AI and its characteristics - An analysis
In our last edition we discussed about AI Phobia, where we highlighted the phobia about the emergence of AI and its capability to replace human brains. In this edition, let us discuss and appreciate the characteristics of AI with brief examples of the use cases that is currently been in vogue for day to day operations of business and society.
According to Grand View Research, the global AI market is booming, valued at over $196 billion in 2024 and projected to reach a staggering $1.8 trillion by 2030. This signifies a Compound Annual Growth Rate (CAGR) of 38.1% between 2022 and 2030, reflecting the rapid adoption of AI across various industries.
AI, is emerging and evolving around matching human mind and human intelligence to be precise. Though it’s a long way to go, we are marching towards that goal. In the process, AI could leave behind various stages of evolution, which is based on the level of matching human brain. Eventually, there could be certain levels of AI so as to call 1st gen, 2nd gen, AI, Artificial Super Intelligence (ASI) and so on. There could be applications that serve a part of business community or society in each generation of advancements. Instead of listing out the areas in which AI or Gen AI is being used, it will be more wiser to discuss about its characteristics. We can label characteristics based on either a) Efficacy characteristics or b) Intelligence characteristics.
A. Characteristics based on Efficacy:
Accuracy: Precision and accuracy are very important prerequisite in science and technology. Areas such as Medicine, pharma, aeronautics, space, nuclear needs vast data understanding and precision in results. The technology being used hitherto has few limitations as to the volume of data interpretations and prediction. AI comes to the rescue at these junctures and provides accuracy to the next level thereby saving lives and resources. Its application in agriculture is phenomenal one where AI analyses data from sensors and drones to help farmers to take well planned and informed decisions regarding irrigation, use of fertilizers and pest control methods.
Efficiency: Forecasting market trends and analyzing investment risks in Banking industry is one of the interesting AI application growing more importance and relevance. As it involves analysis of huge historic and geographic data, which is stressful for human beings to predict as it takes huge time and resources, with the use of AI the same has become much easier provided the right inputs and process are being designed for its functioning. Apart from banking, Finance, Insurance and healthcare are few of the other sectors which is equally benefited by AI in terms of data driven decision making.
Repetitiveness: CNC, Robots and other automation tools have always helped business to perform repetitive tasks. It was considered as alternate to human resources that is subjected to boredom and errors. AI is quite an emerging alternative which can be infused to enhance the productivity of the the existing automation tools. AI could also be used to predict breakdowns, enhance quality and productivity in operations that can add value to businesses.
Uniformity and consistency: The recent generation of AI has started understanding various legal cases that has been kept in the repository and is proving to provide consistent information on the sequence of happenings and enables writing case notes. Legal translation is another area of importance, where AI application could not be missed. Bloggers and content writers use AI (Grammarly) to help them in identifying grammatical errors, style improvements and clarity suggestions.
Fatigue free: Chat bots being used to enhance customers with their shopping experience through its ability to suggest product choice, promotions and health tips. Chat bots are fatigue free ensuring a uniform customer interaction without bias and stress free.
Scalability and volume handling : Among the recent HR recruitment trends, AI is being used indiscriminately in areas like CV selections, interview scheduling and initial assessment of job fit. Recently we have come across applications like Valents AI and Veriklick that conducts interviews of candidates through interview bots. These interview bots can handle volume of interviews that could not have been possible traditionally through team of interviewers.
Process improvisation: AI generated foresight on damage control has an appealing demand in process oriented industry like automobiles, manufacturing and Oil and natural gas explorations. AI can be used to identify sudden variations in the process due to temperature changes, electricity load fluctuations, alternate materials to name a few. This helps in loss prevention, breakdown prevention, Quality control, process stability and improvement, thereby speeding up the process with high quality.
B. Characteristics based on Intelligence:
Pattern identification: AI stands as a best fit for applications that involve analysis of various data and logical permutations. If we take an example of early diagnosis of cancer in a patient, where data is subjected to detailed and in depth analysis, AI has already proved to be the best solution. Both healthcare professionals and the patients benefit from these applications, in such a way that it reduces stress and saves valuable time in data collation as well as it helps patient to systemically recover due to early detection of the disease. Apart from early diagnosis, AI is also being used in healthcare to personalize patient treatment plans and optimize patient care. It is also used to analyse medical images and assist in drug discovery.
It is also reported that AI algorithms can process data from telescopes and satellites, automating the detection and classification of astronomical objects.
Customization / personalisation: Personalisation industry has huge potential in aligning AIs application in day to day affairs of common man. Let us recall few instances where you would have faced while browsing, playing games, watching you tube etc. In all these, AI tries to capture your interest, analyses past search history, buying patterns and displays various options. Similarly, when we speak about entertainment industry, AI enables personalised content recommendations, creates realistic visual effects to enhance audience engagement. Nowadays, AI can analyse viewer preferences, generate content and create interactive experiences. In future, we can see AIs involvement in booking a holiday, travel plans, diet choices, health and beauty choices, gaming preferences, emotional support assistance and why not, even Leadership development. We could already witness adaptive learning platforms where AI is used to customise educational contents based on each student’s strengths and weaknesses.
Accelerated growth / development: Seasonal businesses, short term projects, bull race markets are the areas which requires accelerated growth and development. These business could well harness the utility of AI to the maximum extent. Considering the speed of business opportunity and the cost that could be absorbed in using AI, these industries could perform more competitively in the market.
Sustainability and conservation: As we discussed about loss prevention, cost optimization and resource utilization, AI takes business to a sustainable path. The gross effect of its utilization globally could have a substantial benefit and a game changer for achieving sustainability goals of respective stakeholders. For instance, AI due to its capability of detecting and responding cyber threats in real time, can mitigate risks and huge financial loss.
Dynamic thinking : Instead of just giving results, what if AI can deliver results after thorough analysis and reasoning. These analysis is possible only when AI could predict different scenarios for a given task and analyse the best way possible. This is called dynamic thinking. Self driving cars is a good example, where AI systems process data from sensors and cameras, navigate through roads, avoid collisions before reaching its required destination.
Multitasking : AI can do multitasking. Take Siri and Alexa for example. They simplify daily tasks, offer entertainment options, manage schedules and even control home appliances, making life more convenient and efficient.
Conclusion
The applications of Artificial Intelligence (AI) span a wide array of industries, revolutionizing how we live, work, and interact with technology. From e-commerce and healthcare to entertainment and finance, AI drives innovation and efficiency, making our lives more convenient and our industries more productive. Understanding these cutting-edge applications highlights AI’s transformative power and underscores the growing demand for skilled professionals in this dynamic field.
– Ali Aldhaheri, Chairman and Managing Director, Nass Talent Management & Studies LLC
