Digital revolution: How artificial intelligence will transform industries
User-oriented services like Pinterest use deep learning for image recognition and therefore create an intensive user experience. Financial companies, such as PayPal, use graphical process-driven deep learning to detect fraud. The research and development division of the consulting firm Accenture and other companies use deep learning to detect security risks on the Internet. And medicine, healthcare and education are among the most important areas of application for AI – the importance of artificial intelligence for sure can’t be argued. So, let’s have a look at how AI transforms industries, including a highlight sector our Alumnus Aisoy Robotics contributes to.
AI roller-coaster ride to today
It’s been pretty much an up and down when it comes to AI. The idea first appeared soon after humans developed the electronic digital computing that makes it possible. But until now, it has not experienced wide-scale commercial deployment. But tech giants and digital native companies already invest billions of dollars in various technologies – let’s take a look at Foxconn Electronics for example. The Chinese contract manufacturer, who’s also involved in the iPhone building process, is making use of production robots in a big way. Foxconn’s CEO already confirmed that human manpower is supposed to be replaced as much as possible. Their goal: reaching an automation rate of 30 percent in production within a three-stage plan by 2020. So, obviously AI is considered to create great value across a variation of factors. It is expected to accurately forecast demand, optimize supply and shape future offerings for success. Also, experts believe that companies will get more out of their machines while minimizing maintenance and repairs. These benefits will add up to an overall convenient customer experience – sounds promising, right? Making your best customers feel special and welcome is one way to foster loyalty and increase revenue, but it is difficult and expensive to do and is therefore often reserved for only the most lucrative clients. AI technologies like computer vision and machine learning can open a scaled-down version of the experience to many more people. It all starts with retailers knowing more about what shoppers want – sometimes before shoppers even know themselves! Facial recognition, machine learning, computer vision with deep learning, autonomous drones and interactive screens are just examples for endless possibilities that AI offers to various industries and markets all over the world.
Education Sector benefits from Artificial Intelligence
When implemented right, AI can cause huge developments in the area of education. A survey conducted by the McKinsey Global Institute forecasts that AI will anticipate job market demand, identify new drivers of performance to assess students and help graduates highlight their strengths. Also conceivable would be the idea for it to automate teachers’ routine tasks, identify early disengagement signs and optimize group formation for learning objectives. Particularly interesting could be the shift from a stop-and-test model to continuous learning cadenced by virtual coaches and tutors – and that’s exactly what our Alumnus Aisoy Robotics has been working on. By creating an “emotional entertainment robot“, founder and CEO José Manuel del Río aims to revolutionize the education industry: “With Aisoy1 KiK, children can develop a number of skills and capabilities through their emotions. Other robots have focused on electromechanical aspects or learning programming up to now. Our approach is to engage children in a new way of learning through play – by using the magic of a smart robot which becomes the child’s mentor at home or a powerful tool at school”. If these prospects are not forward-looking, what is?
In case you want to find out more about what Aisoy Robotics is all about, check out our interview from earlier this year. Want more? No worries, we got you covered! The following insights will give you further insights on other AI pioneers from different industries: