These industries are enjoying the advantages of new AI developments
AI is one of the most dominating disruptive technologies of our times with a wide range of applications across industries. Be it pharmaceuticals, manufacturing, software, or robotics, AI is streamlining productivity with automation and intelligent decision-making. Since its inception, artificial intelligence is creating a storm in the business world, and with the latest advancements in 2021, the applications are getting better. Here are some of the latest AI advancements in the following sectors:
AI Advancements in the Robotics Industry
The robotics industry is going to witness a shift as many startups are actively conducting research to develop new systems. One such company is Oils Robotics. According to the CEO of the Seattle-based company, “Oils Robotics’ innovation currently manifests in a plug-and-play controlled loaded with our AI-driven software program.” Don Pickering further added, “The controller and our proprietary software can operate tethered robots on the ocean floor, satellite servicing robots using high-latency satellite links in space, or industrial robots cleaning up a dangerous chemical spill on land using 4G/5G networks. Our innovation will exponentially expand the role of robots to make an impact on human advancement and exploration.”
AI Advancements in Financial Services
AI is changing the course of the financial industry and Deloitte has a study to prove the point. According to the company’s recent study. AI Leaders In Financial Service, Common traits of Frontrunners in the Artificial Intelligence Race, here are the important insights that show the pace of AI advancement:
Financial services ‘Frontrunners’ are reaching a revenue growth of 19% across the company because of their several AI initiatives, more than what other firms achieve.
70% of the companies that participated in Deloitte’s study use machine learning to improve the production processes and 60% use natural language processing. This signifies the improved rate at which disruptive technologies powered by AI are being adopted.
60% of the companies involved in the survey correlated AI’s success in terms of revenue increase with improved customer experience.
49% of the financial companies have formulated an in-depth strategy for AI adoption across the organization. This gives a company the advantage of knowing which department needs the technology first, which department will follow next for an overall competitive edge and timely action.
Out of all the survey participants, 45% of the firms are ready to invest over $5 million in AI initiatives, far more than late-adopters and starter-level companies.
Advancements in Machine Learning for Wildlife Conservation
The Oxford University has developed a new AI software that can recognize and track the faces of chimpanzees individually in their wild habitats. The aim of this software is to assist researchers and wildlife conservationists to reduce the time and use of resources for analyzing video footage and observe their behavior.
“For species like chimpanzees, which have complex social lives and live for many years, getting snapshots of their behavior from short-term field research can only tell us so much”, said Dan Schofield to Science Daily. The DPhil student at Oxford University also added, “By harnessing the power of machine learning to unlock large video archives, it makes it feasible to measure behavior over the long term, for example observing how the social interactions of a group change over several generations.”
The machine learning model, developed by Dan Schofield and his fellow researchers, was trained using more than 10 million images from Kyoto University’s Primate Research Institute’s video archives of wild chimpanzees in Guinea, West Africa. The team hopes this software will impact the conservation initiatives for these endangered chimpanzees.
AI Advancements in the Healthcare Industry
The Healthcare industry is under the radar for providing accurate disease diagnosis, improved clinical decision making, and patient care. With innovative AI advancements, telemedicine is being openly adopted by more healthcare institutions for all-time patient care. Not just in the form of front-desk availability, telemedicine has also been incorporated into wearable devices for real-time information about patient data and telemedicine apps with useful features like text, video chat, screen sharing, and file transfer to book appointments, follow-ups, and prescriptions.
Another major advancement of AI has been COVID-19 vaccine production. According to the Brookings Institution, a non-profit American public policy organization, the aim is to add strongly immunogenic viral components that caused the immune system to respond and machine learning has helped a lot. According to experts, AI has the ability to identify viral components that have the necessary properties to stimulate the immune system. SYGFQPTNGVGYQPY is a fragment of the COVID-19 strain which the above-mentioned properties and this insightful discovery would not have been possible without machine learning developments.
AI Advancements in the Automobile Industry
Every discussion about purchasing new cars stops at self-driving cars. The growing popularity of autonomous vehicles, powered by AI is a topic under the spotlight. According to the prediction by PwX, 40% of mileage in Europe can be covered by autonomous vehicles by 2030. The US Department of Transportation also has the opinion that road freight, which is one of the largest carbon emissions producers in the world, can be controlled by self-driving trucks and cars. It can help optimize fuel usage and improve energy and time management.