AI has a growing impact
You may have noticed a reoccurring topic throughout Sunday’s Super Bowl …Artificial Intelligence (AI).
It started with NFL’s announcement of their “Digital Athlete” in the days leading up to the Super Bowl. Working with Amazon Web Services (AWS), they used machine learning and computer vision technology to create a digital replica of an athlete. The purpose is to help identify potential impacts that could cause injuries and methods for making the game safer for athletes.
Several ads and marketing efforts at the Super Bowl also featured AI, including robot dogs, crypto, and robotic vending machines. Developments in AI are gaining momentum and becoming more relevant in our everyday lives, from robotic-assisted surgeries to consumer products for the home, like Roomba, the popular robotic vacuum. It isn’t just about robotics though.
AI encompasses a wide variety of technologies all aimed at integrating human-like intelligence, sense, and comprehension with machines. New technologies are constantly being developed, integrating more and more with the world around – from the technology of autonomous vehicles and software that analyzes data to Alexa or other voice assistants to prediction tools like Hopper.
In “The Impact of Technology in 2022 and Beyond: an IEEE Global Study,” 95% of respondents agreed that AI will be a driving force behind much of the innovation expected in the next five years. It will impact nearly every industry, particularly manufacturing, finance, healthcare, and energy. That got us thinking about the latest advancements in AI and the current or upcoming trends that we should keep an eye on, especially as AI is becoming more readily available to small and mid-sized businesses.
The Top Five AI Trends to Watch in 2022
- Data Processing
- Personalized Experience
- Workplace Tools
- AI Regulation
Businesses are eager to apply AI where they can, unlocking new insights that help automate processes and improve operations for greater efficiency. In the IEEE study, more than 80% agreed that within five years, a significant portion of their job will be enhanced by robots, from sales and marketing to human resources and IT. The largest impact will be in the development of software designed to enhance business functions, including inventory management, sales tracking, scheduling, performance estimation, customer service, and more. Some systems may even reorder low inventory stock when needed to mitigate supply chain delays.
The increase in software and automated advisors that use AI and algorithms to scan data allows companies to process high volumes of data and get accurate, real-time reporting. The insights gained can be used to make decisions and predict outcomes. In some cases, AI automation abilities track buying patterns and brand interaction that can help identify trends or even predict consumer behavior. It is similar to the success found in the finance industry with fintech that can scan market data, predict the best portfolio options based on preferences, and serve as an automated portfolio manager.
More and more, consumers are pushing for personalized brand experiences and AI has quick become a critical tool for being able to customize those interactions and cultivate the user experience. Technology developments allow for tracking of consumer behavior to identify interests that are then supported by targeted advertising, algorithmic newsfeeds, and suggested purchases.
Many businesses are also integrating virtual assistants and chatbots that can be programmed to facilitate human-like interaction, answer consumers’ questions quickly, and move consumers through the buying process. The personalization of these experiences often helps build customer loyalty and increase sales and revenue.
The impact of COVID-19 has left a lasting rise in remote work and hybrid work environments. In turn, these changes have paved the way for the rise of cloud computing and other workplace tools designed to keep teams connected, allow for office check-in, share and store information, monitor processes or productivity, provide greater accessibility, boost engagement, and more.
There are also new technologies focused on monitoring meetings that can help gauge the mood and nuanced behavior that can be used to uncover employees’ skills, identify team dynamics, and help leaders improve experiences in the future. In addition, cybersecurity is more critical than ever with everything connected to the internet. This has created a need for AI tools that can identify suspicious activity, analyze network traffic patterns, and help maintain security.
Security, however, is not the only need arising with the increase in AI; there is also a push to implement regulation and governance in ways that have not yet existed. In addition, concerns have been raised about AI ethics, how to eliminate bias from real-world AI applications, and maintaining a degree of oversight considering the impact AI has on human lives. This topic will continue to develop and be brought into limelight as AI continues to be integrated into every industry around us.
This list is certainly not exhaustive of the many developing technologies in the AI field that includes language modeling, conversational AI, computer vision and image recognition, AI-enabled customer service, and so much more. Keep this Mastermind going – tell us how AI is impacting your business.