Artificial Intelligence

5 game-changing influences of AI and why should you care about them

Whether you’re a best-selling author, a brilliant doctor, an expert logistics manager, or just an ordinary web user, chances are high that artificial intelligence (AI) will impact the way you work, search for information, shop online, and do many other things.

In fact, there are many ways in which AI impacts your life every day, you just don’t know about them. For example, a video suggested by YouTube, a spam email that gets redirected from your inbox, a spelling mistake in your text that gets discovered by an online tool in seconds – all of this is the result of machine learning and AI.

Naturally, AI is the next big disruption that will give the global economy the boost that happens once in centuries. Since AI stands to benefit all industries, the impact will be profound, according to the recent PwC’s Global Artificial Intelligence Study. Here are some of the results that will blow you away:

  • AI can add about $15.7 trillion to the global economy by 2030
  • AI can give a 26 percent boost in GDP for local economies by 2030
  • Labor productivity, personalization, saved time, and quality are the major areas in which the most value gains from AI will come.
Image Credit: PwC

In other words, AI is a game changer. Even though it’s still at a very early stage of development overall, it already making many business leaders fearing its potential impact on their companies. Indeed, that’s why so many organizations are making investments in AI one of the most important parts in their development budgets (in fact, the global AI market is supposed to grow to $89.8 billion from the 2018’s value of 7.3 billion).

But businesses aren’t the only stakeholders that should care about AI.

Why you should care?

AI can help you to make your life better in so many ways – and it’s probably been doing so for some time already. For example, if you use a virtual assistant like Alexa, you’re among over 1 billion people who are taking advantage of conversational AI systems.

There’s also a chance that you’ve bought something with your assistant, too. Google Assistant, Amazon Alexa, Apple’s Siri, and Microsoft’s Cortana are already helping to do that, driving customer behaviors, creating the need for online businesses to optimize their websites, and improving the overall shopping experience.

For example, here are the things that customers are more likely to buy with an AI-powered voice assistant, according to PwC’s online survey of Americans between the ages of 18-64.

Image Credit: PwC

So, chances are that you will trust AI will some of your purchases soon, and this is going to be an easy and positive experience.

In addition to this, AI will help to improve your online life by generating media specific to your personal preferences, and provide you with news and market reports tailored specifically for your interests and needs.

There are many other ways in which AI is already impacting our lives, so if you want to know what they are and how they can benefit you, check out the list below.

5 ways in which AI changes our lives

1. More personalized offers and brand communication

The reach of social media networks is increasing at the speed of light, and they represent a huge collection of user-generated data for businesses and marketers. This data could be used to create more personalized experiences and understand user behavior more, but is there a tool that can analyze all those vast amounts of data and generate actionable insights?

It’s AI, of course. AI-powered algorithms can monitor and analyze millions of such unstructured user data as comments and liked pages and identify topics, products, and behavior patterns that can inform businesses’ decisions.

As the result, AI can reinvent customer segmentation and help businesses build more detailed and personalized customer profiles to meet their needs. One great example of groundbreaking possibilities provided by AI is the recent announcement of the launch of the “GeoSocial” dataset by a startup called Spatial.ai.

According to PR Newswire, this dataset organizes billions of social media conversations into 70+ actionable segments identifying the interests, personalities, and attitudes of communities down to the block group!

This data is valuable to businesses because it can help to address some of the most complex questions they currently have; for example, retailers can use it to avoid choosing the wrong location.

You can get sample data on this official Spatial page, too.

Another way in which AI will make social media more inviting is the introduction of chatbots. These are apps that conduct conversations with humans via text or audio, simulating how would a human as a customer support operator would behave.

Brands with social media are using these apps in the following ways:

  • Provide customer support on social media
  • Supply followers with relevant, personalized content on a regular basis
  • Survey followers on their interests, attitudes, and preferences
  • Order products
  • See the latest offers
  • Discover business locations

According to The State of Chatbots, a large survey of people from 195 countries, 28 percent of the surveyed have communicated with businesses via chatbots, which is promising given that the technology has emerged several years ago.

Already, there are more than 300,000 active chatbots on Facebook Messenger, proving that more and more businesses will invest in this communication and marketing channel.

Why should you care?

AI can dramatically improve the localization of marketing and personalization of offers for online shoppers using information provided by social media, so you can expect much more interesting bargains from businesses. Besides, you can sign up for using a chatbot from a business you follow and get relevant content from them.

For example, the official NBA chatbot supplies news, schedule, updates, and other content related to subscribers’ favorite teams.

2. Reduced commute and travel time

Imagine that you don’t have to wait a lot of time in line at your local Starbucks because your vehicle took you on the fastest route and you made the order online before you even got there. Well, it’s not possible yet, but we’re quickly making progress in that direction.

Thanks to AI, of course.

It can help municipal authorities to finally collect and analyze vast volumes of traffic data and improve decision making on infrastructure and routing. For example, they can collect data from vehicles and systems such as parking space sensors and traffic signals to provide commuters with alternative route choices in real time.

