The hype around the artificial intelligence industry is comparable to the uproar when the first computers launched in the 80s. With such innovation comes societal fear and excitement for what is to come as people question its potential capabilities. They are benefiting many corporations, marketers, and consumers to conduct tasks and gain information instantly. Particularly important is artificial intelligence and its impact within the marketing industry.
From cars that can drive themselves to other aw striking technological advances, our world is headed in an unimaginable direction. Creators of these devices are staying on top of the game to make them the most innovative as users identify preferences. Revenues are expected to exceed 100 billion in U.S. dollars according to Bank of America Merrill Lynch. Among top devices, robo advisors are expected to top off the charts followed by autonomous cars and artificial intelligence analytics.
Artificial intelligence refers to anything from robotics to the newest Amazon Alexa and Google Assistant. They are computer geniuses that can interpret the meaning of phrases through voice activation. From delivering the weather report to controlling your thermostat, these devices are only getting smarter and smarter.
As the year progresses, more advances will occur and consumers and businesses will eagerly seek out these technologies. Results from such initiatives are mind blowing and exceed consumer and company expectations.
But what does all of this mean for our careers?
- Economic Growth- According to a PwC report, there is potential for AI to benefit the economy with potential growth reaching as much as $15.7 trillion by 2030. In the finance industry, these devices will have the ability to offer personalized service and advice to consumers who need wealth management assistance. Other research indicates that they will help to prevent fraud through detection.
- Alleviate Jobs- AI provides workers with a technology that will change the way they do things by making it quicker and eliminating time consuming tasks. This calls for multitasking abilities and the ability for companies to cut costs such as payroll expenses toward jobs that are then replaced by this technology.
- Coaching- A device called SimSensei is being developed by the University of Southern California with the ability to understand a person’s mood based on their behaviors and motions. Military can use this for leadership training and the public speaking industry is implementing this to improve skills. Kaspar is an AI robot created by the University of Hertfordshire and assists with autistic children.
- Space Exploration- These technologies have the capabilities to explore space and its many properties that human beings can interpret and translate into new meaning. With much still left to explore and the challenge of human survival in space, these devices open a whole new world, literally.
- Marketers- These devices are helpful for marketers who constantly work in this space. They are benefiting programmatic buying by providing the most relevant content to the right people at the right time, even faster. Also, they provide more advanced consumer data and analytics tools that give insights on whitespace open for opportunity.
- Innovative- According to USNews.com, scientists anticipate AI to reach human capacity by the year 2040, which is realistically only 22 years away. With the world rapidly changing, there is a higher demand for ever evolving technology and scientists are continuing to work to make them better. Society will soon adjust to the production of these devices.
- Entertainment- AI can attribute to the gaming industry by delivering personalized game content to consumers based on their viewing patterns, subscription history, and device type.
As many know, there is talk about the innovation of cars that can drive themselves. Companies like BMW, Audi, Toyota, Volva, Volks Wagon, and GM expect to launch autonomous technology in upcoming years.
Fortune 500 companies like CVS are teaming up with IBM to incorporate AI in order to deliver premier patient care. This partnership will provide CVS with revolutionizing data beneficial to further predicting patients’ conditions and ways to deliver more innovative solutions to their medical problems.
Kevin Kelly, founding executive editor of Wired magazine, shared his opinion on the topic of artificial intelligence and technological advances and their role in our society on podcast, “O Being.” He expressed that technology is ‘a product of our minds’ in that it is anything created from the human mind that is not living. In his opinion, technology includes institutional things such as libraries and pain relief medications. He also led a TED talk voicing his thoughts about how AI can potentially bring on a second Industrial Revolution. He claims that the Industrial Revolution allowed people to create artificial power to do anything we wanted to do and today, there is no limit to technological advances.
AI is an exciting, new development in our ever changing world and consumers are eagerly getting their hands on these devices. Improvements are being made to allow these devices to interpret the surrounding world and deliver service across industries, alleviating task load on humans.