more efficient in everyday tasks, including legal documents and accounting. While AI is a boon for productivity, it has also been a burden for workers and businesses. As more people work less, AI will eliminate more jobs, but this is not necessarily a negative outcome.
Among the AI frontrunners, Google’s Deep Mind and IBM’s Watson, the two companies’ flagship systems, are already proving themselves. IBM Watson, for example, has already proven it can beat humans in games of chess and Go. Google’s Deep Mind, on the other hand, is already being looked at for clinical applications in advanced cancer care, diabetes management, and drug discovery. But its clinical value has not been determined yet. Predictive Oncology, a precision medicine company, recently announced it would be using AI technology to make personalized cancer treatments. With more than 12,000 computer simulations on each machine, AI could eventually become the next big breakthrough in cancer treatment.