In fact, such AI-enable traffic system has been implemented in Pittsburgh, PA, and it reduced travel time for local drivers by as much as 25 percent. The system is called Surtrac and it monitored traffic through special devices installed at intersections throughout the city and created predictive models that allowed to prepare for incoming traffic.

What should you care?

The ai-enabled traffic management system may be coming to a city near you sooner than you think, and it can be of great help with reducing commute times. If you want to participate in giving feedback when one arrives for testing in your area, make sure you read the latest news.

3. Easier online shopping with personalized offers

Online shopping is another area that will be strongly impacted by the AI revolution. Many businesses, especially in retail, are making impressive investments in AI-powered technologies to achieve a wide range of goals, including collecting and analyzing customer data, building predictive models, analyze pricing, optimize warehousing, improve marketing, and many more others.

In fact, a recent report by Research and Markets predicted that the AI in the retail market will reach about 27.2 million by 2025, which is a significant increase from the 2016’s value of 712.6 million.

Why should you care?

Here are some of the most important areas in which AI will transform your retail experience.

  • Brands will know your buying habits. As businesses use AI to identify their customers’ shopping behavior and underlying patterns, they will be able to give you more personalized offers. At the large scale, this information will let them know how many customers want particular products and when, so this could be truly impacting
  • Hypersonalization in marketing. This term refers to personalized digital marketing that uses AI and real-time data to create marketing messages to online shoppers. According to Ascend2’s “Hyper-Personalization Strategies Survey Summary Report,” 29 percent of marketers are already working on developing their first hyper personalization strategy and 47 percent are considering one, so it’s safe to assume that AI will rule the marketing world very soon.

And it makes a perfect sense because hyper-personalization can help marketers with a number of important processes. For example, here are top priorities for hyper-personalization, as described by the marketers in the aforementioned Ascend2 survey.

Credit: Ascend2

4. Improving digital accessibility for the disabled

There are almost one billion people with disabilities worldwide, and AI can help to improve their lives a number of ways, thus making more opportunities accessible to them.

Here are some of the most important AI-powered systems and tools that can do the difference.

Voice assistants and home speakers

Voice-activated products such as Google Home and Amazon Echo are incredibly helpful for people with sight loss; for example, they can allow them to adjust the temperature inside their house, switch on lights, play music, get news and weather reports, and do many other things with a voice command.

“The Echo Dot makes me feel included,” AbilityNet quoted Ellie Southwood, the chair of The Royal National Institute of the Blind (RNIB) in the UK, as saying. “I spend far less time searching for things online; I can multi-task while online and be more productive.”

Clearly, making technology accessible for disabled is something worth pursuing, so hopefully the technology will get better to improve their lives.

Automatic image recognition

Ai can explain visuals such as photos on social media to visually impaired, thus helping them to improve their browsing experience. For example, Facebook has developed an AI-powered solution to do just that, and it delivers a description of objects and actions performed on a photo.

This s just a part of the social network’s ongoing effort to make it more accessible for blind and visually impaired using face and object recognition technology.

To learn more about the technology, you can use Microsoft’s CaptionBot. There’s a section called “Magic behind Captionbot.ai,” and it explains that three machine learning-powered technologies are at play:

  • Computer vision API
  • Emotion API
  • Bing Image API

Feel free to visit the section to know how the bot delivers results like this one:

Credit: CaptionBot

Why should you care?

Making technology accessible sounds great, and we all benefit if more people use the Internet.

5. Lower risk of cyber attacks

Even though some consider AI a threat to global cybersecurity, evidence linking it to cybercrimes is currently lacking. On the other hand, the benefits of the technology for increasing quality of cybersecurity are already clear and well-researched.

Let’s turn to research. Ponemon Institute has recently surveyed more than 600 U.S.-based IT security practitioners that deployed AI solutions as a part of their cybersecurity infrastructure and found that this decision mostly had positive impacts on their organizations’ security and bottom line.

Here are the benefits, as described by the survey report.

Credit: Ponemon Institute

 

The survey demonstrated that early AI adopters are more likely to believe in its benefits and invest more in these solutions to improve their data security. Besides, AI-powered solutions reduced the complexity of IT security infrastructure, reduced application security risk, improved prioritization of threats, and did much more.

Why should you care?

If you’re a business leader looking for ways to enhance the security of IT infrastructure, then AI could be your best bet to address future threats. On the other hand, ordinary Internet users will also benefit from AI security solutions because organizations employing them will have better tools to protect confidential data of their clients from hackers.

The bottom line

As AI technology matures, it impacts our everyday lives in more and more ways. That product recommendation, Facebook Messenger bot that sends you guidelines for yoga lessons, the voice assistant that you’re using to get a weather report – these are just some examples of AI that help us live easier and better.

AI is still developing, so we’re going to see many more new and innovative tools and systems powered by it in the next five years. So don’t believe the AI-hype spreading the message that we’ll be enslaved by intelligent machines! At this point, it’s clear that paybacks are worth pursuing, so humanity faces a major test of making AI beneficial for everyone while minimizing related risk such as data abuse.

What do you think of AI? Share your thoughts in comments!

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